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The story behind the ASIC evolution

When Bitcoin mining first started in 2009, it was considered a niche hobby for cryptocurrency enthusiasts. Since then, it’s grown into a billion-dollar industry – with Bitmain leading this growth since 2013.

Bitmain’s entrance into the mining market in 2013 saw the emergence of the ‘ASIC era’, as the company sought to bring ASICs to the masses. Specifically designed to mine cryptocurrencies, the demand for ASICs has since continued to grow alongside the advancement of the bitcoin mining industry.

BTC mining: from hobby to global industry

Back in 2009, the only hardware needed to mine Bitcoin was a simple home computer (provided it had reasonable specifications). These computers would run standard multi-core CPUs, which would produce BTC at a rate of 50 per block. This would equate to a few dollars of profit per day.

Fast forward ten years and Bitcoin mining generated five billion U.S. dollars in revenue in 2019. Despite industry growth volatility, these figures suggested an overall increased demand for bitcoin miners.

These demands first accelerated in October 2010, when the code for mining bitcoin with GPUs was released to the general public. Although the public was able to mine bitcoin for themselves, it quickly became evident that it was still not easy for GPU users to scale hash rates. So, it was only once FPGAs were introduced that mining really began to scale, as FPGAs are more power-efficient than GPUs.

By 2012, the mining industry was advanced even further with the adoption of ASIC technology. These miners were carefully designed for the specific use of mining cryptocurrencies, replacing the need to tweak the field-programmable component of FPGAs after purchase. As there will always be a need and approach to making a specific computation more efficient, ASICs were a natural progression in the Bitcoin mining industry.

Antminer is born

By November 2013, Bitmain introduced its very own ASIC: the Antminer S1, which had a hash rate of 180 GH/s. Just a few months later, the Antminer S2 model was released, with a significantly higher hash rate of 1 TH/s.

Bitmain’s ASICs were quickly getting more powerful, and more energy-efficient over time.

Antminer S1: Launched 2013

Rapid rise of Antminers as BTC makes history

Over the next few years between 2014 and 2019, Bitmain released numerous Antminer models to the market. In 2014 alone, Bitmain released miners such as the Antminer S2, S3, S4, and S5 – all with the aim of providing more efficient and profitable hardware to miners in order to keep up with the demands of the growing bitcoin mining industry.

On top of this, Bitmain launched the AntPool mining pool in 2014, further highlighting Bitmain’s commitment to helping decentralize the bitcoin network and put the majority of hashing power into the hands of consumers. This commitment was further highlighted in Bitmain’s 2015 launch of, which introduced the top-leading blockchain explorer that efficiently offered users all information on the network. By 2016, also launched its own pool platform.

With BTC making its historic price run in 2017, Bitmain continued to release batch variations of the S9 as well as entirely new models, such as the Antminer T9 which had a hash rate of 11.5 TH/s.

As the Bitcoin market continued to grow, Bitmain released 8 SHA256 models throughout 2018.

As the Bitcoin market continued to grow, Bitmain released the Antminer S15 in 2018, which was launched at the World Digital Mining Summit. The Antminer S15 provided long-term energy efficiency through its use of Bitmain’s 7nm chip that integrates over 1 billion transistors per unit.

By 2019, Bitmain had introduced its most popular Antminer models to date: the Antminer 17 Series.

Antminer Design Advancements

Antminers and the future of mining …

Since 2013, Bitmain has shown commitment to developing new technologies that overcome the new challenges of mining – and the significance of Bitmain’s advancements makes them leaders by example in the field.

Today, Bitmain continues to pursue its vision of bringing the future of mining to all. And that is why Bitmain has released the Antminer S19 and Antminer S19 Pro models, featuring hash rates of 95 TH/s and 110 TH/s respectively. The Antminer S19 series represents the evolution of Bitcoin mining, from the very first Antminer S1 to the ever-popular Antminer S9, reaching the present-day Antminer S19. The mining community has taken great leaps of development.

New Genenration Antminer S19 and S19 Pro
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Four FAQs answered as the countdown to the Bitcoin halving begins

With less than 100 days to the next bitcoin halving, all eyes are on the world’s largest cryptocurrency. 

For crypto enthusiasts, miners and investors, this is considered a significant milestone that will pose a number of considerations to their operations. 

What is “halving” and what happens when it occurs?

The bitcoin halving or “the halving” is a deflationary mechanism that’s programmed into the Bitcoin network by the cryptocurrency’s anonymous creator, Satoshi Nakamoto, to occur every four years.

The event is a function of the bitcoin protocol and is projected to take place in May 2020, which will halve the amount of block rewards for miners from 12.5 to 6.25. 

Why is this significant for miners? 

Halvings are a significant part of a cryptocurrency’s economic model and what sets it apart from traditional currencies.

Regular fiat currencies are structured with an infinite supply and often managed by a centralised government body. 

On the other side of that, cryptocurrencies like bitcoin are designed to be a deflationary currency, which are issued in a decentralised manner via a transparent protocol. 

There are only 21 million bitcoins in circulation and less than 3 million left to issue. Because of this scarcity, mining is seen as a timely opportunity to acquire newly issued coins.

What will happen to bitcoin mining after the final halving event?

It’s important to understand what’s on the horizon for the bitcoin mining community before the halving event takes place.

The May 2020 halving event will be the third of its kind. In total, there will be 32 and after these have taken place, the supply of bitcoin will be capped. After this, transaction fees from users will be the incentive for miners to validate the blockchain. 

Currently, the bitcoin network hash rate is around 120 hashes per second (EH/s). It is estimated that this could continue to increase before the halving in May.

Once the halving does occur, mining machines that have a power efficiency higher than 85 J/TH (similar to that of the Antminer S9’s models) may no longer be profitable. Read on to find out how miners can best prepare for all this.

How can miners prepare for the upcoming halving?

As the digital mining sector has matured over the years, a greater priority has been placed on understanding the life-cycle of mining hardware.

One key question many miners may be pondering is: What if the bitcoin price doesn’t change once the halving occurs? 

Currently, most (55 percent) of bitcoin mining is run by older mining models that are less efficient. If the bitcoin price doesn’t change, the majority of the market may struggle to make a profit in mining.

Miners that have invested in hardware with all this in mind will fare well in the season ahead, while for inefficient miners, remaining in operation may not make economic sense anymore. To stay ahead of the curve, the most up-to-date miners can give operators a strong competitive advantage.

