NFTs and the Future of Digital Ownership: An Insight on the Possibilities and Limitations

Posted on May 15, 2023by Gordon Neil

The absence of ownership for digital artefacts has been one of the main obstacles as the world transitions to a digital future. One of the most recent technologies that might solve this problem is Non-Fungible Tokens (NFTs). Providing a sense of individuality and authenticity previously regarded as impossible allows people to assert their claim to digital ownership.

By examining how NFTs have affected fields, including gaming, music, the arts, e-commerce, and the environment, this essay examines the potential and constraints of NFTs in the digital ownership movement.

The Potential of NFTs

NFTs have a vast potential to influence the present digital ownership model positively. Digital assets offer a safe, transparent, and confirmed ownership mechanism. NFTs provide a tool to verify the authenticity of an object and the specific owner because digital assets are easily copied or altered.

NFTs have the potential to redefine individual ownership in the gaming sector by enabling users to buy, trade, and hold digital assets. By offering a transparent and secure mechanism to control artists’ rights and their music usage, NFTs can potentially revolutionise the rights management process in the music industry. With NFTs, digital art may be viewed and purchased like authentic art, opening up a new kind of collecting in the art world.

Models of Ownership

Current digital ownership models restrict the ability to control assets and prove ownership. By offering a transparent transaction history and a verifiable ownership certificate, NFTs provide a solution in this area. NFTs can add distinctive value to digital information by enabling digital ownership and opening up new avenues for interaction.

Industry-Specific Modifications

Given the introduction of NFTs, sectors like gaming, music, art, and e-commerce are remarkably poised for transformation. The ability to commercialise achievements is revolutionising the gaming experience in the gaming industry because of the ownership of in-game assets. An advantageous use case for NFTs in the music industry is the secure management of song rights, which generates income streams that go straight to the artist.

NFTs have the potential to alter how art is perceived and appreciated. By purchasing an NFT of their beloved artist’s work in a manner comparable to owning an original piece, art enthusiasts can become closer to their preferred creators. The NFT revolution might even decentralise e-commerce while producing high-value assets like digitally connected devices and virtual real estate.

The Drawbacks of NFTs

NFTs could cause concerns with copyright and fraud, among others. There is also the issue of excessive carbon emissions, which result from the energy used in the minting process and are controversial because of their environmental effects. However, the advantages may outweigh the disadvantages. Therefore, ongoing research and development are required to improve the technology’s viability and dependability.

Conclusion

NFTs can transform digital asset ownership and alter how we perceive, use, and value digital assets. Like any innovative technology, there are potential applications as well as restrictions. NFTs are promising, but they are still in the early stages. As a result, there is still much to learn and assess about their effectiveness and scalability. NFTs can, however, impact digital ownership across various businesses and alter how we interact with digital information. It is now time for enterprises to investigate NFTs and set themselves up for success in this brand-new market for digital ownership.

NFT

The Best NFTs in 2023

Posted on March 23, 2023by Gordon Neil

Non-Fungible Tokens (NFTs) have taken the world by storm over the past few years, revolutionizing the way digital assets are owned, traded, and valued. NFTs have found their place in various industries, from art and music to gaming and collectibles. In this article, we will explore some of the best and most influential NFTs in 2023, highlighting their unique features and the reasons behind their success.

Top 5 NFTs

CryptoPunks

CryptoPunks, one of the earliest and most iconic NFT projects, continues to make waves in 2023. Launched in 2017, CryptoPunks are 10,000 unique 24×24 pixel art characters, each with their own distinct traits and rarity. The limited supply and historical significance of CryptoPunks have cemented their place as highly sought-after NFTs, with some selling for millions of dollars at auctions.

Bored Ape Yacht Club

The Bored Ape Yacht Club (BAYC) is a collection of 10,000 unique hand-drawn cartoon apes, each with varying attributes and accessories. BAYC has gained massive popularity not only for its eye-catching artwork but also for the strong community that has developed around it. Owning a Bored Ape grants membership to an exclusive club, with access to special events, collaborations, and even real-world merchandise.

World of Women

World of Women is an NFT project that celebrates and empowers women through stunning digital art. The collection features 10,000 unique pieces, each representing a powerful female character from various backgrounds and cultures. The project has gained widespread acclaim for its high-quality artwork, commitment to diversity, and initiatives supporting women’s causes.

Rumble Kong League

Rumble Kong League is a collection of 10,000 hand-drawn Kongs (gorillas), each with its unique appearance, attributes, and rarity. The project stands out due to its integration with a blockchain-based basketball game, where Kong owners can train, compete, and trade their Kongs. The combination of collectible NFTs with a gaming aspect has contributed to the project’s immense success.

Art Blocks

Art Blocks is an innovative platform that allows artists to create generative art on the Ethereum blockchain. Each Art Blocks NFT is a unique piece of artwork generated by an artist’s algorithm, with varying parameters set by the buyer. This creative approach to NFTs has attracted significant attention from collectors and art enthusiasts alike, resulting in high demand for Art Blocks pieces.

Conclusion

The NFT landscape in 2023 is diverse and ever-evolving, with projects catering to various interests and tastes. The best NFTs, such as CryptoPunks, Bored Ape Yacht Club, World of Women, Rumble Kong League, and Art Blocks, have achieved success through a combination of distinctive artwork, innovative concepts, and strong community engagement. As the NFT market continues to mature, it is essential for collectors and investors to stay informed about emerging trends and noteworthy projects to make informed decisions.

