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Introducing Hashrate Index, An Online Tool For Bitcoin Mining Transparency

The team at Luxor has introduced Hashrate Index, a website featuring data that adds some transparency to the bitcoin mining industry.

The post Introducing Hashrate Index, An Online Tool For Bitcoin Mining Transparency appeared first on Bitcoin Magazine.

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The success of Bitcoin ultimately depends on the health of its mining industry. Bitcoin mining is central to transaction validation, the prevention of double spending and the hard cap on the bitcoin supply — basically, the things that make Bitcoin the revolutionary technology that it is.

And Bitcoin mining has evolved dramatically since it was first introduced. Today, a large portion of the industry revolves around mining pools, which coordinate hash power from miners around the world and share any resulting bitcoin among those who contributed. But despite the rising popularity of mining pools and their central role in maintaining the Bitcoin network, a lack of formal infrastructure and transparent data may be preventing the industry from developing even further, particularly in North America.

That’s why the team at mining software provider Luxor has introduced Hashrate Index, which features an intuitive hash price tracker, a mining rig price index that aggregates more than 4,800 ASIC sales and a curated list of mining collocations.

“Historically, the manufacturing companies have had unprofessional corporate policies for things such as machine performance, transparent pricing, insurance, etc.,” Ethan Vera, the co-founder of Luxor, told Bitcoin Magazine. “Then you need to connect to a mining pool that you can’t verify is paying you the correct amount. The industry is still very much so opaque… We think that a data site like Hashrate Index will allow investors to get more comfortable with the industry and usher in a new era of North American mining investment.”

To create the tools, the Luxor team leveraged its three years of experience in the mining industry and sourced the data that it felt would address miners’ most significant pain points. The hash price tracker, for instance, is an estimate based on the full-pay-per-share (FPPS) rate for Bitcoin mining pools.

“The FPPS rate represents the expected value for both the block reward and the transaction fees,” Vera said. “Given transaction fees are unknown, we use a rolling 24-hour average to estimate them… Once we have established the FPPS rate, we can estimate a weighted average fee across pools. This estimation is based on our conversation with miners to understand their existing fees.”

The mining rig price index is also an attempt to add transparency to a notoriously opaque segment of the mining industry.

“Manufacturers release hardly any data and their retail prices are not representative of hardware pricing in an industry dominated by a few institutional players,” Vera explained. “Miners can use the rig price index as a check when deciding what rig to buy… Investors, looking over a mining farm opportunity in detail, can check with the rig price index to understand how revenue and assets on the balance sheet will fluctuate over the lifecycle of an ASIC.”

Finally, the mining colocations index (found under “Farms” on the site navigation bar), is a bid to balance some of the institutionalization and centralization that the bitcoin mining industry has experienced. It offers significant specs for North American hubs that will host miners’ rigs, including the cost per kWh, available capacity and energy type (it lists four such locations at the time of this writing).

“In Satoshi’s original vision of mining, everyone could participate in the mining process. With the institutionalization of mining, and the rush for economies of scale, it has forced out many participants in the space,” Vera said. “The mining colocations website is meant to serve as a resource for retail miners who want to host machines but can’t find a good place to do so. We want to offer them a good solution for their miners. Most of the colocations we list, we have in fact hosted with before or our clients already do.”

In conclusion, Vera noted that the Luxor team is working on adding a downloadable excel mining model, an overview of public mining companies, additional ASIC reviews, a section on firmware and more. The team is soliciting additional feature requests through its Twitter account.

Mining is one of Bitcoin’s most critical practices, but also one of its most misunderstood.

Our guide to bitcoin mining covers everything from the basics of where bitcoin come from and why this process is called “mining” to bitcoin mining centralization and energy use. You’ll find detailed information on bitcoin mining hardwarebitcoin mining poolsbitcoin mining profitabilitybitcoin mining legality and more.