Bitmain is working hard to ensure their machines are built for a “post-halving” world. For example, Bitmain’s AntBox can cut construction costs and deployment times by 50 percent, while also accommodating 180 17 Series miners. Bitmain has also recently just announced the new-generation Antminer S19 series.

Overall, this is a good time for miners to re-evaluate their current farms and setups. Is your mining farm designed for optimal efficiency? Are your staff trained on the best practices to maintain hardware? Responding to these prompts will help to better prepare miners for operations in the long-term.

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Bitmain Announces Specs for Next-gen Antminer S19 and S19 Pro Coming Soon

SINGAPORE, 27 February 2020 – Bitmain is officially announcing the new Antminer S19 and S19 Pro, two new Antminers offering incredible performance.

The next-generation Antminer S19 and S19 Pro come in two variants. The Antminer S19 is equipped with a hash rate of 95 TH/s, while its other variant has a hash rate of 90 TH/s, both variations have a power efficiency of 34.5±%5 J/TH.

As for the Pro version, hash rates and power efficiency are further improved. The Antminer S19 Pro features a hash rate of 110 TH/s, while its other variant has a hash rate of 105 TH/s, both variations have an impressive power efficiency of 29.5±%5 J/TH.

The Antminer S19 series is equipped with a new generation custom-built chip from Bitmain, achieving a power efficiency as low as 23 J/TH. This was achieved by enhancing the circuit architecture, greatly improving power efficiency.

Utilizing the new APW12 high-conversion efficiency power supply, the Antminer S19 and S19 Pro achieve enhanced stability. New firmware also introduces faster startup speed and an intelligent control mechanism to ensure the best mining experience.

The next-generation Antminer 19 series showcases industry-leading technology from Bitmain, allowing miners to efficiently mine Bitcoin under the SHA256 algorithm. The new iteration of Antminers boasts superior performance, enabling miners to optimize earnings and is designed for better operations ensuring long-term operations.

As the Bitcoin halving approaches with the price of block rewards to be reduced, the Antminer 19 series safeguards miners for future mining.

The Antminer S19 series specifications is available on Bitmain’s official website.

For further sales inquiries, please contact Bitmain’s specified sales teams based on your region:

North, Central, South America:


Europe, the Middle East, and Africa & The Commonwealth of Independent States:


Asia Pacific: Contact:

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Five highlights for the digital mining sector from WDMS ‘19

The digital mining sector is only just ramping up and this year’s World Digital Mining Summit (WDMS) was proof of this. 

The second annual industry-wide gathering of the digital mining sector was met with great anticipation with numerous attendees including leading founders, decision-makers and industry experts.

Here are five major highlights from the summit.

1. Bitmain’s co-founder, Jihan Wu, shares four initiatives to drive innovation in digital mining

Jihan Wu speaking to the attendees of WMDS

One of the major points of discussion at the WDMS was about ways to innovate the digital mining sector and during his keynote, Bitmain founder, Jihan Wu, shared four of Bitmain’s initiatives.

First, that Bitmain will soon launch a service called the World Digital Mining Map to provide a better platform to connect mining hardware owners with mining farm owners. This service will be free for BITMAIN customers.

It currently takes too long to repair mining rigs. In response to this issue, Jihan shared that Bitmain’s second initiative would be to launch repair centers worldwide to help cut down the turnaround time for repairs to just three days by the end of 2019.

For its third initiative, Bitmain will also boost its Ant Training Academy (ATA) program on troubleshooting easy-to-fix issues. Mining farm operators can send their technicians to be trained at the ATA where they will graduate with a certificate, which qualifies them to provide services.

Launch of the new Antminer S17+ and T17+

Finally, to keep up with the industry’s changing demands, Jihan shared that Bitmain will launch two new types of mining rigs – the Antminer S17+ and T17+. He also noted that Bitmain’s research and development team had made solid improvements in the design of future mining hardware models. 

2. Matrixport’s CEO, John Ge, shared the company’s vision and mission

John Ge, CEO of Matrixport

Another session that drew in crowds was the talk by John Ge, the CEO of Matrixport.

He shared that Matrixport’s vision was to be a one-stop-shop, which will offer custody, trading, lending, and payment services. With its close ties to Bitmain, John also pointed out that Matrixport would give miners an accessible opportunity to enhance their crypto portfolio.

In many ways, he mentioned that Matrixport would be similar to an online bank,where account holders can customize services according to their needs and delegate tasks to a broker to service it.

With trading engines that connect to most exchanges and also to OTC (over the counter) providers, Matrixport would also be best placed to choose the most ideal marketplace for each user’s needs, offering discounts and a tailor-made algorithm to secure a better price and high liquidity. The company will also make it possible to access capital without missing investment opportunities by acting as a lender to the market.

3. Industry leaders discuss the impact of the bitcoin block reward halving

Panel Discussion 1: Impact of the bitcoin block reward halving

The 2020 bitcoin block reward halving event was one topic that was top of mind at WDMS. To discuss the implications for the mining community, industry leaders – including Jihan Wu; Matthew Roszak, Co-Founder and Chairman of Bloq; Marco Streng, CEO of Genesis Mining; Saveli Kotz, Founder of; and Thomas Heller, F2Pool Global Business Director – came together to share their insights.

On the previous two halving rounds, the overall sentiment from the panel was positive. However, Jihan also pointed out that there is really no way to know whether the halving triggered the price surge during both events. “We just don’t know, there is no scientific data to support any theory. Crypto itself has a lot to do with psychology, some people thought the world would end when the price dropped dramatically in the past. In the long run, this is a rather small event in this industry. This industry is driven by adoption and that is a trend which is increasing,” he said.

When asked about strategies for miners around the halving, a key theme from the panel was that keeping up to date with innovations would be essential. Jihan shared that one of Bitmain’s strategies was to focus on power efficiency regardless of whether the price remained the same or not.

4. Panel discusses the traditional finance and crypto finance ecosystem

Panel Discussion 2: Traditional finance and crypto finance ecosystem

The WDMS also covered developments in the crypto finance ecosystem. Interestingly the experts dedicated to this panel all came from traditional finance backgrounds before entering the crypto sector. This included: Cynthia Wu, Matrixport Cactus Custody (Chair); Tom Lee, Head of Research, Fundstrat Global Advisor; Joseph Seibert, Managing Group Director, SVP of Digital Asset Banking at Signature Bank; Rachel Lin, Matrixport Head of Lending and Payment; and Daniel Yan, Matrixport Head of Trading.