Cryptocurrency

Metahero: Where to buy

Posted on December 5, 2022by Gordon Neil

Metahero(HERO): What we know about the project

Metahero (HERO) is that Metahero is a decentralized platform that makes it easier to buy, sell and distribute digital assets. Metahero (HERO) was created with the mission of bringing transparency to digital asset trading markets. Metahero offers access to a wide range of services and products, such as transaction processing and settlement, data analysis, and asset management. Metahero also offers a secure, reliable, and cost-effective platform for businesses to access the Metahero marketplace.

Metahero: Where to buy

Where can you buy Metahero (HERO)? Metahero is available for purchase on several major exchanges including Bittrex, Upbit, and Bitfinex. Metahero is also compatible with wallets such as MetaMask and MetaMask Mobile, as well as Metahero web wallet. Metahero can also be purchased directly from Metahero’s official website. Metahero is also available for purchase through a number of third-party exchanges including Changelly, CryptoBridge, IDEX, and Livecoin.

Metahero: Business Model

Metahero operates on a decentralized network, which allows businesses to access Metahero without having to go through a middleman. Metahero’s business model focuses on providing users with seamless access to the Metahero marketplace. Metahero also provides data analysis tools and asset management services. Metahero’s aim is to facilitate digital asset trading by providing users with a reliable and secure platform. Metahero also seeks to provide businesses with the tools necessary for efficient digital asset management. Metahero strives to create a transparent and secure environment for users, allowing them to make informed decisions when trading. Metahero’s ultimate goal is to become the world’s leading digital asset platform.

Should I invest in Metahero?

Metahero is a promising new technology and holds the potential to revolutionize digital asset trading. Metahero offers easy access to the Metahero marketplace, data analysis tools, and secure asset management services. Metahero also seeks to create a transparent environment for users while ensuring their security when trading. Metahero has seen significant growth since its launch and could be a good investment opportunity for those looking to diversify their portfolio. However, Metahero is a new technology and therefore carries with it some risks.

NFT

Metaverse for Beginners: Quick Guide

Posted on October 2, 2022by Gordon Neil

What is Metaverse?

A Metaverse is a user-created, persistent online environment where users can interact with each other and the environment around them. The term was first coined in Neal Stephenson’s science fiction novel Snow Crash, where it refers to a virtual world that people can enter and explore.

The Metaverse is a term used to describe a hypothetical virtual reality (VR) world that would be built on a blockchain. The idea is that this world would be a 3D version of the internet, where users can interact with each other and with digital assets in a completely immersive environment.

While the concept of a Metaverse is still in its early stages, there are already several projects working on creating such a world. In this article, we will discuss some of the leading Metaverse projects, as well as the coins and wallets that you will need to use in order to participate in this exciting new ecosystem.

What are the core attributes of a blockchain Metaverse?

A blockchain Metaverse would have several key attributes that would make it different from anything that exists today.

First, it would be completely decentralized, meaning that there would be no central authority controlling the Metaverse. Instead, it would be governed by a network of computers running the Metaverse software.

Second, the Metaverse would be built on a blockchain, which would provide a secure and transparent way to record transactions and ownership of assets.

Third, the Metaverse would be completely immersive, meaning that users would be able to interact with each other and with digital assets in a realistic 3D environment.

Finally, the Metaverse would be open source, meaning that anyone would be able to create their own metaverse or build applications on top of the Metaverse platform.

What are the leading Metaverse projects?

There are several projects working on creating a blockchain Metaverse, each with its own unique approach.

The two largest and most well-known projects are Ethereum and EOS.

Ethereum

Ethereum is a decentralized platform that runs smart contracts, which are programs that can automatically execute transactions when certain conditions are met. Ethereum is working on a project called MetaMask, which would allow users to access the Ethereum network from within a VR environment.

EOS

EOS is a decentralized platform that enables developers to build apps, which are decentralized applications. EOS is working on a project called EOS.IO, which would allow users to interact with each other and with digital assets in a 3D environment.

Metaverse for beginners: from what to start

If you’re new to the Metaverse, there are a few things you’ll need to get started.

Metaverse coin

First, you’ll need a Metaverse coin, which is a cryptocurrency that you can use to buy, sell, or trade assets in the Metaverse. The two most popular Metaverse coins are Ethereum and EOS.

Metaverse wallet

Second, you’ll need a Metaverse wallet, which is a software program that stores your Metaverse coins and allows you to send and receive payments. The most popular Metaverse wallets are MetaMask and EOS.IO.

Metaverse browser

Finally, you’ll need a Metaverse browser, which is a software program that allows you to access the Metaverse. The most popular Metaverse browsers are Chrome and Firefox.

With these three things, you’ll be able to start participating in the Metaverse.

NFT

NFT passive income: how to earn it

Posted on September 4, 2022by Gordon Neil

Do you want to know how to make passive money with your NFTs? Passive income is a great way to do just that! In this blog post, we will discuss what NFT passive income is and how you can start earning it today. We will also go over some of the best ways to make passive income with NFT. So if you’re ready to learn, keep reading!