And, if you’re looking for something specific, we have hundreds of articles that have taken deeper dives into the mining industry since the earliest days of Bitcoin.

Get started with “What is Bitcoin Mining?”!

The post Introducing Hashrate Index, An Online Tool For Bitcoin Mining Transparency appeared first on Bitcoin Magazine.

Source: https://bitcoinmagazine.com/articles/introducing-hashrate-index-an-online-tool-for-bitcoin-mining-transparency?utm_source=rss&utm_medium=rss&utm_campaign=introducing-hashrate-index-an-online-tool-for-bitcoin-mining-transparency

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Mark Cuban sees $1 written in DOGE’s tea leaves

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After only three days accepting Dogecoin (DOGE) as a form of payment, Dallas Mavericks owner Mark Cuban is predicting the price of the token will eventually hit $1. 

In a Saturday tweet, Cuban said customers had used more than 20,000 Dogecoin — roughly $1,018 at the time of publication — in transactions for the Dallas Mavericks, claiming the franchise was now “the largest Dogecoin merchant in the world.” The billionaire predicted that if basketball fans were to purchase 6,556,000,000 DOGE worth of Mavericks merchandise, the price of the token would “definitely hit $1.”

The Mavericks were one of the first NBA franchises to recognize crypto as a form of payment for tickets and merchandise, having started accepting Bitcoin (BTC) through wallet company BitPay two years ago. Mavericks fans can also pay for gear and souvenirs with Bitcoin Cash (BCH), USD Coin (USDC), Gemini dollar (GUSD), Paxos Standard (PAX) and Binance USD (BUSD).

Despite being created as a joke, DOGE has surged in the last few months as billionaires including Cuban and Tesla CEO Elon Musk have mentioned the token on social media. Musk’s tweets have likely contributed to the price of the token rising from $0.01 in January to an all-time high of $0.078. At the time of publication, the DOGE price is $0.0509, meaning the token would need to surge 1,864% to reach $1.

The Dallas Mavericks owner previously described DOGE as an “economics teaching tool,” saying the token was the “best entertainment bang for your buck available” on the crypto market. Even with the surge in DOGE payments for the basketball franchise, Cuban said he was still “having fun” and hasn’t changed his opinions about the token.

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Source: https://cointelegraph.com/news/mark-cuban-sees-1-written-in-doge-s-tea-leaves

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How to Earn on Crypto you’re Hodling in 2021

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How to Earn on Crypto you’re Hodling in 2021

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Everyone in the world likes money and even better if you can earn with the money you already have. There has been a sharp rise in crypto price points in recent months so if you’re one of the many die-hard holders out there you are probably wondering how you can get a return from the holdings you already have. Thankfully as the industry has evolved so has the ability for investors to earn on their holdings of crypto assets. This article will talk about some of the ways you can try to make a return on investment for everything you currently have in your portfolio. Some of the earning ways are conventional and others require a little bit of work or substantial knowledge. Nevertheless here are some ways you can earn on your crypto portfolio. 

Staking is the process of actively holding a small to substantial amount of funds in a designated blockchain wallet in order to support a proof of stake (PoS) blockchain protocol. Essentially the investor locks funds into a particular wallet to support the staking process of the blockchain which they are staking on. As with anything in life an individual only does something if they feel they will gain benefit from it so when it comes to staking a stakeholder in the proof of stake blockchain will only lock in their stake if they are going to receive a reward. Many blockchain platforms out there offer proof of stake rewards to those staking crypto in locked wallets and you can earn a staking reward from doing so. When staking you often do not only earn an income from locking in funds but the staking also offers the holder the ability to vote on the blockchains protocol updates. Think of it similar to having voting rights from holding stock in a public company, you will have the right to a proportional vote to your stake on the future of the blockchain protocol. It’s relatively easy to find a company that allows you to stake your crypto and even the big guys like Coinbase offer staking features on their platform.