On mainstream adoption, Rachel said that in time, authorities will have to catch up, as examples like Libra show. Adoption from the traditional finance sector ranges in many ways. Daniel shared about interested hedge funds, which eventually shied away from investing in cryptocurrencies because of regulatory insecurities and risks. Still, he believes this to be a gradual development and is convinced that it is good to go slow to give traditional players a chance to adapt to the changing environment. 

When asked for a product that miners and the industry are in dire need of answers from the panelists ranged from better user interface and better interoperability, second-layer solutions over securitisation of assets and stable managing products to any product that is developed with client feedback to make sure that it will be a sustainable solution for the entire market that people will really use.

5. The top ten mining farms announced

WDMS: Winners of the Top 10 Mining Farms

To provide a platform for mining farm owners to share and exchange insights, Bitmain launched the search for the “Top 10 Mining Farms Around the World”. The contest was an invitation to those in the global mining industry to vote for the most innovative operations out there.

The top 10 mining farms were chosen based on what miners preferred the qualities a perfect mining farm must possess. Important qualities include but are not limited to the mining farm history, the condition of the mining farm, operation and management of the mining farm.

Winners from the top ten mining farms: Etix, Coinsoon, MineBest, GPU.One, Enegix, Bitriver, Block One Technology, CryptoStar Corp, DMG, and RRMine.

In order to further develop providing the industry with new opportunities and partnerships, preparation of the next World Digital Mining Summit will soon begin. The next summit will invite new and old attendees from the blockchain and mining sector to again be part of the world’s largest dedicated mining conference. 

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Bitmain releases next-gen Antminer T17, now available for purchase via official website

HONG KONG, 28 April 2019 – Bitmain has launched the new Antminer T17, the single mode miner from the highly anticipated Antminer 17 series.

The next-generation Antminer T17 is the entry model from the 17 series with a hash rate of 40 TH/s. It uses an entirely new design to improve the miner’s stability and performance while also effectively preventing dust, similar to the S17 Pro and S17.

The Antminer T17 features a power efficiency of 55 J/TH and is equipped with the new generation chip that offers deeper improvements on power efficiency, generating more income for miners.

Photo: Antminer T17

The Antminer T17 utilizes dual tube heat dissipation technology to reduce wind resistance. The space between the air inlet to the air outlet has been reduced by 50%, improving heat dissipation which further enhances the long-term operation of the miner and reduce maintenance costs for users.

The Antminer 17 series also includes two other models that can be purchased through Bitmain, the Antminer S17 Pro and Antminer S17. All products in the range come with a APW9 power supply to improve the power efficiency for a more stable mining experience and savings on electricity costs.

The Antminer T17 can be purchased through Bitmain’s official website. For further sales inquiries, please contact Bitmain’s specified sales teams based on your region:

North, Central, South America:


Europe, the Middle East, and Africa & The Commonwealth of Independent States:


Asia Pacific:


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Bitmain Announces Specs and Release Times for its Latest 7nm Antminer 17 Series Miners

Bitmain has announced specifications and selling times of the 7nm Antminer 17 series ahead of the upcoming release date.

HONG KONG,  08 April 2019 – Bitmain, the world’s top 10 and China’s second largest fabless chipmaker, is announcing specifications for the new Antminer 17 series, as well as the regional selling times for the launch date on 9 April 2019.

Photo: Antminer S17 Pro

The new miners in the 17 series include: Antminer S17 Pro, Antminer S17, and Antminer T17. All three miners come equipped with the new 2nd generation 7nm BM1397 mining chips, which come with improvements to power efficiency and hashrate.

The Antminer S17 Pro comes in two variants, a 53 TH/s and a 50 TH/s model, and features three mining modes, which allows for greater customization as customers can switch between different settings to accommodate various mining requirements. When on turbo mode, the S17 Pro has a power efficiency of 45 J/TH. The normal mode operates at 39.5 J/TH, while the low-power operates at 36 J/TH.

The Antminer S17 also comes in two variants, a 56 TH/s and a 53 TH/s model, with two mining modes. When on normal mode, both models have a power efficiency of 45 J/TH, while the low-power mode operates at 42 J/TH. The Antminer T17 is set for a later selling date.

The next-generation Antminer 17 series will be released in two batches and will be available for sale on Bitmain’s official website according to the following timings by region:

North, Central, South America:

1st Batch: 08 April 2019, 23:00 PDT

2nd Batch: 09 April 2019, 09:00 PDT


Europe, the Middle East, and Africa & The Commonwealth of Independent States:

1st Batch: 09 April 2019, 09:00 MSK

2nd Batch: 09 April 2019, 19:00 MSK


Asia Pacific:

1st Batch: 09 April 2019, 14:00 CST

2nd Batch: 10 April 2019, 00:00 CST 


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Bitmain announces selling date of next-gen Antminer S17 series

The Product Manager of Bitmain’s Antminer 17 series gives users a sneak peek into the features of the new miners which offer “steep improvement” in hashrate.

HONG KONG,  29 March 2019 Bitmain, the world’s top 10 and China’s second largest fabless chipmaker, is putting their new energy efficient miners that mine cryptocurrencies based on the SHA256 algorithm, such as Bitcoin (BTC) and Bitcoin Cash (BCH), up for sale globally on 9 April 2019.

The key features of the Antminer S17 include: improved energy efficiency; higher hashrate and size compatibility with the previous S15 series.

The new miners in the 17 series include: Antminer S17 Pro, Antminer S17, and Antminer T17.

Ahead of the new model release, Yangxin, Product Manager of Bitmain’s latest Antminer series, reveals what went into the production of the new and improved 2nd generation 7nm ASIC BM1397 mining chips.

“The new miner offers a steep improvement in the hashrate in terms of space and power consumption,” said Yangxin.

The new chip equipped in the 17 series offers a 28.6 percent improvement in power efficiency in comparison with Bitmain’s previous 7nm chip, the BM1391.

Yangxin has specialized in the field of IC (Integrated Circuit) design for over a decade and currently manages miner production delivery, which includes system design and mass production. Here’s what he had to share on the following:

On the highlight features of the new Antminer S17, Yangxin said:

“There are two key indicators to look for when measuring the quality of a mining machine: efficiency and the hashrate:

The stand out features of the S17 are reflected in the following:

  1. Improved performance compared to the previous generation chip. Improved energy efficiency has a big part to play in this.
  2. Higher hashrate in a single miner. This increases the hashrate density per unit space and saves deployment costs for mining farms.”

