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Have you ever thought about how profitable mining Ethereum would be? If so, then you have also probably considered making your own GPU mining rig for Ethereum. Of course, everyone knows that there are many different ways that you would be able to get into mining Ethereum. One of them is cloud mining, purchasing a mining rig that is someone else’s, and also creating your own rig. Of course, those are only the most popular out of all of the options there are. One of the best ways is to build your own Ethereum mining computer.
This is one of the best ways simply because if you did this, you would be able to have total control over the system, all of it. Really, you would only need to know a couple of basic steps in order to create your own mining PC, and a great one at that. Of course, when following the steps, it is very important to pay attention to detail, because every detail can either help or harm the amount of profit that you will be seeing.
The first step that you need to know is very simple, do research on the components and make sure to pick out the best ones that will help in creating the best system. Of course, this means that the next step is to actually build the system. To do this, you will have to make use of all of the components that you have found and researched and put them together. Makes sense, right? Unfortunately, this process takes varying amounts of time. Really, it will all depend on how much research you are going to be doing on the components, delivery or pick up time, and then how long you take to put it all together. Of course, then you have to make sure to configure it properly so as to make sure that it is running the best that it can, which takes varying amounts of time. So, expect to spend anywhere from a few days, to as much as a few weeks building your masterpiece.
Of course, when you are building a Ethereum mining rig, you really are just creating a computer. This means that you will be needing to choose an operating system. Of course, the big debate is if you should use Linux or Windows. Obviously, I personally would say Linux, even though it does come with a bit of a learning curve, as soon as you are able to get used to using Linux, you will notice that your mining rig is benefiting because of how lightweight most of the Linux distros are. Although, you probably already know this, because if you are trying to build your own mining rig, let’s face it, you’re probably already tired of hearing about the battle between Windows and Linux fans, even though some of the jokes are quite hilarious. Anyway, using Windows for this would suck because it has a lot of bloat, and when I say a lot, I mean A LOT! Of course, this means that it will take up some valuable resources and those resources could instead be making you money.
Get The Right Components
Of course, you might hear people talking about how cheap it is to build a mining PC, but the truth is, it is quite expensive. Of course, the better the GPU you build, the more expensive it will be. However, just imagine the profit, and it will make you feel better about the cost!
When it comes to building your own mining rig, you are first going to want to purchase a motherboard. When you take a look at a human, you know that the brain and nerves are the things behind all of the movements and speech of that human. Well, the motherboard is like the nervous system of your rig. This means that all of the hardware that you get will hook up to the motherboard and that is how they will be able to function properly. Of course, this means that the most important choice is what motherboard you choose. If you take a look at the Radeon HD 7950, you will realize that you are able to get three of those babies to fit into one motherboard that has 3 PCI Express slots. Of course, each of these will come with their own hash rate of 20MH/s. When you realize that, then you realize that, that means that you will be getting a hashrate that is 60MH/s. The best GPU you will probably be able to find for your mining rig is the GA-Z97Z Gaming 3.
The hard drive is the next essential component for your rig. This is the piece that you will be putting your operating system on. Make sure to get one that is at least 1TB. The next thing would be the RAM. You should have at least 4GB of ram, but it is even better for you to splurge and get the 6 or 8 GB. Of course, the last part is the power supply. Now, if you were thinking about getting a power supply unit that was cheap, think again, you have to get one that will have a lot of power.
Finishing Touches
Now that you have the need to know on how to build your mining rig and what to get, it is time to get to it!
Imperial College London has released a research paper in collaboration with eToro, and their findings are very exciting: we could see cryptocurrency payments become mainstream within the next ten years.
The research paper also outlines a few of the issues we would need to address before this will become a reality, however.
Cryptocurrency ticks all the boxes
The paper does a very good job of introducing the concepts behind blockchain technology, cryptocurrency tokens, crypto-commodities, digital ledgers, and smart contracts.
The paper also outlines how cryptocurrency, contrary to popular belief outside of the crypto-community, actually does meet the three tenets of what constitutes a currency.
These tenets are that it has to be a medium of exchange (check), be a unit of account (check), and a store of value (also check).
Simplicity is the key to success
According to the researchers, one of the main areas blockchain projects need to bear in mind when they develop their business is user-friendliness. Without app interfaces that have been designed as simple and easy-to-use, the various blockchain-based products and services will simply not take off.
This makes sense, and many of the most popular apps and devices achieved their status due to their simplicity. Think Google and Apple. Both companies pride themselves on simplicity without compromising utility.
What is holding back cryptocurrency?
One of the more interesting points raised by the researchers was the similarities between fiat money and cryptocurrency. Citing the textbook ‘Macroeconomics’ from 1999 by Morris Perlman, the paper lays out how all the fears associated with cryptocurrencies today were also attributed to fiat money in the past.
The main issue many investors have with cryptocurrencies is that it is money not backed by anything with intrinsic value. This is no different to fiat money, which also have no intrinsic value compared to silver and gold coins. Yet, people are more than happy to sell their gold, which has intrinsic value, in exchange for fiat money, which does not.
This would indicate that it is simply a matter of time and familiarity that will make cryptocurrency as widely accepted as fiat money is today.
The challenges remain
Going back to the three tenets of currency (medium of exchange, unit of account, store of value), the researchers raised the issue of volatility. That fact that most, if not all, cryptocurrency tokens are highly volatile damages their credibility when it comes to all three of the tenets.
