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The Crypto Miner Weekly 11/14

The Crypto Miner



 

Crypto Mining Weekly is dedicated to bringing you the latest developments in Crypto mining technology. Information that will guide you to the most effective methods and tools available to maximize the output of your crypto mining configuration and investment.

 

What’s Hot and What’s Not

 

The cyber criminals that attacked the crypto mining operations of more than 6,000 mining rigs (PCs) have been apprehended. Six hackers, attempting to steal cryptocurrencies like Litecoin (LTC), Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) from unsuspecting crypto miners were arrested in South Korea by the Korean National Police Agency Cyber Bureau (KNPACB). The thieves wormed their way into the mining rigs through maliciously coded emails. The emails convinced the victims to download the malware to their devices. The victims unknowingly installed the software that activated a process enabling cryptos being mined by the host computer to be siphoned away. But this time their invitation fell into the wrong hands. The hands of the new breed of cyber Sherlock Holmes, who was able to hunt the senders down.

 

The cyber authorities now have someone they can make an example of to all the other cyber criminals. Criminals that are responsible for more than US $900 million in thefts of cryptocurrencies in 2018. The crypto market cannot advance until the criminal activity of hacking can be wiped out. The crypto market is craving for the day when hackings will no longer be a threat to the integrity of the blockchain and the security it is hyped to be residing in.

 

How will these cyber criminals be dealt with? This is what the crypto world is waiting to see. Are they going to have to walk the plank and jump into an ocean full of man eating sharks? Or will they do what most criminals do to avoid incarceration? And that is, turn in the other cybercriminals or become a cyber crimefighter themselves. You may recall the blockbuster movie starring Leonardo DiCaprio, Catch Me If You Can. In the film Mr. DiCaprio portrayed the character of Frank Abagnale a forger, who at the age of 19 had already stolen millions of dollars through counterfeit checks during the 1960’s. When Mr. Abagnale is finally caught after decades of living life as a fugitive, he is given the choice of incarceration, a life behind bars. Or freedom working with the FBI to arrest other forgers and conmen. He chose freedom.

The only cryptomining hacker whose identity has been made public is the alleged ringleader, Kim Amu-gae. It will be extremely interesting to watch and see how the other criminals caught with him will pay the penalty for the crimes the hackers were accused of. Will their identities become public? Or will they fade into the mist of obscurity as they take on new identities of super cyber crime stoppers. The cyber thefts that have taken place just this year alone, can be categorized as the greatest thefts of all time. What happens to the greatest thief of all time? This is a first and a drama well worth watching. When will this real life drama become a documentary. A video drama where I can sit down in front of my big screen, eat a bowl of popcorn, and relive the excitement of the cat and mouse game played by cyber cops and cyber criminals. The 21st Money Team is all over this one and will keep you informed.

The Crypto Miner Weekly 11/7

The Crypto Miner



Crypto Mining Weekly is dedicated to bringing you the latest developments in Crypto mining technology. Information that will guide you to the most effective methods and tools available to maximize the output of your crypto mining configuration and investment.

 

What’s Hot and What’s Not

 

BitMax.io introduces a new concept to cryptomining, transaction fee based mining, or better known as, trans-fee mining. Ethereum will be moving to the proof of stake protocol.  Bitcoin mining is being dominated by Application Specific Integrated Circuits (ASIC) mining hardware, and enormous mining pools controlled by well financed business conglomerates. Individuals mining for cryptocurrency has almost become an obsolete endeavor.

 

Trans-fee mining could be an alternative to the traditional mining and forging being done in cryptocurrencies by big businesses now. Traders of cryptocurrencies who use the BitMax.io Exchange will be rewarded with BTMX tokens after every transaction. These token have value in the secondary market. They are a great incentive for traders and investors in cryptos to use the BitMax.io Exchange. The concept is similar to receiving frequent flier miles when you use a particular credit card. If you use the same credit card your accumulated frequent flier miles have a better benefit to the credit card owner. In the BitMax.io model, tokens are being created with every transaction on the exchange. This is why the process can be considered a new form of crypto mining.

 

George Cao, CEO of The BitMax Digital Asset Exchange, explains it this way. When you trade on his exchange and generate a transaction fee of US $10, $10 worth of the BTMX Token will be credited to your account within an hour.Therefore 100% of your commission fee is returned to you through the BTMX token. As an added bonus you will also be able to receive a share of the 80% of commission fees paid to the platform, through a redistribution to token holders based on the amount of tokens held. The more trades you execute on Bitmax.io the more tokens you get. The more tokens you hold, the more your amount of profit share within the platform increases.

 

Mr Cao used this simplified example to explain the process,

 

“If you hold 100 tokens and there are 1000 tokens available you will receive 10% of the 80% of commission fees that will be distributed to all the token holders.”

 

The BTMX trans-fee mining process truly is a strong incentive for loyalty to the platform, and an incentive for activity within the platform. As close as you can get to a win win situation regarding the trading of cryptocurrencies on a crypto exchange. This is one of the most innovative tactics designed to create customer loyalty within the crypto market. If this model is successful, more trans-fee mining opportunities may become available on other trading platforms.

 

10 billion BTMX tokens will be made available through the BitMax.io platform. 4.9 billion have already been pre-distributed. That leaves 5.1 billion tokens that can be used to promote active participation on the platform.

