Loading...

Follow UK Bitcoin Blog | Bitcoins and Cryptocurrency N.. on Feedspot

Continue with Google
Continue with Facebook
or

Valid

Mining evolves as a service with the aid of MinedBlock Mining is a fundamental part of the blockchain for any crypto whether PoW or PoS, even other more recent algorithms such as PoE or PoP; some tokens starts pre-mined at 50% or even 100% of the available supply. However, most work running on blockchains with some of the existing mining algorithms; as is the case with Ethereum.

Source

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

So I have had an EOBOT account for literally years. Although I’ve not bought much mining from them (hardly anything), it has quietly been sitting there plodding away. I’ve made a huge £1 worth of crypto.

But that’s ok, it’s proven itself. It’s still online after 5 to 6 years, scams barely last more than ten minutes before they disappear from the face of the earth.

With the increase we are seeing in the price of Bitcoin, I can see more people asking the question of wether Bitcoin or other currency mining is a good investment. But, as I always say, when you buy currency you are not investing, you are trading.

One of it’s really interesting features is the diversify option, that allows you to spread your mining over different currencies.

Accounts are free and there is a Free faucet where you can earn money every day.

So it’s worth looking at EOBOT if you are looking for free bitcoins or if you want to invest in some crypto mining.

EOBOT

Visit the website.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

We’ve all seen the riots in France, actually mostly over money from what I can tell. The government hammering people with huge, unfair tax, causes people out of pure desperation to take to the streets.

Electronic Warfare

The issue, in fact, is simple. The Government control the money (well the banks). However what most people don’t realise is that by simply switching to cryptocurrency and using anonymous transactions the government would lose control of the money, as would the banks.

Mine boys, Mine

Another fact that is essential to the success of cryptocurrency is mining. But most people seem to think that the way mining works is someone has a huge farm of miners, but Bitcoin’s infrastructure doesn’t work like that. We know from experience if 20% of the worlds coin is mined by one farm, pretty shortly the government will close it down. What we need to do, is to all mine a little bit – we might not make very much (if anything) from the mining but we will enable the growth of crypto and its sustaining value.

If everyone mine’s a little bit, what are they going to do? shut dow millions of computers world wide? I think not. One way to easily mine from your PC/Mac/Linux box is to use the crypto tab browser.

These small mining operations will enable the cryptocurrency world to keep functioning. Large, unwieldy mining installations will simply be shut down by electric companies, governments, or anyone who feels threatened.

Bitcoin and crypto should not be about everyone making a quick buck, but us changing society to be fair, even and without debt or interest, the two things that have destroyed the banking system so far.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Vietnamese businesses and individuals have stopped importing bitcoin mining equipment into the country since the beginning of July, according to the Ho Chi Minh City Customs Department. This follows the government’s efforts to pass a law banning the import of bitcoin mining rigs into Vietnam.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Mining Rig Imports Stop

Business and individuals in Vietnam used to import a large number of crypto mining rigs into the country. Last year, the Customs Department of Ho Chi Minh City (HCMC) cleared more than 7,000 bitcoin and litecoin miners. Meanwhile, the Customs Department of Hanoi imported 190 bitcoin miners and 350 litecoin miners, Vietnam Biz reported Wednesday.

According to the HCMC Customs Department, businesses and individuals imported 3,664 crypto miners from the beginning of this year to August 6, most of which were Antminers from China. The news outlet reiterated:

According to information from the Customs Department of Ho Chi Minh City, from early July 2018 to now, organizations and individuals have stopped importing mining rigs.

According to the publication, four enterprises imported more than 3,000 machines this year; the rest were imported by “individuals and organizations [that] do not have [a dedicated] import tax code.” Viet Nam News added that “according to data from the General Department of Customs, Vietnam imported about 15,600 mining machines from 2017 to April this year.”

Mining Rig Import Ban Looming

The lack of crypto mining rig imports follows the proposal by the country’s Ministry of Industry and Trade “to suspend the import of cryptocurrency mining machines in a move to improve the management of currency transactions in the country,” the publication detailed.

The ministry has gained support from a few other government agencies and the country’s central bank, the State Bank of Vietnam (SBV).

