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Eligius Bitcoin Mining Pool Review

May 2018 update – The front end for Eligius has been down for time now since late 2017, and while it may be mining with some users, it hasn’t found many blocks in a long time. Therefore it is not recommended to mine on this pool. A look at Eligius Mining Pool (originally published December 2014) Please  note: This review is based on a relatively small amount of hashing, a few hundred ghs. The stats outlined in this review may not apply to larger miners. We hacked our antminer S1’s to mine nine pools concurrently, letting us run proportional power across

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May 2018 update – The front end for Eligius has been down for time now since late 2017, and while it may be mining with some users, it hasn’t found many blocks in a long time. Therefore it is not recommended to mine on this pool.

eligius-logo

A look at Eligius Mining Pool (originally published December 2014)

Please  note: This review is based on a relatively small amount of hashing, a few hundred ghs. The stats outlined in this review may not apply to larger miners. We hacked our antminer S1’s to mine nine pools concurrently, letting us run proportional power across a wide variety of mining pools. This review is part of our series of bitcoin mining pool reviews.

We thought we’d have a look at one of the smaller (currently), but longest established mining pools. Eligius was founded in mid 2011  in North America and overall has found over 2.5% of all bitcoin blocks mined to date.

Over time and especially with the advent of large-scale private bitcoin mining operations their market share has dropped, and they are now finding between six and ten blocks a day with about 4.5% of daily blocks found. when I started using them a few months ago, this was about 6% and they have maintained an average of 11 petahashes for the last six weeks I’ve been using their pool.

Eligius operates using a Pay Per Share with Recent Backpay (Pay Per Share) reward system, taking a 0% fee, and passing on mining transaction fees along with the block reward. They mine Bitcoin and Namecoin, although stats currently aren’t available for NMC . The pool utilises the Stratum mining protocol, and vardiff so difficulty will adjust based on your hashing power. Their servers are based in North America.

Earnings are confirmed after 120 network confirmations, and while the default for your first payout you must mine a minimum of 0.04194304 BTC, you can configure this to be smaller, anything over their minimum of 0.01048576. Once you hit the threshold, your payment is queued with other pool users, and as blocks are found, they send the payouts. You need to be able to sign messages with your bitcoin address to make changes. (added 11 October) If your mining stops for a couple of days then your earnings are added to the payout queue, so this means that people who have tiny amounts of power can still get something to their wallets at the end of it.

While the pool operator is very active on bitcointalk, the news on their site is infrequent and their twitter have been silent since February 2014. However, there is a live IRC channel which is active throughout the day, and they are one of the only pools I’ve come across with a telephone number for support. The pool also contains some pretty useful stats and graphs when you sign up for My Eligius, which gives you an idea of your earnings over time, and how it steps up in incriments. A cool feature of the pool is that people can view everyone’s stats, so looking through the leaderboard lets you see what kind of power individual miners are throwing into the pool.

Securitywise, the site requires any changes are signed using your bitcoin wallet address, which is also your username. So there’s no issues of someone changing a payout address for bitcoin, but namecoin can be changed. The pool operator has done a lot of work on various pieces of bitcoin software, including BFGMiner and open source mining pool software, and the stats for the pool also have their own github.

So in conclusion, the interface of Eligius is very disjointed, with very different websites and personal stats, and a bit of duplication of data. However, their mining reward system means that they eventually pay out for orphan blocks, and you can certainly generate a steady stream of blocks from them. Their minimum payout threshold means that you need to have a reasonable amount of hashing power to get to the point where you’ll be able to withdraw, unless you stop mining for a few days, and with difficulty increasing and overall the pool getting less blocks per day as time goes on this will only get worse. But the pool is one of the longest established, most reputable and reliable pools that is available to the public, with a friendly community of fellow miners.

Stats galore
  • Ease of Use
  • Payout threshold
  • Look and feel
  • Earning potential
  • Regularity of earnings
  • Security options

Summary

One of the longest established mining pools, Eligius features a mix of different looking sections that sit on top of this mining pool. It stands out for it’s wide range of stats, letting you see how you are doing, as well as being jealous looking at others. It does have a higher minimum payout than most, but your coins will be coming from the coinbase directly

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User Review

3.69 (13 votes)

Source: https://bitcoinsinireland.com/eligius-bitcoin-mining-pool-review/

Blockchain

Grayscale Study: COVID-19 Made Bitcoin Even More Attractive To US Investors

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The number of US-based investors interested in Bitcoin continues to increase according to Grayscale’s Investment 2020 report on the cryptocurrency.

