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John Stossel - The Bitcoin Revolution

9/30/2013

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Here is a video from John Stossel (of 20/20 fame) discussing the Bitcoin revolution on his show on Fox Business channel.
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NEWS: TerraHash is no more - asic manufacturer

9/28/2013

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NEWS FLASH - The Bitcoin ASIC mining company TerraHash has decided to close it's doors leaving many investors and customers without their ASIC mining products and without their money as well. 

According to Coindesk.com, TerraHash has closed it's doors and is reported to only be providing 50% refunds. 

This it unfortunately the other side of the coin when it comes to investing in Bitcoin ASIC mining hardware. It is exceedingly expensive and difficult to manufacture and deliver the ASIC hardware to the Bitcoin community within a timely fashion.

ASIC bitcoin miner manufacturer TerraHash has told customers that it has gone out of business. The company is now facing legal action from at least two customers, CoinDesk has learned.

The California-registered corporation announced on the Bitcointalk forum that several problems had caused it to cease trading.

“The failure of the Klondike project was one. Chase, our bank, shut down our accounts. Also the delay in the shipment of the chips has resulted in a lot of customers asking for [a] refund,” said someone using the TerraHash account in the official TerraHash forum.

“We already owe a lot of money to PayPal, and with all the refund requests, it is impossible for us to continue our operation profitably. So we have decided to dissolve the company.”

The company was one of several that was awaiting processor shipments from BitSynCom, which has repeatedly delayed shipments of the Avalon ASICs. It was to use Klondike, a third-party board developer for the ASICs, to house them. 
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INTERESTING "BIT-TALES" FROM THE WEB - SEPT 28

9/28/2013

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Welcome to a new website segment we are introducing showing the humorous or interesting tidbits from around the internet related to Bitcoin. 


Enjoy this week's curiosities.


  • Bitcoin has made it into the Oxford Dictionary

  • This Is The World's First Bitcoin Brothel

  • How one state representative raised $1,600 for his campaign — in bitcoins

  • Earn it, stash it, fritter it away: bitcoin’s role in the journey of life

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Bitcoin Market Summary - sept 28

9/28/2013

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The past week has shown a moderated increase in Bitcoin price from $133 --> $140.

The Bitcoin network capacity was last noted at 1137TH/s. Remarkably the Bitcoin network continues to rocket upward and has hit a new milestone of 1376TH/s. The Bitcoin network is now 121% over the span of one week. 

The Bitcoin market capitalization is now listed at $1.591B dollars. This means the Bitcoin market as a whole has decreased in value by $56M in one week. The increase in value of the Bitcoin network is slowing over the past few weeks.

Does this mean the Bitcoin network is outgrowing it's profitability?

It would still appear not. There still appears to be significant investment the digital currency and the current manufacturing of Bitcoin mining ASIC devices. 

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interesting "Bit-tales" from the web - sept 21

9/21/2013

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Welcome to a new website segment we are introducing showing the humorous or interesting tidbits from around the internet related to Bitcoin. 


Enjoy this week's curiosities.


  • A Homeless Florida Man Is Alive Because Of Bitcoin


  • For Virtual Prospectors, Life in the Bitcoin Mines Gets Real


  • How One Couple Paid for Hotel and Flights Using Bitcoin


  • My Friend Gave me a Bitcoin. Now What?



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Bitcoin Market Summary - Sept 21

9/21/2013

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The past week has shown an oscillating pattern in Bitcoin price between $135-$142.

The Bitcoin network capacity was last noted at 665TH/s. 

Remarkably the Bitcoin network has hit a milestone of 1137TH/s. Therefore the Bitcoin network is now 170% over the span of two weeks. 

The Bitcoin market capitalization is now listed at $1.535B dollars. This means the Bitcoin market as a whole has increased in value by $114M in two weeks.

Does this mean that interest in Bitcoin is wavering? 