NFTs Staking

Is a process where you can earn NFT passively by holding or owning an NFT. When you stake an NFT, you are essentially giving up your NFT to be used by someone else in exchange for a small fee. The staking process is used to help secure networks like Ethereum and provide liquidity to DeFi protocols. In return for your NFT, you will earn a small amount of the NFT’s underlying asset. For example, if you stake an ERC-20 token, you will earn a small amount of ETH. The amount of ETH you earn will depend on the length of time you stake your nft and the amount of nft you have staked.

NFTs Renting

Another way to earn NFT passive income is by renting out your NFTs. There are a few platforms that allow you to do this, such as nftmarketplace.io and nftlend.com. To rent out your NFTs, you will need to create a listing on one of these platforms and specify the amount of time you want to rent your NFT for. Once your NFT is rented, the renter will pay you a small amount of the NFT’s underlying asset. For example, if you rent out an ERC-20 token for one week, you may earn a small amount of ETH. The amount of ETH you earn will depend on the length of time you rent your NFT and the amount of NFT you have rented.

NFTs Farming

Farming is a process where you can earn NFT passively by providing liquidity to a pool of NFTs. When you farm NFTs, you are essentially giving up your NFTs to be used by someone else in exchange for a small fee. The farming process is used to help secure networks like Ethereum and provide liquidity to DeFi protocols. In return for your NFTs, you will earn a small amount of the NFT’s underlying asset. For example, if you farm an ERC-20 token, you will earn a small amount of ETH. The amount of ETH you earn will depend on the length of time you farm your NFTs and the amount of NFTs you have farmed.

NFT

Vine’s creator is now working on NFT

Posted on July 31, 2022by Gordon Neil

As the crypto world gets increasingly popular, it’s not just the new faces getting into the game. Dom Hofmann, one of the creators of the worldwide famous platform Vine, decided to join another project related to cryptos. The project is called Supdrive, and it’s going to be a game console featuring NFT blockchain video games. What is particular about this console is that it’s going to be chain based – the creator is now working on NFT. Before we dive into the console info, let’s say a few things about NFTs.

What’s an NFT?

An NFT or a non-fungible token essentially symbolizes digital property. NFTs make it possible for digital artwork to be “turned” into tokens and sold electronically on various platforms. What can be made into NFT and sold is (almost) any piece of digital art block project – a photo, picture, music, even parts of a game, graphics, etc. NFT is based on Ethereum blockchain technology, and it’s unique because it’s non-fungible.

This means every NFT is unique in a way, and there’s no one piece of the same art blocks. You can sell it, buy it, and trade it for something, but you can’t change one NFT for another NFT as they don’t have the same “value”. And you can even procedurally generate art.

You can sell the ownership on an NFT working on NFT blockchain, but the blockchain keeps track of who owns what. Just like regular physical pieces of art, there are one-of-a-kind NFTs and ones that can be copied. In other words, you can be the only one that has a certain NFT, or you can have a copy of an NFT art piece.

Supdrive Console

Now when we’ve introduced you to some basic NFT terms, let’s get back to the story. The creator is now working on NFT games and he described the Supdrive project as a game console that would run on Supdrive virtual firmware, or as a so-called on chain fantasy game console – the one that’s an on chain console, where the distinction is blurred and there’s no telling where art ends and the game begins. He wasn’t quite precise with the specifications of the game, but gave a few more details that indicate it would have little something for anyone.

This project was announced last year, and we still don’t know all the details about it. What we do know is that the console would be kinda unique. Remember the old times when we used to play games on consoles as kids? Well, this is going to be a similar experience, just completely virtual. As it seems so far, NFT games are getting so popular that they may throw off the PC games from the pedestal.

The console is available in two versions – Supersports and Supdrive- with different features and price points. The first version of the Supdrive is similar to the original Supersports but includes a larger battery, Wi-JOONG controller, headphone jack and USB ports.

To set up the Supdrive, you’ll need an Android or Apple iOS device with at least 8GB of storage space. You’ll also need a Micro USB 2.0 OTG cable, Micro USB cable, AV extension cable and AV adapter or AV extension cable and AV adapter for connecting your phone or tablet to the TV.

After that, you can download Game King’s Easy Setup app to set up your console on your phone or tablet. You can also use App King’s Smart Setup app to pair your controller and keyboard via Bluetooth without using the app interface. You can find setup guides online if you need help setting up your console.

Supdrive Games

The creator of this project announced that he wanted the video game console to be individually adaptable. What that means is some of the games would be different for anyone, in a sort of meta game manner. You will get personal game goals, achievements, and storylines to follow. It seems interesting and the hype around it is quite understandable. We still don’t know how many games will be on the console, and how many copies would be out there.

A huge competition between buyers seems expected regardless of the recent nft crash. People strongly believe that NFT will come even stronger after this fall. Only time will tell that for sure, but the crypto market is as rocky as any market, as all of us already know.

Hofmann said that the future plan is to basically draw creators to create on the console, so if you are interested in that, or the console in general, keep up with Supdrive news on their official Twitter account. As for games that would be on the console, the creator stated that the first ones would be simple and in an old school arcade style game. The first game that he created is called Origin, and Hofmann compares Supdrive game to classic games of old, only played through a virtual cartridge.