On the improvement of the 15 series and the 17 series Yangxin said:

“Electricity bills are very high for Bitcoin mining right now so the improved energy efficiency means a significant drop in costs and, thus, increase in profits. Secondly, the new miner offers a steep improvement in the hashrate in terms of space and power consumption. This will be especially meaningful for mining farms when you consider the investment needed with set up.

On what’s next and whether there is an incentive to develop higher hashrate miners beyond 7nm chips Yangxin said:

“From a technical point of view, there is no end to the development of technology. However, in the short run, the driving force behind the development of next-gen miners beyond 7nm chips is slowing down due to physical limitations.

With the nm size shrinking quantum effects, among other new challenges, come into play. It is promising that TSMC (Taiwan Semiconductor Manufacturing Company) is already in the process of building 5nm chips. We will continue to follow the development of this technology but it is still early days.  

It takes several iterations to create new miners based on the next generation semiconductor process. The solutions to the challenges of nanometer scale mass production require more investment and further research and development.

Considering the rapid pace of development in this area in the past few years, the industry would soon have to find what the next generation would be. For the near future, 7nm would remain the most preferred in terms of performance and economics.”

The new Antminer 17 series will go up for sale on Bitmain’s official website on 9 April 2019.

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UAHF: Ein Notfallplan gegen UASF (BIP148)

(This is a translated version of Bitmain’s original blog post, which is in English)


UASF:  User Aktivierte Softfork. Entwickler fügen einen verbindlichen Regelsatz hinzu, um die Node-Software zu ändern, was bestimmte Arten zuvor gültiger Blöcke nach einem Flagday ungültig macht. Diese Methode macht keine Mining-Mehrheit erforderlich, um einen Chain Split zu unterstützen oder zu aktivieren. Das UASF-Angebot hat zum Ziel, eine 51%-Attacke gegen die Blockchain vorzunehmen, die die Mehrheit der wirtschaftlichen Aktivität hat, und diese Attacke wird als „Wipe Out“ bezeichnet.

UAHF: User Aktivierte Hardfork. Entwickler fügen einen verbindlichen Regelsatz hinzu, um die Node-Software zu ändern. Diese Änderungen führen dazu, das zuvor ungültige Blöcke nach einem Flagday gültig werden, was nicht erforderlich macht, dass eine Mehrheit der Hash Power ausgeführt wird. Nodes mit den Regelsatzänderungen folgen dieser Chain, unabhängig von deren Hash-Rate. Das UAHF-Angebot ist ein friedlicher und freiwilliger Aufbruch verschiedener Community-Mitglieder, die verschiedene Meinungen und Visionen haben, und es zielt nicht darauf ab, andere Blockchains anzugreifen, selbst wenn die UAHF-Chain eine höhere Hash-Rate hat.

BIP148-Node: ein Bitcoin-Node, das die BIP148-Konsensregel-Änderungen implementiert hat.

BIP148-Chain: eine Blockchain, die laut der BIP148-Konsensregel-Änderungen gültig ist. BIP148 ist eine Art von UASF.

Original-Chain: Die Blockchain, die die gleichen Konsensregeln verwendet, die heute genutzt werden. (26. Mai 2017)

Wipe-Out: Falls die UASF-Chain aktiviert ist und die UASF-Chain die Mehrheits-Hash-Rate erhält, werden die Nodes, die der Original-Chain folgen, sich neu organisieren und damit anfangen, der UASF-Chain zu folgen. In einem solchen Fall wird eine deutliche Zahl der Aufzeichnungen zu finanziellen Transaktionen verschwinden. Dies ist ein Risiko, welches die UASF-Nodes jenen Nodes auferlegen, die der Original-Chain folgen. Im Gegensatz hierzu bedroht ein UAHF die Nodes, die einen anderen Regelsatz befolgen, nicht mit demselben Risiko.

Bit 1: Das BIP9-Versions-Bit in einem Block-Header, der als Signal für die SegWit-Aktivierung genutzt wird.

Stagnationsrisiko: Eine Blockchain ohne Mining-Support kann plötzlich damit aufhören, erweitert zu werden, da der wirtschaftliche Anreiz für Miner gering ist. Ein Minderheits-Fork wie UASF unterliegt einem ernsthaften Risiko permanenter Stagnation.



Am 24. Mai 2017, traf eine bedeutende wirtschaftliche Mehrheit – mehr als 80% der gesamten Hashing-Power- und 80% der Transaktions-Source-Software – der Bitcoin-Branche eine Vereinbarung in New York (New York Vereinbarung) bezüglich konkreter Schritte, Bitcoin in der nahen Zukunft zu skalieren. Vertreter von Bitcoin Core lehnten die Einladung zu diesem Meeting ab. Diese Vereinbarung ist die harte Arbeit jener, die ehrlich an Bitcoin glauben sowie jener Unternehmer oder Investoren, die ein starkes finanzielles Interesse an der schnellen und gemeinsamen Skalierung von Bitcoin haben. Bitmain ist ein Unterstützer der Vereinbarung. Wir unterstützen die Vereinbarung und möchten, dass diese so schnell wie möglich durchgeführt wird.

Ein Software-Projekt, btc1, welches die New-York-Vereinbarung thematisiert, befand sich in aktiver Entwicklung und wird wahrscheinlich einen Konsensregel-Änderungsplan liefern, der SegWit2x genannt wird. Der testnet5 für SegWit2x ist bereits am Leben. Die Alpha-Version der Software wird am 16. Juni veröffentlicht, und alles ist noch immer pünktlich.

Folgen Sie dem github hier:

Lesen Sie eine Reddit-Diskussion darüber hier:

Abonnieren Sie die Mailingliste:

Trotz dieser Vereinbarung bekommt die UASF (BIP148) Astroturfing-Bewegung weiterhin viel Sendezeit auf zensierten Foren, von denen viele von einzelnen anonymen Individuen kontrolliert werden. Viele der Softwareentwickler, die an einem Softwareprojekt namens  “Bitcoin Core” arbeiten, unterstützen dies auch. BIP148 stellt ein bedeutendes Risiko für das Bitcoin-Ökosystem dar. Daher bereiten wir einen Notfallplan vor, um die wirtschaftliche Aktivität auf der Bitcoin-Blockchain vor dieser Bedrohung zu schützen.

Die New-York-Vereinbarung wird auch kontinuierlich und vorsätzlich von einer Gruppe von Softwareentwicklern sabotiert, die an Bitcoin Core arbeiten.

