antminers17-blog

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What Is Cryptocoin Mining? How Is It Useful?

Crypto Currency is electronic money that is not of any particular country and not produced by any government-controlled bank. These digital currencies are also known as Altcoins. They are based on cryptography. This currency is produced by a mathematical process so that it will not lose its value as a result of large circulation. There are different types of Crypto Currency such as Litecoin, Bitcoin, Peercoin and Namecoin. The transactions using the digital currency are carried out using the mechanism of mining. Those who want to do this process, generate the currency in their computers with the help of the software meant for this purpose. Once the currency is created, it is recorded in the network, thereby announcing its existence. The value of Altcoins went up to amazing levels during the last couple of years and as a result, its mining is now a highly profitable business. Many companies started making chips that are exclusively used for running the cryptographic algorithms of this process. Antminer is a popular ASIC hardware used for drawing out Bitcoin.

Mining Bitcoins: Antminer comes with different specifications such as U1 and U2+. Both U1 and U2+ are about the same size. While U1 has a default hash rate of 1.6 GH/s, U2+ has the hash rate of 2.0 GH/s. The process of entering the Bitcoins transactions in the public ledger is known as Bitcoin mining. The new They are introduced into the system through this process. The Bitcoin miner can earn transaction fees and subsidy for the newly created coins. ASIC (Application Specific Integrated Circuit) is a microchip specifically designed for this process. When compared to previous technologies, they are faster. The service offered by the Bitcoin miner is based on specified performance. They provide a specific level of production capacity for a set price. My site Antminer S17+

Mining Altcoins: Though this process is very easy, they are of much lesser value when compared to Bitcoin. Because of their lower value Altcoins are not as popular as the other. Those who want to earn from their Altcoins may run the appropriate program on their PCs. The Altcoins use the mining algorithm known as 'Scrypt'. They cannot be solved using the ASIC chips. The miners can then either spend the currency or swap them for Bitcoins at the Crypto Currency Exchange. For producting Altcoins, the miner has to write a short script for the command prompt. Those who write the script perfectly are ensured of success. One has to decide whether to join a pool or to produce alone. Joining the pool is the ideal choice for Altcoin miners.

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Should I Invest in Bitcoin?

Over the past few months I have watched bitcoin's value rise exponentially. I had no idea what bitcoin was and never even heard of crypto currency a few months ago. But with the recent government and media attention crypto currencies have received, they have gotten everyone's attention.

Crypto currency or more simply digital money is gaining acceptance quickly all over the world as it makes transactions quicker and cheaper. These transactions are secured by cryptography and each transaction has its own signature or private key. With its rise in value and popularity everyone wants a piece of the action. There are two main ways to make money with bitcoin. The first is a pretty straightforward method of purchasing the coin as an investment and hope that its value increases. The second is the process of "mining" bitcoins. Once a transaction has occurred they are then verified over the network by "miners" using complicated algorithms. As a reward for their work they receive transaction fees and/or freshly minted bitcoins!

From an investing standpoint there is a big risk/reward factor as this currency is relatively new and has no intrinsic value causing volatility and big price changes. A positive fact is that there is a huge amount of money invested in this and companies are signing on to use this currency so we have no idea when its value will go back to zero!

"Mining" also has a big risk/reward factor. In the beginning of bitcoin, you used to be able to "mine" with an ordinary laptop or home computer. But now as more people are doing it the difficulty and power needed to "mine" increases. Bitcoins have a maximum amount that can be minted (21 million). And as we get closer and closer to 21 million the amount of bitcoin rewarded for each successful "mine" gets smaller and smaller. Now "miners" looking to be profitable have to invest in complicated high tech mining rigs and there is still no guarantee they will be profitable or even make their costs back. My site Antminer S17+

There is a third and safer option, though. In any sudden happening that promises riches the most lucrative venture is selling the tool that helps produce these riches. For example, in a gold rush it would be the shovel and in "mining" for bitcoin it would be mining rigs or powerful graphic cards. If you can produce these or even get your hands on some cheap you would make a considerable profit flipping them. Unfortunately, only a select few have the luxury of choosing this option.

With people flocking towards the riches dangling in front of them the scam artists are having a field day as well. Read articles, browse the forums, watch the bitcoin market, and research your costs and ROI before even considering investing anything. In my opinion, you should do this for a few weeks before putting any money into play. This is an extremely volatile market and an even riskier investment.

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Model Antminer S17+ (73Th) from Bitmain mining SHA-256 algorithm with a maximum hashrate of 73Th/s for a power consumption of 2920W. Specifications Manufacturer Bitmain Model Antminer S17+ (73Th) A…