Mining in Russian: why Russia has swept the mining boom of bitcoins

© REUTERS / Stephen Lam/File PhotoОборудование for bitcoin miningMining in Russian: why Russia has swept the mining boom of bitcoins© REUTERS / Stephen Lam/File Photo

. In Russia there was a shortage of graphics cards: they rushed to snap up miners cryptocurrency miners, impressed by the recent growth rate of bitcoin. Ordinary purchasers unhappy: because farmers (the so-called organizers of bitcoin farms, where through mathematical calculations «forge» virtual money) was not so easy to upgrade the computer — components merchants inflated prices for video cards almost doubled.

«Really, graphics cards are not available, and the Chinese factories where they manufacture, has a queue,» said the CEO platform for investing in cryptocurrency CryptoInvest Vadim Valeev. Another consequence of excessive demand was the rapid growth of the stock of the largest producer of graphics chips AMD: in the winter they soared by 400%.

What happens

The influx of miners, experts associated with the growth in the value of bitcoin and other cryptocurrencies. Only at the end of March, the bitcoin price increased by 200% — up to three thousand dollars. Grows and other cryptocurrency — Ethereum (ether).

«Over the past few months, Etherium has made such growth bitcoin exchange rate somersault, an increase in price from 10-15 dollars immediately to 350,» said the researcher cryptocurrency Denis Smirnov.

This trend promises a windfall for miners.

Thus, if for the production of bitcoin (one bitcoin is now worth about $ 2600) for a long time use special data centers and powerful computers (it is mined, in fact, «numbers», which are the bitcoins), then the alternative cryptocurrencies all the easier. They do not require such a complicated processing power, and, after purchasing the desired toppings, the whole process can be organized at home.

Home how much is a bitcoin farm

The graphics chips used in video cards, well sharpened on solving algorithms, similar to those that underlie alternative cryptocurrencies. Running mining on a normal PC with pumped graphics card be able to get a few dollars a day.

You can go a little further and to collect a small mining farm, which of these cards will be not one, but, for example, six, and they will work exclusively on the mining of cryptocurrencies. The starting price for such a farm will be about 200-300 thousand rubles. Plus monthly costs for electricity and, if necessary, for rent.One by one the miners are not working — they are combined in pools, sharing of computing power, allowing them to quickly produce new coin. The remuneration shall be divided between all the parties — depending on the spent in each capacity.

After a certain period of time the miner is dripping a small proportion of mined cryptocurrency is not 25 coins every few months, and, for example, one hundredth of the same coin, but once in ten minutes.

All that «nominal» pool party, stays with him, a cryptocurrency he can dispose as he wants to leave in my purse or send straight to cryptocurrency exchange and was included in the auction.

The mining process long enough in time, and the shorter it becomes. The increase in the number of miners, the cryptocurrency responds by increasing the complexity of the algorithm. In addition, it is very volatile. However, obtaining a certain amount of currency at constant intervals of time allows the miner to hedge risks.
For advanced

One purchase of equipment is not enough, mining is fun not for ordinary people. Mining cryptocurrencies requires no technical knowledge, and specific skills of the maintenance work.

«Better not to mess with people, without being too technical, and without the involvement of professionals,» recommends Vadim Valeev.

He points out that, in addition to the starting 200 thousand rubles of investments, the contents of the small bitcoin farm will require monthly cost of electricity (about three to five thousand rubles per month) and if the area does not own, rent.Talk about a bubble in this market, according to experts, it is not necessary — now the blockchain startups are only beginning to assert itself, attracting the attention of investors. In addition, many cryptocurrency is not «dummy» as it seems at first glance: they are tied to specific developments and existing technology.

For example, payment network Mijin developers of cryptocurrency NEM uses the largest trust Bank of Japan SBI Sumishin Net Bank, but the technology underlying the cryptocurrency Ripple, have already tested some 50 financial institutions in Asia and Europe.