Wir müssen außerdem auf das zerstörerische Risiko vorbereitet sein, das eine UASF-Aktivierung dem Bitcoin-Netzwerk bescheren wird. Die New-York-Vereinbarung ist sehr konservativ und zielt darauf ab, innerhalb der Bitcoin-Community bezüglich einer einfachen aber künstlich eskalierten Skalierungsproblematik Frieden zu schaffen. Falls die New-York-Vereinbarung einen Chain-Split irgendwie nicht verhindern kann, müssen wir vorbereitet sein.

Der Zweck dieses Blog-Posts besteht darin, unseren UAHF-Notfallplan für UASF/BIP148 anzukündigen.


Warum wir einen Notfallplan gegen BIP148 benötigen

Gemäß BIP148 gilt, dass wenn der Chain MTP bei oder nach Dienstag, den 1. August 2017 0:00 Uhr GMT (Epochenzeit 1501545600) liegt, die BIP148-Nodes damit anfangen, Bitcoin-Blocks verwaisen zu lassen, die Bit 1 an ihrem UASF-Forking-Point nicht signalisieren. Die Konsensregel-Änderung verkleinert den Regelsatz gegenüber der Original-Chain vor der BIP148-Aktivierung. BIP148-Nodes folgen der neuen BIP148-Chain, falls mehr als null Hashing-Power vorhanden ist, um es zu unterstützen. Falls die Hash-Rate, die die Chain unterstützt, 0 ist, werden BIP148-Nodes entdecken, dass ihre Chain nicht erweiterungsfähig ist.

Falls Hash-Power vorhanden ist, die die BIP148-Chain unterstützt, muss es sich nicht um eine Hash-Rate-Mehrheit handeln, um eine Erweiterung der Chain zu ermöglichen. Selbst wenn nur eine Person vorhanden ist, die Hashes per Hand löst, kann die BIP148-Chain durch einen weiteren Block erweitert werden, solange genügend Zeit vorhanden ist. Laut der bestehenden Hash-Rate-Distribution haben ein paar bekannte Mining-Pool-Betreiber ausgesagt, dass sie den UASF unterstützen werden, indem Sie Minern Wahlfreiheit lassen, obwohl deren Gesamt-Hash-Rate nicht ausreicht, um eine Mehrheit sicherzustellen. Ein Unternehmen, das viele entscheidende Bitcoin-Protokoll-Entwickler einstellt, kontrolliert nun gemäß seines CEO einen Teil seiner eigenen kleinen Hash-Rate. Es besteht also für das Bitcoin-Netzwerk ein hohes Risiko, dass dieses am 1. August 2017 gespalten wird.

BIP148 ist für Exchanges und andere Geschäfte sehr gefährlich. Es gibt keine Anzeichen für eine bedeutende wirtschaftliche Unterstützung hinter BIP148, und wenn es als Blockchain am Leben ist, würde die wirtschaftliche Unterstützung höchstwahrscheinlich auf Spekulation basieren. Die Mining-Aktivität hinter einer UASF-Chain könnte ohne Vorankündigung stoppen, und Investoren, die der BIP148-Propaganda Glauben schenken, könnten ihre gesamten Investitionen verlieren. Jegliche Exchanges, die entscheiden, ein UASF-Token nach dem Forking-Point zu unterstützen, müssen das Stagnationsrisiko berücksichtigen, das damit einher geht.

Es besteht kein Replay-Schutz auf einer BIP148-Chain. Transaktionen werden auf beiden Chains übertragen und User können nicht verhindern, dass diese auf beiden bestätigt werden. Exchanges müssen Abhebungen und Einzahlungen am Forking-Point für eine gewisse Zeit stoppen, und ihre eigenen Coin-Splitting-Methoden einsetzen. Falls Sie mehr dazu erfahren möchten, lesen Sie bitte im Abschnitt Referenzen dieses Posts: Minderndes Bitcoin-Forking-Risiko während Netzwerk-Upgrade.

Die UASF-Chain beinhaltet das Risiko, dass die Original-Chain vernichtet wird. Falls kein Notfallplan besteht, ist für alle wirtschaftlichen Aktivitäten, die auf der Original-Chain nach dem UASF-Forking-Point auftreten, das Risiko vorhanden, vernichtet zu werden. Dies hat verheerende Konsequenzen für das gesamte Bitcoin-Ökosystem. UASF ist eine Attacke gegen User und Unternehmen, die im Augenblick mit der Aktivierung von SegWit ohne Blocksize-Erhöhung nicht einverstanden ist. Dies ist zudem eine wichtige Klausel in der Hong Kong Vereinbarung, die von der globalen Bitcoin-Community im Februar 2016 getroffen wurde. Das Chain-Reorg-Risiko ist bedeutender als man sich vorstellen konnte, wie Peter R. in  BUIP055 analysiert:

Gründe für einen Reorg-Schutz

Die Wahrscheinlichkeit (P), dass die Groß-Block-Chain sich in einer Klein-Block-Chain reorganisiert, ist gegeben durch

P = (q/p)^2

wobei p der Bruchteil der Hash-Power ist, der die große Blockchain abbaut, und q der Bruchteil der Hash Power ist, der auf der kleinen Blockchain verbleibt [2]. Wenn 75% der Hash Power größere Blöcke unterstützt, beträgt die Reorg-Wahrscheinlichkeit 11%.


Plan zum Schutz

Dieser Plan gilt für eine User Aktivierte Hardfork, oder UAHF. Sie finden im folgenden die technischen Spezifikationen:

Die Aktivierungszeit lässt sich konfigurieren. Wir setzen die Hardfork bei 12 Stunden und 20 Minuten später als UASF an. Der Epochenzeit-Stempel ist dann 1501590000.

Es gibt die „muss groß sein“-Regel bezüglich des Fork-Blocks. Die Blocksize des Fork-Block muss größer sein als 1.000.000 Byte. Fork-Block bedeutet der erste Block, der die Konsensregel-Änderung annimmt.

Er akzeptiert einen Block, dessen Größe unter 8 MB liegt, und wir Miner legen ein Soft-Limit der Blocksize bei weniger als 2 MB fest.

Dem Protokoll wird eine Softfork-Regel hinzugefügt, um die SigOps per Transaktion innerhalb von 20K zu begrenzen.

Die Blocksize wird für uns in Zukunft nach dem Fork-Block nicht Bestandteil der fest eingebauten Konsensregel sein. Miner, die große Blöcke generieren, werden durch wirtschaftliche Anreize bestraft, aber nicht durch Begrenzung der Blocksize.