The leading digital asset manager also noted that the COVID-19 pandemic has exemplified Bitcoin’s merits and made it even more captivating to investors.

US Investors’ Growing Interest In Bitcoin

Titled “Bitcoin Investor Study,” Grayscale’s 2020 research aimed at shedding some light on US investors’ perception of Bitcoin and how it has changed in a year. The expanding interest is among the most notable highlights. Grayscale noted that 36% of all surveyed participants in 2019 expressed an interest in BTC, while the percentage has grown to 55% this year.

83% of those who answered that they have previously bought Bitcoin have made their purchase in the past year. The most significant percentage here was in the past four months – 38%.

Nearly two-thirds of those particular Bitcoin investors reported that “the ramifications of COVID-19 were a factor in their decision to do so.” Furthermore, three times as many investors indicated that the pandemic had increased Bitcoin’s appeal as those reporting that it had decreased their interest in the asset.

US Investors Timeframe of Bitcoin Purchases. Source: Grayscale
US Investors Timeframe of Bitcoin Purchases. Source: Grayscale

The data also suggested that “Bitcoin is moving toward mainstream acceptance,” as 62% of the 1,000 participants said they were familiar with the primary cryptocurrency. For reference, the percentage last year was slightly over 50%.

Bitcoin To The Moon Attracts Investors

Apart from listing the COVID-19 as a motivating factor to purchase Bitcoin, the participants listed two other reasons. Being the best-performing asset of the previous decade, BTC’s potential price growth has become even more alluring to new investors. Nearly 80% named this as their most enticing aspect.

The other reason why most people have become attracted to the asset is the ability to start small. Although many investors outside of the cryptocurrency industry believe that they need to purchase at least one bitcoin to start, that’s far from the trust. As any BTC proponent will assert, people can buy even a small fraction.

65% have answered that having the option to buy less than one bitcoin has made them feel safer towards entering the space. The percentage has grown by 6 points since last year.

US Investors Buying Bitcoin Motivating Factors. Source: Grayscale
US Investors Buying Bitcoin Motivating Factors. Source: Grayscale

Despite all the rising data from above, most people still believe that they need more comprehensive educational materials before investing. They explained that the regular investor couldn’t find trustworthy information on the cryptocurrency space. However, there’s a significant number of reports covering crypto scams.

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Source: https://cryptopotato.com/grayscale-study-covid-19-made-bitcoin-even-more-attractive-to-us-investors/

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Banking Giant JP Morgan Releases Its Own Stablecoin

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About a year and a half after its announcement, JPMorgan Chase has released its stablecoin. The American multinational investment bank and financial services company has presented the digital asset, showing its beliefs in blockchain technology and cryptocurrencies.

After A Long Hype, It’s Time For JPM Coin

As per a recent news announcement, JPM Coin is already live and reportedly used by a large technology company to send payments across the world. The new-born digital asset is considered an indication of the pro-digital currency aims of the company and an expectation that more commercial clients will use its stablecoin in the future.

As a follow-up of the new currency release, JPMorgan has decided to create Onyx – a new business arm to house and operate its blockchain and digital assets enterprise.

“The unit has more than 100 dedicated staffers,” said Takis Georgakopoulos, the bank’s global head of wholesale payments.

We are launching Onyx because we believe we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business,” said Takis Georgakopoulos, the bank’s global head of wholesale payments.

Further Belief In Crypto And Blockchain’s Profitability

As per the announcement, JPMorgan Chase shows strong faith in the blockchain industry’s usefulness. According to Umar Farooq, the newly named CEO of Onyx, banks could now save money on removing mistakes and creating a model to earn money by participating in the network, while charging a few cents to confirm data for each transaction.

Processing paper checks would also benefit from the integration of digitalization.

“Using a version of blockchain with the participants being the main issuers of checks and the main operators of lockboxes, it’s possible we can save 75% of the total cost for the industry today, and make checks available in a matter of minutes as opposed to days,” said Georgakopoulos.

As CryptoPotato reported, JPMorgan Chase has shown its readiness to enter the crypto world as early as last year, changing its opinion on Bitcoin in general. Back then, the major bank announced plans to launch its own cryptocurrency, which would be used to settle transactions between clients of its wholesale payments business instantly.

