How to prove you are a time traveler using the bitcoin blockchain
It turns out there are more applications of bitcoin than simply revolutionizing every economic system ever conceived. It is also possible to prove you traveled through time with the help of the hashing mechanism behind our favorite blockchain. As a thought experiment, consider the following calculation:
Assume every gigahash per second for the bitcoin PoW mechanism requires 1 Watt.
The bitcoin network currently operates at 121*109 GH/s, thus using the same amount of Watts per second.
For comparison, the sun is producing 3.846*1026 Watts per second.
This means the sun is producing 3.2*1015 times more energy per second than the Bitcoin blockchain is currently using.
Currently, blocks start with 19 zeros. With 3.2*1015 times more energy, you could produce an additional 13 zeroes for a total of 32 leading zeroes per block. This is assuming that each additional zero requires 16 times more work.
Now, if you as a civilization are able to use the energy of your host star, that makes you a type II civilization on the Kardashev scale. My challenge to the universe and its type II civilization time travelers is simple: Produce an empty block with around 32 leading zeros in the coming year and we’ll take notice.
Bitcoin Mining Profitability: How Long Does it Take to Mine One Bitcoin in 2019?
When it comes to Bitcoin (BTC) mining, the major questions on people’s minds are “how profitable is Bitcoin mining” and “how long would it take to mine one Bitcoin?” To answer these questions, we need to take an in-depth look at the current state of the Bitcoin mining industry — and how it has changed — over the last several years. Bitcoin mining is, essentially, the process of participating in Bitcoin’s underlying security mechanism — known as proof-of-work — to help secure the Bitcoin blockchain. In return, participants receive compensation in bitcoins (BTC). When you participate in Bitcoin mining, you are essentially searching for blocks by crunching complex cryptographic challenges using your mining hardware. Once a block is discovered, new transactions are recorded and verified within the block and the block discoverer receives the block rewards — currently set at 12.5 BTC — as well as the transactions fees for the transactions included within the block. Once the maximum supply of 21 million Bitcoins has been mined, no further Bitcoins will ever come into existence. This property makes Bitcoin deflationary, something which many argue will inevitably increase the value of each Bitcoin unit as it becomes more scarce due to increased global adoption. The limited supply of Bitcoin is also one of the reasons why Bitcoin mining has become so popular. In previous years, Bitcoin mining proved to be a lucrative investment option — netting miners with several fold returns on their investment with relatively little effort. bitcoin mining hardware Mining Hardware The mining hardware you choose will mostly depend on your circumstances — in terms of budget, location and electricity costs. Since the amount of hashing power you can dedicate to the mining process is directly correlated with how much Bitcoin you will mine per day, it is wise to ensure your hardware is still competitive in 2019. Bitcoin uses SHA256 as its mining algorithm. Because of this, only hardware compatible with this algorithm can be used to mine Bitcoin. Although it is technically possible to mine Bitcoin on your current computer hardware — using your CPU or GPU — this will almost certainly not generate a positive return on your investment and you may end up damaging your device. The most cost-effective way to mine Bitcoin in 2019 is using application-specific integrated circuit (ASIC) mining hardware. These are specially-designed machines that offer much higher performance per watt than typical computers and have been an absolutely essential purchase for anybody looking to get into Bitcoin mining since the first Avalon ASICs were shipped in 2013. When it comes to selecting Bitcoin mining hardware, there are several main parameters to consider — though the importance of each of these may vary based on personal circumstances and budget. Performance per Watt When it comes to Bitcoin mining, performance per watt is a measure of how many gigahashes per watt a machine is capable of and is, hence, a simple measure of its efficiency. Since electricity costs are likely to be one of the largest expenses when mining Bitcoin, it is usually a good idea to ensure that you are getting good performance per watt out of your hardware. Ideally, your mining hardware would be highly efficient, allowing it to mine Bitcoin with lower energy requirements — though this will need to be balanced with acquisition costs, as often the most efficient hardware is also the most expensive. This means it may take longer to see a return on investment. In countries with cheap electricity, performance per watt is often less of a concern than acquisition costs and price-performance ratio. In most countries, operating outdated mining hardware is typically cost prohibitive, as energy costs outweigh the income generated by the mining equipment. However, this may not be the case for those operating in countries with extremely cheap electricity — such as Kuwait and Venezuela — as even older equipment can still be profitable. Similarly, miners with a free energy surplus, such as from wind or solar electric generators, can benefit from the minimal gains offered by still running outdated hardware. Longevity The lifetime of mining hardware also plays a critical role in determining how profitable your mining venture will be. It’s always a good idea to do whatever possible to ensure it runs as smoothly as possible. Since mining equipment tends to run at a full (or almost full) load for extended periods, they also tend to break down and fail more frequently than most electronics — which can seriously damage your profitability. Equipment failure is even more common when purchasing second-hand equipment. Since warranty claims are often challenging, it can often take a long time to receive a warranty replacement. Price-Performance Ratio In many cases, one of the major criteria used to select mining hardware is the price-performance ratio — a measure of how much performance a machine outputs per unit price. In the case of cryptocurrency mining hardware, this is commonly expressed as gigahashes per dollar or GH/$. Under ideal circumstances, the mining hardware would have a high price-performance ratio, ensuring you get a lot of bang for your buck. However, this must also be considered in combination with the acquisition costs and the expected lifetime of the machine — since the absolute most powerful machines are not always the cheapest or the most energy efficient. Acquisition Costs Acquisition costs are almost always the biggest barrier to entry for most Bitcoin miners since most top-end mining hardware costs several thousand dollars. This problem is further compounded by the fact that many hardware manufacturers offer discounts for bulk purchases, allowing those with deeper pockets to achieve a better price-performance ratio. Acquisition costs include all the costs involved in purchasing any mining equipment, including hardware costs, shipping costs, import duties, and any further costs. For example, many ASIC miners do not include a power supply — which can be another considerable expense, since the 1,000W+ power supplies usually required tend to cost several hundred dollars alone. Ensuring your equipment runs smoothly can also add in additional costs, such as cooling and maintenance expenses. In addition, some miners may want to invest in uninterruptible power supplies to ensure their hardware keeps running — even if the power fails temporarily. asic mining Current Generation Hardware One of the most recent additions to the Bitcoin mining hardware market is the Ebang Ebit E11++, which was released in October 2018. Using a 10nm fabrication process for its processors, the Ebit E11++ is able to achieve one of the highest hash rates on the market at 44TH/s. In terms of efficiency, the Ebang Ebit E11++ is arguably the best on the market, offering 44TH/s of hash rate while drawing just 1,980W of power, offering 22.2GH/W performance. However, as of writing, the Ebang Ebit E11++ is out of stock until March 31, 2019 — while its price of $2,024 (excluding shipping) may make it prohibitively expensive for those first getting involved with Bitcoin mining. Another popular choice is the ASICminer 8 Nano, a machine released in October 2018 that offers 44TH/s for $3,900 excluding shipping. The ASICminer 8 Nano draws 2,100W of power, giving it an efficiency of almost 21GH/W — slightly lower than the Ebit E11++ while costing almost double the price. However, unlike the E11++, the 8 Nano is actually in stock and available to purchase. ASICminer also offers the 8 Nano Pro, a machine launched in mid-2018 that offers 80 TH/s of hash rate for $9,500 (excluding shipping). However, unlike the Ebit E11++ and 8 Nano, the minimum order quantity for the 8 Nano Pro is curiously set at five, meaning you will need to lay out a minimum of $47,500 in order to actually get your hands on one (or five). While the 8 Nano Pro doesn’t offer the same performance per watt as the Ebit E11+ or AICMiner 8 Nano, it is one of the quieter miners on this list, making it more suitable for a home or office environment. That being said, the ASICminer 8 Nano Pro is easily the most expensive miner per TH on this list — costing a whopping $118.75/TH, compared to the $46/TH offered by the E11++ and $88.64 offered by the 8 Nano. The latest hardware on this list is the Innosilicon T3 43T, which is currently available for pre-order at $2,279, and estimated to ship in March 2019. Offering 43TH/s of performance at 2,100W, the T3 43T comes in at an efficiency of 20.4GH/W, which is around 10 percent less energy efficient than the Ebit E11++. The T3 43T also has a minimum order quantity of three units, making the minimum acquisition cost $6837 + shipping for preorders. All in all, the T3 43T is more costly and less efficient than the E11++ but may arrive slightly earlier since Ebang will not ship the E11++ units until at least end March 29, 2019. Finally, this list would not be complete without including Bitmain’s latest offering, the Antminer S15-28TH/s, which — as its name suggests — offers 28TH/s of hash power while drawing just under 1600W at the wall. The Antminer S15 is one of the only SHA256 miners to use 7nm processors, making it somewhat smaller than some of the other devices on this list. Like most pieces of top-end Bitcoin mining hardware, the Antminer S15 27TH/s model is currently sold out, with current orders not shipping until mid-February 2019. However, the S15 is offered at a significantly lower price than many of its competitors at just $1020 (excluding shipping), with no minimum quantity restriction. At these rates, the Antminer comes in at just $37.78/TH — though its energy efficiency is a much less impressive 17.5GH/W. Mining Hardware Mining Hardware Comparison Performance (GH/W) Price Performance Ratio ($/TH) Ebang Ebit E11++ 22.2GH/W $46/TH ASICminer 8 Nano 21GH/W $88.64/TH ASICminer 8 Nano Pro 19GH/W $118.75/TH Innosilicon T3 43T 20.4GH/W $53/TH Antminer S15-28TH/s 17.5GH/W $37.78/TH How To Select a Good Mining Pool Mining pools are platforms that allow miners to pool their resources together to achieve a higher collective hash rate — which, in turn, allows the collective to mine more blocks than they would be able to achieve alone. Typically, these mining pools will distribute block rewards to contributing miners based on the proportion of the hash rate they supply. If a pool contributing a total of 20 TH/s of hash rate successfully mines the next block, a user responsible for 10 percent of this hash rate will receive 10 percent of the 12.5 BTC reward. Pools essentially allow smaller miners to compete with large private mining organizations by ensuring that the collective hash rate is high enough to successfully mine blocks on regular basis. Without operating through a mining pool, many miners would be unlikely to discover any blocks at all — due to only contributing a tiny fraction of the overall Bitcoin hash rate. While it is quite possible to be successful mining without a pool, this typically requires an extremely large mining operation and is usually not recommended — unless you have enough hash rate to mine blocks on a regular basis. Although it is technically possible to discover blocks mining solo and keep the entire 12.5 BTC reward for yourself, the odds of this actually occurring are practically zero — making pool collaboration practically the only way to compete in 2019 and beyond. Selecting the best pool for you can be a challenging job since the vast majority of pools are quite similar and offer similar features and comparable fees. Because of this, we have broken down the qualities you should be looking for in a new pool into four categories; reputation, hash rate, pool fees, and usability/features: Reputation The reputation of a pool is one of the most important factors in selecting the pool that is best for you. Well-reputed pools will tend to be much larger than newer or less well-established pools since few pools with a poor reputation can stand the test of time. Well-reputed pools also tend to be more transparent about their operation, many of which provide tools to ensure that each user is getting the correct reward based on the hash rate contributed. By using only pools with a great reputation, you also ensure your hash rate is not being used for nefarious purposes — such as powering a 51 percent attack. When comparing a list of pools that appear suitable for you, it is a wise move to read their user reviews before making your choice — ensuring you don’t end up mining at a pool that steals your hard-fought earnings. Hash Rate When it comes to mining Bitcoin, the probability of discovering the next block is directly related to the amount of hashing power you contribute to the network. Because of this, one of the major features you should be considering when selecting your pool is its total hash rate — which is often closely related to the proportion of new blocks mined by the pool Since the total hash rate of a pool is directly related to how quickly it discovers new blocks, this means the largest pools tend to discover a relative majority of blocks — leading to more regular rewards. However, the very largest pools also tend the have higher fees but often make up for this with sheer success and additional features. Sometimes, some of the largest pools have a minimum hash rate requirement ù leaving some of the smaller miners left out of the loop. Although smaller pools typically have more relaxed requirements with reduced performance thresholds, these pools may be only slightly more profitable than mining solo. Pool Fees When choosing a suitable pool, typically one of the major considerations is its fees. Typically, most pools will charge a small fee that is deducted from your earnings and is usually around 1-2 percent — but sometimes slightly lower or higher. There are also pools that offer 0 percent fees. However, these are often much smaller than the major pools and tend to make their money in a different way — such as through monthly subscriptions or donations. Ideally, you will choose the pool that offers the best balance of fees to other features. Usually, the pool with the absolute lowest fees is not the best choice. Additionally, pools with the lowest fees often have the highest withdrawal minimums — making pool hopping uneconomical for most. Usability and Features When first starting out with Bitcoin mining, learning how to set up a pool and navigating through the settings can be a challenge. Because of this, several pools target their services