Happy Tuesday!
I need a test pilot for our mining test drive
I will zap the first person who replies to this msg 1,000 sats to take our 3 hour mining test drive.
- https://rigly.io/test-drive
- Sign up
- View your hashrate at Braiins pool
And share your thoughts in this thread.
#bitcoin #mining
Labor Day wknd #bitcoin mining promo ⛏️
- Bid on any auction
- Get 3 hours of free hashrate
New auctions posted for hashrate in the USA and South America!
Limited to the first 21 bidders before Sep 2nd.
Place your bid now!
https://rigly.io
Friday is a great day to bid on long-term hashrate ⛏️
- Long-term hashrate for 30, 60 and 90 day terms
- Potential to earn a profit
Place your bid now on hash from our mining farm partner in Georgia:
- 30 days @ 120 TH/s
- 60 days @ 120 TH/s
- 90 days @ 120 TH/s
https://rigly.io
Saturday #bitcoin story corner
What's your bitcoin story?
- How did you first learn about bitcoin?
- What was your rabbit hole journey like?
- How are you different now than before you found bitcoin?
Reply in this thread and I'll zap 1,000 sats to each story.
Best story gets 3 days of free #bitcoin mining on Rigly.io
Great story!
For your free hashrate, please do the following -
1. Go to https://rigly.io
2. Sign up for the Mining Test Drive
3. Send an email to hello@rigly.io with your mining pool username
Thanks!
RIGLY UPDATE:
As Rigly works through some maintenance to get our platform back up and running, we wanted to provide an update on what we have been working on, why these changes were necessary, and what the changes will allow us to do.
Since we started as a hashrate marketplace, we have used stratu.ms as our proxy server to forward hashrate from the mining rig to our customer and their mining pool account. Forwarding hashrate this way is a key differentiator between Rigly and cloud miners: your bitcoin is held in escrow. Miners are paid once they deliver the hashrate to you.
Unfortunately, stratu.ms shut down their operation giving us only a small window to find (or build) a new solution. There are a few other proxy servers available on the market, but they need to be run locally and are mostly meant for mining farms.
So we decided to build our own. Over the past few months we have built a simple, efficient hashrate proxy in python.
By building our own proxy, we will be able to scale and deliver much more hashrate to customers. We have some big things coming in 2024, including the launch of our “over the counter” hashrate trading platform, and our proxy will allow us to service our higher volume customers as well as our customers buying hashrate from our daily auctions.
Looking ahead, we intend to open source our hashrate proxy. By open sourcing the proxy, customers who want a little extra anonymity can run it themselves to forward their hashrate, and anyone can verify its functionality by reading the source code.
I don't know who needs to hear this but:
-Kilohash per second: 1,000 hashes per second
-Megahash per second: 1 million hashes per second (typically a single GPU or CPU).
-Gigahash per second: 1 billion hashes per second (mining pool or cluster of GPUs).
-Terahash per second: 1 trillion hashes per second (typically a single ASIC or large mining pool).
-Petahash per second: 1 quadrillion hashes per second (large mining pool).
-Exahash per second: 1 quintillion hashes per second (typically a huge mining pool or entire network).
-Zettahash per second: 1 sextillion hashes per second (soon).
GM☕
If you are interested in bitcoin mining, have tried mining or want to learn more about mining please give us a follow and we'll follow you back.
If you are interested in privacy and kyc-free bitcoin, please give us a follow and we'll follow you back.
Feel free to introduce yourself.
Let's make Nostr useful!
GM 🔆
https://m.primal.net/HvwN.png
Wrapping up part 3 of our series "What do bitcoin miners need?"
3. Hashrate buyers:
Finally miners need hashrate buyers such as mining pools. This is also where Rigly (and you, future Rigly customer) come into play.
Bitcoin mining farms who are generating hash (let’s call them “hashers”) work with mining pools such as Braiins, Antpool, Luxor, Ocean, ViaBTC and a number of others. Hypothetically a mining farm could solo mine, but the chances of being a profitable solo-miner are similar to the chances of winning the Powerball.
