Building a Bitcoin Mining Business: The Ultimate List of ...

08-11 01:54 - 'Canaan's Co-Chairman was 'Out', Chinese BIG3 Bitcoin Miner Makers under Inner Wars' (self.Bitcoin) by /u/CjOnChain removed from /r/Bitcoin within 964-974min

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The Bitcoin miner maker Canaan Creative (NASDAQ: CAN) lately announced that five members of their board are leaving. As told, the terms of office of two directors, namely Jianping Kong and Qifeng Sun, expired on July 31, and three of its independent directors, namely Hong Zhang, Xiaohu Yang and Mei Luo, expired on August 1.
It is noteworthy that all the departing directors are not allowed to seek appointments nor participate in the elections of the board of directors after the expiration of their terms of office.
On July 9, Canaan Creative’s Hangzhou headquarter underwent business registration record modification. Former directors Kong, Sun and Li Jiaxuan, as well as supervisor Tu Songhua withdrew from the board, and Meng Lu was added as the new supervisor. "The corporate contact person also changed from Zhang Jing to Zhang Ning.
According to the news, recently, the founder Zhang Nangeng had come with some Canaan Creative executives from Beijing to Hangzhou, dismissed a number of managers of Hangzhou headquarter, took away the official seal and business license of the company, later that day, some employees called the police.

[link]2
The same as Bitmain, the first NASDAQ listed Bitcoin miner maker Canaan Creative also built the VIE structure, the main body of the company set up in the Cayman Islands. According to some sources, there has been a power struggle in Canaan Creative, between Zhang’s Beijing office and Kong’s Hangzhou office.
In response to what happened in Hangzhou, Canaan Creative said that, "after the registration modification, the company is running normally, and all subsidiaries in China are headed by Zhang as the company's executive director, general manager and legal representative”.
The power struggle in Canaan is not a single case. As the former industry dominant, BitMain technologies, who has released IPO prospectus in 2018 but with no progress, stuck in a Cayman Islands lawsuit between two founders. Its business is also badly affected.
While another rising star MicroBT’s founder suffered from the disaster behind bars. December 12, 2019, Shenzhen Nanshan Court announced that the criminal suspect Yang Zhenxing was arrested by the crime of official encroachment. Outpost OnChain confirmed the news with MicroBT at the first moment.

[link]3
Dr. Yang was graduated from Tsinghua University, had been the former miner chip design supervisor in BitMain and worked for the mysterious miner maker ‘FriedCat’. He had designed so-called BE300 chip using a "full custom methodology", the chip failed to go into mass production with the disappearance of FriedCat.
Yang disclosed the "Full Custom Methodology” to the founder of BitMain, Zhan Ketuan, which can significantly reduce the cost and power consumption of the chip. Yang worked part-time to help design the S7 miner (1385 chip) and the S9 miner (1385 chip) that made BitMain's mining dominance possible.
In 2016, Yang left BitMain and built up Shenzhen MicroBT Electronic Technology Company. Subsequently, MicroBT released a number of high-performance crypto mining products, quickly squeezed into the market, which had shaken the market dominance of BitMain. Later on, BitMain launched a patent ownership and infringement dispute lawsuit against MicroBT.
However, a source said that there are some hidden facts behind Yang's arrest. As the source acknowledged, during the end of 2019, the lawsuit between BitMain and MicroBT made significant progress, law enforcement officers from Beijing has come to Shenzhen to handle the case. Right at this point, as the chairman, general manager and the actual beneficiary of MicroBT, Yang arrested by a 100 thousands RMB worth embezzlement case. The case between BitMain suspended after that. The timeliness of the embezzlement case and the identity of the informer are worthy of considering.
Satoshi Nakamoto may not have imagined the emergence of ASIC chips when he published the Bitcoin white paper. The mining machine, a money-printing artifact, has created wealth for mining giants such as BitMain, MicroBT and Canaan Creative in just a few years. While the rapid accumulation of wealth, pathetic stories have also been staged, from the vanish of the FriedCat to the BitMain’s official seal wresting case. The road less traveled may not be the right path for everyone.
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Canaan's Co-Chairman was 'Out', Chinese BIG3 Bitcoin Miner Makers under Inner Wars
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Author: CjOnChain
1: p*e*iew.redd.it/c*****q*b5g51.jpg*width=16*0&f*rmat=pj*g&*m*;*uto=*eb*&s=*d609326*f*b62c*9e****be8*947**abfb8b**4 2: pre*iew.r*dd.it**o7z24z8b*g51.png*wi*th=*176&*mp;f*rm*t=**g&*aut*=webp&a*p;s=224cf*10**a*550***54d3*e0*6d1e929**7e*** 3: previ*w.red*.**/8*i23*bab5*5*.jpg*w*dth=1*80&*mp*fo*mat=pjp*&*mp*au*o=web**amp;s=7e289df*ce**2d9ca2de9**c0ce2847c2**e***f
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12-10 23:33 - 'Lets have a discussion about energy consumption in bitcoin mining and what that means towards the carbon footprint today.' (self.Bitcoin) by /u/Cryptolution removed from /r/Bitcoin within 1-11min

