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How Exactly Bitcoin Mining Works and How To Do It?

Its history is connected to the basic characteristic of virtual currencies: decentralization. When the distribution of this new form of currency was assumed, the problem also arose of creating a system for generating the money itself which was both secure and not concentrated in a single server. The solution was to bestow Bitcoins and cryptocurrencies on those subjects, which are called miners, who contribute to the functioning of the system through mining. It is important to consider that since we are talking about digital coins at the basis of the functioning of this system there is a specific technology that

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Its history is connected to the basic characteristic of virtual currencies: decentralization. When the distribution of this new form of currency was assumed, the problem also arose of creating a system for generating the money itself which was both secure and not concentrated in a single server. The solution was to bestow Bitcoins and cryptocurrencies on those subjects, which are called miners, who contribute to the functioning of the system through mining.

It is important to consider that since we are talking about digital coins at the basis of the functioning of this system there is a specific technology that is called blockchain.

The cryptocurrency extraction process is therefore based on a real research since the miner, using a computer and very high computing power. It will try to find a resolution algorithm, intended as a procedure that involves creating any solutions which will lead to the correct hash string. The difficulty is that not only in the creation of the hash are a series of numbers added but also the value of the hash of the previous block chain is added to it.

Technically the computer receives numerical information from another system or from the network and through millions of calculations, carried out in a second; it elaborates the probable solution that leads back to the hash that verifies the operation.

Today cryptocurrencies have become a well-defined reality and more and more people are approaching mining, making this process more complex with an increase in the difficulties in being able to find the correct hash and a direct decrease in earnings. Understanding the individual phases of mining and how it is possible is important in order to evaluate whether to consider the mining activity as a valid investment. This can be done by just simple register on the online websites. You can try cryptosoft.app

Prepare the necessary equipment

Once you choose to take the mining route you will need to prepare the necessary equipment and tools in order to be able to operate as a miner. Below we list the main elements that underlie the extraction process:

Computers and hardware needed for mining

The hardware of a computer is a fundamental element for mining since it carries out the calculation activity 24h on 24h seven days a week, elaborating the possible attempts to find the correct hash and close the block. In the first years of the release of Bitcoins and other virtual currencies, it was sufficient to use the home computer too, but today, depending on the type of currency, it will be necessary to prepare tools that are performing and have a high computing power. It is important to consider that this tool will use all its processing power for mining calculations, for this reason it is advisable to prepare a device that is purely dedicated to this purpose.

If you intend to operate with cryptocurrencies through mining, the first aspect to consider is the reason why you decide to acquire the role of miner and dedicate yourself to the extraction process. Cryptocurrency mining can be a source of income, but it requires time to devote and economic resources to be used in technological equipment and energy consumption.

For this reason it can be considered both a source of livelihood and, if you believe the idea behind the creation of virtual currencies, a long-term investment.

It is also important to consider which cryptocurrency is to be subjected to the mining process. In fact, it is not enough to create a computer to dedicate oneself to the extraction, but it is essential to prepare the one best suited to the chosen virtual currency. In fact, if you want to research the hashing of a Bitcoin, the process will require very high computing power and the use of particular devices very different from those necessary to mine cryptocurrencies.

Finally, it is important to keep up to date with news and the introduction of new types of coins into the network so that you can enter a market with little competition and have the opportunity to return your investment immediately. One can get the latest update of bitcoin and related currencies on different news websites.

This is a sponsored post. As it’s related to crypto trading or cloud mining, you should also read our risk warning. Read more in our editorial policy.

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Source: https://bitcoinsinireland.com/how-exactly-bitcoin-mining-works-and-how-to-do-it/

Blockchain

U.S. Treasury Targets Stablecoins in Latest Regulatory Risk Assessment

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As regulatory pressure mounts in the U.S., policymakers are putting stablecoins at the top of their agendas.

Citing “people familiar with the matter,” Bloomberg has reported that officials are crafting a policy framework set to be released in the coming weeks. Their primary concern is ensuring that investors can reliably move money in and out of tokens, it added.

The anonymous insiders are worried that a “fire-sale run on crypto assets could threaten financial stability and that certain stablecoins could scale up dangerously fast.”

Strengthening Regulatory Efforts

The Financial Stability Oversight Council is also preparing a formal review into whether stablecoins pose an economic threat.

The officials are focusing on how stablecoin transactions are processed and settled and whether market conditions have an impact, it added. Tomicah Tillemann, global head of policy at a crypto fund run by venture capital giant Andreessen Horowitz, commented:


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“It is significant and very consequential that we are witnessing early steps to create a regulatory framework around digital assets. That’s a big deal.”

The report, when released, will go to the President’s Working Group on Financial Markets. The body includes key agency heads such as Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell, and Securities and Exchange Commissioner Chair Gary Gensler.

In late July, Yellen called for urgency in regulating stablecoins after stating that they are not adequately supervised. Gary Gensler echoed the sentiment in early August, stating that regulators must act to protect investors from fraud.

Also, in late July, Acting Comptroller of the Currency, Michael Hsu, said regulators are looking into Tether’s commercial papers to see whether each USDT token was really backed by the equivalent of one U.S. dollar.

Tether has repeatedly issued assurances that its reserves are fully backed but has yet to produce a full independent audit.

Stablecoin Ecosystem Update

Tether remains the market leader with a current supply of 69.4 billion, according to the Tether Transparency report. This is close to the all-time high for USDT, which tapped 70 billion earlier this week.