Mining pools purchase compute power or hashrate from bitcoin mining farms and then enumerate hashers with new bitcoin. Under most agreements, the new bitcoin that hashers are paid with comes from the network fees + block rewards.
In these relationships, the mining pool takes on quite a bit of risk. They agree to pay hashers up-front for their hashrate, but there’s no guarantee that they will mine any blocks (and receive block rewards as a result).
Rigly provides an alternative solution for mining farms by creating a hashrate marketplace that connects the hashers with hashrate buyers. Rigly’s solution creates much needed competition against the mining pools who have historically held a lot of power.
By buying hashrate directly from miners, buyers not only receive brand new kyc-free bitcoin, they also make the network more balanced and fair as these buyers have the freedom to choose which mining pool they want to work with.
It’s a win-win. Mining farms have a new hashrate buyer, and buyers have a direct way to get fresh bitcoin while supporting and further decentralizing the network.
Hello Zappers. Today we continue our study of what miners need.
What miners need #2. Electricity:
The mining race in 2024 and beyond continues to be about access to cheap electricity.
Most of the stories covering bitcoin mining in the news focus on total energy consumption. “Bitcoin mining consumes more energy than the Netherlands,” someone might scream at you. In relative terms, the total energy consumption of the Bitcoin network is comparable to (actually, lower than) the energy consumption of domestic tumble driers (see image below).
While it’s true that Bitcoin mining does consume energy and electricity, the economics of Bitcoin mining reveal a more complicated story: that miners are in a race to find the cheapest electricity in order to maximize revenue and remain competitive.
And the cheapest electricity often comes from:
1. Energy sources that might otherwise go to waste
2. Renewables like solar, hydro and wind
3. Highly efficient energy sources like nuclear
Bitcoin miners are also nimble and can go to the energy source, rather than needing the energy to come to them as long as they have stable internet connections. This is why miners set up at remote hydro dams in China, on sites where natural gas is vented or flared in Argentina, or on top of volcanos in El Salvador.
At flaring or venting natural gas sites, energy producers who would otherwise waste this energy have economic incentive to either set up Bitcoin mining rigs or sell the excess energy to outside miners who can likely negotiate favorable contracts.
As Alex Gladstein recently said on Peter McCormack’s podcast, “not bitcoin mining wastes energy.”
So the innovation in the mining space comes from the combination of quality, efficient hardware that requires little maintenance with access to reliable and cheap electricity.
https://m.primal.net/HuMV.png
Below image somewhat dated illustrates the race for cheaper electricity between Aug 21 and Aug 22.
https://m.primal.net/HuMZ.png
1. #Bitcoinminers need hardware.
When #Satoshi invented #Bitcoin, mining was done on a CPU. Remember the Dell desktop that your grandfather used to run his eBay store selling pens, then gave to you for schoolwork but instead you downloaded 100K songs on Napster? Yes, that CPU was mining in '09.
As the Bitcoin network grew, the first major innovation in mining hardware came. That was the move to GPU. GPU made Bitcoin mining ~6X more efficient with roughly 2X cost. (https://www.coindesk.com/tech/2020/04/26/the-rise-of-asics-a-step-by-step-history-of-bitcoin-mining/)
In 2011, field programmable gate arrays (FPGAs) were re-modeled to mine bitcoin. FPGAs (often used for gaming) made mining ~2X more efficient than GPUs, but were labor intensive as they required both hardware and software configuration.
And then in 2013, the first device was built specifically for Bitcoin mining. Application-specific integrated circuits (ASICs) were built by a Chinese hardware manufacturer called Canaan Creative. This innovation led to other manufacturers like Bitmain and MicroBT building their own versions of ASIC Bitcoin mining devices.
To put things in context, the ASIC mining devices today are 100 billion times the speed of your grandfathers CPU from 2009.
While the chips used in ASICs get marginally faster and more efficient, the race for better hardware amongst miners has leveled out a bit, forcing miners to look for a competitive edge elsewhere.
Tomorrow, we'll explore the race for cheaper electricity.
*image below taken from Coindesk article linked above
https://m.primal.net/Htvb.png
Hello Nostr. Good evening zappers. ⚡
We’re continuing our educational series on #mining that we started the other day as we continue maintenance of our platform.