The idea behind it is to slowly get more and more quality games with more complex characteristics in a given game, and even allow players to play unique games of the kind not found elsewhere. Who knows what type of games we will be able to play this way, the sky’s the limit, although we can expect that the console plays classic style games for the first few games after the October launch, as well as more advanced games later on. There’s even the possibility of having enjoyable community develop games.

What to expect

As the state of the market is somewhat still shaky, we don’t know how Supdrive will turn out, no one can tell at this point. It really seems like a good idea (and a nostalgic one, if we may notice). What’s so different about it is of course the NFTs. The overall beef between gamers and crypto miners is a strange point of view for this. It also might be a good thing – as it’s a game console and it works with NFT, these two sides may join together.

As cryptos slowly start to change our perspective on gaming, shopping, markets, etc, there would probably be more interest in coins and mining. Before you decide to enter the Wild West of crypto mining, we suggest you get all the facts straight.

To sum up

As we already mentioned, the idea of an NFT game console sounds exciting and in sync with modern times. Now you can buy and sell literal pieces of digital art and be a proud collector of those thanks to the creators of NFT. Playing on-chain games is another step forward. Looking at the world of cryptocurrencies, what we can tell for sure is that this world doesn’t stop attracting new people. It is also introducing new things, and new ways of buying, selling and owning stuff. These ways can be pretty abstract for new people in the business.

If you are asking yourself what would’ve happened if I invested 1000 in bitcoin in 2010, we can tell you with certainty that you aren’t the only one. The market is experiencing highs and lows, ups and downs, but the overall interest in it seems not to go anywhere. People are invested in this world financially, mentally, and if we can put it like this – emotionally as well.

The emotional part can often be noticed clearly when a crash happens, unfortunately. Some marketers decided to put their whole lives into the game, so we can all understand the struggle. What’s important for you to know if you want to deal with that, is to be as informed as possible, and try to find the safest options for you and your assets.

NFT

NFT Crash – Is There Still a Chance for a Bounce-Back?

Posted on June 20, 2022by Gordon Neil

We’ve witnessed an almost cataclysmic NFT market crash during the first half of 2022 after the explosive growth in 2021. NFT activity took a nosedive around mid-March to $964 million compared to February 2022 when trading volume was estimated at around $3.9 billion.

In other words, volume is still there but trading activity has contracted, big time. Does this mean that the inflated NFT bubble is about to blow up? Why did people start tightening their belts when it comes to investing in web3? Has the NFT crash started or there is still a chance that these risky digital assets will go back to what they used to be after a rough start of the year?

Reasons Behind the Activity Drop

It has been a month since the NFT market began to level off. NFT transaction activity flopped by almost 50% compared to the same time last year. However, did NFTs crash just like that or are there some major reasons behind?

Digital assets are risky, out of which NFTs are the riskiest while cryptocurrencies were considered relatively safe, all until the past month when $500 million was wiped out of the crypto market.

During one of the craziest weeks in crypto, LUNA, one of the most popular stablecoins dropped to 0, USDT dipped to 95 cents, and Elon Musk said that the Twitter acquisition was put on hold.

As a result of all this, the market experienced a massive sell-off. Bitcoin dipped below $27,000, Ethereum below $1,700, Solana below $45, and so on.

Cryptocurrencies started bleeding and NFTs simply followed and took the huge burnt out of the crypto crash. It turned out NFTs were even more vulnerable to speculations compared to crypto than everyone thought.

Newbies got scared that we were entering a crypto winter, meaning their digital assets would lose value significantly. A single question circled their minds – will NFTs crash?

Flippers were selling at a loss (their idea was to limit the damage by selling low) whilst some of them were just listing but never selling their NFTs, which was a result of a massive downturn in trading volumes.

To clarify, most people in NFTs are seeking overnight profits. No wonder such a large drop in value when it comes to cryptocurrencies made them fear they would lose most or all of the money invested. For the same reason, they got discouraged from injecting more money and buying new stuff.

Note that most new people in the space aren’t making educated decisions. They are, mostly, buying the hype, and just going for the latest trend instead for utility projects is enormously risky. “Scared money makes no money” is something you’ll often read on Twitter about investing in NFTs.

Another reason for a significant volume drop is that the number of frauds or rug pulls has never been higher and the entire NFT space feels less safe than it used to be.

Connect your wallet to the wrong website and you will get drained – all of your NFTs and funds, gone, within seconds. Click on the link sent to you on Discord, and the same thing happens. The more people in the space, the more scammers, and needing to stay super-cautious about all this simply kills the vibe NFTs had initially.

The declining price of cryptocurrencies and NFTs has a lot to do with the pandemic, the war in Ukraine, the rise of interest rates, and, needless to say, inflation. If we enter a recession, the world will be way less interested in art.

Still, it’s good to know that successful holders, traders, and flippers in the NFT space are not newcomers. A large portion of people in web3 are crypto-natives, deeply enthusiastic about decentralization, gaming, and art and they are considering this dip advantageous in so many ways.

NFT whales do not have the need to cash out, or, at least, not entirely. They have survived bear markets and their mindset is set to “1 ETH is 1 ETH”. They are willing to participate in transactions almost without caring what is happening to fiat. Shortly said, crypto and NFTs are not for the faint-hearted.

