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    Bitcoin Daily Discussion, August 27, 2020

    August 27, 2020

    Bitcoin Daily Discussion, August 27, 2020

    Daily Discussion, August 27, 2020

    Posted: 27 Aug 2020 12:00 AM PDT

    Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you!

    If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow.

    Join us in the r/Bitcoin Chatroom!

    Please check the previous discussion thread for unanswered questions.

    submitted by /u/rBitcoinMod
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    Korean & Japanese users now can use Bybit to purchase Bitcoin & crypto with fiat!

    Posted: 26 Aug 2020 07:36 PM PDT

    The 8 Laws of Bitcoin

    Posted: 26 Aug 2020 04:47 AM PDT

    Mathew D’Souza, Bitcoin Pioneer, Dies At 29

    Posted: 26 Aug 2020 12:34 PM PDT

    BTC 1 Million

    Posted: 26 Aug 2020 11:54 PM PDT

    I need bitcoin to hit 1 million ASAP so I can tell my wife I told you so. Nothing will satisfy me more.

    submitted by /u/-DyNastY420-
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    Fidelity to offer Bitcoin to investors under the newly created "Fidelity Digital Assets". Minimum investment: $100k. Bullish

    Posted: 26 Aug 2020 11:55 PM PDT

    Grayscale ETF added 4,454 BTC to its stack today alone.

    Posted: 26 Aug 2020 03:30 PM PDT

    417,858.541605 BTC as of 8/25/2020

    422,312.907240 BTC as of 8/26/2020 = +4,454.36

    https://grayscale.co/bitcoin-trust/

    submitted by /u/atrueretard
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    Fidelity President Files For New Bitcoin Fund

    Posted: 26 Aug 2020 09:34 AM PDT

    The BIGGEST DIY Bitcoin & Cryptocurrency SOLAR MINING FARM Tour!! ☀☀

    Posted: 26 Aug 2020 07:23 PM PDT

    Major Korean Crypto Exchange Seized After 99% Trading Volume Allegedly Faked

    Posted: 27 Aug 2020 01:14 AM PDT

    Bloomberg : Fidelity Launches Inaugural Bitcoin Fund for Wealthy Investors

    Posted: 26 Aug 2020 02:58 PM PDT

    The most profitable ASICs in 2020

    Posted: 26 Aug 2020 11:57 PM PDT

    The most profitable ASICs in 2020

    https://preview.redd.it/wate354jthj51.png?width=1200&format=png&auto=webp&s=d5884ffabf8b81042aa98a71cffcebaead9585f1

    Considering the situation with halving, the choice of ASIC which will generate income stably and at the same time be easy to operate, is a pretty relevant task. This article contains the main points to pay attention to when choosing new devices, so that mining on them will be profitable today in 2020.

    1. The efficiency of ASIC

    The cost of energy and the hashrate that you can reach on a specific ASIC directly affect the profit and the speed of the payback of the device. Therefore, when choosing an ASIC, you should carefully go through the "combinations" of overclocking profiles and power consumption. It is recommended to choose the most profitable model in this regard.

    Also, after buying a new ASIC, improve it with custom firmware (this is almost a mandatory step, because today it is very difficult to mine profitably without the firmware). Using it, you can achieve one of the following "scenarios":

    • Increasing the hashrate (while the power consumption remains at the current level)
    • Maximum increase in hashrate (while energy consumption also increases)
    • Reducing the current level of power consumption (while the hashrate does not change).

    An example with Antminer T17 will explain the efficiency and profitability of the firmware more clearly. So, the stock firmware of this ASIC allows you to achieve a hashrate of 40 Th/s, while the device consumes 2200 W. With the Hiveon ASIC firmware, the Antminer T17 consumes 1816 W (at the same hashrate), and the maximum possible hashrate is 56 Th/s (with a standard power supply unit). Moreover, the firmware allows you to extend the service life of the ASIC.

    1. Ease of operation

    The easier it is for you to manage an ASIC, the more attention you can pay to the mining process. The Hive OS monitoring and management system can greatly simplify this task — with its help, you can control ASICs remotely, monitor their performance, and so on. Therefore, when choosing a new device, pay attention to those ASIC models that are compatible with it. A complete list of supported models can be found here.

