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Getting Started: Bitcoin mining pool
Bitcoin mining implies participation in the work of the system in order to assist in the computation of cryptographic keys (hashes) that sign blocks of transactions in the blockchain. For finding each key, the system gives a reward in the form of emitted bitcoins. Due to the high complexity of the computations, it is impossible to find the key by yourself, being ahead of other participants, even with high-performance equipment. Therefore, more than 99% of miners, with the exception of those who have the fantastically powerful computing power, work through these sites.
- You will need to download from the official resource the software that is required for the implementation of mining.
- You will need to understand the software, configure it, and design its launch.
- Then everything is simple – test mining on your computer, and calculate how much you can earn on it through this pool.
In principle, everything is extremely simple on this point, nothing complicated is required. But it should be remembered that ordinary users do not have access to some pools, for example, the pool – Bitfüri is private.
Advantages
Distributed computing by a group of miners is much more efficient than a single key search. Together they manage to find the hash faster than it would if they were working alone. For the use of the resource you have to pay a commission of the pool, but this amount is insignificant compared to the increase in profitability due to the joint solution of computational problems.
Commissions
There are cases when unscrupulous owners of the “pools” robbed users, collecting the extracted cryptocurrency and disappearing. In order not to become a deceived entrepreneur, we recommend using the services of proven services. However, the more reliable the pool, the higher the commission and other types of fees. New pools lure users with a low commission and pleasant bonuses during registration, which of course attracts inexperienced miners.
Regulations
Some countries do impose a tax on Bitcoin mining income since they classify cryptocurrency as bond and stocks. Whether your country of residence does that or not you should do research or even better consult with the expert in this field.
Top 10 Mining Pools
The most popular mining services have an English interface, which does not prevent Russian miners from earning successfully with their help. The list of the largest pool of BTC mining associations includes the following resources:
1. BTC.com
Country: China.
Founded: 2015.
Commission: 17.93% of all blocks.
Is it open to the public: Yes.
2. AntPool
Country: China.
Founded: 2015.
Commission: 14.40% of all blocks.
Is it open to the public: Yes.
3. SlushPool
Country: Czech Republic.
Founded: 2010.
Commission: 11.96% of all blocks.
Is it open to the public: Yes.
4. BTC.top
Country: China.
Founded: 2014.
Commission: 9.24% of all blocks.
Is it open to the public: Yes.
5. F2pool
Country: China.
Founded: 2013.
Commission: 9.24% of all blocks.
Is it open to the public: Yes.
6. ViaBTC
Country: China.
Founded: 2016.
Commission: 8.97% of all blocks.
Is it open to the public: Yes.
7. Poolin
Country: China.
Founded: 2014.
Commission: 5.71% of all blocks.
Is it open to the public: Yes.
8. BitFury
Country: Georgia.
Founded: 2014.
Commission: 3.53% of all blocks.
Is it open to the public: No.
9. BitClub
Country: China.
Founded: 2014.
Commission: 2.72% of all blocks.
Is it open to the public: Yes.
10. DPOOL
Country: China.
Founded: 2014.
Commission: 2.45% of all blocks.
Is it open to the public: Yes.
The cryptocurrency market also works in the same way as the world stock exchange. On the chart, you will see exactly the same price fluctuations as on securities or Forex, although there is a distinct feature. To know how to read cryptocurrency charts, you first need to master the understanding of what “Сandlestick chart” or “Line chart” are and how technical analysis models are built on them. Market charts make it possible to smooth out the behavior of the crowd on the stock exchange, to understand which forces, to which they distribute their positions.
An experienced trader will spend a little time looking at the chart for a BTC, ETH or other asset, and a beginner is at great risk for money. Exchange schedules are the most important tool of market analysis, as they present price information in a graphical, visual version, which is the easiest for a general understanding of the market situation than textual or digital information. They allow you to see the mass behavior of the crowd, as well as to assess the balance of power between sellers and buyers, which ultimately makes it possible to understand the potential profitability of transactions.