Are All NFTs Performing Badly?

Of course not! High-profile aka blue-chip projects (Bored Ape Yacht Club, Mutant Ape Yacht Club, Crypto Punks) as well as the metaverse land, Otherdeed for Otherside, are doing relatively well.

The number of active collections, buyers, and sellers is growing consistently as well. A weekly number of active collections on OpenSea solely skyrocketed from below 500 in Q1 2021 to 5,000 in Q1 2022. In Q1 2022, almost 1 million unique addresses performed a transaction – bought or sold an NFT, compared to Q4 2021 when the number of active wallets was around 627,000.

On the other hand, Solana NFTs have gained huge traction since the Okay Bear mint followed by the Trippin’ Ape Tribe mint. Thanks to the latter, Solana NFTs surpassed trading volume on Ethereum NFTs first time in history – $24.3 vs $24 million in a day.

A recently minted NFT on Solana, Trippin’ Ape Tribe, surpassed the most popular Etherem NFTs in 7-day volume on OpenSea.

Source: https://opensea.io/

Magic Eden took over OpenSea in terms of both transactions and weekly users. One of the reasons behind this is that minting, purchasing on the secondary, listing, and bidding costs practically 0 SOL, and transaction fees on Ethereum are still relatively high.

Trying to stay on top of transactions, OpenSea now accommodates Solana collectibles (Polygon and Klaytn as well) and currently supports trading over 500 collections. On June 5th, NFT trading volume on Solana surpassed $2.35 billion, and it could be that Solana summer is really not just a buzzword.

Finally, some big brands such as Nike, Lous Vuitton, Pepsi, and Samsung have dipped their toes into NFTs. A couple of established brands that are just about to get into the NFT world are LACOSTE, Diesel, and Audi, which is an indicator that NFTs are far from dead.

Summary

So, do we think this NFT crash means the end of NFTs? Not at all! We’re going through a period of consolidation. The market is maturing, and, eventually, it will bounce back. However, people willing to invest in NFTs should be more cautious and go for projects they believe have potential and will stay around long-term instead of looking for quick flips.

Cryptocurrency

Mining Explained: A Detailed Guide on How Cryptocurrency Mining Works.

Posted on May 18, 2022by Gordon Neil

During the peak of cryptocurrency mining, war ensued that boosted demand for GPUs. GPU manufacturer Advanced Micro Devices reported impressive results in its latest earnings report as demand for its shares rose and shares were at a record high for the past ten years. Although demand for graphics processors has increased dramatically crypto mining gold rushes have quickly ended as difficulty in mining top cryptos including Bitcoin increased rapidly too. cryptocurrencies are still lucrative. What does cryptomining mean? The following article focuses on this subject further.

Understanding Bitcoin

Bitcoins are a very popular type of cryptocurrency that are digital currencies. Bitcoin is distributed in the form of distributed ledgers, which monitor the transactional data in cryptocurrency and track the transaction. When computer systems verify and process transactions, new bitcoins may be created. These networked computers process this transaction by accepting bitcoins and then paying them. Bitcoins are based on blockchain technology, enabling some cryptocurrency systems and applications. A blockchain is essentially a centralized ledger that records every transaction within a network.

Is Bitcoin mining profitable?

That’s a question. Even if the Bitcoin mining business succeeds, the mining companies are unsure about their potential profits because of the high initial equipment prices and the ongoing electric expenses. The ASIC’s electricity will consume about twice what is used to power the PlayStation three in the US, according to the report released in April 2019. Since the complexity of mining bitcoin increased, it was necessary for a higher computing capacity. Bitcoin mining consumes 14.5 terawatt-hours of electricity a day, according to Cambridge Bitcoin electricity consumption.

How Bitcoin mining works?

Bitcoin miners compete for the best chance to create and maintain a large amount of blocks using expensive computer software and massive electricity. To complete the extraction the miner must find a correct answer. A method to guess a correct amount is called proof of a work. Miners guess targets’ hashed data using random guessing as quickly as possible — a method that requires massive computational power. The difficulties are increased with increasing numbers of miners joining the network. ASICs are computer hardware that are typically referred to as ASICs and can be up to $10,000 to build.

How can I start mining Cryptocurrencies?

Mining cryptocurrencies uses computer programming software geared toward solving cryptographic mathematical calculations. Until recently, cryptocurrencies like Bitcoin were mined using just the CPU chips of home computers and were easy to use. In recent decades, CPU-chip technology has largely become unsuitable for mining cryptocurrencies because of increased challenges. Nowadays mining for cryptocurrency requires a GPU mining device or ASIC mining software for applications. In addition, every GPU in mine must have reliable internet connectivity.

Tell me the best way to mine Bitcoin?

Initially individuals could compete to buy Bitcoins using a computer that was connected to their computers, but it is no longer so. It’s because of how complicated Bitcoin mining can be with time. In the hope that it will be possible to run the blockchain in a smooth way and be processed and verified by a Bitcoin blockchain, the network will generate one block each hour. Nevertheless the mining industry is likely to be able to solve the problem in less than two hours with fewer hacked computers than 10 hacked computers compared to 100.