    1. Availability of spare parts

    When choosing an ASIC, find out if you can buy spare parts in your city or country. And if yes, what is their cost? Choose those ASICs for which you can get spare parts as soon as possible. In this way you will avoid serious pauses in the mining process and loss of income.

    In addition, the following two factors should be considered:

    • ASICs have practically no interchangeable parts. However, fans are an exception, but it all depends on their size. For example, Bitmain's ASICs have fans of the same size, while the Innosilicon's fans are larger. The control boards of Bitmain ASICs of the 17 series are also interchangeable.
    • The most popular manufacturer is Bitmain.
    1. The cost of ASIC

    If you are going to purchase a large number of devices, their price may be the most influential factor.

    Be sure to compare prices of different suppliers. Some of them may increase price on purpose, so that you may overpay. But by checking the offers of other suppliers, you will avoid this situation.

    Also, do not purchase new ASICs immediately after their release. Wait a little — over time, their price will drop slightly, and you will also have the opportunity to read reviews and decide if these devices are worth your investment.

    It is also worth finding out how much electricity ASIC consumes per terahash. For example, some devices require 1.6 kW of power, while others consume 6 kW. In the end, an ASIC which consumes 6 kW of energy will cost much more, because you will spend a substantial part of your profit on paying electricity bills.

    1. The device's warranty

    Warranty terms are another factor worth paying attention to:

    • What is the warranty period of your potential ASIC? Obviously, the longer the warranty is valid, the better and easier it is for you.
    • Is there a warranty service center nearby (in your city or at least country)? If it is missing, look for a post-warranty center — sometimes it's easier to choose this one, even if the device is still under warranty. Why? The fact is that sometimes warranty repairs can take a very long time, which means loss of profit for you.
    • What specific cases does the warranty NOT cover?

    The most efficient ASIC models in 2020

    Bitmain Antminer S19 Pro

    https://preview.redd.it/z8wbf9lkthj51.png?width=540&format=png&auto=webp&s=4b4b125e540e0ee72c9975bd0fe66326426623c8

    • Impressive power — hashrate up to 110 Th/s;
    • High stability thanks to the new APW12 power supply;
    • Effective energy saving — up to 29.5 J/Th;
    • Bitmain fans are interchangeable.

    Bitmain Antminer Т17 (old generations)

    https://preview.redd.it/5wldxnplthj51.jpg?width=900&format=pjpg&auto=webp&s=09d315fd75b47ac1b72f1d1e3e9bc1139c92df4d

    • Easy to overclock;
    • Considered to be one of the most "durable" ASICs;
    • Bitmain fans are interchangeable;
    • Bitmain 17 series control boards are also interchangeable;
    • The device is compatible with the Hiveon ASIC firmware (using it, you can mine profitably and achieve a hashrate of 56 Th/s on a standard power supply unit).

    Bitmain Antminer S17 Pro

    https://preview.redd.it/7k8w1eqmthj51.png?width=1115&format=png&auto=webp&s=4ef0effd364fad79a22939f8970c812f59bbf5ca

    • Reliability and durability;
    • The ASIC is easy to overclock;
    • Bitmain fans are interchangeable;
    • The device is compatible with the Hiveon ASIC firmware (using it, you can achieve a hashrate of 80.1 Th/s on a standard power supply unit).

    Innosilicon T3

    https://preview.redd.it/r5mp8cgnthj51.jpg?width=962&format=pjpg&auto=webp&s=5eee36966888be6c731ce9a78459ce6c19dec97c

    • High reliability;
    • ASIC Boost enabled;
    • ASIC is equipped with an improved cooling system;
    • The device allows you to achieve a hashrate of 43 Th/s.

    Whatsminer M20S

    https://preview.redd.it/1yhieb8othj51.jpg?width=2400&format=pjpg&auto=webp&s=48b6a191cfddb7bfda80f938305cabc03b9df036

    • Reliability and efficiency;
    • The device allows you to achieve a hashrate of 68 Th/s.