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There was a [very good coindesk article in July 2014]1 that broke down the carbon footprint of the bitcoin mining network. At the date of the article, our hashrate was 146,505 TH/s. Now that we are at above 13 exahashes/s this represents a 94 fold increase hashing power.
[Here is the cost breakdown chart from the coindesk article]2 .
As you can see from this image, the carbon footprint of bitcoin in 2014 is a tiny fraction compared to the carbon footprint of the traditional banking system. Yet at a 0.78 Billion per year cost in 2014, at a 94 fold increase of power that would now be 73.32 billion, which would make bitcoin 9.52 billion more in electricity costs.
But this is trying to extrapolate data in a non-accurate way. In order to understand why this is inaccurate, we must look at how all of this technology works and how technology has scaled upwards while decreasing electricty consumption.
The bitcoin network at 13 exahashes is roughly 130 times greater than the largest super computer (Sunway, 93 petahashes per sec in china, see [top500.org]3 )
So when you make that statement, you think "wow, bitcoin must use a lot of energy to be 130 times more powerful than the largest super computer network!"
But, its not apples to oranges. These super computer networks are non-specialized hardware (comparably to bitcoin) in that they have generalized computing capabilities. This means that these systems require more standardized hardware so that they can preform a large amount of different computing functions.
So, for example, the largest Sunway supercomputer @ 93 petaflops (roughly 1/130th the power of the bitcoin network) preforms its calculations at 93,014.6 petahashes @ 15,371 kW = 93014000 Gh @ 15370000 watts. Doing the maths, this comes out to a 0.16524 W/Gh.
The AntMiner S9 currently operates at 0.098 Gh ....so nearly double the energy efficiency of what the most powerful super computer network in the world operates at.
You have the Dragonmint miner coming out Q1-Q2 in 2018 which uses 0.075J/GHs ....a 30% efficiency increase over the Antminer S9.
And next year japanese giant GMO is launching into the bitcoin mining business, stating they will be releasing a 7nm ASIC design, which is more than double the efficiency of the current 16nm design the Antminer S9 uses. This will mean a more than doubling of energy efficiency. They said they have plans after the release of the first product to research "5nm, and 3.5nm mining chips"
So, what is the point of understanding all of this? Well, you have to understand how technology scales (think Moore's law) to understand how we can achieve faster computational speeds (more exahashes per second) without increasing the carbon footprint.
So if you look at a proof of work chart, you'll see it has scaled linearly upwards since the birth of bitcoin. And it would be logical to assume that the more hashes per sec thrown into the network, that it would equate to more power being spent. Yet this is not true due to advancements in ASIC chip design, power efficiency, and basic economic fundamentals.
You see, as new miners come out, because they are more efficient, people can run much faster mining rigs at much lower cost. This immediately adds much more hashing power to the network, which decreases the profitability of old miners. And to give you an idea of how much more cost efficient these are, lets look at Antminers products.
S9 - 0.098 W/Gh
S7 - 0.25 W/Gh
Avalon6 - 0.29 w/Gh
You can see the S9 is 3 times more power efficient than the Avalon6. That translates to "It costs 3 times more to operate this equipment". That aint no small difference.
These differences, combined with energy costs are what forces miners to stop running old hardware and to upgrade to newer models or exit mining completely. So as new mining equipment hits the market, old less efficient mining rigs go offline. The amount of hashes per sec continues to climb, yet the actual power usage of the entire network does not scale at the same rate that the hashes per sec scale at, due to increased energy efficiency.