to newer users by offering a simple to navigate user interface and providing detailed learning resources and prompt customer support. However, for more experienced miners, simple pools don’t tend to offer a variety of features needed to maximize profitability. For example, although many mining pools focus their entire hash rate towards mining a single cryptocurrency, some are large enough to offer additional options — allowing users to mine other SHA256 coins such as Bitcoin Cash (BCH) or Fantom if they choose. These pools are technically more challenging to use and mostly designed for those familiar with mining, happy to hop from coin to coin mining whichever is most profitable at the time. There are even some exchanges that automatically direct their combined hash rate at the most profitable cryptocurrency — taking the guesswork out of the equation. bitcoin mining pool Best Mining Pools for 2019 The Bitcoin mining pool industry has a large number of players, but the vast majority of the Bitcoin hash rate is concentrated within just a few pools. Currently, there are dozens of suitable pools to choose from — but we have selected just a few of the best to help get you started on your journey. Slushpool was the first Bitcoin mining pool released, being launched way back in 2010 under the name “Bitcoin Pooled Mining Server.” Since then, Slushpool has grown into one of the most popular pools around — currently accounting for just under 10 percent of the total Bitcoin hash rate. Although Slushpool isn’t one of the very largest pools, it does offer a newbie-friendly interface alongside more advanced features for those that need them. The pool has moderately high fees of 2 percent but offers servers in several countries — including the U.S., Europe, China, and Japan — giving it a good balance of fees to features. BTC.com is another potential candidate for your pool and currently stands as the largest public Bitcoin mining pool. It is responsible for mining around 17 percent of new blocks. Being the largest public mining pool provides users with a sense of security, ensuring blocks are mined regularly and a stable income is made. Image courtesy of Blockchain.info. BTC.com is owned by Bitmain, a company that manufacturers mining hardware, and charges a 1.5 percent fees — placing it squarely in the middle-tier in terms of fees. Unlike other platforms, BTC.com uses its own payment structure known as FPPS (Full Pay Per Share), which means miners also receive a share of the transaction fees included within mined blocks — making it slightly more profitable than standard payment per share (PPS) pools. Another great option is Antpool, a mining pool that supports mining services for 10 different cryptocurrencies, including Bitcoin, Litecoin (LTC) and Ethereum (ETH). AntPool frequently trades places with BTC.com as the largest Bitcoin mining pool. However, as of this writing, it occupies the title of the third-largest public mining pool. What sets Antpool apart from other pools is the ability to choose your own fee system — including PPS, PPS+, and PPLNS. If you choose PPLNS, using Antpool is free but you will not receive any transaction fees from any blocks mined. Antpool also offers regular payouts and has a low minimum payout of just 0.001 BTC, making it suitable for smaller miners. Last on the list of the best Bitcoin mining pools in 2019 is the Bitcoin.com mining pool. Although this is one of the smaller pools available, the Bitcoin.com pool has some redeeming features that make it worth a look. It offers mining contracts, allowing you to test out Bitcoin mining before investing in mining equipment of your own. According to Bitcoin.com, they are the highest paying Pay Per Share (PPS) pool in the world, offering up to 98 percent block rewards as well as automatic switching between BTC and BCH mining to optimize profitability. Electricity Costs While your mining hardware is most important when it comes to how much BTC you can earn when mining, your electricity costs are usually the largest additional expense. With electricity costs often varying dramatically between countries, ensuring you are on the best cost-per-KWh plan available will help to keep costs down when mining. Most commonly, large mining operations will be set up in countries where electricity costs are the lowest — such as Iceland, India, and Ukraine. Since China has one of the lowest energy costs in the world, it was previously the epicenter of Bitcoin mining. However, since the government began cracking down on cryptocurrencies, it has largely fallen out of favor with miners. Technically, Venezuela is one of the cheapest countries in the world in terms of electricity, with the government heavily subsidizing these energy costs — while Bitcoin offers an escape from the hyperinflation suffered by the Venezuelan bolivar. Despite this, importing mining hardware into the country is a costly endeavor, making it impractical for many people. Finding ways to lower your electricity costs is one of the best ways to improve your mining profitability. This can include investing in renewable energy sources such as solar, geothermal, or wind — which can yield increased profitability over the long term. if you are looking to buy bitcoin mining equipment here is some links: Model Antminer S17 Pro (56Th) from Bitmain mining SHA-256 algorithm with a maximum hashrate of 56Th/s for a power consumption of 2385W. https://miningwholesale.eu/product/bitmain-antminer-s17-pro-56th-copy/?wpam_id=17 Model Antminer S9K from Bitmain mining SHA-256 algorithm with a maximum hashrate of 14Th/s for a power consumption of 1323W. https://miningwholesale.eu/product/bitmain-antminer-s9k-14-th-s/?wpam_id=17 Model T2T 30Tfrom Innosilicon mining SHA-256 algorithm with a maximum hashrate of 30Th/s for a power consumption of 2200W. https://miningwholesale.eu/product/innosilicon-t2t-30t/?wpam_id=17 mining wholesale website: https://miningwholesale.eu/?wpam_id=17
https://preview.redd.it/q8fybks5d3r31.png?width=1024&format=png&auto=webp&s=0d9836d98582d8652a82a99333d37b2885d4116e Bitcoin Mining Costs Vary by Region To perform a cost calculation to understand how much power it takes to create bitcoin, first, you’d need to know electricity costs where you live. In 2017, the Crescent Electric Supply Company did a state-by-state breakdown of how much it costs to mine a single bitcoin. Louisiana came in as the cheapest location at $3,224, while Hawaii was the most expensive at $9,483. As of September 2018, bitcoin’s exchange rate was valued at about $6,700 for a single bitcoin, which shows that doing the work in an area where energy costs are very low is important to make the practice worthwhile. Calculating the Cost There are lots of different bitcoin mining computers out there, but many companies have focused on Application-Specific Integrated Circuit (ASIC) mining computers, which use less energy to conduct their calculations. Mining companies that run lots of ASIC miners as businesses claim they use one watt of power for every gigahash per second of computing performed when mining for bitcoins. At this rate, the bitcoin network runs at 342,934,450 watts — roughly 343 megawatts. Calculations based on EIA data reveal that the average U.S. household consumes about 1.2 kilowatts of power, meaning that 343 megawatts would be enough to power 285,833 U.S. homes. That’s quite a lot of energy — for a frame of reference, that equates to about a third of the homes in San Jose, California. Since 1 watt per gigahash/second is pretty efficient, it’s likely that this is a conservative estimate. Also, a large number of residential users take more power to run their miners. BITCOIN may be a useful way to send and receive money, but cryptocurrency doesn’t come for free. The community of computer-based miners that create bitcoins uses vast quantities of electrical power in the process. The electric resource-heavy process has led some experts to suggest that bitcoin isn’t very environmentally friendly. Therefore, using SOLAR ENERGY to mine Bitcoin is considered more suitable for people.
Of Wolves and Weasels - Day 24 - 100 BILLION coins (MwaHaHa!)
Hey all, GoodShibe here! So... yesterday was, uh, interesting. To say the least. In a good way! For those who don't know, I had a huge outpouring of support from some very generous tippers and now, yeah... I'm still kind of wrapping my head around it. Let's just say that I immediately made tracks over to find mumzie and give her 100K DOGE for all the incredible work she does around here. Seriously, if you haven't been to /dogeducation, you should check it out - especially if you're a new-shibe! So today we're going to chat about a somewhat interesting topic - one that's going to have long ranging effects on Dogecoin as we move forward; especially since - time and time again - we're showing the world that our founding may have been a 'joke' but we've grown far beyond that. However, and ummjackson and billyM2K please correct me if I'm wrong, because we weren't created as a 'serious' coin, there's one potential issue coming down the pipe -- that the devs have been debating, pretty much since it went live -- which will need to be addressed. We were created with a promise, that there will only ever be 100 Billion Dogecoins. The idea was that we, like Bitcoin, would be a deflationary currency. What 'Deflationary' means is that, over time, coins would become more valuable simply because, over time, people would lose their coins -- passwords forgotten, harddrives not backed up, etc -- and that planned-for loss of coins circulating in the economy would help ensure the continued value and rise of the ones still in circulation. With Dogecoin that was the plan -- and that's what a number of the first users/miners bought into. A sort of Bitcoin-lite with a much lower-value individual coin, but a much higher potential marketcap. The problem is that the way Dogecoin is released, 1 block per minute, it basically means that in around 1 year, a large majority of Dogecoins will have been mined. And how do you sustain a network when you have no more coins to mine and no incentive for people to keep mining (burning electricity at cost to keep nodes running)? And when the entire life of your coin relies on having a strong, stable network, this becomes that sort of looming cloud on the horizon. Unlike Bitcoin, our transaction fees are incredibly low and, due to the nature of Dogecoin, the amount we'd have to raise transaction fees to make it profitable for miners, long term, is an amount that would (barring a significant increase of value for Dogecoin) have a noticeable impact on end users (us). And so the idea was put forward that, instead of becoming a Deflationary currency, we change that initial promise and become an Inflationary currency. What that means is that, like the USD and other common currencies, Dogecoin would add a stable number of coins each year to the market, enough to be an incentive for miners to continue mining and maintain our network. We wouldn't be a FIAT currency, per se - whereas 'fiat' means we would, like the USD, make more money 'on demand' (by 'fiat') the idea would be, instead, to put in place a long term inflation plan that lead to a stable number of coins being added over a very long period of time (100+years). The idea being that this would buy us all a very, very long time to see how/if we grow, and figure out what to do next. Remember that even 5 years in 'technology time' is a significant span (that's like 5 whole new iPhone models away). Now, those who are against this idea note that it's the 'deflationary' part of the currency that helps it have, maintain and grow value over time. It helps make it a reliable store of wealth. There will only ever be 21 Million Bitcoins. If 1 Million are lost, there will only ever be 20 Million Bitcoins. Etc. Once we start adding Dogecoins beyond the planned 100 Billion, those new coins start to push down the value of the coins you have. Meaning, slowly, over time, the buying power -- how much you can 'buy' for $1, for example, decreases. Now, for those of us who've taken up Dogecoin as a common currency, with the idea that it will be great for small, day-to-day transactions -- tipping friends, thanking artists, buying music tracks or armor for your 'toon, stuff like that -- it won't have a HUGE impact on us. But for people who bought into Dogecoin as an investment, as a store of wealth, with the idea of amassing a large number of coins, sitting on them until they become worth a significant amount, this is a problem. But, to be fair, it's the same problem that those rich in USD are facing as well. (Granted, as a counterpoint, those that bought in were probably doing that to avoid exactly those sorts of issues). Luckily, because our devs control the currency they have the ability to be much more agile than much larger, more lumbering economies. And, if you read that linked conversation above, you'll realize that there's a lot of fantastic, passionate minds putting real thought into this problem, they truly care about figuring out the best balance for all of us. One possible solution, which would allow for us to possibly maintain the 'deflationary' nature of the currency is to, over time, as more and more coins get mined, move the running of the network over to the QT wallet. So that each user of the currency also becomes a node, helping to keep the whole network running. There's a ton of technical hurdles to pulling that off, and it'd be difficult, but it's one -- of many -- possibilities. The benefit of making the coin Inflationary, over a long stretch of time, is that it helps keep Doge... humble. It means that our coin will, most likely, never be worth thousands or hundreds (or possibly even $1) each -- depending on adoption, the DOGEconomy, etc -- but it will mean that our DOGEs stay perfect as your nickles and quarters sort of thing (which is still a massive increase from current valuation). As a community, as the people who've taken up the coin as our own, we should work towards a solution the benefits us all. Those who believed in DOGE from the beginning (you know, 7 weeks ago), who had foresight and treated DOGE as an investment, deserve to be rewarded for their faith (DOGE could've just as easily gone the other way and they would've lost it all). I hope we can all remember that many of our 'rich shibes' are active, contributing members of our community who were lured here by the same principles of friendship and kindness, compassion and camaraderie that brought the rest of us. There's room for all of us to have fun and play... and profit too. And that's why I think that the more minds on the problem, the better. How would you like to see your coin grow over time? What do you hope the future of Dogecoin looks like? How can we make sure our Dogecoins live on for future generations to enjoy? It's a complex question and there are good people working on the solution. Right now the plan seems to be to wait and see how the Halving goes. How it effects our currency, and where we go from there. But keep on thinking, keep on dreaming. Because we're all strapped in together and the moon is thattaway. We'll get there, my friends. Together! It's 8:45AM EST and we're at 40.14% of DOGEs found. Our Global Hashrate is rising slightly from ~90 to ~91 Gigahashes per second and our Difficulty is holding steady at around ~1269. The Halving is officially 2 weeks away, today. Also, this is your 2 week Valentines Day warning for those of you who might've forgotten. Hint: Nothing says love like a new Mining Rig :D) As always, I appreciate your support! GoodShibe EDIT: For those 'worried': It's a coin that was created as a 'joke', how much long-term planning were you expecting people to put into it? No one expected it to blow up like it did. Hindsight is 20/20 -- and there's still lots of time to work out a solution, together.
