Looking for a historical chart of USD earned per Hash and per day (up to unit) (self.BitcoinMining)Share This Story!Let friends in your social network know what you are reading aboutTwitterGoogle+LinkedInPinterestPosted!A link has been posted to your Facebook feed.Bitcoin faces biggest threat yet: a miner takeoverNEW YORK (AP) -- The Bitcoin digital currency system is in danger of losing its credibility as an independent payment system because of the growing power of a group that runs some of the computers behind it.In recent weeks, a British-based "mining pool" called GHash has amassed nearly half of the Bitcoin computing power and has briefly gone over 50 percent.Miners operate the computers that keep track of bitcoins and create additional coins.Miners pool their computing power to spread the financial risk of their operations.If GHash amasses more than half of the computing power devoted to Bitcoin, it could in theory control the flow of transactions, freeze people out of the network and keep all future bitcoins for itself.Although GHash says it's committed to preserving Bitcoin as a trustable technology, the mere fact that one player can amass majority control could undermine trust in the currency, which is worth only what people are willing to pay for it."The

entire premise of bitcoin relies on the fact that no single authority would control the majority of the mining power," said Ittay Eyal, a Cornell University researcher who studies bitcoin vulnerabilities.The value of bitcoins has fallen 6 percent in a week to around $600 as the threat posed by GHash has become clearer, although the decline is within the range of normal fluctuations for the volatile currency.Bitcoins allow people to send money over the Internet without going through banks.paypal bitcoin surveyThis means transaction costs are low, but it also means they're useful for illegal activities such as money laundering and drug sales.bitcoin wallet windows phoneBitcoins have also become a target of speculators betting on a continued run-up in the currency.bitcoin bowl events

Its value has grown a hundredfold over two years.From a technical standpoint, bitcoins are sequences of numbers, painstakingly produced by computers churning through millions of calculations.Bitcoin transactions are recorded in a virtual public ledger, known as the blockchain.Miners are in charge of maintaining the blockchain.As their computers perform the calculations to do that, the process rewards them with newly minted bitcoins.A single mining computer might take years to produce a single block of coins, and there's no way to know when that might happen.bitcoin huffingtonIn pools, miners divide the bitcoins they create among themselves in proportion to the work done, providing with them with a steadier stream of income.sell litecoin for usdThe pools aren't created to threaten the trust placed in bitcoin; it's a side effect of the pool's growth.GHash is controlled by a British company, CEX.IO Ltd.bitcoin to sek chart

The company said in a statement Monday that it wants to protect Bitcoin, but it doesn't want to turn away people from the pool or impose other temporary solutions to back away from the 50 percent threshold.GHash said it's arranging a "round table" meeting of key players in the Bitcoin system in July to "with the aim of discussing and negotiating collectively ways to address the decentralisation of mining as an industry."Eyalethereum mining poolsaid the problem needs to be fixed in "a very drastic fashion" to reduce the incentive to create pools.bitcoin ticker appThat will probably with an update to the software the underlies the system, he said.Copyright 2014 The Associated Press.bitcoin prediction april 2014This material may not be published, broadcast, rewritten or redistributed.

English Bahasa Indonesia Dansk Deutsch English Español Français Italiano Magyar Nederlands Polski Português Brasil Română Slovenščina Svenska Türkçe Ελληνικά български Русский Українська العربية فارسی हिन्दी 한국의 日本語 简体中文 繁體中文 Bahasa Indonesia Dansk Deutsch English Español Français Italiano Magyar Nederlands Polski Português Brasil Română Slovenščina Svenska Türkçe Ελληνικά български Русский Українська العربية فارسی हिन्दी 한국의 日本語 简体中文 繁體中文 Bitcoin is an innovative payment network and a new kind of money.Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.

Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.India is not exactly a bright place when it comes to hosting Bitcoin mining operations, but a young startup is hoping to fight the odds for good.GBMiners, a Bitcoin mining pool which mined its first block in August, now stands to be one of the most competitive mining pools in Bitcoin sector.At press time, it has obtained over 5% in hashpower, and is willing to walk more miles with its impressive business plan.In a conversation with NewsBTC, Amit Bhardwaj, the co-founder and investor of GBMiners, stressed on educating masses about Bitcoin.He went on discussing the limitations an average Indian Bitcoin enthusiast face when he thinks about purchasing his/her first digital currency token.“These are very early days for Bitcoin in India,” he stated, “people have more skepticism than fundamental understanding of the concept, once this threshold is crossed, Bitcoin will witness both the demand and adoption of the world’s 3rd largest economy and the world’s largest inward remittance market.” Bhardwaj added that instead of influencing a potential Bitcoin-er to be an average trader, they want to make them a part of the Bitcoin creation.

GBMiners’ aim, as he stated, is to convince traders and speculators to invest in Bitcoin mining operations; it not only helps investors to understand the industry, but also gives them a stronger idea about Bitcoin’stechnological and economical benefits.That being said, GBMiners helps Bitcoin traders to do something more productive than just holding onto their investments and speculating, i.e.investing in mining operations.An efficient mining pool, which is being run by credible people, on their homeland, certainly gives these investors confidences for better returns.Nikunj, another co-founder of GBMiners, stressed that obtaining 5% of the overall Bitcoin mining hash rate was not a simple task for their venture.He admitted that they had faced adequate roadblocks, specifically in regards to the growing monopoly of the majority of Bitcoin mining pools in the market.“We started with putting our test servers across various existing mining pools and closely analysing the efficiencies.

These early tests gave us ideas of possible areas of improvement, and we have been fairly satisfied with the efficiencies we’ve been able to achieve with GBminers.Can’t explain in detail here but we’re soon releasing our findings in a white paper for the mining community.” Indian government’s decision to ban its primary banknotes from circulation has indeed favoured Bitcoin trend in the nation, with exchanges reporting an increased demand for the digital currency.But indeed, the growth of Bitcoin in this South Asia’s emerging economy has been speculated since day one.ZepPay, an India-based Bitcoin wallet application, has reported that they are adding 50,000 users each day amidst the growing Bitcoin trend.GBMiners, too, believe that an increase confidence in the Bitcoin market will help accelerate the growth of their mining pool operations in India.Bhardwaj stated: These are extremely exciting times to be a blockchain and cryptocurrency believer in India, with the recent move by Government clearly exhibiting the inherent risks associated with centralised monetary systems and the demonetisation resulting in significant devaluation in the real estate sector, I believe bitcoin is now ripe to resonate with the indian diaspora both philosophically and financially.