Bitcoin Mining Hardware, the news explosion of 21 century. Japanese traders had been using bitcoin (BTC) to some extent using better and faster bitcoin mining hardware. However, after a giant Shanghai-based BTCChina, a major Chinese bitcoin exchange on Thursday said it would stop trading in the crypto-currency from September 30 put bitcoin investors or traders in huge trouble including Japanese. This was also reported by major news sites including Reuters.
What is Bitcoin Mining Hardware?
The best Bitcoin mining hardware has evolved dramatically since 2009
At first, miners used their central processing unit (CPU) to mine, but soon this wasn’t fast enough and it bogged down the system resources of the host computer. Miners quickly moved on to using the graphical processing unit (GPU) in computer graphics cards because they were able to hash data 50 to 100 times faster and consume much less power per unit of work.
During the winter of 2011, a new industry sprang up with custom equipment that pushed the performance standards even higher. The first wave of these specialty bitcoin mining devices were easy to use Bitcoin miners were based on field-programmable gate array (FPGA) processors and attached to computers using a convenient USB connection.
FPGA miners used much less power than CPU’s or GPU’s and made concentrated mining farms possible for the first time.
Today’s modern and best bitcoin mining hardware
Application-specific integrated circuit (ASIC) miners have taken over completely. These ASIC machines mine at unprecedented speeds while consuming much less power than FPGA or GPU mining rigs. Several reputable companies have established themselves with excellent products.
ASIC Bitcoin Mining Hardware
Application-specific integrated circuit chips (ASICs) are bitcoin mining hardware created solely to solve Bitcoin blocks. They have only minimal requirements for other normal computer applications. Consequently, ASIC Bitcoin mining systems can solve Bitcoin blocks much quicker and use less less electricity or power than older bitcoin mining hardware like CPUs, GPUs or FPGAs.
As Bitcoin mining increases in popularity and the Bitcoin price rises so does the value of ASIC Bitcoin mining hardware. As more Bitcoin mining hardware is deployed to secure the Bitcoin network the Bitcoin difficulty rises. This makes it impossible to profitably compete without a Bitcoin ASIC system. Furthermore, Bitcoin ASIC technology keeps getting faster, more efficient and more productive so it keeps pushing the limits of what makes the best Bitcoin mining hardware.
Some models of Bitcoin miners include Antminer S5, Antminer U3, ASICMiner BE Tube, ASICMiner BE Prisma, Avalon 2, Avalon 3, BTC Garden AM-V1 616 GH/s, VMC PLATINUM 6 MODULE, and USB miners.
What is the best Bitcoin Mining Hardware?
Bitcoin is a crypto-currency. It is the first decentralized digital currency, as the system works without a central bank or single administrator. BTCs are digital coins you can send through the Internet. Compared to other crypto-currencies BTC has a number of advantages.
Bitcoins are directly transferred from person to person via the net without going through the bank or clearinghouse. This means that the fees are much lower, you can use them in every country. Your account can’t be frozen no matter what.
And lastly, there is no prerequisite or arbitrary limits. How cool!
How bitcoin works?
Let’s look at how this invisible gold works. A number of currency exchanges exist where you can buy and sell BTC for dollars, euros and any currency you want. Your bitcoins are kept in your digital wallet or mobile device or somewhere in the cloud. Sending BTCs is as simple as sending an email and you can purchase anything with BTC. From baby toys to the most luxury supercars.
The BTC’s network is secured by individuals called miners. Miners are rewarded for newly generated BTCs for verifying transactions. BTC is changing finance the same way web changed publishing. When everyone has access to global market great ideas flourish!
BTCs are a great way for businesses to decrease transaction fees. It does not cost anything to start accepting them and it’s easy to set up. There are no chargebacks and you will get additional business from bitcoin economy.
Bitcoin Price And What affects its Price?
The BTC price is the monetary cost of a bitcoin. the term “price”, as used here is not to be confused with “value” which is a perceived regard for BTC’s benefits and usefulness.
The price of BTC has dropped to around US$14,000 in the last few days, after almost hitting US$21,000 in the past two weeks. All of this shows how volatile the currency is, prompting the question, what leads to such huge movements?
Like everything, the value of BTC is determined by basic demands. If more people buy BTC the value and price increases. If lesser people buy, the price goes down like fish sold in the market.
What other crypto-currency competes for bitcoin read here.