A purely peer-to-peer version of electronic cash would allow online
payments to be sent directly from one party to another without going through a
financial institution. Digital signatures provide part of the solution, but the main
benefits are lost if a trusted third party is still required to prevent double-spending.
We propose a solution to the double-spending problem using a peer-to-peer network.
The network timestamps transactions by hashing them into an ongoing chain of
hash-based proof-of-work, forming a record that cannot be changed without redoing
the proof-of-work. The longest chain not only serves as proof of the sequence of
events witnessed, but proof that it came from the largest pool of CPU power. As
long as a majority of CPU power is controlled by nodes that are not cooperating to
attack the network, they’ll generate the longest chain and outpace attackers.
The network itself requires minimal structure. Messages are broadcast on a best effort
basis, and nodes can leave and rejoin the network at will, accepting the longest
proof-of-work chain as proof of what happened while they were gone.
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The Best Bitcoin Mining Software of 2018
Bitcoin mining has become extremely popular over the past few years. Since the original cryptocurrency hit record-setting highs in the second half of 2017, everyone wants in on the action. As interest in crypto continues to rise, so does the number of new miners entering the mining arena. While this is exciting news in terms of adoption, it can leave miners battling to find the best Bitcoin mining software to stay profitable.
You’ll need a combination of a reliable mining rig and the best Bitcoin mining software available to stay on top in 2018. Mining BTC can still be profitable, but you need to do considerable research to form a mining strategy that works for you.
A complete mining strategy will consider items such as:
- Electricity Costs
- Bitcoin Mining Hardware Costs
- Software Costs
- Proper Ventilation Requirements
- Miner Fees
- Transaction Costs
Today, mining is a very centralized activity with the majority of BTC being mined by large multi-million-dollar data centers. In most cases, these facilities are located in remote areas of the world, usually where electricity is the cheapest.
But running 500 ASIC miners at the same time isn’t cheap. Before you can reach this level of the game, you’ll need to start at the ground floor.
Do Your Research – Hardware Options
If you’re interested in mining, you’ll need to first research your hardware options. ASIC mining rigs can give better results but are a bit more expensive to own and operate when compared to GPU mining rigs.
GPU mining rigs are more flexible because unlike their ASIC counterparts, they are not restricted to one hash algorithm. But they will need to be paired with a mining pool to give you trackable returns if choosing to mine BTC.
Your hardware decision will help to dictate what the best Bitcoin mining software to go with is. Not all Bitcoin mining software and hardware is compatible. So you’ll need to do a little research to ensure you don’t purchase a rig that won’t fit into your overall mining strategy.
The competition is stark in the mining arena. To be successful in your endeavor, you’ll need to know the best Bitcoin mining software.
The Best Bitcoin Mining Software of 2018 according to Coincentral:
This article by David Hamilton was originally published at Coincentral.com