Research Tracks Bitcoin Mining from Hobby to Big Business
Nearly all bitcoin miners have been transferring their rewards within 36 hours of obtaining them, researchers at New York University have found. Luqin Wang and Yong Liu's paper, an analysis on the "evolution" of pool mining, found that less than 1% of miners left their rewards untouched in 2012 and 2013. Those who did transact with their rewards did so within a week in 2012, and within 36 hours the following year. The researchers did not perform the analysis for 2014. Miners' hasty transfers in recent years contrasts sharply with the behaviour of early miners. In 2009, 66% of miners left....
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Hobby Mining, one of the largest Bitcoin mining resources on the web, has launched new content in four additional languages. Its popular Bitcoin mining hardware article has now been translated into French, Spanish, German, and Italian. More and more people are taking interest in Bitcoin every day and its growth is not slowing down. Hobby Mining’s founder, Jordan Tuwiner, believes Hobby Mining and other resources play a large role in the growth of Bitcoin: I remember trying to learn about Bitcoin in 2013. There were a lot of bad articles and scam websites. Hobby Mining is a high quality....
A noteworthy step in the bitcoin network is almost here: a difficulty level of 20 billion. While only a projected four percent increase, according to mining data service Bitcoin Wisdom, the change shows the every-climbing increase in mining power and reminds us that growth in the mining network shows few signs of slowing down. In this week's roundup, we'll look at a new announcement from BitFury's leadership, a financial audit from ROCKMINER and a one-of-a-kind hobby miner from a long time ago in a galaxy far, far away. A look inside the Mine'ellium Falcon. While it might not make the....
A one-month old circular from Swedish Tax Authority Skatteverket on how to declare income from Bitcoin mining business was emerged recently. The circular was originally released on April 24th 2015, right before the May 4th tax filling deadline, but went highly unnoticed. It was only when the US Library of Congress intervened, and published a reworded document of the circular on its website, the new Swedish law came to light. And as it looks, Skatteverket deeply understood the complexities of a Bitcoin mining business before it penned down the income tax guidelines for it. It has....
Building industrial-scale BTC mining farms isn’t easy, but learning from the experience of others will help you to navigate your next moves in crypto mining. It all started with mining Bitcoin (BTC) in a dorm room. What started as a hobby with a few mining rigs scaled into twenty industry-scale mining farms across the globe. Because we scaled our operations in a new industry, we had to discover what worked and what didn’t through trial and error — because there’s no handbook for this.Building a multi-site, scaled operation like ours isn’t easy, but if you’re looking to start your mining....
New research has found that unless the price of bitcoin goes up, there will be little room for new miners to compete. In "Minting Money With Megawatts", released this September, Sveinn Valfells of Flux, Ltd and Jón Helgi Egilsson of the University of Iceland conduct a broad analysis of the health of transaction processing on the open public blockchain, ultimately finding that the network could be headed toward further consolidation and centralization. Once a hobby for tech-enthusiasts, the aim of the study was to determine the profitability of bitcoin mining following July's....