The ban was proposed because the country’s finance ministry became concerned that crypto mining rigs are “not on the list of goods banned from importation and are not subject to the list of specialised management or unsafe goods, so enterprises are easily allowed to complete the import procedures,” the publication explained, noting:

The use of mining equipment for bitcoin, litecoin and other cryptocurrencies in the country is difficult for the authorities to manage. Thus it is easy for people to use cryptocurrencies as a currency or another method of payment, which is illegal in Vietnam according to the amended Decree 101 on non-cash payments.

In April, Vietnamese Prime Minister Nguyen Xuan Phuc signed a directive calling for stronger measures for cryptocurrencies. Xinhua described that “under the directive, credit institutions in Vietnam are not allowed to carry out cryptocurrency-related transactions and must swiftly report any suspicious activities.”

Do you think Vietnam will eventually ban the import of bitcoin mining rigs? Let us know in the comments section below.

Images courtesy of Pixabay.

Need to calculate your bitcoin holdings? Check our tools section.

The post Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban Looms appeared first on Bitcoin News.

The post Vietnamese Stop Importing Bitcoin Mining Rigs as Import Ban Looms appeared first on UK Bitcoin Blog - Bitcoins and Cryptocurrency News and Views.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Bitcoin prices have started to stabilize and appear to be trying to form a bottom.  There is continued news about the difficulty in finding enough power to mine bitcoins, which has led miners to set up shop in many unusual areas to purchase cheap power.  Recently an Australian group IOT announced that they plan on building a blockchain mining operation at a decommissioned Australian coal-fired power station to deliver energy to other miners and blockchain companies.

The IOT group recently announced that they would be selling energy directly to blockchain companies that needed additional power. Hunter Energy has also announced that they want to start up the power station in the Q1 of 2019, re-igniting a coal powered station that has been dormant for 5-years.  This attempt is not news as miners have tried to set up shop in other dormant power stations including dams and co-generation plants. Hunter Energy and IOT group plan to work hand in hand to make this effort a success.

Why the Need for Cheap Power?

The issue for blockchain miners is that mining is difficult and requires huge amounts of energy to run the algorithms that generate the transactions for each bitcoin.  Each transaction that has taken place which makes up a bitcoin is available for anyone to see. What you cannot see from a bitcoin string is who owned the bitcoin at any point in time.  The issue for Australian bitcoin miners is that the cost of energy to produce a bitcoin is more expensive than the current selling price making mining a huge challenge. Cheaper power might incent emerging blockchain companies to set up shop in a Blockchain Application Center next to a power plant eager to sell energy at wholesale prices.

Demand

The demand for cryptocurrencies and specifically bitcoin is continuing to grow as many are looking for alternatives to government-issued currencies. The recently volatility in bitcoin trading has made it difficult for investors to focus on what is legitimate and what is scam bitcoin project. The blockchain technology that underlies cryptocurrencies, is a decentralized and encrypted way of recording transactions, synchronizing that activity and distributing the record of it across potentially thousands of computers. This means regulation can be difficult as there is no way to track the prior owners of any bitcoin.

Prices Volatility

Bitcoin prices have been volatile, soaring in December up to a high of 19,000 and then tumbling back to earth to settle near the 6,000 mark.  Support is seen near the 10-day moving average at 7,459 and then an upward sloping trend line near 6,000.  Prices have rebounded pushing the fast stochastic into overbought territory. The fast stochastic has recently generated a crossover sell signal which points to lower prices.  Momentum, as reflected by the MACD (moving average convergence divergence) index, is neutral as the MACD histogram is printing in the black with a declining trajectory which points to decelerating positive momentum and consolidation.

The post Bitcoin Miners Continue to Look for Cheaper Power appeared first on UK Bitcoin Blog - Bitcoins and Cryptocurrency News and Views.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

I have been talking a bit about the Powerhouse Network for some time and made a small investment into it which is growing nicely. I currently have 2000 or so Polaris tokens which are about to be tradeable on the Etherium network today. I also have an investment in their “Trading Tree” and some of their mining.

What is different about Powerhouse is the founders and people running it – Darren Bradbury and his cohorts are actually available for chat on the internet and make no secret of who they are. This gives me confidence because unlike other organisations who hide behind a flash website (and trust me, the Powerhouse website is far from flash, it’s design really could do with an update, but saying that it’s VERY simple and plain, not the typical scam website at all), they carry a level of integrity and honesty that I like. When they make mistakes (which they have), they own up and are truthful about them, frankly, I’m glad I got in at the very start.