    It is likely that in the near future ASICs will replace GPU rigs even more. This means that the issue of choosing new profitable devices should be addressed right now.

    submitted by /u/gorroneeeb
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    It's official: Fidelity just filed for an institutional-only bitcoin fund with the US Securities and Exchange Commission (SEC). Will this one fail like the rest of them?

    Posted: 26 Aug 2020 11:35 AM PDT

    Beirut Explosion and Bitcoin

    Posted: 26 Aug 2020 05:09 PM PDT

    Hello

    Due to the dollar shortage and inflation mainly due to the high corruption in our country, I stumbled on this

    https://www.coindesk.com/binance-charity-donation-beirut-explosion-relief

    It fills me with joy that the Bitcoin community all around the world is pitching in to help us and is an amazing initiative!

    submitted by /u/Nuk37
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    The Value of Bitcoin

    Posted: 27 Aug 2020 02:03 AM PDT

    Hey All,

    A lot of the times us Bitcoin enthusiasts are always questioned about where does Bitcoin gain its value from and why it should be worth what is now or what we expect it to be i.e. around hundreds of thousands.

    I have tried to touch on this, relating it to our current financial system which is doomed to collapse. Some of the other things I have discussed: 1. How Bitcoin Works? 2. Why Bitcoin is one of the most undervalued asset of our time? 3. How to trade Bitcoin? 4. The Blockchain concept and Halving Concept

    I would appreciate if you guys could give it a read here in my Blog and give me your feedback. Please do share it forward if you think it is worth it. Would be a great help! 😊

    Cheers, Fahim

    submitted by /u/fahim_mashraf
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    A curated list of all the amazing projects happening in the Bitcoin ecosystem - list yours and get inspired!

    Posted: 26 Aug 2020 08:47 PM PDT

    Thread: Call to Action for Bitcoin Street Artists

    Posted: 26 Aug 2020 02:57 PM PDT

    No, China Cannot Reverse Bitcoin Transactions—Here's Why

    Posted: 26 Aug 2020 10:25 AM PDT

    Bitcoin Core:Receiving address - how does it work?

    Posted: 26 Aug 2020 10:28 PM PDT

    i have 2 PC running bitcoin core - lets call them PC A and PC B

    1) they are running as full nodes

    2) they have the same wallet.dat ( copied from A to B )

    3) i created a *NEW* receiving address on B, i bought some bitcoins and sent the bitcoins on the receiving address i created on B

    To my surprise , A also knows that i added some bitcoins on that address , and adds those bitcoins to its own balance.

    What is going on here ? i thought the private keys to that *NEW* address is only on B? why does PC A knows as if it had the keys too??

    submitted by /u/Thatquackery
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    Why The Fidelity News Is Such A Big Deal For Bitcoin Holders ��

    Posted: 26 Aug 2020 04:53 PM PDT

    Fidelity Files for Bitcoin Fund Targeted At Accredited Investors

    Posted: 27 Aug 2020 02:38 AM PDT

    2 bugs of Bitcoin

    Posted: 26 Aug 2020 10:35 PM PDT

    Bitcoin has had 2 bugs where someone could mint as many free Bitcoin as they wanted. One bug was exploited and the other was caught in time.

    Could you tell me please how those bug were exploited? I mean in the code. Since bitcoin is written in C and is immutable code... how the heck could the hacker play with the code and exploit the bitcoin network? I mean: there is no interface to play with some attack. At the best there is the bitcoin client

    MY question is: techniclly where the hacker put his fancy code in order to mint more bitcoin than usual? which interface was exploited / the hacker played with in order to do that?

    submitted by /u/luchins
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    Crypto Compliance and Taxation Outlook of the EU

    Posted: 27 Aug 2020 02:19 AM PDT

    CashApp withdrawal problem. Please help.

    Posted: 27 Aug 2020 02:16 AM PDT

    Stop Using Weak Money Like U.S. Dollar for Pricing Bitcoin, Use Gold Instead for More Accuracy

    Posted: 26 Aug 2020 11:01 AM PDT
    Read more
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