It would appear not. There appears to be significant investment into the Bitcoin mining side of the digital currency and there is also a lag in the current manufacturing of Bitcoin mining ASIC devices. See our summary here. The next generation of these devices is scheduled to ship in Oct and Dec 2013. 

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Will Bitcoin mining payback??  - a Hard Look at ASIC hardware

9/15/2013

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As a followup to our Bitcoin mining hardware summary (LINK HERE), we are now looking at answering the question...

"If I invest $XXX will I be able to make money on YYY Bitcoin mining hardware?"


This is a very valid question and a somewhat difficult one to answer succinctly. 

As the photo on the left shows there have been some significant changes in the Bitcoin mining hardware over the past 3 years. The Bitcoin mining hardware began with people using standard CPU power on their computers to generate the early Bitcoins. It then escalated to using high power/high performance GPU (Graphics Processing Units) video cards in dedicated hardware rigs. The next step was to utilize FPGA (Field Programmable Gate Arrays) that were more power efficient. 

Currently, we are on the last step of Bitcoin mining evolution with the ASIC  (Application Specific Integrated Circuit) mining hardware platform. This ASIC platform is a custom computer CPU in a sense doing the Bitcoin mining calculations required.

That now brings us to the question posed above....What hardware makes sense if you are interested in getting into Bitcoin mining at this stage of the game?

Disclaimer: This information is provided below is for informative purposes only, is not guaranteed to be entirely accurate and is subject to change without notice. It is NOT to be used solely to make purchasing decisions or used as investment advise. Please do your own research prior to making any investment decisions into Bitcoin hardware.

CPU Mining 
  • No Payback (Electricity costs > Bitcoin Revenue)

GPU Mining
  • Essentially no payback with Bitcoin (Electricity costs > Bitcoin Revenue).  
  • See alternative coins for payback. 

FPGA Mining
 

  • Essentially no payback with Bitcoin.

ASIC Mining 
  • Mid to high rates of payback. See ASIC VENDOR summary below.
  • Note: ROI Calculations are based on $140/Bitcoin, $0.15/kW electricity, current difficulty of 112M and 84% monthly increase

Virtual Mining Corp - http://virtualminingcorp.com
  • Fast-Hash One - Silver Edition (64GH - $999) = ROI > 1 Year
  • Fast-Hash One - Gold Edition (128GH- $1560) = ROI > 1 Year
  • Fast-Hash One - Platinum Edition (256GH - $2400) = ROI 100 DAYS 
  • Fast-Hash-One Silver PCI-E Module (64GH - $699) = ROI > 1 Year
  • Fast-Hash-One Gold PCI-E Module (128GH - $1300) = ROI 170 DAYS
  • Fast-Hash-One Platinum PCI-E Module (256GH - $1900) = ROI 56 DAYS
  • Fast-Hash One Combined (24.5TH - $150,000) = ROI 38 DAYS

Bitmine - https://bitmine.ch/
  • CoinCraft Rig (500GH - $4249) = ROI > 1 Year

Butterfly Labs - www.butterflylabs.com
  • Jalepeno (5GH - $275) = ROI > 1 Year
  • Little Single (25GH- $1250) = ROI > 1 Year
  • Single (50GH - $2500) = ROI > 1 Year
  • MiniRig (500GH - $22500) = ROI > 1 Year
  • Monarch (600GH - $4680) = ROI > 1 Year

AVALON ASIC - http://launch.avalon-asics.com/
  • Avalon Miner (65GH) = NO LONGER SHIPPING

ASICMiner - http://www.asicminer.co/devices.html
  • USB Block Eruptor (334MH - $30) = ROI > 1 Year
  • USB Blade (10GH - $560) = ROI > 1 Year

KNC Miners - https://www.kncminer.com/categories/miners
  • Mercury (100GH - $2000) = ROI 160 DAYS
  • Saturn (200GH - $3000) = ROI 60 DAYS
  • Jupiter (400GH - $5000) = ROI 46 DAYS

