Posts Tagged ‘Ethereum

bitcoinwisdom-bitcoin-price-chart

This weeks did not start well for the worldwide financial markets, and things were especially not good in USA and China as a result the exchange rates of Bitcoin and Litecoin as well as other crypto currencies are also down. The crypto currency price volatility is not something new, but the exchange rates dropping at this particular moment, especially for Litecoin, are not that good. Today LTC is expected to have its first block reward halving and the price going down to as low as $2.5 USD means that the mining profitability after the halving will be awfully low if any at all. Though later today we are probably going to see some recovery for both Bitcoin and Litecoin that will also most likely rise the fiat exchange rates for other alternative crypto currencies as well.

Back on to mining LTC, we had high hopes for SFARDS to have their new generation dual-mining ASIC capable of mining simultaneously SHA-256 and Scrypt-based crypto coins such as Bitcoin and Litecoin. The more interesting parts with the SFARDS SF100 miners is their high hashrate for mining LTC only with very low power consumption, roughly 1/3 of the closest competitor in the form of Innosilicon and their A2 Terminator chips. Unfortunately SFARDS is late, they are apparently going to miss the opportunity to release the hardware before the block reward halving, so their pricing will either have to go even lower in order to get user interest if/when they have wider availability. In fact some people have apparently received first batch units from SFARDS earlier this month, very limited early availability, and the feedback was not only positive. It seems that aside from the high initial price of the miners, there is more to be desired from the build quality and in terms of reliability as well. Meanwhile it seems that Innosilicon is selling well their A2 miners as they are currently the best you can get on the market and with good price policy and availability people that want to mine for Scrypt coins such as LTC have no other choice for ASIC miners.

We are going to see how things will work on for Litecoin, but meanwhile it is already experiencing a strong competition by Ethereum (ETH) in terms of market capitalization. Ethereum has been in development for quite a while, but mining has been officially launched at the end of last month along with the network starting to support transactions a few days later. The current high market capitalization of Ethereum is due to the availability of 72 million coins prior to the mining even starting, 60 million of which were sold to early investors and another 12 million to be distributed to early supporters. AS for the mining part, we have not even reached 1 million coins mined by users as we are getting close to the first month of mining. The expected rate of mining for Ethereum is about 30000 ETH a day or less than a million a month, but this does not mean that there are actually very few coins available. At the moment the daily trading volume of Ethereum is between half a million and a million coins, lately a bit lower because of the general drop in price. On the other hand Augur (upcoming application using the Ethereum network) is currently running their crowdsale and have already collected over 1 million Ether coins from users and close to 10000 BTC. So we are going to be keeping a close eye on the Ethereum development as well.

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In the last few days things about Ethereum were moving pretty quick and we have posted a lot of information, so we have decided to summarize things to make that information easily accessible to people that are new the Ethereum or are just starting with ETH. Our focus was mostly on the mining and trading Ether (ETH), but there is much more to Ethereum than that, so if you still haven’t looked into it, then you probably should as it is much more than just another altcoin.

Mining Ethereum’s Ether (ETH):
Quick Guide on How to Mine Ethereum on Windows
Quick Guide on Solo GPU Mining Ethereum on Windows
ETH Nanopool, One More New Ethereum Mining Pool
Ethereumpool, Yet Another New Mining Pool for Ethereum
Pooleum, a New Ethereum Pool In Pre-Alpha Phase

Useful information regarding Ethereum:
Ethereum Mining Profitability Calculator
Where You Can Buy and Trade Ethereum’s Ether (ETH) Coins
Track Ethereum (ETH) Prices with Ethereum Wisdom
Blockchain Explorers for the Ethereum Network

Other useful information about Ethereum:
How to Backup Your Ethereum Wallet and the Blockchain
Use Ether Wallet To Generate Online and Paper Wallet for Ethereum

It seems that Ethereum has managed to bring back a lot of GPU mining hardware that was taken offline and has managed to sparkle the interest of miners that were fed up with all the different altcoins. It is good to see that the project is finally moving forward and we are expecting to see a lot of good things in the future as well coming from the decentralized apps built on top of the Ethereum network such as Augur for example.

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Just like with Bitcoin’s wallet.dat file that contains your wallet address and keys and that you need to backup for safety reasons, Ethereum also has a similar wallet file that you should have a spare copy of. With Ethereum the wallet file has a bit weird name and is not just called wallet.dat, but it has essentially the same purpose and the file works essentially the same way as the wallet.dat with Bitcoin and many other alternative crypto coins. Ethereum’s wallet file is stored in the data directory used by the client to store the blockchain and other files, the default locations for the datadir on different operating systems are listed below.

Default datadir locations:
– Mac: ~/Library/Ethereum
– Linux: ~/.ethereum
– Windows: %USERPROFILE%\AppData\Roaming\Ethereum

To get the full path of the data directory on your specific system you can run the geth console and type admin.datadir and you will see a result like on the screenshot above with the full path. Note that the wallet file is not stored in the main datadir folder, but is instead placed in a separate folder under it called keystore. Inside that folder you should see a file with a long name starting with UTC--2015..., this is the wallet file you need to backup. Do note that aside from the wallet file itself you will also need to remember the password (or also back it up along the wallet) that you set when creating your account, without the password needed to unlock it the wallet file won’t be of much use.

If you are moving your Ethereum installation over to a different computer or want to have a copy on another system for solo mining for example, aside from a copy of the wallet file you may also want to make a copy of the blockchain, so that the geth client will not need to download the whole thing again from the network. For the moment the Ethereum blockchain is not that big, but as it continues to grow it can become a very time consuming task to wait for the blockchain to download over the network like it already is with bitcoin for example. So here is how you can also export and then import the Ethereum blockchain should you need to do so.

Export and Import the Ethereum Blockchain:
– Run: geth export blockchain_backup
– Copy the blockchain_backup file to the new system (a bit over 60 MB for the moment)
– On the new system run: geth import blockchain_backup

You can also export and import the blockchain data from a geth console mode, however it seems that when ran inside the console it is doing it much slower than the above method. The commands for the Javascript console are admin.exportChain('blockchain_backup') and admin.importChain('blockchain_backup'), so you can try with them as well, but the first example should be faster.

Download geth and ethminer compiled for Windows and ready to be used…


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