 

The incentives to interact with BitMax.io don’t stop there. BitMax.io also has a rewards pool that contains 10,000 Tether Tokens (USDT). Rewards will be given to individuals that impact the platform in a positive way. 20 – 200 USDT will be given to anyone that can write a conclusive report describing a bug or glitch on the platform. 5 – 50 USDT will be given to anyone that can identify or remove a bug or glitch on the platform. BitMax has an aggressive referral program as well, offering referrers as much as 20% of the transaction fees their referral customer pays into the platform. The program also offers as much as 20% of the tokens mined by the referral.

The Crypto Miner Weekly 11/2

The Crypto Miner



Crypto Mining Weekly is dedicated to bringing you the latest developments in Crypto mining technology. Information that will guide you to the most effective methods and tools available to maximize the output of your crypto mining configuration and investment.

 

What’s Hot and What’s Not

 

EOS has found a way to bridge the gap between their own platform and the Ethereum platform. Tokens forged under the EOS protocol will be functional with the ERC-20 platform and visa versa. This achievement can open up more opportunities for miners and forgers within their respective environments. The bridge has been given the name the ‘EOS21 Protocol.’

 

Crypto-coin developers already see the need for their crypto products and dApps to be able to function across the variety of blockchains. There is a method in place to cross platforms but it is cumbersome with inherent delays in token delivery from airdrops. The EOS21 protocol claims to be the latest solution to overcome this obstruction to streamlined transactions over the various blockchains. The EOS21 Protocol claims it has made the previous process of snapshots and delayed token deliveries, a thing of the past.

 

Overcoming the technical complexities of handling cryptocurrencies is an issue that stands in the way of crypto adoption. The Ethereum platform and the EOS platform along with their platform developers are addressing this issue. The  new EOS21 protocol is an example of those efforts. Mr Vitalik Buterin has promised to introduce more enhancements to the Ethereum platform in the near future. Ethereum 2.0, the protocol improvements to Ethereum 1.0, is on the launchpad. Mr. Buterin has announced its deployment is “not so far away.” Ethereum 2.0, known as Casper, is full of upgrades including  scalability, a process known as sharding under the new protocol. Ethereum 2.0, Casper, will also move Ethereum from the proof of work standard to proof of stake. It appears that the developers of EOS have accepted the old adage, if you can’t beat them join them. EOS 21 promises to bring about a seamless entry into integrated functionality between blockchains.

 

As transactions and applications involving blockchain technology become easier. The amount of tokens and cryptos that can be exchanged for goods and services will naturally increase as well. New mining and new forging opportunities, for tokens that are in demand under the variety of blockchain protocols, will be present.

The Crypto Miner Weekly 10 /25

The CryptoMiner



The Crypto Miner Weekly is dedicated to bringing you the latest developments in Crypto mining technology. Information that will guide you to the most effective methods and tools available to maximize the output of your crypto mining configuration and investment.

 

What’s Hot and What’s Not

 

Bitmain has announced the release of new firmware for its Antminer S9 rigs, Asicboost. Although this is not the announcement that has been expected from the world’s largest Bitcoin mining conglomerate, it beats the dead silence of the last few days from Bitmain.

 

  • Will this new firmware add enough value to Bitmain to pull off it’s highly anticipated US $2 billion IPO?

 

  • What can Asicboost accomplish for Bitmain?

 

The Asicboost firmware enables Bitmain’s Antminer series of crypto miners to operate more efficiently. When the Asicboost firmware is added to Antminers, the new firmware reduces electricity consumption by about 13%.  The Asicboost software is not owned by Bitmain. Apparently it’s been publicly available for quite some time. The reason it wasn’t being used was because it needed to be enabled by bitmain to work with their Antminer processors.

It has been reported that Asicboost can be implemented in two different ways, ‘Covertly’ or ‘overtly.’ The Overt implementation is reported to be the most efficient version of the software. It is also the version that was released by Bitmain. The covert installation is surrounded with controversy. The software enables and incentivizes miners to make smaller blocks and empty blocks of data to add to the blockchain. An additional feature of the covert installation is that it also gives anonymity to the miner using the software. That makes the small and empty blocks untraceable to the rig that verified them, in theory. Since there’s no cyber-court this type of activity can’t be classified as a crime against Satoshi’s vision yet. There is a strong likelihood that this type of hole in the blockchain of Bitcoin will close soon. That’s if the blockchain works as it has been theorized to function. The addition of Segregated Witness (SegWit) processes to Bitcoin has already limited the effectiveness of the covert implementation of Asicboost.

 

The level of Increase to the hashrate speed of Antminer rigs from Asicboost has been somewhat vague from Bitmain and other reporting sources. It’s widely reported that Asicboost helps the Antminer run more efficiently, in regards to its power consumption. The information about the increase of hash rate speed is nowhere to be found. Bitmain has announced it will release Asicboost or something similar for the Antminer R4, S9i, S9j, T9, and T9+ in approximately one week.

 

There are some suspicions that Bitmain may have well been aware of the Asicboost software. The suspicions center around the possibility Bitmain may have kept its integration with its Antminer rigs to themselves in order to gain an advantage in the mining pools it manages. Bitmain denies this allegation, and claims the delay in release was due to potential patent infringements. Now that the company has been assured they will not have any legal liabilities releasing the software, it was immediately made available to Bitmain customers.

 

It is great to see news about Bitmain improving the efficiency of its current Antminer rigs. Will these improvements be enough to sell US $2 billion worth of securities through an IPO? We will just have to wait and see.

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