Of Wolves And Weasels - Day 22 - A New Chapter Begins
Hey all! GoodShibe here, This is an exciting time for Dogecoin right now - I mean outside of all the new shibes flooding into this sub - we're starting to do something that very few coins have managed: A legal, direct exchange from DOGE to USD/CAD currency and back. This is happening, starting today, over at Vault of Satoshi. Yes, there are some hurdles to jump through - legal stuff, mostly - but it's there and it's up. It exists. Not only does this show an incredible amount of confidence in our currency -- it's a lot of work to even start to put together an exchange from USD/CAD to cryptos -- but considering that our currency is only around 7 Weeks old that tells you exactly how hard we've all been working. Every tip to a new user, every funny little Dogecoin meme, every $20 ad tossed up on Reddit, every act of compassion and charity - little by little we're bringing people to us, our confidence and compassion and flat-out sense of fun is infectious. In a time of world turmoil, of uncertainty, we're still doing what we do best -- and people want to be a part of that. This is a HUGE victory for us. It's also an important victory for us in another sense, as it allows us to begin the process of detaching ourselves, at least partially, from Bitcoin. This is both good and bad in that when Bitcoin rises, historically, we've gone with them -- and when they fall, so to do we. We're not cutting the cord entirely, but considering that the main way to get DOGE has been buying BTC and converting it to DOGE through an exchange, this will allow us to forego one major step in the chain. And as more and more exchanges start to come on board, allowing us to move freely to and from DOGE, this cord may even end up being cut entirely. Meaning we'll be on our own. If that's not both exhilarating and scary as heck, I don't know what is. But it's coming down the pipe. And maybe sooner than we think. The timing also works well because of the level of FUD (Fear, Uncertainty and Doubt) going around in Bitcoin as of late. Yes, on the surface, everything's fine - they've been getting great adoption rates lately and really are doing quite well (and I wish them well). But there's a general uncertainty building thanks to articles like this: Mega Default In China Scheduled For January 31 Additional Sources Confirm China’s Payment Processor Ban, Bitcoin Price Falls $200 Now, yes, these articles are around/over a month old, but both articles -- being from reputable sources -- say one very important point: On January 31st, Chinese New Year, the People's Republic of China will be closing all 3rd party payment processors. This further limits people's ability to exchange - and use - Bitcoin in China. Bitcoin's greatest rise and fall was because of the influx of -- and outpouring of -- Chinese investors last year and the sting, while mostly healed, can still be felt in stories like this. And rightly so, it was one heck of a sting. You see, when the Chinese Government put regulations on Bitcoin, a lot of investors panicked - thinking that Bitcoin was being outright banned (which was wholly untrue). That panic fed into a massive campaign of fear and disinformation, causing... well, pretty much a mass hysteria, leading to investors ditching the currency almost as fast as they'd bought it up... and that caused a severe and violent crash. Now, granted, this move has been telegraphed for a very long time (over a month now) so it should be no surprise and that when the 31st hits, those who wanted out will have already gotten out. But there's still that sense of uncertainty, wondering exactly how smooth the transition will be. For Dogecoin, a decent chunk of our growth has been from Bitcoiners looking to diversify their portfolios, looking to protect themselves from these sorts of general gloom and doom scenarios that push their currency down. Hopefully, once the 31st passes with a smooth transition, BTC will start its climb again. But for Dogecoin, having these exchange options open to us, it can and will insulate our currency from these sorts of issues. The biggest problem was that Bitcoin was entering a market where the Government hadn't yet decided what to do about Cryptocurrencies - so all eyes were focused on what the PRoC were going to do about it. Which, again, created uncertainty. Seeing how Bitcoin blew up like it did, and how China has a history of knocking down things when they get too big on their own (see QQ China's first uber-successful virtual currency) it all makes sense... in hindsight (20/20 vision being what it is and all). The good thing about Dogecoin is that we're being exchanged in a market that has already made themselves pretty clear about how they feel about cryptocurrencies - Canada treats them like a commodity - which should help protect us, barring a sudden change of attitude/regulation from the Canadian Government. All-in-all, this is truly the start of something huge for Dogecoin. Not only is this a severe blow to scammers (which, as mod of /Dogecoinscamwatch, fills me with endless amounts of joy) but a lot of eyes will be watching VoS, and if they start making money - good money - others will jump in to grab a slice of that pie (which will further help stabilize our DOGEs). And that's why NOW is the time to capitalize on it. We need to get more outreach efforts off the ground, more charitable responses. I'll be donating 20,000 DOGE (10K from me, 10K from ericnakagawa) - on top of the 5K I've already given - to BellLetsTalk on Twitter, a campaign to raise awareness for Mental Health. They don't take Dogecoins, but hopefully, when they see that there's a decent amount of them coming in, they'll be amenable to it. Money is money is money, right? Especially now that they can exchange those cryptos on Vault of Satoshi and get their money's worth. Incidentally, that 15K Doge I'm donating is ENTIRELY from you. Your tips. What you've given to me, I am giving back in outreach. That 5K I gave to Notch, to try and get his attention (Which, sadly, it seems, did not work) was also from you. So far your tips have amounted to approximately 40,000 DOGE since I've started doing 'Of Wolves and Weasels' and I've been using most of that money on outreach, on tipping, and doing what I can to help spread the word. (I'm saving a bit for myself too, hope you don't mind :D) Let's keep on getting the word out there, folks! We're doing amazing things -- and even better things are waiting for us, just out there on the horizon. It's 8:38AM EST, we're at 38.65% of DOGEs found. Our Global Hashrate is down into a semi-stable ~77 Gigahashes per second - after a massive spike to ~224 very early this morning - and our Difficulty is falling from ~1070 to ~1011. Looks like another nice day to hit the mines, people! Let's get to it! :D) As always, I appreciate your support! GoodShibe EDIT: I've set up This Thread for anyone who'd still like to join in and make a donation to the BellLetsTalk fund, even though the big day has passed. Thank you all!
Bitcoin Hashrate Stabilizing Near 35 Exahash/s After 29 Percent Drop in Mining Difficulty
https://preview.redd.it/v4fhelfwby521.png?width=690&format=png&auto=webp&s=51d0d741515616618e7a201e5376a8d8abf1682d https://cryptoiq.co/bitcoin-hashrate-stabilizing-near-35-exahash-s-after-29-percent-drop-in-mining-difficulty/ Bitcoin’s hashrate had been rising exponentially from 2009 through mid-2018, increasing through the megahash (M/H), gigahash (G/H), terrahash (T/H), petahash (P/H), and exahash (E/H) ranges. The hashrate first exceeded 60 EH/s in August 2018, and then the exponential increase gave way to stabilization. In September and October 2018, the hashrate remained stable, averaging above 50 EH/s, simultaneous with the price of Bitcoin being stable near $6,500. Then the price of Bitcoin plummeted starting in mid-November to as low as $3,100 in December. The hashrate of Bitcoin collapsed to 32 EH/s during this market crash, implicitly indicating 20-30 EH/s being forced offline due to a lack of profitability, which represents billions of dollars of equipment. However, the collapse in hashrate may be coming to an end, at least for now, due to the price of Bitcoin rising back to the $4,000 level combined with a 29 percent decrease in mining difficulty. https://preview.redd.it/fn5itizzby521.png?width=512&format=png&auto=webp&s=8b65208f22986a6c5409d40255a20e805354d121 As can be seen in the chart, Bitcoin’s hashrate appears to have stabilized in December, breaking the trend of constant decline. There are two factors that are bringing about stabilization. First off, the price of Bitcoin has stopped decreasing and has risen back to where it was at the beginning of December near $4,000. A stable Bitcoin price is a necessary ingredient for a stable hashrate. More importantly, the mining difficulty of Bitcoin has dropped from 7.184 trillion to 5.106 trillion, a 29 percent decline, which makes Bitcoin mining 29 percent more profitable per unit of hashrate. As long as price does not continue to fall Bitcoin will find an equilbrium hashrate since difficulty adjusts downwards as miners turn off their rigs. The point at which the difficulty stops adjusting downwards is the equilibrium point, a steady state where the existing hashrate can profitably mine or break even without the loss of further hashrate. Currently ,Bitcoin’s hash rate is near 36 EH/s, which would yield a 2.6 percent increase in difficulty if the difficulty re-adjustment happened now. This suggests that the equilibrium level for Bitcoin’s hashrate, at least at the current Bitcoin price of $4,000, is right around the current hashrate. That being said, the price of Bitcoin going up or down can rapidly change the situation. If Bitcoin retraces back towards $3,000, then the hashrate is likely to fall further, and if it rallies strongly then the rigs that were turned off would quickly be switched on again. The fact that there are 20-30 EH/s of rigs shutoff makes the future a bit gloomy for Bitcoin miners, since increases in Bitcoin’s price will not lead to higher profits for miners until all of those rigs are switched back on. There used to be a lag effect between Bitcoin’s price rise and the switching on of new rigs, which allowed miners to make bigger profits before difficulty adjusted upwards. Until the hashrate exceeds 60 EH/s, the time it takes to switch on the dormant rigs will be instant, whereas before miners had to wait weeks or months to order rigs and then switch them on. Based on the data, Bitcoin would probably have to be at $7,000 or higher before Bitcoin miners start seeing increased profit margins. Looking at the broader picture though, it is certainly good news that the Bitcoin mining hashrate has stopped going down since this means Bitcoin will continue to be extremely secure and decentralized. A rapidly dwindling hashrate would make Bitcoin less secure and more centralized, two factors that would threaten Bitcoin’s reputation.
