The bear market is over and the new rising cycle from bear to bull markets is brewing. Why do we claim the bear market has been over? Because the market first changed the trend of the bear market with continuous increase in volume, which has completely got rid of the declining inertia of bear market. Secondly, under the expectation of bitcoin halving, the users continue to be optimistic with very high mood and full confidence in the future. Thirdly, the network hashrate of bitcoin has broken new record high and re-entered a new rising cycle and the situation of Ethereum has also started to reverse.
Since the bitcoin is getting more and more popular, mining has become the key to the cryptocurrency ecosystem. The mining workers have been driving the transaction and verification for cryptocurrencies. Therefore, the mining industry has always dominated the expanding cryptocurrency world. For many people, the mining has even grown into a thriving business.
As mining costs and competitiveness become increasingly higher, the mining workers are trying to maximize their profits by means of tax deduction.
With the rapid rise of cryptocurrencies and the explosive growth, the political forces in many countries are reaching out to the emerging industry of cryptocurrency.
All the cryptocurrencies in the world are derived from mathematics —- if you can solve complicated mathematical problems faster than anyone else, then you can make profits.
As a result, members of cryptocurrency community found themselves in a symbolic arms race of hash race where they could run the mining equipment with poor performance in early stage. And now, the increasing difficulty means they need more efficient ASIC miners.
On July 24th, Jonas Schnelli, a member of bitcoin core development team, failed in online shopping and he angrily asked BitPay why his order was rejected on Twitter.
There is an “impossible triangle” problem in the blockchain industry, that is, the security, scalability and decentralization. People can only achieve the other two by sacrificing the third one. In order to “solve” this impossible triangle, people have thought out many solutions, including the Layer 2.
Now, let’s make a brief introduction to Layer 2.
This is not an article with conclusion. It only aims to trigger heated discussion and exploration on the concept known by almost everyone in the blockchain field: the impossible triangle.
We will discuss whether it is a true concept or a pseudo one, because only when we can distinguish the authenticity and no longer focus and waste our development on the pseudo one, it’s possible to explore the issues in the blockchain which really need to be focused and solved.
In June 2016, Bitmain released the bitcoin miner Antminer S9 (refer to: Evaluation on Antminer S9 16nm Bitcoin Miner), which adopted the 189 pieces of the latest BM1387 chips independently developed by Bitmain. The overall hash could reach 11.85 TH/s with 1172W power and 100W/T efficiency. The BM1387 is the 5th generation bitcoin miner chip independently developed by Bitmain, which adopts TSMC 16nm FinFET process and fully-customized designs. The maximum hash of a single chip can reach 74GH/S.
No one ever expected that a classic bitcoin miner Antminer S9 had come into being since then.
We often read the news of some coins being burned. So, what’s coin burning? How is the coin burned? Why should the coin be burned?
Now, we’d like to answer the three questions.
The news about 51% attack on bitcoin with US$760,000 was widely spread on the network, and some well-known currencies such as ETH, BCH and BSV had all become the targets. It seems that the cost of launching a 51% attack is far less than our imagination. Many “smart guys” quickly came up with the idea of launching a 51% attack on bitcoin to get profits in the futures market. Unfortunately, they are just daydreaming.