Peer to peer lending has become an increasingly popular topic in the modern fintech sector these days and the normal financial channels often translate over into the cryptocurrency world. Like with conventional peer to peer lending the way you earn money from the transaction is through interest on the lending of assets. Unlike conventional peer to peer products, the cryptocurrency world offers substantially higher interest returns than its fiat (government issued currency) counterpart. This is not always the case however, but as a general rule of thumb you are set to earn more with a crypto-based lending house.

One trusted example of a medium for lending is Nexo. Nexo offers credit lines to a borrower that are secured against crypto collateral. This collateralized method does away with the need for traditional credit checks since the crypto acts as the bridge of trust if and when the borrower is unable to pay. So you are always safe as a lender in that regard. Nexo clients who deposit funds in fiat or stablecoins can expect to earn returns of up to 12%, whereas clients who directly deposit crypto can earn interest of up to 10% of their holdings. Lenders who hold a minimum percentage of their portfolio in NEXO tokens, and choose to receive payouts in their token are eligible to receive higher returns than those who do not. 

If you are interested in mining for more crypto, another option is to hold shares in an active cryptocurrency mine. Mining is the backbone of the entire cryptocurrency ecosystem. So by investing into a mine you are not only using your crypto to make more crypto, but you are also supporting the entire blockchain community through mining activities. 

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Miners solve complex mathematical equations using graphics processors. Once the mathematical equation is solved, the block is validated and a reward is sent to the miner. Pylon Finance is said to have the largest active ETH mine in North America with return rates for investors of up to 250% per year. 

The easiest way of all to earn money from your crypto may be to deposit your funds into a platform that offers you an annual percentage yield (APY) on the money you hold on their platform. This is similar to depositing money into a savings account at a bank that gives you an annual percentage return on what you hold in your bank account. You can check out the different DeFi depositing options on DeFi Pulse and start earning on your holdings immediately. 

What is important to consider however is that depositing can only be done with crypto assets and altcoins and not fiat currency so this is only a valuable way to earn returns if you are insisting on earning on just your crypto holdings. 

In a similar fashion to earning from DeFi, many crypto exchanges offer earnings programs. These again are similar to depositing into bank accounts and earning interest with the key difference being that the interest earned is usually substantially higher than one would earn from a conventional bank account. That coupled with compounding interest and the gains in the crypto market in recent months makes this option very attractive. Companies such as Crypto.com offer interest on the major cryptocurrencies up to 8% and pay out interest on a weekly basis. Along with being paid weekly you also have your interest accrued daily so you know whatever you are holding is always earning you money, even if your portfolio fluctuates. 

Although it isn’t conventionally set to make you money, you can look to the slot machines and roulette table for extra returns. If you’re a rainman at blackjack, Fortunejack is the oldest Bitcoin casino in the world – so why not try to make some tasty returns there?


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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Source: https://zycrypto.com/how-to-earn-on-crypto-youre-hodling-in-2021/

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Generational Theory and The Historical Significance of Bitcoin

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Generational Theory and The Historical Significance of Bitcoin

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In a recent piece for CNN, journalist Kaya Yurleff made a rather startling announcement: emojis are dead…well, more or less. Says who? Generation Z, that’s who. Colloquially known as zoomers, these trendsetters were born between the years of 1996 and 2010. Everything lives, and everything dies. And emojis, we’re told, are on the way out. Times like these call for a yellow face sporting a slight frown, shedding a single, blue tear from one eye. Zoomers, however, would not approve.

Ostensibly, what we are witnessing here is the exorcism of emojis from society. On closer inspection, though, what we’re really witnessing is a generational shift, a shift in conceptual frameworks and cultural narratives. Can such shifts be used to explain bitcoin’s prominence?

In 1981, William Strauss and Neil Howe developed the Strauss–Howe generational theory. Every 25 years, generation demands change; fresh social, political, and economic norms are created, often radically different from those that came before them. Established institutions are attacked and weakened, all in the name of freedom. The generation demanding change can be seen as cultural architects; in order to build, however, they must first destroy.