In the last post, we looked at the basics of #Bitcoinmining. Now let’s look at what Bitcoin miners really need in order to be successful and profitable.
In the most basic terms, they need three things:
1. Hardware/mining rigs
2. Electricity + access to cheap electricity
3. #Hashrate buyers (like a mining pool or Rigly)
The following posts will break down each of these needs.
https://m.primal.net/HtvA.jpg
While we work on our platform this week (offline until the 15th), we wanted to take this time to provide some educational content.
This week, we’ll dive into mining.
What is Bitcoin mining in the simplest terms?
Mining is a lottery to create new blocks (or unlock blocks) in the Bitcoin blockchain.
There are two primary functions of miners, and in turn two ways that they make $:
1. They collect fees by verifying transactions and adding them to the blockchain.
2. They receive block rewards for unlocking new blocks and adding to the overall bitcoin supply.
Other important details about mining:
1. New block mined every ~10 minutes (difficulty adjustment regulates this to keep it near ~10 mins)
2. ~144 new transaction blocks are added to the blockchain each day
3. Block reward = 6.25 BTC per block, so ~900 new blocks each day (until the halving in ~10 days)
4. Average Transaction fee for miner = ~.000074 BTC.
Tomorrow we will dive hash, hashrate, hashprice and how mining actually works.
https://m.primal.net/Hswf.png
GM Nostr☕
📣 Rigly is moving to a new stratum proxy server which will require significant changes to our platform.
We started work on Saturday the 6th and will pause marketplace sales through April 15th.
The new proxy server will allow us to scale up our auctions, which is great news
More soon.
⚡ In the meantime, we will continue zapping and posting⚡
https://m.primal.net/HsZO.png
Hut 8 mining CEO Asher Genoot says that due to supply shortages of Bitcoin on exchanges, Wall St. wants to buy bitcoin directly from miners. “We’ve had banks reach out to us to try to buy our Bitcoin because of the supply shortages on these different exchanges,” he says.
So if supply is already low on exchanges, what happens later this month after the halving? “The supply coming down by 50%, from 900 Bitcoin to 450 Bitcoin per day, also makes a big impact, because now you have increasing demand but less supply,” Genoot said.
Sounds like Wall St. and others are waking up to the idea that the best way to get fresh sats is through mining. The hashrate marketplace that Rigly built connects real mining farms from around the world with hashrate buyers who understand the importance of #kycfree sats and privacy.
But you don’t need to call the CEO of a publicly traded mining company to get access. You can start mining for as little as 500 sats today.
👇
rigly.io/#try-mining
https://www.dlnews.com/articles/snapshot/miner-says-wall-street-bankers-want-to-buy-bitcoin-holdings/
Our daily mining auction is live!
- 1 PH/s for 24 hrs of mining
- Just 2 active bidders
- Bidding ends at 20:00 UTC
Rigly.io
Start your #bitcoin mining journey today ⛏️
#buyhashrate #kycfree #mining
https://m.primal.net/HrLG.png
Love this:
"Instead, how about we stop thinking about long term issues when we'll all be dead (barring near lightspeed travel, cryogenic revival, or other technology— like cryptocurrency— which only exists in science fiction).
A softfork (see BIP16, BIP34, BIP62) will take place on april 1st 2214, permanently setting the subsidy to zero. The result of this will be that the total currency supply will be limited to 42 halfmillion (including the genesis coinbase output, which is not actually spendable)."
Here are some reasons why you should use Rigly to mine anonymous sats:
1. Improved privacy in your daily transactions
2. Anonymity in your personal wealth
3. Avoid using mixers that potentially associate your coins with criminals
⚡ Follow us on here and we'll zap you 500 sats to test mine over at Rigly.io⚡
🗣️ How to mine your way back to anonymity with Rigly in 3 easy steps:
1. buy hashrate from mining farms
2. send to your mining pool account
3. earn new bitcoin
The legacy system links your personal info with your bitcoin.
Rigly fixes this.
Oddbean new post about login | logout
Notes by Rigly | export