Different methods of mining Cryptocurrencies

Different methods to mine a cryptocurrency take different times to do so. In the early days of computer mining, CPUs were the preferred solution for all of the mining jobs. Despite the huge electricity costs and increased difficulties across the country, CPU mining remains slow. GPU mining is a way to explore cryptocurrency. It increases computation power when combining GPUs with one machine. In the GPU mining rig the motherboard must have cooled systems installed in order. ASIC mining also provides another way of mining cryptos.

What are mining pools?

If the solver has a puzzle then he receives a bonus from mining, and the probability that a participant finds a solution equals the percentage of the mining power. Participants with relatively small proportions of mining power can’t really discover the next Block alone. A mining card a user might have for tens of thousands would not be enough to supply 0.09% of the mining power of an entire system. It may take the miner quite some time for him to locate the block, and the difficulty is going to increase it.

What is Hashrate?

GitHub hashrate represents the computation power used by mining companies. The more people mining Bitcoin and hoping to earn money, the more difficult it gets to solve it. This is a computational battle where individuals or groups have more computing power. More computers have the more opportunities the mine is going to get and thus the more blocks it can get. In 2009 Hash rates were initially measured in Hash Per Seconds (H/s – H/s was quickly used to indicate that mining grew exponentially in the future.

Is Bitcoin mining legal?

Bitcoin mining has a legal status depending purely on where you are. Bitcoin’s concept threatens fiat currencies and government controls on financial markets. Bitcoin is illegal in some locations. Bitcoin owners can legally use their Bitcoin to mine Bitcoins and other cryptocurrency. The country has been found to be illegal for several reasons. 8. Currently the ban includes China, Bangladesh, Dominica, North Macedonia, Qatar and Vietnam. In most countries bitcoin use remains a legal practice.

Downsides of mining

Generally, mining risks can be financial or regulatory. Mining of the Bitcoins is a serious and expensive risk since it is impossible to earn enough profit by buying and selling mining equipment for a single investment. However, these risks can easily be reduced through mining. When mining is considered a risk and living near a place where the mine is illegal then reconsider it. You should also consider the country regulation and general sentiments regarding cryptocurrency before investing.

FAQ

How much can you profit from Bitcoin mining?

If an Ethereum miner can create an Ethereum block, he will get 625 bitcoins. The prize is halved every 4 years or a quarter of the 200,000 block. Bitcoin was valued between $40,000 and $750 million and is worth approximately $150,000.

What is block mining in bitcoin?

Bitcoin mining is used to store current bitcoin transactions in blocks that can be added to blockchains. Bitcoin miners are used to analyze transactions by analyzing data from bitcoin transactions. The miners receive bitcoins for each block.

How long does it take to mine a bitcoin block?

Bitcoin blocks are mined every 10 minutes. This means that the theory will take about 10 minutes to mine a BTC reward.

How many bitcoin blocks is a mining?

How many coins can be minted per block is varied. Each block produced 6.25 BTC.

What is the return on Bitcoin mining?

Miners will receive a reward of 625 bitcoins. The price will decrease by 1.325 Bitcoins from 2023 to 2027. The prize is paid to the miners first solving this puzzle. Typically the same procedure repeats for ten seconds for all of the mining machines in networked systems.

Bitcoin Guide

What would happen if I invested $1000 in bitcoin in 2010?

Posted on April 21, 2022by Gordon Neil

The story of the most popular digital asset created by Satoshi Nakamoto began years ago, back in 2010, and since then the asset has shown a crazy increase in value. In the past decade, this digital currency grew in price at a frantic pace, although in 2010 it was used to buy several pizzas, and has since inspired the creation of many other cryptocurrencies.

On May 22, the cryptocurrency world celebrates the anniversary of Bitcoin Pizza Day. On this day in 2010, Czech enthusiast Lazlo Hanesh made the first financial operation using crypto called bitcoin. Hanesh transferred 10,000 bitcoins to his developer friend, who ordered him two pizzas from Papa John’s restaurant. Then one bitcoin cost about $0.003 (thus, pizzas cost the Czech $30).

However, if you had clicked the bitcoin payment button in 2010 and purchased $1,000 worth of crypto assets, you would have received at least 927,693% growth in 2022! In other words, a thousand US dollars in 2010 invested in bitcoin in 2022 would turn into $927 million. Those who invested 1000 in Bitcoin are certainly happy they’ve done so. But when did Bitcoin start and what was Bitcoin’s starting price?

BTC mining began in 2009. However, Bitcoin was not sold anywhere. Back then, there were no cryptocurrency exchanges at all. Technically, the price of bitcoin in 2009 was $0. Throughout 2010, bitcoin did not manage to reach the $1 mark, but the price had already begun to rise.

The lucky ones who bought bitcoins in 2010 could not fully realize the potential of the crypto coins. Until 2017, the growth rate of bitcoin did not give reason to assume that Bitcoin’s rise would lead to cosmic growth. The process of global adoption of crypto began after 2017 and was triggered by a sharp rise in bitcoin.