1996, the year these architects first burst onto the scene, also happened to be the same year that internet banking went mainstream. The move to online financing revolutionized the way we do business. In fact, although the internet was available to the public in 1991, the world had to wait until 1996 for the likes of Hotmail and Yahoo Mail, which subsequently opened the door to Google and Gmail. The rest, as they say, is history.

1996 was also the year Motorola gifted us with the StarTAC, the world’s first-ever flip phone. And yes, for any zoomers reading this, flip phones were revolutionary.

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A quarter of a century before flip phones blew our minds, the first-ever facelift took place. That same year, with the abolishment of the gold standard, President Nixon performed some cosmetic surgery of his own. His client? The US dollar. The results? Not so pretty. 

This was also the year that physics went “mainstream,” firmly establishing itself as the dominant science. The inimitable Stephen Hawking was busy developing his theories of black holes

Meanwhile, the Soviet Union launched the world’s first space station program.

25 years before that, in the mid-1940s, WW2 had just ended. The world, battered and bruised, entered a phase of healing and restructuring. The International Monetary Fund (IMF) was established, as were the independent states of Syria and Lebanon. 25 years before that, “The Jazz Age” was born. Babe Ruth began playing for the New York Yankees. The Irish War of Independence was taking place. The Weimar Republic was aggressively flirting with hyperinflation. Venezuela became the world’s second-largest oil-producing nation.

In 2021, a century later, the world is an incredibly different place. Venezuela is a mess. Syria and Lebanon are, from humanitarian and economical perspectives, disaster zones. The IMF, in many ways, is also a sort of disaster zone.

Venezuela, Syria, Lebanon, and the IMF are symbolic of the old system: badly run nations and institutions, ran by ill-equipped, ill-informed individuals. 

It’s easy to see why digital natives of today have little interest in the old system. Why would they? More importantly, why should they?

While fiat currencies continue to lose their power, the king of cryptocurrencies continues to soar. On Friday, February 19th, bitcoin’s market value hit $1 trillion. Now, the world wonders if the world’s first example of ‘digital gold’ can overtake Alphabet Inc., currently valued at $1.43 trillion? The answer appears to be yes.

A digital future

The old system represents brick and mortar buildings, physical currencies, and face-to-face interactions. The pandemic, however, has resulted in an almost global shift to online commerce. Consumers have been nudged – or quarantined – away from traditional coins and bills. Things, we’re told, will never be the same. If that warning applies to physical currencies, perhaps that’s a good thing.

In 2019, zoomers became the largest generation, constituting close to 33% of the global population. Millennials are no longer top dogs. Although a share of zoomers lacks the finances to invest heavily in crypto, they’re excited by the possibilities that Bitcoin presents.

Noelle Acheson, in a brilliantly written piece for Coindesk, notes how zoomers “will see nothing strange in allocating their savings to assets via swipes on their phones (or movements of their headsets or digital glasses, who knows). It is unlikely they will find the fragmented nature of crypto markets alarming.” The author believes that “the creativity of many crypto-asset products on the market today could appeal to their strong sense of individualism.”

Millennials are inherently distrustful of centralized institutions. Why would anyone assume that zoomers, who tend to be even more digitally savvy than Millennials, have any interest in traditional, centralized models of governance and finance?

As Acheson notes, zoomers “will emerge into a market in which traditional investment standards no longer apply, and for which the word “unprecedented” has lost most of its meaning.”

As we see with emojis, a linguistic shift is emerging. This shift may very well prove to be symptomatic of a broader shift in society. In fact, we may be witnessing the beginning of a crypto-infused revolution. Does a digital future, free from intermediaries like central banks, await us? If zoomers have their way, brick and mortar institutions could become a thing of the past.


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DISCLAIMER Read More

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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Source: https://zycrypto.com/generational-theory-and-the-historical-significance-of-bitcoin/

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