Of Wolves and Weasels - Day 135 - Our Dual-Natured Shibes: We Stand Together
Hey all! GoodShibe here! Silly and Serious. If there's one ever-constant 'battle' that goes on in this sub it's between the dual-natures of our fellow Shibes. Memes get voted to the top and/or our coin drops in value and serious Shibes start worrying and 'wanting to talk serious' about the future of our coin and then that starts to flood the frontpage... and then the silly Shibes complain that we're getting too serious... so they start upvoting memes. And so the cycle begins again. The serious Shibes feeling like they're not being heard -- not necessarily realizing that their questions may have already been answered -- and the silly Shibes feeling like they're losing what makes Dogecoin special. Having been here for... a while... now, this cycle comes and goes like clockwork and there's nothing wrong with it... but it exists. And knowing that it exists, watching it it unfold, well, I'd like to offer a bit of assistance, if I may. Because I see a lot of Shibes swimming up stream, fighting the current, getting upset that their ideas aren't getting traction. Worse, they're getting bitter about it. So, let's start by talking to the Serious Shibes first: There's a palpable sense of frustration out there on the sub, that 'if we just did this thing' then everything would be better. But it's not that simple. Our problem is one of time. Dogecoin moves extremely fast. It was designed that way because our creators, thinking it was a joke, thought that the lifespan of a joke would be about a year or so. Market penetration, even as good as we are, takes time. Lots of time and lots of effort. Bitcoin took 5 years to get where they are. We're 5 months old, but, in some ways we've done much, much more than they have. Long story short: We're going to be in a rough place for the next little while - and that's just the reality of it. We'll get through it, if we stick together. Dogecoin is turning out to be a long-term investment. I know there are a lot of serious Shibes out there watching all these other, much sexier, pump and dump coins fly by, crashing into walls, thinking 'man', I could've made some money off of that. And, hey, I know more than a few of you have other holdings. And that's fine. But if you want to be 'serious' about anything, be serious about growing your investment in Dogecoin. Spend less time wishing we'd change algos and roll up your sleeves and build the foundation for your coin to grow in value. A lot of this wishing we'd change algos, etc - IMHO - is based on the idea that someone else should do your work for you. (Clearly, if you're already doing this work, then don't be offended, because I'm not talking to you). If you want to have a serious discussion, be serious investors, then start being proactive and get more businesses to accept Dogecoin. Start working on building a bootstrap Service economy in the interim, until we can get the valuation up. There are so many things that need to be done around here, that our serious Shibes can be doing, that can help to bring up our valuation. You don't have to personally believe that 1 Doge = 1 Doge, and I get that the stronger our coin is, the more purchasing power it can have -- I want that too, I like donating to charities and doing amazing things with our coin. But I'm only one Shibe. There's only so much I can do in a day along with having a full-time job and a family to support. I get that not all of you will be down for this, but for those of you who are, you're the ones I'm talking to. June is DOGE4DOGE month. I want to see posts go up and ideas flying and let's get ourselves out of this rut -- because only we can dig ourselves out. Okay, to my silly Shibe friends. The heart of Dogecoin is beating strong. It's not going anywhere. I love you all and you're integral to what makes us important. You're the smiling face we need when new-Shibes arrive, you keep the sub humming and full of new content and addictive as all heck. We move fast, it's in our nature - we like to run and play. We need you to keep us laughing. But you also bring important perspective to serious issues - so, please, try to take part in those when they come up. I know that some of you stay out of those conversations because you don't necessarily understand it all but it's important to learn those things as well. Being a well-balanced Shibe is important, being able to switch off a silly hat and put on a serious one, while knowing that you can go back to being silly at any time, is integral to who we are. I say this because I know that memes are very easy to upvote to the front of the page, they're quick to process and easy to laugh at -- but we need you in the serious discussions as well. You may not even realize the brilliant ideas you have hiding away. And, more importantly, we need you right there beside us, digging away with us. Helping to build the future of our coin, together. It's going to take ALL Shibes to fix our predicament - and, yes, it is a predicament. Not a world-ending problem, not a sky-is-falling, we're-all-doomed problem. But it is a problem. Our dual-nature makes us strong - our ability to be serious or silly, whenever we want, knowing that those roles don't define us, knowing that if things get too stressful being 'serious' we can say 'screw it' and go off and play for a bit... it's important to keep that in mind. And vice-versa. Sometimes being silly, we get the sense that we're not doing enough, or we get worried that things are bad, so we put on our serious hats and get to work. It's going to take ingenuity to get us back on track - our brilliant Shibes, all of you, silly or serious, whatever you feel like today, to make our coin be able to last for the long haul. And I get it, some of you didn't sign up to 'work' - and that's fine, there are other coins. But if you love Dogecoin - if you think that what we are, who we are and what we bring to the world has value. Then stand here with me, let's build a plan and let's get to work. Together. It's 8:50AM EST and we're at 79.02% of DOGEs found. Our Global Hashrate is on the downswing from ~45 to ~43 Gigahashes per second and our Difficulty is spiking from ~633 to ~970. If you can mine, let's get out there and mine - try to put DOGEs in the hands of Shibes. As always, I appreciate your support! GoodShibe EDIT: If you're an European Shibe, ShibeShen has a business proposal for you. EDIT 2: In preparation for DOGE4DOGE I've started a 'how to talk about Dogecoin' Workshop here: http://www.reddit.com/dogecoin/comments/26babprepping_for_doge4doge_workshop_how_to_talk_to/ - let's get prepped now so that we can hit the ground running in June.
Of Wolves And Weasels - Day 27 - The Other Side Of The Coin
Hey all! GoodShibe here! One of the things that I'm so incredibly proud of about this community is that when tough topics are brought up, we don't just bury our heads in the sand (such fur, much skritch!) but we rally together to make sure everyone can understand it. We don't let FUD spread, we work together to help one another, to educate and inform. The enemy of fear is knowledge and some fantastic shibes have come forward to help us all drop some knowledge on our recent 'problems'. sorryyousuck's Shibe-onomics vol.1 is off to a fantastic start and looks like it could easily stand alone as it's own series here. It's so much easier to let yourself have fun and be silly when you understand what's going on, when you can spot FUD and ignore it. sunlimin's post that works to clear up misinformation about our inflation rate, has some fantastic knowledge shared there as well. I highly recommend going and giving it a read. I know there's been a minor bit of blowback in regards to how 'serious' things have been lately, but think of it this way: whether you use it or not on /dogecoin, this information is useful to have because it's applicable to so much of our real world. Understanding money, understanding markets, understanding prices, helps you make informed financial choices, and that's never a bad thing. I also want to thank the community for looking at yesterday's dump/pump/dump as an opportunity, rather than seeing it as an excuse to run for the hills, tail tucked between the legs. Nothing makes a market manipulator drop rocks in their pants faster than having their dump attempts get eaten up by the market. That was brilliant to watch. So thank you for that. Today I wanted to chat briefly about self-awareness, and how important it is, from time to time, to take a good honest look at ourselves through our detractor's eyes. To allow ourselves to look at the criticism being leveled at us. I've seen a few threads pop up recently about people wanting to see the other side of the coin, that, because there's so much positivity here that it's hard to get a read on what's legitimate praise and what's smoke being blow up, well, you get the picture. It's good - and healthy - to take stock, from time to time. Not only does it boost morale ('they said that? really?') but it also gives us a wall to bounce things off of. It gives us the ability to ask the most important question of all: Is any of this true? Yesterday I shared a link to a Cracked article that was critical of Bitcoin, but also lumped Dogecoin in with them and the response, while minor, was actually very interesting. Sure there were a few 'this article is BS' responses, but what I found more interesting were the shibes who took the article to heart and worked to refute those points. They looked into the mirror and said 'that's not what I see'. And from there a fantastic conversation about cryptocurrency, the nature of security, all sorts of wonderful things blossomed. Information was shared and I, personally, left that thread feeling enriched. Sometimes the best defense against being 'made serious' is to be able to know, 100 percent, when your detractors are talking out of their butts; making stinky little farty statements that don't really mean anything. (good morning!) Aka: They only offend if you let them. Just hold your nose and walk away. By doing this, by being self-aware, it allows us to recognize when our detractors are just trying to be offensive... or when they actually have a point. When they do have a point, then that's when we get together, as a community, and talk about it. Does it matter? Should we fix it? Are we better off if we do? Is it worth what we'll have to give up in exchange (if we have to give up anything at all)? The benefit of having this brilliant, passionate, fun, silly, compassionate community is that we're all here by choice - we choose to get together and have fun. We could be anywhere but we'd rather be here -- where we have the freedom to be silly or talk shop or do both, however we wish. Each side empowers the other - those who feel silly today reminding us not to be too serious, and those who feel serious today reminding the silly ones not to get too worried when the wolves and weasels start pawing around (or letting you know when to buckle down and hold your DOGEs). We all look out for one another. We care about one another. And that is why I'm not worried. Why I don't care what today's 'price' is. WE are going to the moon. We're going to make it happen. doesn't matter how long it takes, or how many coins are floating around out there. The moon is calling and our rocket is still priming. And the seats are filling up fast (50,000 Shibes!!). It's 8:34AM EST and we're at 42.26% of DOGEs found. Our Global Hashrate is on a steep down-slope from this morning's ~101 Gigahashes per second to a much lower ~77 Gigahashes per second and our Difficulty is also on a slight down-tick, dropping from ~1327 to ~1313. If you're interested, there were several fantastic articles written about us this weekend - if you're looking for a feel-good boost today, I highly recommend giving these ones a read:
You, We, have made this happen. Never doubt. Our trajectory is set. To the moon... Together! As always, I appreciate your support! GoodShibe TL;DR: To the moon... Together! EDIT: A bit of a self-bump (hope you don't mind) but the Logo Contest for goodshibe.com ends tonight at 11:59PM EST. If you'd still like to enter, check out the thread HERE EDIT 2: For those casting doom and gloom about the fate of DOGE - here's a completely unbiased breakdown of the state of our Currency: http://bitinfocharts.com/ (AKA: DOGE is doing fine) Thanks to abolish_karma for the heads up!
Of Wolves and Weasels - Day 26 - Ch-ch-chaaanges... or not
Hey all, GoodShibe here! There's really no need to waste any time on this one, the news dropped early this morning, around 2AM EST on my watch, that our Dogecoin devs have, very quickly - as some have demanded - made a decision on how Dogecoin will change in light of the revelation that our coin is not actually hard-capped at 100 Billion coins. That decision is... to change nothing. Dogecoin co-founder ummjacksondropped the news on Github, where a lively discussion was already underway. "Thanks for contributing to this discussion. Based on everyone’s feedback, we’ve decided to leave the Dogecoin code base as it was originally released, and not implement a change. The goal for the currency is to keep approximately 100 billion coins in circulation - thus after 100 billion Dogecoins are created, rewards will continue at 10k each block. This will help maintain mining and stabilize the number of coins in circulation (considering lost wallets and various other ways coins may be destroyed) at 100 billion." The decision was shared on /Dogecointhrough this thread and while the overall reaction seemed very positive, some were not convinced: "Itt: poor shibes who want all shibes to be poor." wrote luvasugirls "I have a feeling many investors will be pulling out now, hope the coin doesn't die cause of this" wrote noelrojo "What a joke. This is unfortunate. I know a couple people who just invested thousands into this and they are pulling out now. Dogecoin may have just messed up." wrote Chase_Bristow One thing's for sure, this decision officially puts Dogecoin on the record as the first scrypt-based Cryptocurrency to eschew a hard-cap limit -- Zetacoin, a SHA-256-based coin, has no hard cap -- and thus turn from the 'norm' of enticing users by making the coin a deflationary commodity. (thanks to toddlersnake for the Zetacoin tip) What this will hold for the future of Dogecoin, no one knows. But with Bitcoin still over a century away from being fully mined - with some saying that Bitcoin may never actually be fully mined - and Litecoin not scheduled to reach it's first halving until October 2015, it will still be quite some time before we get to measure the real-world effects of a successful 'Deflationary' cryptocurrency. Hard-break. Okay, 'news article' aside, for my money - whatever I have 'invested' in Dogecoin - I personally feel encouraged by this response. My personal long-view for the currency has always been that DOGE is fantastic for small-to-medium sized online transactions - a currency to be used and mined and shared by everyone. Does this mean that those who've heavily invested in Dogecoin in the early days won't see a profit? Well, they now have a year and Five Halvings to make their decision on whether Dogecoin will offer a significant, continued ROI (return on investment) as compared to what ever 'inflation' that adding extra coins to the supply might bring. Personally, I suspect that much of the hullabaloo is, in fact, smoke and mirrors and that, if there is some secret contingent of massive investors willing to pull out now - before even the first halving - then I welcome them to do exactly that. You see, from what I've been reading, there are lots of poor and middle-class shibes who've been pooling their assets, just waiting in the wings for an opportunity to snap up some cheap coins. I've long said, and I believe it to be true, that the true strength and 'value' of Dogecoin is not in the coin, but the community - and this decision, how it effects us moving forward, will be entirely decided by how - or not - our Community decides to react to the news. Should we begin spreading FUD (fear, uncertainty and doubt) about our future, then that's what will propagate. But, you know, my grandpa taught me a simple lesson long ago: 'Do something well, do it consistently, and they will find you'. All we have to do is keep being an awesome community. Keep working on the outreach, keep making it easier for people to get, share and use their coins. Keep opening up new avenues for people to join in. Keep tipping. Keep on having fun. And they'll find us. If you're looking for some DOGE-related things to keep you busy and/or interested -- because, let's be honest, the other parts of Reddit fell away a long time ago (I've gotten to the point now where, when all the links on /Dogecoin are spent it's like 'man, nothing new on Reddit' sad face) -- take a look at today's events:
dogedoughdoe would like you to know that /Dogetales is having its first voting session on its very first short-story contest. Pop on over there for some good reads and help decide their first winner!
I've got a contest thread up, right now, looking for help designing a new logo for my website GoodShibe.com -- if you're interested, please pop over there and take a look. Deadline for entry is 11:59 PM EST, Monday, February 3rd, 2014
If you've got an event going on today and want it shared here, please post in the comments and I'll put it up.