A second concern was the lack of scalability inherent to cryptocurrencies. Restrictions on block size and transaction complexity can lead to a massive increase in transaction times and costs — and indeed has done in the cases of Bitcoin and Ethereum.
Another issue that few people have thought about were the transparency of the cryptocurrency system. Because of the public nature of blockchain, everyone will be able to see what everyone else is doing. The researchers feared that this could lead to industry sabotage between companies who can use this feature to spy on each other.
Moolya ICO Review
There has never been a better time to start a company. Why? Because the Internet has allowed us to be located anywhere in the world, and collaborate with others across borders and timezones.
This means that there are now more startup companies popping up than ever before. But new businesses and the entrepreneurs that run them need support, guidance, investment, resources and groups to brainstorm with. While the Internet does a great job at facilitating this, many entrepreneurs are clustered in smaller groups around the web. Moolya is a project that aims to bring all these groups together, in order to create an ecosystem that everyone can benefit from.
What is Moolya?
Moolya is an entrepreneurship ecosystem built around blockchain technology. It is a place that hopes to aggregate all the entrepreneurs, investors, service providers, institutions, consultants, mentors and collaborators together into one global community of creative business minds. By gathering everyone in one place, the possibilities for networking and collaboration will be unprecedented. The team behind Moolya have already begun to form relationships with popular startup countries, such as the United Kingdom, the United States, the United Arab Emirates, Australia, China, and Singapore.
How does Moolya work?
The Moolya community will bring together institutions, startups, investors, companies, service providers, mentors, gurus, and partners to form the world’s first global entrepreneurial platform. These entities can communicate and collaborate via the platform, and the native currency being used will be the MoolyaCoin. This cryptocurrency token will be the main currency with which investors can fund projects, businesses can purchase products and services from each other, and entrepreneurs can pay advisors with. Furthermore, all the products and services produced by the startups will be accessible through the platform, which in turn will aid the startup businesses in reaching their target markets.
What are the benefits of Moolya?
As with other online platforms, Moolya will be universal and not bound by any physical borders. Being based on the blockchain technology as it is, the network will be decentralized and more secure than existing digital platforms. All the funding and transactions will be trackable and verifiable by the users on the network. One of the many advantages of cryptocurrency transactions is that they are much cheaper and faster than traditional financial transactions. The cryptocurrency system will also provide the users with the benefit of instant liquidity and increased purchasing power. This is particularly useful for startup companies with limited funds and cash flows. As there is a limited supply of tokens, there will be no inflation to worry about. By being connected to the Moolya network, entrepreneurs will also be able to access services not currently available to them.
What are the main features of Moolya?
The Moolya ecosystem platform is already live as of January 2018, with their official patent still pending. By using blockchain technology to facilitate the network, Moolya already place themselves head and shoulders above similar competing platforms. The team behind the project is made up of entrepreneurs, engineers, architects, digital experts, and marketing gurus. The roadmap for the project is very solid and detailed, with much research being conducted on a consistent basis.
bitcointalk Username: Ico Friends
Bigger is not always better. Sometimes, good things come in small packages. Despite the majority of cryptocurrency news revolving around large countries like the US and China, there are quite a few smaller countries that are surprisingly progressive when it comes to blockchain and cryptocurrency.
The problem with bigger countries is that they often resort to strict regulations that suffocate the development of budding blockchain projects. This is of course often implemented as a preventative measure to avoid criminal activity but, unfortunately, it also affects the honest players in the game. Smaller countries, on the other hand, have the advantage of being more flexible, and many of them use that advantage. Here, we will have a look at some of them — and they are not the ones you might have expected. From Georgia to Liechtenstein, lack of regulation and the encouragement of education within the crypto-sphere is propelling various exciting blockchain initiatives.
Malta
Malta is a haven for blockchain companies because of the lax regulations. The cryptocurrency exchange Binance recently announced that it would relocate from Hong Kong to Malta for this very reason. The Maltese government has also recently formed the Malta Digital Innovation Authority (MDIA), which aims to promote the use of digital ledger technology for much more than simply the transfer of money.
Georgia
Not the state of Georgia, but the Eastern European country, which at a population of 4 million is only half the size of the US state. A Cambridge University study from last year ranked the country as number two when it comes to cryptocurrency mining. Why? Because Georgia has very few regulations and harnesses hydropower to generate its electricity. Here, the average cryptocurrency miner can spend $80 on electricity per month, and generate $800 worth of cryptocurrency tokens. Not a bad deal!
Liechtenstein
The small country of Liechtenstein has more businesses than citizens. One of the reasons for this is that is is part of the European Economic Area (EEA), but not the European Union (EU). This makes it particularly attractive to cryptocurrency businesses, as it is not subject to the many EU regulations. As an added bonus, a business can be set up without a bank account or fiat money. All other fees can be paid for with Bitcoin and Ethereum.
Thailand
Thailand is one of the many Asian countries that are at the forefront of blockchain technology. The country’s postal service announced last year that it would begin incorporating blockchain technology into its deliveries. By using smart contracts, the postal service can ensure that deliveries containing valuable goods only are handed over to the appropriate person.
Cyprus
Whilst Cyprus is known for neither mining nor lax regulations, it is a power-house when it comes to education on cryptocurrency. The Cypriot University of Nicosia pioneered school programs in cryptocurrencies, which other countries have since emulated. The university was also the recipient of funding from Ripple, who recently invested $50 million in educational cryptocurrency programs around the world.
Do you know of any smaller countries that have made great leaps in terms of blockchain technology? Let us know in the comments!