Es wird einen Replay-Angriffschutz geben, der für Exchanges und Wallet-Entwickler zur Verfügung steht. Hier finden Sie Spezifikationen:

Bitmain wird einen Teil seiner eigenen Hash-Rate nutzen und mit der Entwickler-Community zusammenarbeiten, um einen Notfallplan zu haben, der auf UAHF basiert. Wir werden Optionen für Miner entwickeln, die freiwillig zu uns stoßen.

Bitmain wird die Chain für mindestens 72 Stunden nach dem BIP148 Forking-Point mit einem bestimmten Prozentsatz der Hash-Rate abbauen, die von unserem eigenen Mining-Betrieb geliefert wird.

Bitmain wird die abgebauten Blöcke wahrscheinlich nicht sofort ans öffentliche Netzwerk freigeben, es sei denn, die Umstände machen dies erforderlich, was bedeutet, dass Bitmain eine solche Chain zuerst privat abbauen wird. Wir beabsichtigen, die abgebauten Blöcke in den folgenden Situationen an die Öffentlichkeit freizugeben (unvollständige Liste):

  1. Die BIP148-Chain ist aktiviert und erhält anschließend bedeutenden Support von der Mining-Branche; d.h. nachdem BIP148 die Chain bereits erfolgreich gespalten hat;
  2. Die Marktstimmung für einen Groß-Block-Hardfork ist stark, und wirtschaftliche Gründe bringen uns dazu, es zum Beispiel abzubauen, und die Exchange-Rate begünstigt den Groß-Block-Bitcoin;
  3. Falls bereits ein bedeutender Anteil anderer Miner eine Groß-Block-Chain öffentlich abbaut und wir beschließen, dass es rational für uns ist, auf dieser Chain ein Mining durchzuführen. In einem solchen Fall werden wir außerdem in Erwägung ziehen, dieser Chain hinzuzustoßen und unsere privat abgebaute Chain aufzugeben, so dass die öffentliche UAHF-Chain nicht dem Risiko unterliegt, reorganisiert zu werden.

Sobald Bitmain damit anfängt, eine UAHF-Chain öffentlich abzubauen, werden wir hartnäckig weiter abbauen und kurzfristige wirtschaftliche Anreize ignorieren. Wir glauben, dass eine Roadmap einschließlich der Option, die Blocksize anzupassen, Usern besser gerecht werden wird, so dass wir erwarten, dass dies langfristig einen höheren Marktpreis mit sich bringen wird. Das wirtschaftliche Netzwerk wird schneller expandieren, und die Gewinnchancen werden in einem höchst wettbewerbsfähigen Kryptowährungsmarkt höher liegen.

Wir teilen die Meinung einiger früher Bitcoiner, dass Dezentralisierung bedeutet, dass mehr als eine Milliarde Menschen in 200 Ländern Bitcoin als Spar-Währung und Zahlungsnetzwerk nutzen, und dass dies Hunderttausende von Bitcoin-Diensten, Händlern, Exchanges und Software umfasst. Wir glauben nicht, dass Dezentralisierung ein 1-MB-Blocksize-Limit oder eine Verantwortung, die Blocksize zu beschränken, bedeutet, so dass ein Raspberry Pi einen vollen Node laufen lassen kann, während die Gebühr pro Bitcoin-Transaktion höher ist als das tägliche Einkommen in den meisten Entwicklungsländern. Wir glauben, dass Bitcoin den Leuten eine Alternative für den geschäftlichen Erfolg bietet, ohne von mächtigen Behörden abhängig zu sein, die Gebühren berechnen können, welche in der Höhe von 100 USD pro Transaktion liegen können.



Derzeit arbeiten mindestens 3 Client-Entwicklungsteams am Code der Spezifikation. Jedes von ihnen möchte sich bedeckt halten und der Propaganda und Troll-Armee bestimmter Unternehmen fern bleiben. Sie werden sich ankündigen, wenn sie dazu bereit sind. User werden in der Lage sein, die Software zu installieren und zu entscheiden, ob sie der UAHF hinzustoßen.

Die Softwares werden voraussichtlich vor dem 1. Juli bereit stehen und bis dahin live auf testnet sein.


Zukünftige Roadmap

Falls die New-York-Vereinbarung aktiviert wird

Wir hoffen, dass die New-York-Vereinbarung auf gute Weise entwickelt und umgesetzt wird. Dies ist für Bitcoin die letzte Hoffnung, um gemeinsam angesichts der BIP148-Bedrohung zu skalieren. Wir werden unser Bestes versuchen, um es so schnell wie möglich einzusetzen und zu aktivieren.

Falls BIP148 aktiviert wird

Dann wird UAHF am gleichen Tag am Leben sein. Die UAHF-Chain wird die wirtschaftlichen Transaktionen schützen, die aufgrund von UASF dem Risiko der Reorganisation unterliegen.

Später werden wir die Aktivierung von SegWit auf der UAHF-Chain unterstützen, falls im Zusammenhang mit SegWit kein Patentrisikobesteht und die beliebige Diskontrate des Witness-Datensegments entfernt wird. Der Gewichtsparameter, der für künstliche Raten gestaltet ist, muss eventuell gelöscht werden, und wir müssen im Software-Code bezüglich verschiedener Limitationen auf verschiedenen Arten von Blöcken und anderen Parametern offen und unkompliziert sein.  Ein SegWit ohne eine künstliche Diskontrate wird Transaktionen der vorgelagerten Art fair behandeln und SegWit-Transaktionen keinen unfairen Vorteil verschaffen. Es wird außerdem den kapazitätssteigernden Effekt von SegWit stärker unterstützen als mit der Diskontrate. Wir werden zudem Änderungen im Code, im Haupt-Block oder im Erweiterungs-Block vorantreiben und fördern, was das Lightning-Netzwerk sicherer und zuverlässiger laufen lassen wird, als Cores derzeitige Version von SegWit dies tut.

Erweiterungsblöcke werden als ein Rahmenwerk entwickelt, um Multiprotokoll-Entwicklungsteams dabei zu unterstützen, Innovationen und Kapazitäten ins Bitcoin-Protokoll einzubringen. Manche wichtigen aber aggressiven Innovationen können eingeführt werden, ohne einen Einfluss auf alle Bitcoin-User oder Unternehmen weltweit zu haben. Dies wird die Innovation des Bitcoin-Protokolls beschleunigen. Sidechains werden auch gefördert, nachdem die damit zusammenhängenden Sicherheitsprobleme von der technischen Community überprüft wurden. Miner werden wahrhaftig von der Hoffnung angetrieben, dass Bitcoin ein Erfolg sein wird.