The question that I would like to see answered by the community is this -
What has changed between now and 2014 in terms of total watts consumed? How can we calculate the real carbon footprint of todays bitcoin mining network compared to this data from 2014?
What equipment was running in 2013-2014, what were their W/Gh and how many of these machines do we speculate are still running vs more efficient mining rigs powering the network today? What is the Th/S differences between these mining rigs, and how much more power do we contribute towards the network today because of these optimized rigs?
Mining is not my specialty and there are going to be many people here who are better suited to tackling these problems.
I think these questions need to be answered and articulated because these are questions that im starting to see a lot from the mainstream as criticism towards bitcoin. I know the generic answer, aka "Bitcoin mining still uses a fraction of the cost that the entire global banking system does", but we really need to do better than that. We need to examine the different power types used in bitcoin mining -
How much of bitcoin mining is from hydroelectric? Nuclear? Wind? Solar? Coal? Natural Gas? What regions contribute the largest hashing power and can we evaluate whether these regions are Hydroelectric, Coal, Nuclear etc dependent?
If we are to articulate effective arguments against those who naysay bitcoin over its carbon footprint, then we must do so with good data to backup our positions.
Hopefully the numbers above are accurate/correct. Honestly only spent a few minutes doing napkin math, so I expect there to be mistakes, please let me know and thank you very much all.
'''
Lets have a discussion about energy consumption in bitcoin mining and what that means towards the carbon footprint today.
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Author: Cryptolution
1: https://www.coindesk.com/microscope-conclusions-costs-bitcoin/ 2: https://imgur.com/a/eKipC 3: ww**top500*org/*ists*2*17/11*
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Bitcoin mining in Bangladesh with mining Machine 7 DAY$-24/HR$ - BITCOIN MINING EXPERIMENT - See How Much ... Noob's Guide To Bitcoin Mining - Super Easy & Simple - YouTube Bitcoin Mining Farm Shah Alam Antminer s7 farm

A bitcoin mining machine actually handles this process. The first to find it gets a reward in bitcoin. Because of the huge interest, the computational power required to mine bitcoin has been increasing. In the following sections, you’ll see the key factors to calculate your mining profitability. The UAE cryptocurrency giant, Global Digital Industry Group (GDIG), has established its mining subsidiary Bitworld and will invest $50 million in the company by 2021 as it works to build the ... Mining rigs that cannot profit at 2 cents per kWh include the Whatsminer M3X, Avalonminer 741, Whatsminer M3, Antminer S7-LN, Antminer S3, Antminer V9, Antminer S7, and the Antminer S5. Start mining Bitcoin Cash or Bitcoin today! Supercharge your mining potential. Mine Bitcoin easily on the cloud without having to buy hardware, or plug your own hardware into the world’s highest paying mining pool. Sign up now Log in. Mine Bitcoin. We offer BTC and BCH mining. You can also choose to automatically mine the most profitable coin. Cloud Mining. Start mining immediately with our ... Bitcoin miners will produce 324,000 Bitcoins (currently worth $3.2 billion) this year but are just starting to use financial tools which will fundamentally change the mining landscape.

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Bitcoin mining in Bangladesh with mining Machine

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