Although other members seem to be religious about the organisation in their fervour (I find it hard to be because 99% of what I review is a scam), I think their fervour may actually be only half of what Powerhouse is actually worth.

I have already covered my small investment and am very interested to see what happens when Powerhouse Polaris token goes live on an exchange, at that point, when it becomes tradeable it will have an intrinsic value and actually could be exchanged for Bitcoin or another Crytpo which then could be sold for cash!

The Trading Tree

(From the Powerhouse Website)

The trading tree is a unique opportunity for anybody to create an increasingly growing stream of income leveraging a lucrative trading operation that has been creating profits for 4+ years. Making consistent money from being part of the trading tree is possible by only buying at least one full position of $25. $20 from that amount is sent to the trading side while $5 goes to the position in the tree. After buying at least 1 position, the members open themselves to two hugely lucrative streams of incomes merged in one powerful system: The tree, and the trading.

The tree is the pay structure of the business. There are three levels and the only entry is through level 1. Each level is a 2×3 matrix. This means that each one of these matrices only needs 14 positions to be filled before it is completed. These positions can be filled by referred members or from spill overs.

A position in the level 1 matrix costs $5, and it is paid from the initial $25 cost of a full position in the trading tree. Once placed in this matrix, each position filled under the member, from either referrals or spill overs, pays $0.8. This means that once the 14 required positions are filled, the total payout from the first matrix is $11.2. Upon completion of the level 1 matrix, 3 first level positions are purchased on behalf of the member, in addition to a position in level 2.

A position in the level 2 matrix costs $10, and it is purchased automatically after completion of the level 1 matrix. Once placed in this matrix, each position filled under the member pays $1.6. Once the 14 required positions are filled, the total payout from the second matrix is $22.4. Upon completion of the level 2 matrix, 6 first level positions are automatically purchased, in addition to a position in level 3.

A position in the level 3 matrix costs $20, and it is bought on behalf of the member automatically after completion of the level 2 matrix. Once in this matrix, each position filled under the member pays $4. Once the 14 positions are filled, the total payout from the third and final matrix is $56. Upon completion of the level 3 matrix, 16 first level positions are automatically purchased.

This pay structure insures that any initial investment in a position opens up a serious stream of income through all the positions that are being purchased after completing the matrices, increasingly growing the income with time. But what makes this pay structure truly efficient in the trading tree is the engine that is driving it forward: The trading operation.

$20 from the initial $25 invested on each full position in the trading tree goes to the trading operation run by the Powerhouse Network. The trading side pays the member daily returns that fluctuate between 0.5% and 1% every day for 730 days. This makes the return on the investment between 365% and 730% in two years. For each $25 full position, the return in two years is between $73 and $146.

All the payouts from both the tree side and the trading side go straight to the balance of the member. Any amount in the member’s balance is subject to the 60/40 repurchase rule. 60% of the balance is used to automatically buy more $25 full positions in the trading tree, which will exponentially increase the size of the account, thus consistently increasing the payouts cashed out by the member. And sky is the limit!

All the profits mentioned above are for members who will simply invest in the full positions and relax. On the other hand, those who have great communication skills or marketing knowledge can increase their profits from the trading tree exponentially by referring people to this incredible business opportunity. Each member is entitled to an amazing 25% matching bonus on every referral. This means that you will get straight into your balance 25% of whatever your referrals make as profits in the trading tree. Combine this with how sustainable & self-sufficient the trading tree actually is we can safely assume that the incentive is clearly there; so if you are a marketer, take advantage!

With that said, the trading tree is a financial freedom machine fueled by the power of trading and designed for everyday people. It is completely self-sustainable and buying the $25 full position is all what members need to do in order to create an ever-growing stream of income for themselves and their families. We are very happy to have you on board!

So the three opportunities within the Network are:-

  • Trading Tree
  • Mining
  • Polaris Coin XPR

Click Here for Website

The post UK’s Powerhouse Network XPR Token live on Ether network today appeared first on UK Bitcoin Blog - Bitcoins and Cryptocurrency News and Views.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

This blog was basically created for two reasons, one because I love crypto, I love what it can do for the world, not only with financial transactions but also with contracts and handling of legal relationships, but because I got scammed, scammed good and proper. So in this post I want to talk about how easily people lose their Crypto.