Between May 1, 2017 and April 1, 2018, the main cryptocurrency has risen in price by almost 5000%. This happened against the backdrop of an increase in the popularity of a new way to raise funds – ICO. IPO projects have raised millions of dollars, often without even a minimum viable product. During the same period, CME launched Bitcoin futures trading.
Every year, the number of Americans hearing about bitcoin has grown exponentially, including the many people who’ve actually bought bitcoin. According to explodingtopics.com, in 2022 most people in the US (more than 89% of the population) have heard of bitcoin. At the same time, the number of blockchain wallets as of the beginning of 2022 has increased to 80 million

The value of the Bitcoin

The main digital asset burst into the global economic and financial arena thanks in large part to individual traders. Large companies and hedge funds helped to reach a new level of BTC, which saw their benefits and potential in cryptocurrencies. What was this value?

It is important to remember that when bitcoin appeared, blockchain technology also appeared. These two technologies are inextricably linked and help each other get better. Blockchain algorithms and protocols work best in the first cryptocurrency. Given the value of digital assets and the technologies on which it is based, six core values can be identified:

Decentralization – Bitcoin technology has allowed us to avoid tight control over the use of cryptocurrency and put more power in the hands of the user community. In 2022, this is a key advantage of the new generation of digital assets, but for the first time this was implemented as part of the Bitcoin project.

Security – The Bitcoin network remains virtually immune to hacker attacks. Blockchain technology plays a significant role here, due to which, in order to access the information of the BTC network, it is necessary to control at least 50% of mining, which is an almost impossible task.
Mining or extraction of BTC is distributed among numerous companies that are geographically located in different parts of the world. Therefore, the Bitcoin network is a much more secure place than any physical storage. Wild west of crypto mining explained how exactly mining caused on BTC/USD price.

Scarcity – according to the original algorithms, the total supply of BTC is limited to 21 million coins. Computing processes are designed in such a way that the last coin will be mined no earlier than 2140. Crypto has more value than fiat means of payment. Eventually, the digital asset will become completely deflationary, causing its value to rise significantly. Due to this property of the coin, the term HODL appeared, which means long-term storage with the aim of making a profit by increasing the fundamental value of the asset.

What will happen with bitcoin in 2022?

In 2021, Bitcoin became the most profitable financial instrument, surpassing the S&P 500 trading index, which showed the best result in three years. Also, the digital coins bypassed real estate and oil in terms of profitability. Gold finished 2021 in the red by 2%, in which BTC played an important role. Therefore, a fashionable topic for discussion is “what better protects against inflation Bitcoin or gold?” may be considered closed.

Despite the yield in the region of 60%, the cryptocurrency did not justify all the advances that it received in the fall of 2021. Leading experts like Bloomberg analyst M. McGlone and S2F model developer have said that bitcoin will end 2021 at around $120k. Leading banking conglomerates JPMorgan and Goldman Sachs were also confident that Bitcoin price would cross the $100k mark. But in reality, the digital asset hit a painful correction that the market is still feeling.

Although this should not be taken as definitive investment advice for your personal finance ventures, among the global forecasts for Bitcoin, it is worth highlighting the statement of Bloomberg expert McGlone. The analyst believes that the main cryptocurrency will reach $100k in 2022 due to a gradual change in the role in the financial system and a significant decrease in volatility.

The CEO of cryptobank SEBA is less optimistic in his forecasts, and believes that the asset is capable of reaching $75k by the end of 2022.

Is it too late to invest in Bitcoin?

If I didn’t invest 1000 in Bitcoin in 2010, is it too late now? Yes and no. On the one hand, Bitcoin is already worth too much (not counting the transaction costs), so it is no longer possible to get a million percent of the net worth profit.

On the other hand, despite finding great success over the last decade, the main crypto assets is only at the initial stage of its formation. Bitcoin is now at the adoption level of the Internet in 1996.

In other words, cryptos have a great future and there is no doubt that if in 2022 you invest a thousand dollars in this cryptocurrency during the bear market, then after 2-3 years you will be able to get at least 100% profit.

Bitcoin has not yet found itself as a full-fledged means of payment. Large hedge funds continue to be interested in the asset, and the emergence of state regulation will increase investment flows in BTC. Therefore, there is no doubt that the digital assets has room to grow and develop, so buying BTC/USD is still a good deal in the long run.

Cryptocurrency

The Good, the Bad and the Ugly: Wild West of Crypto Mining

Posted on March 4, 2022by Gordon Neil

“Bitcoin mining” is a phrase that has been tossed around for over a decade now and even people with no knowledge of crypto have encountered it at least once. The crypto market has evolved a great deal since 2009, however, the regulations of crypto trading and mining are still considerably lagging behind. This gray area is leaving plenty of room for trading manipulations and causing a Wild West of crypto mining.

Wild West Crypto Mining – no Pickaxe required

When a typical person hears “crypto mining” the thought that comes to mind is a gamer using his rigged PC to mine Bitcoin while offline. In actuality, according to a new study, half of all Bitcoin mining capacity is controlled by 0.1% of miners.

A typical Bitcoin miner is a corporation operating “mining farms” – numerous warehouses full of ASIC (Application-Specific Integrated Circuits) mining computers. These organizations make it impossible to compete against them for lucrative Bitcoin hashrate, practically pushing an individual miner out to the curb.

However, Bitcoin, even though the most recognized, is not the only proof-of-work (PoW) crypto. Despite some arguing that proof-of-stake (PoS) is the new norm among the blockchains, there are still quite a few cryptos that can be mined.