Understanding Bitcoin charts
Types of Bitcoin charts
There are three types of charts: a line chart, a histogram and a chart called “candlestick chart”
Line chart
This is the basic schedule that a trader has to deal with – it is simply a change in the parameter of a cryptocurrency over time. A chart can track various cryptocurrency parameters, for example, its price or market share. Using such a chart, one can judge the profitability of a coin on the horizon of a month, week, day, or even the last hour.
Candlestick chart
A candlestick chart, or candlestick chart, is also used to describe the price movements of securities, currencies or derivatives; usually, each candle is one day. Among cryptocurrency traders, such charts are the most popular. They are intended for advanced traders, but it is not difficult to understand them. Each “candle” on the chart shows the opening price, the lowest and highest price for a given period of time, as well as the closing price.
Where to find Bitcoin charts
It is a very useful and necessary tool for traders so most of the wallets and exchanges have some sort of charts in their interfaces, but there are also dedicated platforms solely for charts:
- CoinMarketCap
- CoinDesk
- Bitcoin.com
- CCN
- Coinbase
- TradingView
How to understand Bitcoin charts
Each chart has its own properties and after we found out how to find chart platforms, now it is time to learn how to read them.
Line charts
In the linear chart, everything is simple and intuitive, everything is as you see. The upper point of the vertical line here is the highest, and the lower – the lowest price for a certain period of time. The left bar shows the opening price, and the right bar – the close.
Candlestick charts
The size and color of the body of the candle, as well as the length of the shade or wick, are very important because they demonstrate current trends, as well as indicate reversals and future price movements. The candlestick color indicates whether the closing price was higher than the opening price (usually in this case green is used) or lower (usually red). Wicks or shadows, that is, the thin lines that come out of the body of the candle up or down, show the lowest and highest price for the selected period.
Holding and margin trading
Now that you can read charts, you can follow trends every day. Diagrams are very helpful in this because they allow us to estimate the dynamics and not just the current price value.
Recap
However, price analysis is only part of the task, because it is equally important to understand the causes of sudden highs and lows. So do not forget to follow the news that may affect the state of the cryptocurrency market – if something significant happens, no graphs will help to predict the subsequent price jump.
What is the Basic Attention Token?
Blockchain and cryptocurrency are becoming more and more popular, and businesses are starting to look for new problems in the new technologies. Basic Attention Token, or BAT (can be translated as “Basic Attention Token”), was created by the co-founder of Mozilla and Firefox in partnership with the creator of JavaScript and is designed to increase the effectiveness of advertising in the digital environment. The BAT network uses the Ethereum blockchain and the specialized browser Brave. The BAT Token is used on the Brave platform as a currency of exchange between users, advertisers, and content publishers, and it embodies an unobvious, but very important for advertising thing – the attention of users.
Why we need it?
The creators of BAT set themselves the task of completely changing the digital advertising market. They believe that the current situation, when websites are flooded with advertising and spying tools, and that malicious programs appear one after another, is unprofitable for neither users nor advertisers and publishers. Publishers (except for Google and Facebook) earn little money and even suffer losses because of bots that mimic user interaction with content or advertising. Advertisers lack the targeting and information about their customers to focus content more accurately.
Brave web browser
The BAT Token (BAT / USD) is targeted for use on the Brave browser platform. It is an open source browser, designed with a focus on privacy and with built-in blocking of tracking code and malware. For anonymous and secure tracking of users’ attention, the blockchain is used here, and attention is turned into income for publishers. Brave registers the user’s attention, aimed at a particular advertisement or other content, while the creators of BAT emphasize that the user’s personal data and information about his preferences are stored only on his device, guaranteeing anonymity and confidentiality. Advertising publishers are rewarded for the attention of users through BAT, and the more effective their content, the more attention it attracts, the higher their income becomes.