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Source: https://cryptopotato.com/banking-giant-jp-morgan-releases-its-own-stablecoin/

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5 Reasons For Bitcoin’s Price Surge To New 15-Month High

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At the beginning of October, Bitcoin’s price was particularly indecisive and trading slightly above $10,000, causing many to believe that the unfilled CME gap down at $9,600 would soon be closed.

Fast forward to the current date, October 27th, BTC is trading at $13,400, having just marked a fresh high for 2020. The cryptocurrency added around $3,000 to its value, representing an increase of around 30%.

With this said, this month was also quite eventful. Many things happened, and, as such, let’s have a look at five possible reasons that could have led to this substantial price increase.

PayPal Announcing Support for Bitcoin, Bitcoin Cash, Litecoin, and Ethereum

Undoubtedly, the most important piece of news that came out this month was PayPal announcing support for cryptocurrencies.

Now, PayPal is the world’s largest online payment processor. Data from Statista shows that for the second quarter of 2020, the company has processed over $221 billion. Moreover, the company has a network of over 26 million vendors, and it plans to enable users to spend their BTC at all of them, starting in early 2021.

Additionally, it’s worth noting that PayPal is a widely-accepted payment method, and most of the banks allow transfers from and to the platform. On the contrary, not a lot of banks support Bitcoin transactions, meaning that they would either have to reconsider their policy, or they would have to drop PayPal as a client altogether.

At this point, it’s unclear how this will be resolved, but it’s exciting to see how the situation develops. If one thing is certain, though, it would put Bitcoin and other cryptos at the forefront of an important discussion.

Major Banks Starting to Change Their Attitude Toward Bitcoin

There’s no clearer example here than JP Morgan – one of the world’s largest multinational investment banks.

The relationship between the bank’s CEO, Jamie Dimon, and Bitcoin is one worth following. In 2017, the high-ranked executive said that BTC is afraid and that if he saw any of his traders dealing with it, he would “fire them in a second.”

Well, fast forward a few years, and now the bank is posting bullish predictions on that very same cryptocurrency that Dimon labeled a fraud.

Just a few days ago, JP Morgan said that even a modest switch in capital from gold to Bitcoin could see its price triple.

Number of Publicly-Listed Companies Which Buy Bitcoin Increases

Perhaps as a direct consequence of the above, we can already see an increased involvement from publicly-listed companies.

The biggest buyer who put Bitcoin on its balance sheet became MicroStrategy, with its massive $425 million investment. Its CEO, Micael Saylor, has been particularly vocal about BTC’s merits.

Jack Dorsey’s Square also jumped on the bandwagon, purchasing $50 million worth of Bitcoin earlier this month.

Below is a list of all the publicly-listed companies and their holdings in BTC.

public_companies

Publicly-listed companies putting BTC on their balance sheet is a huge deal for the nascent cryptocurrency, and industry experts have it that this effect will only snowball.

Singapore’s Biggest Bank Reportedly Launches a Bitcoin Exchange

As CryptoPotato reported just today, DBS Bank, a Singaporean multinational banking and financial services corporation and the city-state’s largest bank, has reportedly launched an exchange that offers fiat-to-cryptocurrency trading pairs.

Purportedly, the new exchange would support the “top digital currencies in circulation,” namely Bitcoin, Bitcoin Cash, Ethereum, and Ripple’s XRP. Traders would be able to exchange them against SGD, HKD, JPY, and USD.

More interestingly, the exchange would supposedly only accept financial institutions and professional market makers, as its users. The venue would be regulated by the Monetary Authority of Singapore, which is also its de-facto central bank.

Needless to say, a central bank-backed and regulated exchange aimed at institutional investors should, in theory, facilitate the involvement of larger players in the field.

Uncertainty Around the Upcoming 2020 US Presidential Elections

Undoubtedly one of the most important moments for the global macroeconomic outlook is the upcoming US Presidential Elections, set to take place on November 3rd.

CryptoPotato did a survey, and it turned out that the elections are the biggest concern for Bitcoin investors in 2020.

cryptopotato_survey_btc

It is, perhaps, no surprise that billionaire Paul Tudor Jones III came up with a statement, saying that he likes “Bitcoin even more now than then [when he bought BTC in May].” He also said that it’s going to be the best inflation trade.

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Source: https://cryptopotato.com/5-reasons-for-bitcoins-price-surge-to-new-15-month-high/

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