Wir werden dafür sorgen und es unterstützen, dass diverse Multi-Layer-Lösungen produziert werden. Als sehr früher Investor von RootStock haben wir das Potential einer weiteren wichtigen Wettbewerbs-Kryptowährung identifiziert. Wir arbeiten bereits eng mit den Autoren anderer Multilayer-Lösungen zusammen.

Ein neuer SPV-Sicherheitsservice nach vollen Nodes sollte gefördert werden, und weitere Forschung und Bibliotheken, die mit dem SPV-Modell kompatibel sind, sollten unter Wallet-Entwicklern ebenso gefördert werden.

Falls Bitcoin es schafft, Bitcoin NC von Emin und Lumino von Sergio zu kombinieren, lässt sich eine Durchlauf-Erhöhung des derzeitigen Bitcoin-Netzwerks auf das bis zu 100fache einfacher mit einer Blocksize von ca. 100 KB erreichen – jedoch mit einer höheren Block-Generierungs-Frequenz. Der ursprüngliche Bitcoin NG ist ein Hardfork-Angebot; wir können dies jedoch in das Protokoll als Softfork einarbeiten – mit dem Erweiterungsblock-Rahmenwerk. Zur gleichen Zeit versucht auch RootStock, das vom Erfinder von Lumino mitbegründet wurde, Lumino auf RootStock zu implementieren. Lumino wird perfekt mit dem Lightning Netzwerk funktionieren. Es wird interessant sein zu sehen, welche Implementierung Lumino zuerst produzieren wird, und auf welche Weise dies geschehen wird.

Die Schnorr-Signatur befindet sich auch im letzten Stadium der Bewertung.

Die Diversifizierung der Client-Entwicklung wird gefördert werden. Das Defensive Consensus Konzept ist in der Entwicklungsphase und wird in der Mining-Branche hilfreich sein. Defensive Consensus wird dem Bitcoin-Netzwerk dabei helfen, auf sichere Weise zu funktionieren, während mehrere Implementierungen zusammenarbeiten.

Es gibt und wird andere gute Innovationen in der Bitcoin-Community geben, die aus verschiedenen Gründen nicht gut gefördert wurden. Wir haben zum Ziel, aktiv mit diesen Innovationen zu arbeiten.

BUIP056 wird entwickelt, um das Blocksize-Problem zu managen, bevor ein vollautomatisches und mathematisches Blocksize-Governance-Modell weitgehend Anerkennung gefunden haben wird. Wie sich in der Debatte der vergangenen Jahre zeigt, sind Miner sehr konservativ und dazu bereit, mit der breiteren wirtschaftlichen Community zusammenzuarbeiten. Die grobe Roadmap der Blocksize-Erhöhung für die nächsten paar Jahre ist unten aufgeführt.


Zeit Blocksize, Byte
Jetzt 1.000.000
August 2017 2.000.000
September 2017 4.194.304
April 2018 5.931.641
August 2018 8.388.608
April 2019 11.863.283
August 2019 16.777.216
Nach August 2019 Hängt von weiterer Forschung ab

Schwache Blöcke müssen entwickelt und eingesetzt werden, bevor die Blocksize-Erhöhung 8 MB erreicht.



Für andere Parteien im Ökosystem empfehlen wir die detaillierte Recherche bezüglich der Auswirkungen auf die UASF. Alle Bitcoin-Unternehmen müssen an jenem Tag darauf vorbereitet sein, die Risiken, die UASF trägt, zu mindern oder zu eliminieren.

Minderung des Bitcoin-Forking-Risikos während Netzwerk-Upgrade,

Falls Sie mehr über Minderheits-Forks erfahren möchten, schauen Sie sich bitte die Präsentation von Meni Rosenfeld an:

How I learned to stop worrying and love the fork (Wie ich gelernt habe, mir keine Sorgen mehr zu machen und die Fork zu lieben)

A Fork in the Road (Eine Fork im Weg): Must we Choose a Path?  (Müssen wir einen Weg wählen?)

Hier ist ein Brief, der Ihnen dabei hilft, die Historie zu verstehen und bezüglich der großen Debatte zur Bitcoin-Skalierung voll im Bilde zu sein:

Ein offener Brief an Miner

Hier ist ein weiterer Blog, der Ihnen dabei helfen kann, zu verstehen, was auf der BIP148-Fork passieren wird:


(This is a translated version of Bitmain’s original blog post, which is in English)---------------------
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BitPay Says Alternatives Not as Compelling as the Bitcoin Blockchain

BitPay co-founders Stephen Pair and Tony Gallippi have been around Bitcoin for about as long as anyone else in the industry. The company was founded in 2011, and their actions generally indicate the future direction of the industry.

“When we started in 2011, we would be excited to get five or six transactions through BitPay in a day.” said Pair in a fireside chat with Gallippi, held during the recent Distributed: Markets 2017 conference in Atlanta.

BitPay would go on to cut deals with the likes of Microsoft, Newegg, Expedia and other major corporate customers to provide payment processing services.

Challenges for Bitcoin’s Use in Consumer Payments

While many early Bitcoin adopters claimed the P2P digital cash system was going to replace the use of credit cards and completely overthrow the banking system in 2013, things haven’t exactly panned out that way — at least not yet.

Bitcoin is currently dealing with some issues as a consumer payments platform, mainly because the system is experiencing growth at a rate faster than it can safely scale.

“We have seen an increase in customer service inquiries because of transaction confirmation delays for bitcoin purchasers,” Pair told Bitcoin Magazine in an interview. “We’re also seeing substantially higher transaction fees on our own settlement transactions.”

Recently, BitPay decided to stop covering Bitcoin network fees on invoice payments.

“This friction is making us get more creative in how we do user experience design for delayed payment states on the BitPay platform,” said Pair. “Often delays are an educational opportunity to explain how the Bitcoin network works and point people to wallets that use dynamic transaction fees. Copay and BitPay wallet users have been largely immune from transaction delays because their wallets calculate transaction fees dynamically.

“Our designers and engineers are constantly attuned to how we can make using Bitcoin intuitive,” Pair added.

The lightning network is a proposed method of dealing with the issues related to transaction delays and higher transaction fees on the Bitcoin network. The transaction caching layer would effectively enable potentially improved versions of many of the features people have associated with Bitcoin in the past, such as instant transactions at nearly no cost.

“We’re exploring all possible solutions for scalability,” Pair said. “It’s not a surprise to us that Bitcoin needs to scale — scalability is something we’ve been thinking about for years. The only surprise is that while we anticipated short-term bumps in the throughput, we thought that changes for more on-chain throughput would have happened a couple of years ago. This slow movement to increase network throughput is something we did not foresee. At some point we’re going to reach an actual scalability limit that will only be overcome through solutions like these.”