1. Giving out your private keys

Yes, folks, there are scammers out there especially on Facebook who promise to fill your account with Crypto and all you have to give them is your public and private keys.

This will result in them pretty quickly emptying your crypto account and running off into the sun.

2. Investing in miracle investments

If it sounds too good to be true, it probably is, there are thousands if not hundreds of thousands of websites that will take your crypto, may even give you a small return but will never give your whole amount back, let alone any profit. They scam you into recruiting hundreds of other people who also never get their investment back.

See, if you put in 0.01 BTC and get 0.001 a day you’ll say “oh it’s paying”, the truth is it is – but not paying you back anything like your investment.

3. Minimum Withdrawal

A lot of poorer people invest in things that they will NEVER get paid out from. Basically, because they will never earn enough to withdraw anything. So people with more Bitcoins are being paid from those with few.

4. Fake Mining Sites

There are so many of these it’s incredible. I’m amazed at the cheek of them, they often use pictures from legitimate sites like Genesis Mining, they are simply Ponzi schemes and after a while will just disappear off the face of the earth.

5. Miracle Software that “hacks the blockchain”.

Trust me, it is impossible to hack the blockchain unless you had more than half the worlds computing power at your fingertips. So thinking your Intel Celeron with 4 gigs of ram running Windows 7 would even have a hope is just foolish. These software programmes are often filled with viruses or when they’ve “got you 0.2 BTC” you pay them a small charge to get the coin and it never turns up.

6. The Matrix (not the film)

So this is where you fill a matrix with referrals but to get paid everyone must be a paying member. The truth is very few people will be able to fill the matrix with paying members. Kerching, a website makes a fortune and you get nothing.

7. The Fake ICO

Every day on Facebook I see idiots proclaiming that their coin is going to be bigger than Bitcoin. Dream on succours. There is often no proof of any mining, any blockchain at all. If the tokens are not in the Etherium network, or they have their own mine, guess what, probably not worth the virtual paper they are not printed on.

8. Bitcoin Doublers

Why on earth would ANYONE double your money for nothing? Really? Never seen ONE of these that pay and I’ve tested a few. The transactions shown on their pages are old transactions often repeated over and over so you can check them in the blockchain. Often times they don’t even try and hide when you look at the source code that you will not get paid. Some don’t even bother asking you for a payment address.

9. We’re drilling for oil and other scams

This one is pretty clever, they make out that they’ve got Forex traders (who on average should return about 1% profit), or they are mining gold, or drilling for oil and you are helping fund them. With the money they make they’ll pay you out. Trust me, if you were drilling for oil you would have no problem getting proper funding from a bank.

10. Losing your disk drive/hardware wallet

There is a famous story of a guy who had 100 Bitcoins on a computer and threw it away. Several years later he’s still in his job and has been searching the local dump to try and find that computer. If you have an offline wallet BACK IT UP, make sure you know how to recover it, computers and hardware go wrong, keep your Crypto.

There are genuine things out there like Genesis Mining, EOBOT and at the moment I’m quite keen on Powerhouse Network mainly because the founders are actually on Facebook and you can actually talk to them and they are based int he UK.

The post 10 ways to easily lose your crypto-currency/Bitcoin appeared first on UK Bitcoin Blog - Bitcoins and Cryptocurrency News and Views.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

What not a lot of people know is that Bitcoin mining on any kind of scale takes power, electricity. China in its efforts to quash Bitcoin which have so far not been that successful has now said that banks can regulate the amount of power that Bitcoin miners can use. In fact, banks cannot regulate it but they can put pressure on local authorities to regulate the power (we may freeze your bank account if you don’t stop the Miners).

So what is China afraid of? Well, the same thing the Austrailian banks are afraid of. Losing control of trade. Can you imagine a world where anyone, anywhere could simply and at low-cost trade? That is part of the vision of Bitcoin. To remove money from banks and authorities, take it out of a structure of debt and interest. So it’s no wonder the banks and governments quake in their boots when they finally realise what they are dealing with.

In a way, it would be better to propagate the myth that Bitcoin doesn’t exist, or is just a bubble, or is not a threat. Then they would leave us alone to mine and build cryptocurrency to the point where it cannot be stopped, I wonder if it’s too late for that already.