Deciding Whether to enter the Wild West of Crypto Mining

Despite numerous arguments against it, PoW seems to be here to stay, at least for the time being. For those who are interested in making some easy passive income on the side, once they dismiss the idea of mining Bitcoin, the next stop is Ethereum.

Ether’s price has lately made its mining an extremely lucrative endeavor. It attracted many first time miners, so it is no wonder Ethereum’s hashrate is at its all time high. Miners’ only concern is Ethereum’s eminent transition to PoS, which is expected to take place by 2023.

Ethereum Network Hash Rate Chart by etherscan.io

Honorable mentions of PoW chains include, though are not limited to:

Ethereum Classic
Monero
Ravencoin
Dodgecoin

Mining each of them comes with different equipment requirements and fluctuating hashrate difficulty. Anyone looking to get into crypto mining needs to weigh out the current hardware availability and prices against the potential gains.

Miners versus Gamers

Lately, hardware scarcity has been one of the burning topics among the miner community. Various weather incidents, trade war of the US and China and the consequences of the pandemic as well as the increasing hardware demand by miners resulted in a worldwide semiconductor chip deficit.

The surge in demand and prolonged chip shortage culminated into a market of online purchasing bots, scalpers, hardware company lotteries, skyrocketing prices and overall equipment unavailability. At one point, the consumers were forced to either pay double and triple the MSRP, or settle for the equipment they already own.

This affair primarily affected the gamers and the miners as they were the pool competing for the severely limited supply of the medium and high performance GPUs. Since the miners were using the hardware to acquire generous income, they were ready to pay high prices to the scalpers thus further deepening the issue.

This trend prompted manufacturers to put a lid on the GPUs’ hashrates making them less appealing to miners. However, the short term solution was just an implemented driver on the existing GPUs. Consequently, as soon as they hit the market, crypto miners’ forums were overflowing with advice on how to go around the restrictions. It was back to square one for the manufacturers and just another day in the Wild West of crypto mining.

The Big Miner Migration

Besides the chip shortage, 2021 was significant as the year of the big miner migration. With the release date of digital yuan approaching, the Chinese government saw crypto as direct competition to their CBDC. This triggered one of the world’s biggest government crackdowns on crypto, effectively shutting off power to all Bitcoin mining farms on Chinese grounds overnight.

Bitcoin mining hashrate contribution of China up to that point had been steadily declining in the anticipation of such an event. It went from 75% in 2019 to 44% in May of 2021, however, the ban has suddenly brought all Bitcoin mining in the Republic of China to a screeching halt.

All of the miners had to quickly find an alternative combination of crypto friendly grounds and affordable power. Russia and Kazakhstan were appealing and initially quite popular options because of their proximity. However, over time, they have shown to be risky choices due to governments’ inconsistent policies and electricity shortages.

Evolution of country hashrate share by Cambridge Bitcoin electricity consumption index

Transporting the equipment to the US and Canada was logistically challenging due to the pandemic imposed shipping strain. Nevertheless, Texas has become the fastest growing destination for crypto mining in the world.

Green is the New Black of the Crypto Wild West

The narrative constantly finding its way back to the headlines of the crypto news section is that of Bitcoin’s “poor effect on the environment”.

Total Bitcoin electricity consumption data by Cambridge Bitcoin electricity consumption index

It is a fact that Bitcoin mining is a highly energy intensive process. According to Cambridge Bitcoin electricity consumption index, monthly Bitcoin electricity consumption has increased from 0.09 to 310 TWh, or close to 350,000% over the past decade. This trend has brought about numerous critics of mining impact on the environment and just about every major news post on the topic resulted in a price hit to Bitcoin.

One of those price hits was in May of 2020 when Elon Musk announced that Tesla would no longer be accepting Bitcoin as payments due to its environmental impact. The news caused a Bitcoin price drop of 15%. The epilogue of this episode was only a month later when Tesla’s CEO tweeted that the company would likely reinstate the bitcoin payment button once miners shift to more eco-friendly energy sources.

Probably unrelated to Mr. Musk’s actions though, Bitcon’s mining industry is showing an overall trend of moving towards more sustainable energy consumption. During June quarter, the share of green energy reached 56%, making Bitcoin mining one of the most sustainable industries in the world according to Bitcoin Mining Council (BMC).

This shift perfectly correlated with the big miner migration into the US. Not coincidentally so, since in Texas, miners shut the rigs upon power use surges and buy electricity when the demand is low. This way, they are efficiently acting as a new green energy shock absorber. Some even anticipate that recent mining activity will catalyze wind and solar energy production in the area to alleviate the power strain.

The demand for green Bitcoin is so high that even hardware manufacturing companies are jumping on the bandwagon, one of which being Intel. There has been a great deal of marketing and fan-fare surrounding Intel’s new “Bonanza Mine” chip and the community expected the new miner to deliver on speed as well as energy efficient performance. However, this turned out to be a letdown, as this chip only has about 40% of the hashrate power of the typical antminer, leaving the consumers to choose between hashrate and sustainability.

Crypto is here to stay and, despite its drawbacks, PoW is not going anywhere any time soon. However, anyone looking to get into mining has to be aware of the kind of cut-throat business they are entering. Until some serious regulations are in place, this market, as a whole, will be referred to as crypto Wild West among serious investors.