If you have anything you'd like to see added to the above segments - especially if you know of a shibe who deserves the spotlight for their actions - please let me know in the comments below. It's 9:08AM EST and we're at 41.56% of DOGEs found. Our Global Hashrate is spiking from ~88 to ~99 Gigahashes per second but our Difficulty is holding steady at ~1178 after a massive drop from ~1460 about an hour or so ago. Keep hitting those mines, my friends - we've got less than 2 weeks until our first Halving. As always, I appreciate your support! GoodShibe TL;DR: Dogecoin will not become a 'Deflationary' Currency. Some are not happy about this. Many are. EDIT: For those worrying about the daily price of DOGE, unless you're looking to buy, don't worry about it too much until after the Halvening. I've been predicting for a while now that in the run-up to the Halvening there'd be a massive push to bring DOGE down so that people can do one last buy-in before it halves. This is, mostly, what's going on. If you're looking to buy, keep an eye on the markets - these next two weeks are going to be hell for day-traders. EDIT 2: For those looking for a crash-course in Shibe-onomics - what all this means anyway - check out sorryyousuck's excellent primer, HERE
Of Wolves And Weasels - Day 34 - Our Crypto-Family
Hey all! GoodShibe here! There's a saying out there, some think it's hooey, some live their lives by it... "We are all connected" And, yes, we could get into the nature of gluons and talk about 'energy' that can neither be created nor destroyed. We can get deep and spiritual or straight-up scientific about just how 'connected' we are or aren't out here in the 'real world'. But that's out there. In here, online. It's actually quite true. We ARE all connected. And cryptocurrencies are a very real representation of that -- in fact, they're entirely built upon THAT promise. It's because we are all connected that they can even hope to work. That we can bypass the middlemen and communicate and share, directly, with one another. And that's how our Crypto-Family was born. Each successful coin taking for itself a fraction of that communication and making a home, a niche, within it. Whether it being to provide us with an 'internet of money' like Bitcoin, or protect us from internet censorship, like Namecoin, or make our communication more energy and network efficient, like Peercoin - each of these cryptos have been spawned and accepted because they add something to the overall experience. Litecoin, our father, worked to ensure that the power of the network would remain in the hands of the individual user - that we wouldn't be overtaken by specialized machines. And it held true, for a very long time. With Dogecoin we've found our niche in being the 'friendly' coin. Of being the 'my first crypto' of digital currencies. Through tipping and community outreach, we've lowered the entry ramp, made it easier for people who may not be all that technically-minded to come, learn about how cryptocurrency works -- learn how finance and money works -- in a safe and encouraging environment. Shibes can come, get their hands dirty, play with the coin, without a possibility of losing their shirts (unless they REALLY dive in head-first). Sure, it may seem like our crypto-family is a bit dysfunctional sometimes. From those on the outside looking in, it would appear that we're all just a bunch of random coins, thrown together, each trying to grab a slice of Bitcoin's 'riches' for ourselves. But those of us on the inside know that it's not that simple. We share a common heritage, yes, but we are all, in fact, bound by our common need to communicate with one another. Some focus on the technical aspects, some focus on the social, some take entirely different approaches... but it's all built toward the same goal. That same oh so very Human need. To reach out. To meet. To gather and share. One of my very proudest moments as a Shibe happened a mere two days ago, as I watched this community rally together to answer a cry for help from our brothers, FedoraCoin. You can check out that thread here, but, essentially, they had gotten themselves into a bind -- a bind that we, ourselves, could have very well found ourselves in when we were younger. Basically, the multipools had hopped onto their network and managed to grind their entire network to a halt -- had raised the difficulty so high that it was taking hours to find a single block, and, once the multipool left, there simply wasn't enough network power to overcome the difficulty left in their wake. The devs had created a fix and were prepping for a hard fork, but they just needed the network power to get them there. It was a horrible situation for anyone to be stuck in -- imagine being stranded in the middle of nowhere, on a hill, when your engine dies. You've got the parking brake on, and you can feel the whole thing starting to slide backward... They asked us to hop on and give them a boost, help them make it to the next service station. There are so many ways that could've gone wrong. We could've laughed in their face, watched them struggle and fall. They're just 'competition', right? No. They're family. And I'm so proud that our shibes jumped right in to help. Communicating with one another, like brothers, like friends. Making it right simply because it needed to be made right. And we cared about making it right. That's how it's supposed to be. Sure we have our petty squabbles and our nips and such... all families have that. But we also have something no one can touch. A Connection. And as long as we remember that. As long as we continue to hold that in our hearts, we're ALL going to the moon. Together. It's 8:57AM EST and we're at 47.36% of DOGEs found. Our Global Hashrate is on the rise from ~102 to ~112 gigahashes per second and our Difficulty has hit a high plateau at ~1573. The halving is just about 3 days away, folks. Plan accordingly! As always, I appreciate your support! GoodShibe TL;DR: We're more than just a collection of coins. We share a common connection, bonded by our need to communicate with one another. We're a crypto-family.
Of Wolves and Weasels - Day 44 - Our First Real Test
Hey all, GoodShibe here! We're coming into our first real test as a community right now - if you've been here long enough, you've felt it coming for a while, probably noticed it bleeding in around the edges. Uncle Bitcoin's been through this, every crypto can and will go through this. When things start to slow down. When the rocket growth, the crazy highs and lows start to even out. You're not really falling but you're not climbing. Things are good. They're levelling off. You may be wondering why the Front page isn't hopping as fast anymore or why the jokes aren't hitting as hard as you feel they should be. Why there aren't as many projects hopping about. On the project side, having seen what happens when things aren't planned properly, we're taking more time to make sure they're being done right. But, largely, the answer is simple: People are working. They're building bots and testing sites and creating content. If you've been around, if you've lived for any real span of time, then you know that there are going to be slow periods. And that's okay. The people whom were inspired by yesterday's post to go off and be a leader? They're doing that. They're writing emails and coordinating. They're drawing and painting and digging in deep on getting that next album up. They're toying with loops and drum beats or figuring out what that next paragraph should look like. They're meeting up with business owners and talking them into accepting DOGE. We're re-investing ourselves in the community. And that means that, from time to time, while this happens, we're going to slow down a tad. We're not losing momentum, not really, we're taking a few slurps from the water bowl to recharge before our next romp out in the yard. For those of you who're concerned about how things aren't the way you like them... fix it. Create something. What do you like to see on the front page? If you're waiting for a community event, suggest some. Or start planting the seeds of the next ones. For the new ones just coming in now, hi! Check out /dogeducation for learning some fun stuff while you get your paws wet! Relax, hit the mines, check out some of our subs or grab something to eat at /dogefood. (We're currently on a drive to find/get more restaurants to accept Dogecoin). We're already successful - and we will keep on being successful, but creativity takes productivity and productivity takes time. So, go for a roll in the grass, take a sniff of the sweet morning air. We're building behind the scenes, learning from what we've accomplished - and what didn't work out as intended. Our first true test is how we handle the lulls, do we go stir crazy, chasing our tails in circles until we mess up the carpet? Or do we enjoy the break? It's okay to go, visit somewhere else for a time. Revisit the outside world. Things happen so fast in here, and have for such a long stretch, that it'll feel weird, at first. Even myself, I've started to notice how I'm spending more time looking at Reddit's front page again. Wondering what I've been missing. Heck, for the last 2 months I've barely left this sub, but I'm starting to feel that pull again, to look outside. And that's okay too. It means we've hit that point. Our first ending of the cycle. The natural denouement of our very first, very crazy growth spurt. It's an important first milestone, one of many cycles to come, as we move forward. Our Dogecoin is going to be around for a very long time, but like any life, it's not linear. It's full of little cycles, over and over, ever dancing toward the horizon. We've hit that point. It's an ending... and a beginning. So now it's time to catch up. Recharge. Renew. Visit friends, prepare for the next surge forward. Lament what was, for a moment, only. But be excited for what's to come. For what we're all about to build together. Go. Play. It'll all still be here waiting, when you get back. And I'll be right here waiting, too. It's 8:29AM EST and we're at 52.16% of DOGEs found. Our Global Hashrate is on the downswing from ~88 to ~74 Gigahashes per second and our Difficulty is holding steady at ~1170. Still a great time to hit the mines if you want some DOGE. As always, I appreciate your support! GoodShibe EDIT:
If you're looking for something to do today, xiaoghost is matching up to 100K in donations to experiment.com's fundraiser here
Also Wayne_Zane is asking you to get him to eat his shoe, by getting 5000 members to sign up for the Facebook DOGE tipbot.
percyplz wants to remind you about the SnowDoge competition going on here, with a 155K DOGE prize pool.
Hey all! GoodShibe here! Here's what I'm sure of right now: We're not seeing the full picture. There are clearly a lot of forces at work within our currency that we simply just cannot account for. And I'm not saying this because of the wild conspiracy theories that've popped up -- sorry, no one person is going to control all of the activity across four major exchanges. It's just not going to happen. Those of you who bought in and held, please continue to. Whatever's going on out there, let's just say I'm having flashbacks to the first days of DOGE (remember yesterday's column?). Hold your DOGEs. Hold them tight. If this is legit, you're only going further to the moon. If it's not, you're preventing what could very well be a DOGEpocalypse-level pump and dump. Long-time readers will understand what I mean when I say 'DOGEpocalypse' but for new readers, what this whole column was originally designed to do was to educate the community and prevent this from actually occurring. The block reward halving is on February 14th and I've called for some major attempts at pump and dumps between now and then, but none so fearsome as the DOGEpocalypse. Essentially it's a pump and dump designed specifically to crash the currency - where, due to a convergence of several vectors, the currency is massively over inflated and then artificially deflated to the point where people with massive amounts of BTC can buy huge swathes of the currency for cheap. How cheap? Should the currency be artificially deflated enough - should the crash hit hard enough - there may come a moment where the DOGE is worth around 1 Satoshi. Not that it would be there permanently, but temporarily, long enough for people to panic sell everything they have and for 1 BTC to buy 100 Million DOGE. The DOGE would then recover and all of that once-evenly distributed DOGE would now be solely in the hands of a few. Which would, essentially, kill the currency. Certainly in any way or shape close to what it was designed to be. It would be more 'valuable'. Sure. But good luck making it easy for everyone else to get, keep and share. You see, once DOGE reaches a certain level, a psychological response kicks in. DOGE becomes 'money'. Becomes a LOT harder to just 'give away'. You'll already notice that tipping seems to have died down across the community - and when it does happen, it's for much, much less. Because now we're thinking about 'how much' we're 'giving away'. And that greed thing I talked about yesterday? Well, the community we have will become something else entirely. DOGE becomes a cute Bitcoin-lite, swarmed by wolves and weasels, easily overwhelming our 'fun' community, making it almost a footnote before the time that 'DOGE' grew up. And that's only if our reputation survives the amount of scammers that are going to absolutely destroy any credibility our marketplace has. And yes, I know there are those of you out there who are absolutely salivating at that idea -- that DOGE gets 'taken serious'. But being 'important' and 'being taken serious' are not the same things. You can be 'important' without selling out the community's soul. Right now, the DOGE is being inflated to the point where the whole community feels stupid not to sell and buy back in at the 'eventual' drop. And I'm telling you, my gut is telling me: Hold the line on this one. Don't sell. Don't touch it. Walk away. This smells bad. It's 7:34 AM EST, your Global Hashrate is falling from 59 to 57 Gigahashes per second and your Difficulty is rising to ~768. As always, I appreciate your support. GoodShibe EDIT: Remember that part about 'several vectors'? Here's just one example of what those 'vectors' could be -- and how one seemingly amazing act of selfless kindness could actually be kickstarting the DOGEpocalypse. And I want to foreward this with an apology: Sorry to those of you out there who are doing this amazing thing, especially including dogefreedom, who I do not intend to smear or offend in any way - I believe in you and think you're fantastic Shibes for what you've done! - but what I'm explaining below is exactly how one seemingly good turn can go incredibly sour. Follow my train of thought:
The Dogesled story garners attention, gets eyeballs on DOGE - someone shows up and gives 20 Million DOGE. The part about someone 'giving' almost all the DOGE to the project becomes a footnote in the story.
The story becomes 'DOGE community raises $30K overnight for Jamaican bobsled team'.
Oh, look, DOGE's price is going though the roof! Look at that performance! Who doesn't want to be a part of that?
World sees DOGE and goes 'wow'! 'Savvy' investors jump in now, thinking they're getting in on a speeding bullet train. DOGE spikes further.
That $20K investment just caused all your other holdings to spike. 'Cause, let's face it - if you have, and are easily willing to giveaway 20 Million DOGE, you're sitting on more than that. You're going to make your money back... and then some.
Once you hit your limit, you cash out, let the market die as you flood the exchanges with DOGE. Re-buy in once the currency tanks -- or say 'screw it' and walk away, let the buzzards pick at the bones.
DOGE is remembered as a cute fad: a flash-in-the-pan.
EDIT 2: I know there are those of you out there who disagree with my perceptions. And, hell, I hope you're right. I truly hope that I'm incredibly wrong - I hope I've just embarrassed myself tremendously and that I've got egg all over my face and that I'm as wrong on this as I'll ever be on anything in my life. I truly, truly do. Because to be right would be the worst thing in the world right now. EDIT 3: To clarify: 'Holding them' in the context above means "don't sell them on the marketplace to cash out" -- not "hold them and don't share them with others in the community". Just in case I confused some folks out there.
Current Bitcoin Carbon Emissions. The numbers. Can we discuss please?