I have seen Solar powered Bitcoin mines and maybe China is the ideal place for this. If we can power our mining without needing power from the authorities, there is very little they can do about the mining we are doing.

Of course, the ideal place to build a mine is in a power station. As I heard a wise Ethiopian once say “if you want to hide a tree, put it in a forest”. Put it like this – if everyone just mined a little bit then no one would ever know. Centralising bitcoin mining is generally a bad plan because it puts too much power into one branch of the network. However, rest assured that to have enough power to control the network, you would need about half the world’s computing power.

Bitcoin mining is about mathematical problems and freedom. Long live Bitcoin.

(image with thanks to The Digital Artist)

The post China Cracks down on Bitcoin Miners appeared first on UK Bitcoin Blog - Bitcoins and Cryptocurrency News and Views.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

This morning there are reports people are buying PowerHouse’s Polaris coin like wild things. Even last night there were commitments to purchase thousands of the Polaris coin.

Powerhouse network includes a mining farm with Altcoins, Bitcoin and Etherium, a referral system and an excellent support network through their Facebook page.

I hate to say this, but I’m actually excited about this one – and that takes a lot, 99% of the things I test for this site are scams, without fail. So when you find a 1% that’s great.

“Nothing is Free”

With PowerHouse, they do not give out anything for free, like Genesis Mining that has been around a long time. If you give away free mining hashpower it has to reduce the amount of profit given to those who actually pay, as the capital cost is higher, especially since there are a whole lot of people out there who think that 100GH will make them a fortune. You need more like 10,000 GH if mining Bitcoin.

Only have a small investment?

I suggest if you only have a small investment to go for a split with Altcoins ($2.50 a share) and ICO coin, then when you get paid in commissions, re-invest it back into your account to get more shares in the farm, note that you can also invite others and Powerhouse will pay a commission to you.

Just to quote an excerpt from the proposal document:-

Pre – sale: The initial token sale, which will start on November 10, 2017, will be exclusively open to the customers of the Powerhouse Network and its services. The price of 1 Polaris Token during the pre – sale per iod is $0.2 USD.

The main token sale: Will follow the pre – sale, and will increase the price of the tokens offered for sale by $0.05 ever y 6 weeks, until it reaches $0.5 which will be the highest price the token will be sold for in the main token sale.

So what that means basically is that let’s say you joined today and bought 100 coins. That’s going to cost you $20.00 (0.2 x 100) when it finishes it will be worth $0.5 (i.e. when they stop producing more tokens). So your $20 is now worth $50.00. Quite a tidy profit – but that’s not all, don’t forget that once the tokens are all created the price will rise with demand because there are no new tokens coming along. So what I like here is that you can do Bitcoin Mining/Altcoin Mining and take part in the Polaris coin.

Here’s the full white paper! Enjoy: Polaris Whitepaper final copy

The post Powerhouse Network Report CRAZY Polaris Coin Buying appeared first on UK Bitcoin Blog - Bitcoins and Cryptocurrency News and Views.

  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Ok, I’m involved a  few things as you know. I test stuff for you, a lot of it turns out to be a scam.

Powerhouse is refreshingly different thanks to the fact you can actually talk to the people running it. They are not hiding behind a website, or some strange address but are actually contactable.

I will say this so. The look and feel of their marketing is nothing like as professional as the scammers. But maybe that’s a good thing.

So today people who are members of the network get the chance to be part of the ICO. So not only do you get the chance to Mine Bitcoin, Altcoin and Ether (although there are no Ether contracts available), but you also can partake in the Polaris ICO.

I really do recommend everyone joins and puts in a small amount to get started and see how it goes. Remember your investment is your responsibility but the more I look at Powerhouse, the happier I am with it. So I would recommend people to try this one out – don’t forget to actually invest some coin because they don’t have anything for FREE which actually gives me a lot of confidence.

The post Powerhouse Network Launches ICO (will they ever stop?) appeared first on UK Bitcoin Blog - Bitcoins and Cryptocurrency News and Views.

Read for later

Articles marked as Favorite are saved for later viewing.
close
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Separate tags by commas
To access this feature, please upgrade your account.
Start your free month
Free Preview