Bitfury (US) - https://www.megabigpower.com/shop/
  • Starter Kit (25GH - $1300) = ROI > 1 Year
  • Full Kit (400GH - $8000) = ROI 140 DAYS

Hashfast - https://hashfast.com/
  • BabyJet (400GH Batch 2 - $3500) = ROI 71 DAYS
  • Sierra (1.2 TH Batch 2 - $9500) = ROI 57 DAYS

Cointerra - http://www.cointerra.com/
  • Terraminer IV (2TH - $14000) = ROI > 1 Year
  • Terraminer IV JAN (2TH - $14000) = ROI 150 DAYS

TerraHash - https://terrahash.com/
  • DX Mini (90GH - $6000) = ROI > 1 Year
  • DX Large (180GH - $10500) = ROI > 1 Year

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Bitcoin Market Summary - Sept 8

9/8/2013

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The past week has shown a negative fluctuation in Bitcoin price. 

The Bitcoin network capacity was last noted at 640 TH/s. Currently the network sits at 665 TH/s

The network has increased by  in 104% in one week. This is the first time that the network has not increased by 120+% in a one week period.

The Bitcoin market capitalization is now listed at $1.535 billion dollars. This means the Bitcoin market as a whole has decreased in value by ($65M) in one week.

Does this mean that interest in Bitcoin is wavering? Not necessarily, there is also a lag in the current manufacturing field of Bitcoin mining ASIC devices. See our summary here. The next generation of these devices is scheduled to ship in Oct and Dec 2013. 

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Bitcoin ATM - Coming to Canada in Oct 2013

9/8/2013

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It has been confirmed that Bitcoin ATM machines are coming to Canada in the near future.

For those not familiar with Bitcoin, please visit the link to our website here.

As reported, the first Bitcoin ATM machine is scheduled to land in Vancouver in Oct, 2013. The followup machines are scheduled to land in Montreal, Toronto, Ottawa and Calgary sometime in Dec, 2013.

The importance of these machines is the improvement in accessibility to Bitcoins themselves. 

Currently, in order to purchase Bitcoins, you must either meet face to face with a person willing to sell you them directly, or through an online exchange. In Canada, the most popular exchange is VirtEx. However, there are other more popular exchanges throughout the world, namely Mt.Gox and BTC-e.

However, if you are Canadian, there are still some immense challenges using the world wide exchanges of Mt.Gox and BTC-e. In order to use these exchanges, you must first deposit your funds via International Bank Wire Transfer. As you might expect there is a significant fee involved in this process and a significant time delay for the funds to arrive.

If you use the local Canadian Bitcoin exchange VirtEx, there are similar issues with fees and delays since the Canadian banking system is still not comfortable working with Bitcoin. Therefore, you must deposit your funds to VirtEx through a similar banking transfer methods such as Direct Withdrawl or Online Bill Payment. Both these methods are significantly quicker than bank wire transfers but will still take 3-5 business days to succeed. This causes additional frustration to users of Bitcoin since the Bitcoin system is very quick to send money around the world but is hampered by the process of turning cash into Bitcoins themselves.

However, with the Bitcoin ATM, the transfer of cash to Bitcoins is almost instantaneous with very limited involvement by third parties and therefore lower fees.

Another benefit to the ATM is to sell your Bitcoins for instant cash. This also brings accessibility of Bitcoins back to casual users. 


Moreover, anyone can feel comfortable that they can transfer Bitcoins back to fiat funds at any point they choose.

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asic mining - assembly video

9/6/2013

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For those who were wondering how a custom Bitcon mining device based on Application Specific Integrated Circuit (ASIC) platform is created, please view the video below. It provides some insight into the assembly process of the actual mining printed circuit board (PCB) and the placement of the components.

Happy Friday viewing.

Thank you to Bitmine.ch - Posting a video showing the assembly process of their AVALON ASIC mining clone boards.

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