I received a PM from a redditor about a old comment. His PM reads -
So back 10 months ago I posted this comment and you responded with the most reasoned response about the entire Bitcoin network emitting less carbon than a single 747. It made me feel much better about Bitcoin. It also confused me this past few weeks with people posting stories stating that Bitcoin will soon use nearly 0.1% of the world's energy and already consumes more power than every single solar panel in the entire world produces. Those two don't really square, so I looked back and the article you reference was from 2014. I'm curious if you've reevaluated your stance on bitcoin or perhaps have some insight that the current hysteria is just overblown?
Since I've spent the time doing some napkin math (I could be horribly wrong on this, someone please correct me!), I thought I should make this post public for everone to evaulate my maths and my reasoning. First, I would just redirect to AA's great clip on the subject - https://www.youtube.com/watch?v=fExR-IKozOY As for re-evaluating my position, yes, constantly. Im going to do this really quickly, so unsure of accuracy, but should give a rough ball park. http://www.yousustain.com/footprint/howmuchco2?co2=761+tons Says its about 761 tons for a 747 to fly 24 hrs. https://www.thebalance.com/how-much-power-does-the-bitcoin-network-use-391280 Claims 1 watt per 1 second gigahash. Comes out to 343 mW per second. Thats 1234800 mW per hour, which equals 29635200 mWh for 24 hrs. The formula used to calculate megawatt-hours is Megawatt hours (MWh) = Megawatts (MW) x Hours (h). In this case, I've used 24 hours since we are comparing to 24 hours of a 747 flying, so 24 MWh. So currently btc mining has a rate of 1,234,800 per MWh. Putting 29635200000 (previous mWh * 1000 for kWh) into this government calculator will give you caron comparisons. That calculator claims an equivilent of 2,481,717,074 gallons of gas consumed. Yes, thats nearly 2.5 billion. To make this comparison more comprehensible.... https://www.eia.gov/tools/faqs/faq.php?id=23&t=10
In 2017, about 143.85 billion gallons (or about 3.40 billion barrels1) of finished motor gasoline were consumed2 in the United States, a daily average of about 391.40 million gallons (or about 9.32 million barrels per day).
This would be equivilent of 6.33 days of gasoline usage in the USA for a single day of mining. So go go back to our airplane analogy, the carbon calculator says that many mW = 22,055,020 metric tons of carbon emitted. I do recall looking into the airplane thing back when we were discussing it, and I remember looking at the numbers. Frankly, its impossible to believe those were accurate and im sorry. I should have double checked everything. According to - https://charts.bitcoin.com/chart/hash-rate We had around "5EHash" in august of 2017, when that comment was made. We are now at 31EHash, over a 6x fold since that comment was made. Now that we have the numbers out of the way, some things to consider... These estimates are based upon the USA's carbon calculators which measures average carbon output based on the varying technologies in the US. According to the wiki the US only is around 12% (in 2016) for renewable energy. So in general, our energy is pretty damn dirty and we put out a lot more carbon than we sequester. In that AA video, he talks about the geolocation arbitrage used by miners. This makes a lot of sense. If you are going to invest 50-500 million into a mining operation, are you going to do it in a area where it costs 12 cents per hour (US average), or where it costs 3-4 cents per kwH? See - https://www.forbes.com/sites/dominicdudley/2018/01/13/renewable-energy-cost-effective-fossil-fuels-2020/#1c69d08e4ff2 Obviously you are going to massively reduce your operational cost as that is what will lead your investment to become profitable. Fortunately for us, and the world, many of these arbitrage opportunities are in hydroelectric and geothermal energy areas. These plants are designed to be future proofed, so enterprising mining congolmerates will move to areas where they can secure very cheap energy prices. When these companies are currently using 5-15 GwH for their cities, with 50 GwH capacity, they will happily sell their extra capacity to the mining operation since that is a very favorable economic incentive to all parties. Another factor to consider is that for every single new ASIC design, they are becoming more energy efficient. So even though the hashrate is jumping, I would say the overall energy used by the network will plateau, if it has not already done so. With GMO and other giants like Samsung entering the mining design fray, this will only speed up energy efficiency. None of this is intended to be a sidestepping of the facts - Clearly the bitcoin network uses a lot of energy. And when you have less regulated countries (china, India), it presents opportunities for locals to setup mining operations inside their locality, which then uses dirty energy, increasing carbon outputs. The amount of carbon emissions per day (22,055,020 metric tons) that is above is obviously not very accurate when you account for these arbitrage opportunties. We know for a fact many of the largest mining colo's are situated near hydroelectric and Geothermal energy plants, which means that they are practically zero carbon emissions. Since we do not know the location of every miner, due to the decentralized unregulated nature of bitcoin, it is impossible to calculate how much of a reduction of tons of carbon we will get for that calculation. But even if we are generous, and say 50% of all mining is done on renewables, that still leaves 11 million tons of carbon per day, a pretty staggering amount. There is also much to hope for with scientists claiming we can be 100% renewable energy across the entire planet. Such as scientists setting to prove through empiracle data that it is feasible to convert the entire planet to 100% renewables. Though it is probably not realistic that this will happen quickly, or even at all. To give perspective, CFC's have been banned for decades and thought not in use for over a decade, yet recent data has shown levels are increasing. There will always be industry willing to destroy the world in the future for short term profit now. We should also weigh the costs and benefits of this massive network. If bitcoin becomes adopted across the world as a currency, which if you look at places like Japan, it clearly is, then this will enable literal billions of people who are currently unbanked to join into the global financial ecosystem. The personal financial soverignty that bitcoin brings is of incalcuable value. Whether the carbon emissions are worth these trade offs is a philosophical question that probably does not have an right or wrong answer. Then we must also evaluate the carbon impact that the bitcoin network would have if cryptocurrencies were to replace traditional financial networks. There are some good analysis on the carbon footprint of banks, and bitcoin mining, coindesk has done several articles, see - https://www.coindesk.com/microscope-conclusions-costs-bitcoin/ & https://www.coindesk.com/microscope-true-costs-banking/ If we are properly to examine the impact that cryptocurrency carbon emissions have on society, then we should also examine the reduction of carbon that cryptocurrency networks will have upon the banking sector. This site Claims AC & Heating results in 47.7 % of the entire USA's electricity usage. This example is just to present a understanding of how much energy these systems use. How many Banks are there around the world that have their AC on 24/7? I can imagine just that number alone would lead to a staggering level of CO2 emissions. The coindesk article claims 591k bank branches around the world. The above aritcle claims 3.5k watts for a single central air unit. I had a family member that used to run a A/C business and I've been on top of many businesses. A bank will likely have several of those units to keep the place cool, I would estimate between 2-10 depending upon size. In more good news, Bank branches are declining, and cryptocurrencies will only accelerate this. Lets hope that bitcoin is the amazon of retail brick and mortor closures. In conclusion, there is a valid and rational concern as to the amount of power that the bitcoin network brings. And instead of being dismissive, we should recognize the incredible rate at which the bitcoin network is growing on an annual basis. From 4.3EHash to 31EHash over the last year, that is about a 8x fold increase. Since we can assume that the majority of hashpower is coming online in the last year is likely newer models, these units should be at the current efficiencies. The estimates above should be roughly accurate based on this information. This information will only be used by politicians and media congolmerates to spin a very bad negative impression of the bitcoin network. And you know what? Maybe they are right. Maybe bitcoin is growing into a massive CO2 producing beast that outweighs the benefits that it brings to society. But how can we reach a consensus on this issue unless we, the hardcore bitcoiners and techophiles, bring the numbers into sunlight and discuss?
Of Wolves and Weasels - Day 55 - The Plan of Attack
Hey all, GoodShibe here! Are you sad about the price of DOGE? Don't understand why it always seems to be dropping as of late? Do you like to imagine there's some big, bad folks behind the scenes single-handedly making your DOGE worthless? Let's have a chat, okay? Right now we're adding about 360,000,000 Dogecoins to the market each day. If those are not being held or spent, but, instead, being auto-sold for BTC or other coins, then the constant downward sell-pressure tugs on the market as a whole. Add in that this isn't generally a really good time for *coins in general - lots of bad press from Bitcoin is hitting everyone hard, dragging down interest and scaring away investors. Lots of folks who bought Dogecoin only to 'get rich' - and didn't become part of our Community - are freaking out that DOGE just keeps on dropping and so they're selling at a loss. There are a lot of factors in play. But the simple answer is that our DOGEconomy isn't strong enough yet to support our value. And because the core demand for our coin isn't there yet, it means that that our door is left wide open for speculation and for those who ARE moving the market (the auto-sellers) to, well, move the market. It doesn't have to be that way. But that's how it is. And it's that simple. Don't you wish you could do something? I often talk about the DOGEconomy, how we need to work towards building it -- but, I think because it ends up being an abstract concept, we don't really 'get' it. That the VALUE of our coins is entirely dependent on the DEMAND for them. Heck, even I didn't realize how much I was missing of the picture until I got a little message from dogepreneur. They gave me an idea. It was a simple idea, but it was a really, really freaking good one. You see, a while back sbd01 created /GoodShibe to auto-cross-link my posts into that sub (I've since gotten www.GoodShibe.com up and running as my archive site). What they did was create a home-base for me, a home away from home... that I didn't even realize I needed until recently. Right now, I've got the Timeline - in progress - hosted there, I'll be working on our '100 Days of Dogecoin' book out of there. And now, thanks to dogepreneur I'm going to be working on building the DOGEconomy out of there... with you - if you're up for it. We're going to have a great time and, every day, we'll be planning and working, specifically, toward building the DOGEconomy. Here's the plan of attack:
Monday: Planning Day. For 24 hours any of the topics for the rest of the week are brought forward.
Tuesday: Who Should We Ask to Accept Dogecoin Next? Best idea wins! We all help each other write fun, short, enthusiastic letters to businesses, encouraging them to take up Dogecoin!
Wednesday: Micro Tip Bomb Day - Charity: Which Charity to target? Then we put forward a plan of attack and make it happen
Thursday: Ask and Offer Your Services: Find and put forward requests for help. Add them to the list and we work to find someone who can help them.
Friday: Micro Tip Bomb Day - Indie Content Creator: Which content creator should we Thank for their work, make them feel appreciated?
Saturday: Open Season: Ideas galore! Come put forward your best, we'll make the best idea happen and help make /Dogecoin grow!
Sunday: Rest/Wrapup: Take some time to just talk about and enjoy the fruits of our labor that week.
It won't happen overnight. It'll be baby steps first. Starting small. And it's going to take work, some laser-like focus... and some Dogecoin. But we are going to push forward and plan and build. And if you're willing to get involved, to do the hard work with me... well, let's see what we can do. What we can accomplish in a single day. In a single week. Together! :D) It's 8:28AM EST and we're at 56.11% of DOGEs found. Our Global Hashrate is falling from ~85 to ~69 Gigahashes per second and our Difficulty is holding steady at ~1099. Now's a great time to get out there and hit the mines! As always, I appreciate your support! GoodShibe TL;DR: Go. Sub to /GoodShibe. We're going to work on building the DOGEconomy, step by step. Daily. Together! EDIT: The Monday thread is now closed, please come join us (and vote!) in our Tuesday Action Thread!