Of that total, 36 billion or 51.8% is based on the Tron network, with 33.8 billion or 48.7% running on Ethereum. USDT supply has grown by 232% since the beginning of the year.

Rival stablecoin, USDC, from Circle currently has 29.3 billion in circulation after gaining 651% in terms of supply growth so far in 2021.

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Source: https://cryptopotato.com/u-s-treasury-targets-stablecoins-in-latest-regulatory-risk-assessment/

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Blockchain

Cardano, Chainlink, MATIC Price Analysis: 19 September

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Most altcoins in the market have been consolidating or recording losses over the last 24 hours. Cardano fell by 3% and inched closer to the support line of $2.20. Chainlink also depreciated by 5% and was trading closer to its three-week low price. Lastly, MATIC was seen moving closer to its one-week low price of $1.29 after registering a loss of 5% over the past day.

Cardano (ADA)

Cardano, Chainlink and MATIC Price Analysis: 19 September

ADA/USD, TradingView

Cardano lost 3% of its valuation over the last 24 hours. The altcoin was priced at $2.33. Over the last few days, ADA has been consolidating. The nearest support line for the coin stood at $2.20 and then at $1.72. 

On the four-hour 20-SMA the alt’s price was seen below it, indicating that the momentum belonged to the sellers. The Relative Strength Index was below the 50-mark. The Chaikin Money Flow also was seen below the half-line as capital inflows were low.

MACD witnessed a bearish crossover and flashed red bars on its histogram. If ADA moved on the upside, the first resistance mark stood at $2.49, toppling which it could retest $2.79. The other price ceiling stood at the multi-month high of $3.04. 

Chainlink (LINK)

Cardano, Chainlink and MATIC Price Analysis: 19 September

LINK/USD, TradingView

Chainlink was priced at $27.80 after it recorded a loss of 5% over the last 24 hours. LINK’s nearest price floor was at $27.78. Falling below which the coin could trade near its three-week low of $24.45. 

Parameters pointed towards negative price action. On the four-hour chart, LINK’s price was below the 20-SMA. This reading suggested price momentum was inclined towards the sellers. The Relative Strength Index was below the half-line.

Awesome Oscillator flashed red signal bars. MACD also displayed red bars on its histogram. On the flipside, once buying pressure revives, the altcoin could attempt to retest the $32.37 resistance mark and then revisit $35.83. 

Polygon (MATIC)

Cardano, Chainlink and MATIC Price Analysis: 19 September

MATIC/USD, TradingView

MATIC depreciated by 5% and was trading at $1.39. The altcoin’s immediate support line was at $1.29 which also is the one-week low price level. The other price floor was at its over a month-long low price point of $1.07. 

Bollinger Bands converged, indicating that price volatility would remain low over the upcoming trading sessions. MACD was bearish with red bars on its histogram. The Relative Strength Index was also seen below the half-line. 

MATIC’s movement on the upside could mean that the coin would meet with its first resistance at $1.42 and then at $1.54. Toppling over these levels, the coin could revisit its multi-month high of $1.76.

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Source: https://ambcrypto.com/cardano-chainlink-matic-price-analysis-19-september

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The Crypto Mining Fight in China Is Not Over

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It looks like China is still not done clamping down on the crypto mining space. Another region known as the Hebei province has agreed to comply with Beijing’s ruling that all crypto mining should be omitted from China’s workforce. The province is now claiming that the practice is illegal and must end within its borders no later than September 30.

China Is Still Kicking Miners Out

China shocked the world not too long ago when it decided that all crypto mining should cease. The idea was that energy used for crypto mining purposes was hazardous to the planet, and that it was setting humans on the wrong path. Thus, regulators stated that it was time to bring things to an official end.

What was most surprising about the ruling is that the country, at the time, was home to nearly 75 percent of the world’s total crypto mining operations. Thus, it stood to lose a lot of money and tax revenue by initiating the clampdown. In addition, the country is home to two of the world’s biggest developers and distributors of bitcoin mining equipment in Bitmain and Canaan Creative.

Nevertheless, China has moved forward in its decision. Many mining operators were forced to shut down their businesses and move elsewhere, and quite a few have popped up in countries such as Kazakhstan and in states like Texas and Florida. Both these regions in America have stated they are open to crypto mining projects given that they can potentially lead to healthier local and state economies, and they will create jobs for interested workers.

The Hebei province issued the following statement:

Cryptocurrency mining consumes an enormous amount of energy, which is against China’s ‘carbon neutral’ goal.

The arguments against crypto mining have become rather prominent in recent months. One of the most notable stemmed from Elon Musk, the South African entrepreneur behind billion-dollar companies such as SpaceX and Tesla. He stated early in the year that he was willing to permit bitcoin payments for electric vehicles. A few weeks later, however, he rescinded this decision, claiming that miners were not utilizing their energy correctly, and he could not condone bitcoin unless carbon emissions were brought down.

Too Much Bad Energy in the Air!

Another argument came from Kevin O’Leary of “Shark Tank” fame. The billionaire investor claimed that he would no longer be purchasing any BTC mined in China given that the country was not known to utilize green energy for mining purposes. China later took this issue to heart, it seems.

Starting in October of this year, bitcoin and crypto mining in China will be completely illegal. Regulators in the nation have stated that they will keep a close eye on the mining space and will work to punish all those who disobey the rules.

Tags: china, Crypto Mining, Hebei province
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Source: https://www.livebitcoinnews.com/the-crypto-mining-clampdown-in-china-is-not-over/>

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