Here is a video from John Stossel (of 20/20 fame) discussing the Bitcoin revolution on his show on Fox Business channel.
 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.  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.  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.    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.  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. 
 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
GPU Mining
FPGA Mining
ASIC Mining
Virtual Mining Corp - http://virtualminingcorp.com
Bitmine - https://bitmine.ch/
Butterfly Labs - www.butterflylabs.com
AVALON ASIC - http://launch.avalon-asics.com/
ASICMiner - http://www.asicminer.co/devices.html
KNC Miners - https://www.kncminer.com/categories/miners
Bitfury (US) - https://www.megabigpower.com/shop/
Hashfast - https://hashfast.com/
Cointerra - http://www.cointerra.com/
TerraHash - https://terrahash.com/
 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. 
 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.  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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