Of Wolves and Weasels - Day 33 - A Fun Way Forward
Hey all, GoodShibe here! It started out simple enough. I'd first heard about Burger Bear here on the sub in this thread. It turned out that they were one of a few restaurants that seemed actively interested in accepting Dogecoin. It seemed like a really cool idea so I casually put forward an offer: If anyone wanted a burger there, let me know and I'll buy them one. And while that offer was still hanging in the air, I thought 'hey, why not do a solid for some hungry person in London?' So I hopped on twitter and sent 8K DOGE (the cost of a burger there) to @BurgerBearTom just to give to some random person. As it turns out, my earlier offer had also been accepted, by elemesh. It was too late in the day to grab one, but I left the offer open, if he wanted one, just send me a PM anytime and we'd work it out. Soelemesh did. At 6am EST the next day. See, I'm not in London. I'm on a whole other continent. And I'd just woken up. In fact, I was just starting to prep my Of Wolves and Weasels post for the day when I saw it - a casual PM about how I probably wasn't going to be awake anyway but if I was, he was going to be heading out for lunch in a couple of hours and figured he might as well head up that way. Well, since I was up, I shot back a PM... and that turned out into a whole flurry of PMs as he made his way there and got on site and such. Again, I tipped the money to @BurgerBeartom via @tipdoge on Twitter. I thought it would just be a bit of a laugh, but the whole process - even though I'm a whole continent away - it turned out be an incredibly easy, really fun and, frankly, satisfying experience. Needless to say, my laugh turned into a 'hmmm' after elemesh posted this thread. And then felloutboy who'd also, apparently, stopped by there and had one, shared these: http://imgur.com/a/HKbtp And then he sent me this: http://imgur.com/2TG7IUK It was actually a really inspiring moment - so, thank you for that felloutboy! I realized I still had a small chunk of change kicking around from moolah_'s and allthegoodunsaregone's massive tips/donations a while back. So I thought: I wonder if I put up for offer 10 free burgers at BurgerBear, paid for with Dogecoins, would there be any takers? So I launched this thread. And then realized, sadly, that by the time I'd had this little brainwave of mine, things were starting to close up proper over in the UK. Blarg. Yesterday morning at 6am I got up extra early and put up this thread and cross-posted it to /London. I wanted to know if it was possible, so I set aside 80,000 DOGE, had it ready to rip and went to see if anyone would take me up on the offer. In the end, 7 out of the 10 burgers were claimed: mitosan shamess imjustjoshing (and friends) gargoylenz Adjam And it was a great deal of fun, coordinating with each of them as they made their way to BurgerBear - Adjam had trekked there from the other side of London to get his - and getting them all to the pub (@TheOldNunsHead) where - as it turns out - @BurgerBearTom was hosting his birthday bash. It also turned out, as adjam later pointed out to me, to be Ðoge Day (02/08)! In fact, if there's one theme to the whole day, it's that 'the timing ended up working out really well'. Because there also ended up being a bit of a Dogecoin mini-meetup, as two groups actually got together and snapped this: http://imgur.com/aJbVoyI And This: http://i.imgur.com/ELOBuBa.jpg Inspired by how this was all playing out so well, I hopped on twitter and spread the news Immediately, @Adult and @PeterOdeus chimed in on the conversation. Next thing I know, retweets and favorites are flying, lots of general cheer and merriment -- and then @Adult asked if they could kick in some Doge to help feed the locals. Well, @BurgerBearTom posted his donation address And then... yeah. Donations Donations everywhere Which caught Tom a bit by surprise Over 200K tipped! Pics from what came next: Mmmm! Looks like They had Some fun! And on his Birthday Bash, no less. I'm sure it was going to be a busy night... I like to think that maybe we helped push it over the top... a bit. By the end of the night, outside of the 56k DOGE sent his way from the morning, he'd gotten another 250,000+ in random DOGE tips. Tom seemed pleased The funny thing about this is that I'd been wracking my skull trying to find ways to reach out - to get Dogecoin outside of this sub, how to make real connections with people. It's food. Good Food Good food, great times, merriment - showing folks that this crazy, silly 'internet money' can turn into hot, delicious food -- or, as gargoylenz discovered, a tall frosty pint of beer -- before your very eyes. Sharing in the merriment, creating memories together -- that's the next step. That's how we move Dogecoin forward - little by little. Winning hearts and minds as we go. I now know what my next goal is and, I think you're all going to like it. You see, I had a bit of a conversation with Tom - how he'd gotten into Bitcoin as sort of a marketing thing, to see if he couldn't drum up some more business. It worked, but he wasn't getting all that much. But DOGE... Doge had been, so far, a huge success. People were showing up and they were buying. And they were enthusiastic. Now, if that doesn't describe my fellow Shibes, I don't know what will. So, now that I'm all sorts of inspired by this whole thing, here's what I want to do: I want to find more restaurants that will accept Dogecoin and give them our business. I want restaurant owners to see that if they support us, we'll support them. Get them to take a chance on us and have it pay off in a big way. I don't have a TON of DOGE left, but here's what I'm going to do - we can think of this sort of like a DOGE FOOD faucet. I've created /DogeFood Right now, I have... 150,000 DOGE left. If you can find a restaurant in your area that will let you pay in DOGE, I will buy you something to eat. Much of this is going on the honor system - I'll try to vet everyone, but I'm trusting you all. The rules are as follows:
Set it up with me BEFORE you go. If you just show up with a bill and expect to have it paid, it will not happen.
Put me in touch with the owner of said restaurant (website, twitter, etc).
We'll put together a plan and make it happen.
You must document the whole trip in photo and/or video and share it with the community.
I'll pay the base check in DOGE, you pay the tip (in whatever currency you like).
Not a 'rule' but: This sub will rely entirely on the generosity of the community. If you have a meal bought for you, thank the community and please pay it forward.
Sound fair? I want to thank everyone involved in this whole crazy day, it seems like there've been some incredibly positive experiences made with Dogecoin, and I want to see more of them happen. Let's use our DOGE to make some memories, fill some bellies and add just a touch more merriment and joy to the world. It's 8:01AM EST and we're at 46.60% of DOGEs found. Our Global Hashrate is on a sharp rise from ~97 to ~100 Gigahashes per second and our Difficulty is spiking from ~1386 to ~1495. Oh! Before I go I want to give a shout out to zimonitrome the winner of the Dogecoin Hype Video Contest - if you haven't yet seen it, it's a fantastic effort and 'Ð is for Dogecoin' definitely deserved the top spot. Check it out HERE Also, in case you missed it, here's how Dogecoin is doing in the news:
Finally, if you're looking to spend some DOGEs, consider checking out:
/Dogeseed for buying and trading pollinated heirloom seeds with DOGE
www.shibemint.com if you're looking to get your hands on a real, physical DOGEcoin. Right now there's ones made of copper, but I hear tpepperoni is working on getting some silver ones made as well!
As always, I appreciate your support! GoodShibe TL;DR: Bought some people on the other side of the world some free Burgers with Doge. It blew up into a big thing. EDIT 2: That didn't take long! There's a donut drive on the go on Twitter for Strange Donuts right now! 40k raised already! Amazing! EDIT: felloutboy just shared "I'll be back buying lunch there next week only this time I'll give him real cash. He's losing money on the dogecoin sales because he's saving up what he gets in doge and bitcoin to fund a local charitable project." -- can we maybe see about getting him some local news coverage? An article or something. Let's get him some good promotion to drive some cash sales as well! :D)
Of Wolves and Weasels - Day 31 - That and So Much More
Hey all, GoodShibe here! One of the joys of being a bit of a dreamer is that sometimes I'm off in the clouds, thinking about the future and changing the world while some of my fellow shibes are like 'yeah, that's nice. I've got a mortgage to pay and student loans nibbling the bottom off my paycheck and mouths to feed at home and...' So how do we get 'Rich'? Well, first, since we're being realistic, we need to take a realistic look at what's possible. Right now 1000 DOGE has a market value (not exchange value) of about $1.12 USD. If we had all 100 Billion coins mined, right now, our combined market cap would be $112 Million. Now, according to coinmarketcap.com we're at about 50% of that (~$49 Million) which makes sense, considering we're still less than 50% mined. So, if 1 DOGE currently exists as .112 of a penny (and I apologize for my international users, I'm just not that familiar with the Euro/Yen/Yuan, etc), in order to move DOGE to 1 Cent each, we need to increase its market value by a factor of 10. Which, incidentally, would put our total market cap at 1.12 Billion (about 1/8 of Bitcoins total). How realistic is this? Can we make that 1000 Dogecoins worth $11.20? Sure. In fact, I'd go farther and say, absolutely. In my mind, it all comes down to adoption and use. Quite frankly, the most ubiquitous coin wins. The more people we bring in, who start buying and using and tipping and sharing DOGE the more valuable it becomes. We're more than just a coin now, we're a brand. Moreso, we're on the cusp of becoming a 'hot' and 'cool' brand that speaks to a whole swath of young people. Advertisers love young people. You can see it already out there - different brands trying to hop on and catch the wave early. These folks are doing us a solid, creating a snowball effect at the same time - while trying to attract hip, young, connected kids, they're also creating a mystique about the meme -- about us. Also: keep doing stuff like this. I have no idea who you are, but I could just kiss you right now. THIS is exactly the kind of stuff that grabs attention and raises eyebrows. The rest of the world is serious business, and yet here is this great group of people who are having a great time (and making money). And if there's two things Humans really, really hate missing out on it's Parties and Making Money. Add in the Olympic games, which start today, our fantastic charity outreach work is having some amazing ripple effects on the world stage. We're getting great press and continuing to do great work out there, getting people involved and talking about Dogecoin. Most importantly: Our Dogecoin rewards are set to halve in a matter of days, just as attention on us is going to start hitting a fever pitch. Those who had been riding the fence are going to hop on and those who're just finding out - once they hear about the halving - are going take the leap as well (NEVER invest more than you can afford to lose, people!!). I think 1 DOGE = 1 Cent is entirely do-able. And, if we keep up the hard work, probably not that far off. Can we get to 10 cents? What would that take? It'd take a big shift. To make 1000 DOGE worth $100 -- to increase the value of DOGE by a factor of 100 would be a huge task... pushing our market cap to $11.2 Billion (bigger than Bitcoin -- and the GDP of some smaller nations) but it's not impossible. The best way to encourage that is to bring in online sites. Twitch.tv. Steam. Places with massive, active user bases. Places that have advertisers coming to THEM, looking to market to their crowd. In order for this to happen, we need to get people, online, to see how easy it is to tip and be tipped for their work. We need them to see how easy it is to use and transact in DOGE. It has to be fast, it has to be SECURE! (and I'm not sure we're exactly there yet) and, more importantly, it needs to stay fun! I know there's an undercurrent of users who really, really wish that Dogecoin would look more 'serious', would have a Doge that's more 'noble' or 'pretty' or something. But that's not our brand. We're fun. However serious or not serious we want to be, that can be decided on an individual basis. But the coin, that silly Shiba smirk, that's our freaking Mona Lisa. That simple, friendly rendering and 'much wow' text? That's what's drawing curiosity and line ups. That's what's drawing the 'youth' crowd. Finally, we'd also need to have probably 3 or 4 Halvings under our belt. Demand and scarcity will, over time, do wonders for our value. Just as people look back fondly on the days when you could buy DOGE at 50 satoshis and even 150 Satoshis, there will come a time when people will look back fondly at the time when you could buy DOGEs for pennies each. It would take a lot of work to get there, but once it'd happen very fast. Can we get to 1 Dollar? What would that take? Mainstream adoption. Quite frankly. Being able to pay in DOGE at Best Buy. Or Walmart. Or becoming the official currency of a nation (incredibly unlikely, but stranger things have happened). In order for Dogecoin to jump by a factor of 1000 and hold it, I believe it would have to no longer be 'just an internet' currency. Our market cap would, first of all, leap to $112 Billion -- eclipsing the entire GDP of Puerto Rico and making us an actual world currency. For that to happen, basically, our currency would have to be allowed to grow that big. Regulation and taxation would most definitely be a regular part of the process -- no nation's going to let a piece of the pie that size skate by, unnoticed. The US has already had some regulations put in place for Bitcoin, and those will hold true for Dogecoin - but at that level other nations will surely follow suit. That said, if adoption continues, if it continues to be spent, these things really won't matter all that much. All this to say that a $1 Dogecoin is a great dream but it's not likely to happen. Certainly not any time soon. Though I look forward to the day when I can look back on this post and realize how incredibly, incredibly wrong I was! It's 9:12 AM EST and we're at 45.19% of DOGEs found. Our Global Hashrate has seen a massive spike in the last hour from ~81 to ~113 Gigahashes per second though our Difficulty is still holding steady at ~1255. The Halving is now about 6 and a half days away - mine what you can while you can. Those block rewards are going to be dropping soon! As always, I appreciate your support! GoodShibe TL;RD: a $1 Dogecoin is very unlikely, but 1 cent and 10 cent coins are attainable if we put in a lot of work to help get DOGE out there and accepted.
Of Wolves and Weasels - Day 134 - Dogecoin: It's on Sale!
Hey all! GoodShibe here! WARNING - long read ahead... but it's worth it! For those of us who've been here from the beginning, we've seen some really fun - and by fun, I mean 'gut-wrenching' - price swings with Dogecoin. Not long after I bought in I watched the coin drop like a rock to the 25-30 Satoshi range. That was actually right around the time of my very first Of Wolves and Weasels post. We've come a long way since then - our coin has grown in some ways and stagnated in others. In those first few months we saw Dogecoin businesses flourish and the amazing tech that we were creating... well, it was mindblowing. Heck, we had Fido.pw - a way to send DOGECOIN world-wide via SMS (which I still think is amazing). We were working on bringing Dogecoin to places where it could actually be a life-changing thing - the slums of India and Africa where, heck, forget $1, a few Dogecoins could actually make a big difference for these folks. Here's the very first Weekly Wrapup I ever did - that was 2 months ago. The reality is that the reason our coin isn't gaining value, even after two full halvenings - meaning that 3/4s of the original amount of Dogecoin being dumped on the market, daily, is no longer being dumped on the market - is because our DOGEconomy is stagnating. Instead of taking the opportunity to grow and flourish a strong, stable, foundation for our coin, we've let it slide. DOGE4NASCAR got us an amazing growth of new users but it hasn't helped increase actual adoption and use of our coin. THAT's how we should start measuring our success. The number of new users we have is meaningless if we're not actually using the coin. We're coming up to a very harsh reality: Miners, the people who keep our coin working, who keep our coin safe, the majority are only here for profit (and there's nothing wrong with that). But as those profits dwindle, people are starting to leave for greener pastures. At the Dogecoin Defense Force, we've agreed to mine no matter what, even if we end up mining at a loss... because we love this coin. But we're still small and, even doing our best, we're not going to be able to keep this boat afloat on our own. We need you. Now is the time to do the work. Dogecoin needs you to get out there and get involved - to build the DOGEconomy that we're going to need to survive long term. Our coin is only getting more scarce and we can't wait around any longer. Here's what I'd like you to do:
If you need something done - any kind of service - Check /dogeservice first. See if you can find a Shibe who can do the job for you for Dogecoin.