Getting Basic Attention Tokens
As noted earlier, the BAT token is not a full-fledged digital currency; rather, it is a coin created according to the standard based on the ERC-20 on the Ethereum Blockchain. Most of the coins were sold during the ICO, and the balance was divided between the developers and is used for the development of the project, respectively, there is no traditional mining concept within this system. However, tokens can still be obtained for free.
How does it all work?
Brave Browser gets accurate information that allows advertisers to offer their product or services only to those users for whom they are of real interest. Anyone can completely get rid of advertising if it is not important. Thus, comfortable conditions for Internet surfing are provided. Advertisers will use BAT coins to pay for the exchange of advertisements with those who use the Brave browser and at the same time is the target audience for a particular ad.
The main feature of Basic Attention Token is that users are directly involved in the workflow. The browser automatically collects information about exactly what the user is interested in, so the advertiser will be able to determine the circle of the target audience with minimal error and make a newsletter for it.
Where it is going?
The Basic Attention Token cryptocurrency project and the new high-speed browser Brave have significant potential for development. The idea of creation offers the user a comfortable environment for using the Internet, as well as the opportunity to receive rewards for a certain activity. Experts and analysts are optimistic about the potential of Basic Attention Token cryptocurrency, despite the fact that the Brave browser is becoming an intermediary, although it has struggled with the mediation.
Introducing to Bitcoin Cash
What is Bitcoin Cash? Bitcoin cache is considered a fork of the bitcoin. In fact, a new monetary unit exists according to the same rules as bitcoin itself, since it has the same blockchain. The separation took place for the reason that the community of people using Bitcoins could not reach a common opinion on the direction in which the cryptocurrency should be developed in the future. A new kind of bitcoin came to the liking of the Chinese, of whom about 5% among all cryptocurrency miners.
Short history of Bitcoin Cash
On August 1, 2017, Bitcoin Cash cryptocurrency was created as a result of hard forks Bitcoin. The history of Bitcoin and Bitcoin Cash were identical to hard forks. Everyone who controlled the secret keys of a certain number of their bitcoins or kept them on the exchange that supports the new currency automatically received the same amount of Bitcoin Cash.
How Bitcoin Cash relates to Bitcoin?
The most illustrative advantages and disadvantages of the two branches of cryptocurrency were presented by the head of Hell Yeah, Paul Miller. He explains what are the pros and cons of Bitcoin Cash and Bitcoin. In general, SegWit is a new technology and with a block of 1 MB can accelerate throughput by 1.5-2 times. However, the commission here remains very high. It is assumed that as users connect, it will decrease.
So, the first difference is the block size increased by 8 times in the blockchain. As the creators themselves believe the new digital money, a larger size will contribute to an increase in the number of transactions. The second difference is the rapidly changing complexity. Miners react faster to changes. The third difference is the new type of transaction that appears, in which you can specify the amount of payment. And the fourth difference – enhanced protection against erasing transactions and their repetition. It must be remembered that the rate of the new currency is significantly different from the rate of the usual bitcoin.
Earning Bitcoin Cash
Bitcoin Cash has acquired steam rather quickly compared to other new cryptocurrencies. BCH can be purchased on the majority of mainstream cryptocurrency exchanges. Keep in mind that the worth of BTC is around $5,200, whereas BCH is about $400. You can buy bitcoin cash on cryptocurrency exchanges and in some online exchangers. Wallet, which is designed to store the new currency, called – Bitcoin ABC. One of the first sites that introduced such a wallet is Cryptonator. In general, this resource is better than others for storing digital money.
Bitcoin Cash Stability
It is hard to tell which chain will win in the long run – Bitcoin or Bitcoin Cash. However, it is clear that they will evolve differently over time. Hardforks are tempting because if a group fundamentally disagrees with the ideology of the initial community, it can separate and launch its own version of cryptocurrency with the same technology, but with a different strategy and management model. This allows the entire cryptocurrency space to evolve due to the fact that some forks introduce innovations. And, no matter what fate awaits Bitcoin and Bitcoin Cash, one cannot deny that it is extremely fascinating to watch the parallel development of these chains, like cryptocurrencies in general.