Some have wondered whether companies like BitPay may turn away from Bitcoin and toward alternative options, such as altcoins or permissioned blockchains, due to the historically high U.S.-dollar-denominated fees and general congestion on the network.

“We have carefully studied the most significant alternatives to the Bitcoin blockchain and have concluded that none of them are compelling,” Pair responded.

Bitcoin’s Use in Consumer Payments Is Still Growing

Although Pair admitted Bitcoin has some issues with scaling right now, BitPay is still seeing growth in the use of the technology among consumers.

“Bitcoin is the fastest, most secure and most cost-effective means of doing value transfer on the internet,” said Pair. “We think of ourselves as a payment innovator, and from a functional perspective, consumer payments and B2B payments are no different on the Bitcoin network and on BitPay’s platform.”

At the Distributed: Markets fireside chat, Gallippi claimed that their transaction count has more than doubled over the past year. Much of that growth, he said, has been seen in the areas of digital goods and video games. Specifically, he pointed to digital distribution platform Steam’s acceptance of bitcoin through BitPay as a source of this growth, and pointed out that there is a lot of overlap between the Bitcoin and gamer communities;

Growth for Bitcoin Outside of Consumer Payments

In addition to continued growth in the area of consumer payments, Pair noted that BitPay is also seeing growth in the use of Bitcoin for B2B money transfers.

“We’re seeing significant interest and transaction volume growth from businesses that need to transfer value to other businesses,” said Pair. “Bitcoin is a fantastic solution for these business-to-business transfers, especially when it comes to international payments, where bank transfers are still slow and inefficient.

“They’re using our platform for billing and settling internationally with a lot of their suppliers,” Pair stated during the fireside chat.

Gallippi added that there has been an uptick in the use of Bitcoin for payment disbursements.

“It’s not that easy to pay people on a regular basis to the majority of the world. Eastern Europe, Israel, Africa, India [and] the Middle East — where a lot of these apps are being [developed] — it’s very difficult to pay them,” said Gallippi, as he explained how app stores pay developers who sell apps on their store.

Gallippi noted that for the app store example or digital marketing companies, BitPay can receive one payment from the business and then disburse payments in bitcoin at all of the endpoints.

“We built that product originally because we had our own needs to pay our own employees in bitcoin,” added Pair. “We’ve got a lot of Fortune 500 companies coming to us now every day asking us to solve these kinds of payments problems.”


Written by Kyle Torpey for Bitcoin Magazine | Original article: www.bitcoinmaga….---------------------
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One Bitcoin Just Became Worth More Than One Ounce of Gold

One bitcoin has now, at least briefly, been worth more than one ounce of gold, hitting $1239.9 at the bitcoin exchange Bitstamp, while an ounce of gold was priced at $1238.67.

The last time a single bitcoin might have been worth more than an ounce of gold happened in November 2013, more than three years ago. Having taken place based on Mt. Gox pricing models, possibly manipulated due to internal Mt. Gox trading bot(s), the legitimacy of bitcoin’s first dance with gold parity faces continued scrutiny. Regardless, the price of gold in bitcoin terms is now trading at an all-time low.

When, according to Mt. Gox, the bitcoin price exceeded that of an ounce of gold, it had just broken through the $1,000 threshold. Similarly, the bitcoin price crossed the $1,000 mark January 1 before gold-bitcoin parity in the first week of January 2017.

Everything You Need to Know Before SEC Bitcoin ETF DecisionIn April 2011, bitcoin realized parity with the US dollar. It later reached parity with silver (so nicknamed the “devil’s metal” for its ties to populism) at approximately $29.65 per bitcoin on February 19, 2013.

Bitcoin Outshines Troy Ounce of Gold in 2016

Bitcoin, long called ‘digital gold’ due to its strict coin creation protocol involving a computational process dubbed ‘mining,’ performed as a better safehaven, perhaps, than gold bullion.

Gold demand stoked by Negative Interest Rate Policies (NIRP) in Japan led to stalwart demand for the ‘yellow metal’ by July 2017. Gold fell nearly 20% for the remainder of the year.

Bitcoin increased more than 125% over the course of 2016. Fiat crises throughout 2016 in emerging or underdeveloped markets like India, China, Venezuela, and Greece is perceived to have benefited bitcoin more than gold.

Bitcoin: Gold’s “Digital Counterpart”

In “An Analysis of Bitcoin Exchange Rates,” economist Jacob Smith, who calls bitcoin a “digital counterpart” of gold,  “highlights the similarities between the traditional commodity and its new digital counterpart.” He writes:

…the most appropriate way to think about bitcoins is as digital gold. While nominal bitcoin prices are extremely volatile and seemingly uncorrelated with other nominal exchange rates, relative bitcoin prices or implied nominal exchange rates are indeed highly cointegrated with conventional market exchange rates. This mirrors the relationship between physical gold and conventional nominal exchange rates…

One Bitcoin is Now Worth More Than One Ounce of Gold for First Time
Casascius gold bitcoin.

The bitcoin and gold markets have long been intertwined. One of the most popular companies early in bitcoin’s existence, Casascius, produced the most expensive physical bitcoin ever produced, one of which sold for $1,000,000 in 2013.

Comprised of one ounce of fine gold (which was worth about one-third the value of 1,000 BTC when produced), Casascius offered the coins at $5,500. An owner of one such rare coin recently used bitcoin’s price rise as an opportunity to share the rarity on Reddit. The redditor explained how it worked:

“I have a confirmation code that proves that my passphrase unlocks an encrypted private key that maps to the bitcoin address on the coin,” the coin holder wrote. “If I ever sell these coins, I will give the passphrase and confirmation code to the buyer. So the only trust is that Mike Caldwell didn’t screw up and not put the correct encrypted private key under the hologram. So far, Mike’s work has been top notch. But of course, would you trust it with $1M if you have that kind of money? That is for you to decide. Do note that I have not funded these with any BTC.”

Everything You Need to Know Before SEC Bitcoin ETF Decision

At gold-bitcoin parity, the bitcoin market cap ($18 billion) expressed as a percent of gold in circulation ($7 trillion) is currently at about 0.388%. Bitcoiners see this as evidence of bitcoin’s room for growth.

The last time bitcoin approximated the gold price, however, it marked the top of the bull run in 2013 for the digital currency.


Written by Justin Connell for | Original article:…---------------------
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