Go to your local corner stores, your mom and pop diners, your farmer's markets, your new and growing restaurants and ask them to consider bringing on a 'Dogecoin special'. Offer a single item for Dogecoin only. If they make no sales, it costs them nothing. Once they agree, let us know so that we can help spread the word via free advertising for their business. Clearly one of our strong points is marketing - let's let businesses know that if they support us, we'll support them.
Dogecoin is, until we get our DOGEconomy up and running, just as much a speculative venture as any other coin. Bitcoin is just as much a speculation... except for the small economy they've managed to build for themselves that helps keep a base modicum of support for their coin. If - AND ONLY IF - you want Dogecoin to survive long term, if you can safely afford to and are not putting yourself out in any way (especially financially) then go buy some Dogecoin.
We're in a weird middle-ground phase right now and attention spans for Cryptos are notoriously short. Dogecoin has lasted far longer than anyone thought it might and done more than anyone ever dreamed it could. We're not done yet - but, at least for now, play time is over. We've got to do the hard work, got to get businesses on board, got to get an Economic structure in place.
We'll start with a service-based economy - we do that because Services tend to have much lower overheads and those who accept Dogecoin for Services are far more likely to hold onto and spend their Dogecoins as opposed to selling them on the exchanges.
Can we get some Shibes to step up and help spur this sector? We need active Shibes willing to help get the word out there. If you're someone with skills to offer, now'd be a great time to step up and earn some Dogecoin for yourself. We need to keep on tipping! Tip content creators, not just 'big' names - we need to get in on the ground floor with people who will grow with us instead of solely working to land the big fish. Twitch.TV tipping is coming online soon - there's a ton of Hearthstone and DoTA 2 players and Starcraft players that we can work to bring on board. Again, start with people who will grow with us instead of fighting an uphill battle. If you can bring on big players like AMAZ (Hearthstone) then awesome. If not, don't worry. Tipping on Twitter needs to see a resurgence as well.
We also need to start building a support network of businesses that are importing items en masse and selling them for Dogecoin. I know that dogepreneur was doing something like that before, are you still working on that? Do we have any other Shibes willing to step up and get involved in creating a stable supply chain?
We need to start selling things that people want and need for Dogecoin. Things that they can actively buy with their tips. If we're tipping musicians on YouTube, I want to see them able to buy Guitar strings for DOGE. If we're tipping gamers on Twitch, I want to see them able to buy more than just game codes - Game pads, gaming mice and keyboards. It's not just enough to 'sell things' for Dogecoin - you can't just start a business selling coffee mugs and get upset when people don't come and buy what you're selling - if we're not selling things that people want and need then, well, that's a simple reality of any business. I dream of the day when we can buy milk and eggs and deodorant with Dogecoin at my local supermarket - just simple daily needs. We're not there yet... but we can be. June is DOGE4DOGE month! It's time to focus inward, on ourselves. On ensuring our survival, long term. Let's get the WHOLE sub as excited to build our Economy as we were for DOGE4NASCAR. I want to see announcements for every brick and mortar store we bring on line, every 'Dogecoin Special', every item you can now buy for Dogecoin that you couldn't before. I want to see services offered and rendered and people extolling the virtues of our amazing Shibes and the incredible, hard, awesome work that they do for your Dogecoins. This is OUR time now, my friends. If we do the work... together! ;D) It's 8:50AM EST and we're at 78.86% of DOGEs found. Our Global Hashrate is on the downswing from ~48 to ~45 Gigahashes per second and our Difficulty is bouncing between ~625 and ~756. Finally, if you'd like to help protect the Dogecoin network by Mining Defensively, to be there, helping to protect our Global Hashrate, no matter the cost, please join us here. And if you'd like to help protect the network but are unable to mine, there are still LOTs of ways to help! Please join us here! As always, I appreciate your support! GoodShibe EDIT: Speaking of Business Projects, ShibeShen has a proposal for European Shibes. Go. Take a look! Also, RyvenCedrylle is working on trying to get Dogecoin into your local comic shop! Check it out! http://www.reddit.com/dogecoin/comments/265xn1/i_need_your_help_i_want_to_get_dogecoin_into_you EDIT 2: If you have a DOGE business and you want a shout-out here, leave a note in the comments! Check out these great Dogecoin Businesses:
Of Wolves And Weasels - Day 25 - With A Little Help From Our Friends
Hey All, GoodShibe here! I like starting off with good things, don't you? Well, here's something great! Remember that thread I put up a couple of days ago, asking for donations for Bell Let's Talk (even though we missed the day and probably wouldn't get any coverage for it) - well, together we raised 80,000 DOGE - which Moolah_ added 100K - which meant that we raised about $268.71 USD. Well, as it turns out, Moolah_ wasn't done yet - so they rounded it up to an even $1000 and donated it on /Dogecoin's behalf to The Canadian Association of Mental Health. You can see the receipt here. So, let's give all the generous shibes who contributed to this effort, a sound round of ap-paws (yeah, I said it...). Well done! As it turns out yesterday's post caused quite a bit of discussion - lots of passionate shibes coming out to discuss where we're going, how we see our coin -- and even our community -- evolving over time. I think it's a fantastic thing that we can have these kinds of discussions openly, and that, even when we may not always agree with one another, we do try to see eye to eye and understand where each shibe is coming from. I have to admit that then I first posted my article, I was somewhat ambivalent about either side of the issue -- and I worked to keep my language neutral as I could. Explain the facts, try to explain how it might effect us all, and some ideas on how it might be fixed. Over the course of the discussion that followed, I found myself being swayed by the arguments toward the coin moving in an 'inflationary' direction. I say this now, publicly, not in an attempt to sway you, but to acknowledge a bias that's started to form toward one direction. I believe that it's through understanding my own biases that I can work to try and keep an even keel, try and stay neutral until the facts clearly point toward a direction. In acknowledging such a bias, it encourages me to look THAT much harder at the other arguments against it. Look for arguments that weaken said bias. I want to make sure that I'm not just 'believing' something to be true, I want the facts to support said belief structure. So, by stating this, I want you to know where I'm at on this issue, that I'm looking into the benefits and flaws of both a 'Deflationary' and 'Inflationary' coin. Trying to wrap my head around it properly so that if I do end up supporting one direction, I know why and can state it clearly. That said, I still believe that there are ways to meet in the middle -- I have no idea what they are just yet -- but we have a whole year or more to find a way to come up with a solution with calm, rational discussion on all sides. Moving on to more fun news - and thank you for bearing with me - we've got some fantastic community efforts underway that I want to take a moment to hightlight:
myniga562 started by donating 50,000 DOGE worth of pizzas to a local homeless shelter in this thread. And, fuelled by that great experience, he and his team raised 2 Million DOGE then went and spent 350,403 on another 75 Pizzas, and fed 164 people. Bra-freaking-vo!
m0bility1nert is planning a big Dogecoin publicity stunt on February 3rd - to get onto Good Morning America/Today Show while handing out Paper wallets and giving out stickers, etc. So if you have any way to help him out, please do. Everyone else, please keep an eye out for that!
It's 11:14AM EST, we're at 40.93% of DOGEs found. Our Global Hashrate it rising from ~91 to ~95 Gigahashes per second (after an early morning spike to ~218) and our Difficulty is falling from ~1547 to ~1402. Looks like a busy day, folks! Have a great one! As always, I appreciate your support! GoodShibe PS: Sorry about the late post, all, turns out I've been writing in fits and starts, dealing with some /dogecoinscamwatch stuff. EDIT 1: I've had some criticism regarding how I go about my reporting, and that's fine. Criticism, I can handle. I firmly believe that, whatever the news is, when I know it, good or bad, the community needs to know so that, together, we at least have the ability to make informed decisions. If you want it, fine, if you don't care, that's also fine, but at least you're aware - at least you get to choose. I take this responsibility - the gift of trust you've bestowed upon me - seriously, and try my best at it. Will I make mistakes? Absolutely. And you won't always agree with me. And that's fine too. But I will always do my best for the community, and, succeed or fail, my heart will always be in the right place, working for the good of us all.
Of Wolves and Weasels - Day 45 - Breadth and Scope
Hey all! GoodShibe here! Yesterday I spoke about those off doing great work on our behalf, taking the lead or pushing the boundaries of what Dogecoin can do. I think today is a great chance for everyone to get a real sense of what's going on here - what a group of 65,000+ Shibes has and is accomplishing as we speak (err... type). So, please, if I've forgotten anyone, don't feel bad -- especially if you're doing something in another sub -- just let me know in the comments and I'll add it to the list, okay? Here we go! Recently Completed Projects
Experiment.com is now taking Dogecoin! Meaning that we're now able to directly fund SCIENCE with Dogecoin -- which is freaking awesome in my books. Thanks to vu0tran and their efforts to get a change.org petition up and running -- and the community for making it happen!
Altcend, created by altcy is a browser extension that allows you to send DOGE to Facebook, YouTube, Twitter, Google+, and Reddit users no matter where they are in the world. Here's their original launch thread!
WP-Dogecoin, created by studionashvegas is a WordPress plug-in that lets you show your Dogecoin wallet address on your WordPress blog or site.
Have I missed something? I'm sure I've missed something! I can keep going but I'm already running late for work (got carried away)! Post in the comments and I'll add as I have time over the course of the day :D) It's 9:14AM EST and we're at 52.53% of DOGEs found. Our Global Hashrate is spiking from ~68 to ~89 Gigahashes per second but our Difficulty is still riding low at ~1027! Go! Mine! Have fun! As always, I appreciate your support! GoodShibe
The energy cost of a single bitcoin transaction could power 2.7 American homes for a day.
Hi guys, I am currently writing my bachelor's thesis on Bitcoin and while talking about Bitcoin's threats and weaknesses I've calculated that a single bitcoin transaction could power 2.7 American homes for a day. That seems ridiculously high. My assumptions were that on average, mining companies use 0.352 watt of power for every Gigahash per second of computing power, which means that the bitcoin network currently runs at 1,156,918,400W (1,156 MW). That's enough to power 930,000 average American households' daily electricity usage. With about 345,000 Bitcoin transactions per day, that works out to 2.7 households daily usage of electricity per one Bitcoin transaction. Did I make a mistake somewhere? How is this sustainable?
This measures the number of gigahashes per watt an ASIC miner is capable of. The most efficient miners are usually the most costly. However, you could still make decent returns using second-hand miners in a country with low electricity costs. Mining pool fees: At this point, mining bitcoin individually is almost hopeless. That is why mining pools are becoming increasingly popular as miners ... Hash rate is measured in Megahashes or Gigahashes or Terahashes per second. The first mining hardware featured a hash rate of between 336 MH/s and 14,000,000 MH/s. Given that Bitcoin mining is an investment and you have to be prepared to bear a certain cost to accomplish the mining process effectively, out of which one of the major expense is the energy cost. You can get the approximate cost ... These individual sums are called hashes, and there are vast numbers of them—so many, in fact, that you have to think of them in terms of millions of hashes (known as megahashes) or billions of hashes (gigahashes) to make any sense of them. In early 2020, the computers on the bitcoin network were close to 120 exahashes per second. You can get 750 Megahashes per second, but keep in mind that this is the high – end. ASIC Bitcoin Miners. ASIC is the most potent tool for Bitcoin mining, it has only one purpose, to mine coins at remarkable speed, with moderately low electricity consumption. In other words, this is a dream come true for every Bitcoin miners. It can produce ... For example the current network hashrate of Bitcoin is 140 EH/s (Exa hashes per second). To convert this value in to TeraHash or PetaHash or GigaHash you can use this tool. So why convert? For instance lets say you have an ASIC miner which is capable of delivering 14 TH/s. You can use the above tool to convert and compare your hash power with the overall network hashrate. Higher the hashrate ...
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