What are the risks of mining ethereal currency
Ethernet mining tutorial
1. Create a new folder on the hard disk, which is better than C: eth. Then all the mining software is stored here
2. Download the following software
1) geth -- select geth win download and unzip
2) ethernet -- download and unzip to the same folder and rename it as "miner"
3) Ethereum wallet -- Download the win Ethereum wallet and unzip it and rename it as "wallet"
install all the software
3 Open the command prompt (click win and R at the same time, or click Start menu and enter CMD). The command prompt is a command line parser that allows you to execute command input software in the operating system
After 
, you will have Ethereum wallet. But there is no balance, so next you need to build an ethminer. It's time to minimize your wallet
Mining
1、 Common analysis of virtual currency (1) bitcoin solution is designed and created by Japanese programmer Nakamoto (alias) in 2009, and it is the most successful and controversial network currency at present. Bitcoin scheme is based on P2P network architecture, which has been operating in the world, and can be used for all kinds of virtual and real goods and services transactions
In theory, if the existence of network currency affects the demand for the central bank's liabilities, and then interferes with the central bank's open market operation, it will have an impact on a country's monetary policy and price stability. However, from a practical point of view, the premise of network currency affecting price stability includes the following three aspects:(1) from the analysis of the impact on the amount of money, although it is difficult to analyze the extent to which the network currency scheme creates money in the case of lack of information
However,however, most Internet money systems operate in prepaid mode, that is, issuing Internet money when the real money is exchanged in and withdrawing money when the real money is exchanged out. In the famous network currency scheme, the supply of money is stable and the supply is small, but we still need to be vigilant whether it can ensure that the money supply will maintain a stable level in the long run, and the impact of the change of exchange rate between network currency and real currency
(2) from the analysis of the impact on the speed of money circulation, the use of cash and money statistics, the impact of the technological innovation brought by the network currency scheme on the speed of money circulation is not clear
as an Internet instry, it largely depends on the number of active internet currency scheme users. If the network currency is widely accepted, it will have a substitution effect on the real currency of the central bank, thus recing the use of cash in transactions
in this case, the scale of the central bank's balance sheet will be reced, and its ability to influence short-term interest rates will also be weakened. The central bank will need to fight against risks through ways such as setting minimum reserves for cyber currencies. Substitution effect will aggravate the difficulty of monetary statistics and affect the relationship between monetary statistics and inflation, which is not concive to the realization of long-term price stability. In addition, the issuance of network currency outside the central bank and the expansion of virtual credit will have an impact on the central bank's interest rate decision in the economy and weaken the central bank's monetary control
(3) from the analysis of the interaction between network currency and real economy, network currency can act as a real commodity trading medium and have an impact on real GDP
The influence of network money on real money supply depends on two aspects: one is the substitution effect of virtual economy on real economy; the other is the substitution effect of virtual economy on real economy; The second is the crowding out effect of Internet money on real money, that is, with the increase of the total amount of Internet money, the amount of cash held by the public in real life decreases, resulting in the decrease of cash / deposit ratio and the increase of money multiplier. In reality, the network virtual currency scheme will not affect the price stability at this stage, and the money flow speed will not be significantly affected in the short and medium term. However, the interaction between network currency and real economy deserves attention (2) financial stability risk when the virtual currency scheme operates outside the banking system, the most important factor of financial instability lies in its connection with the real economy, namely exchange rate and exchange market. Obviously, the closed network currency scheme and the one-way flow network currency scheme are not affected, so we should focus on the two-way flow network currency scheme. The value of two-way network currency depends on the level of money supply and demand in the exchange market. A big difference between network currency and real currency is that the network currency scheme is not based on the country or currency region, and the influence of virtual economy intensity, trade or proction capacity on its exchange rate is limited. The price of virtual money and its fluctuation depend on five factors:(1) money supply and other actions taken by currency issuers. For example: to achieve a fixed or semi fixed exchange rate by intervening in the market
(2) the network currency scheme shows network externality, and its monetary value depends on the number of users and merchants. As the number of consumers and businesses increases, their monetary value will increase accordingly. In addition, the exchange rate of network currency with small transaction volume fluctuates more(3) the virtual community with clear and transparent policies and advanced security measures is easier to boost confidence and the currency is stronger
(4) the reputation of network currency issuers in fulfilling their commitments. There is no "lender of last resort" in the virtual community, and the trust gained by the issuer is crucial to the exchange rate of internet currency
(5)
speculation on the future value of Internet money and cyber attacks on virtual communities. Due to the immaturity of the system, low trading, speculative activities and network attacks, the two-way network currency scheme is inherently unstable
qualitative. At present, the trading volume of these network currencies is small and the correlation with the real economy is low, so the stability of the financial system will not be affected. However, if Internet money becomes a substitute for traditional money in the future, it will bring instability to the financial system and even distort the relative prices of goods and services. The impact of network currency system on the financial system largely depends on the number of active users and the number of merchants who are willing to accept virtual currency for real transactions. In addition, virtual currency has only exchange value and no use value. Generally, network currency is not based on assets with intrinsic value and is not supported by central bank credit. At present, these network monetary systems are not allowed to lend
or borrow funds, so it can not pose a threat to the stability of the financial system, but we should pay close attention to its development. If there is any change in the future, it will undoubtedly have an impact on the financial system
in a specific virtual community, virtual currency payment activities have evolved into a "real" payment system, facing typical risks related to the payment system: credit risk, liquidity risk, operational risk and legal risk. The nature, scale and ration of these risks are largely determined by the design of the system or the degree of lack of liquidity, so it is difficult for the network virtual currency scheme to avoid or control these risks. According to the core principles of payment system (CP) issued by the bank for International Settlements (BIS), the network virtual currency scheme does not conform to most of the contents of CP, and does not belong to the systemically important payment system. Therefore, it will not cause
or transmit shocks in the global financial system. At present, there is no systematic risk in the network currency system outside these virtual communities
2. Lack of corresponding supervision and protection mechanism
in the real economy, the central bank plays the role of lender of last resort and has no default risk, so it can take actions in the case of payment crisis or unpredictable liquidity shortage to avoid chain reaction. However, in the network virtual currency scheme
it is impossible to use network currency as settlement asset. Because network currency simply depends on the credibility of the issuer, it can not be widely accepted as a means of payment, so network currency can not be regarded as a safe currency. In addition, commercial banks are required to accept prudential supervision, which reces the possibility of default, and the security of money in commercial bank accounts is higher than that of network currency. A fundamental risk of network currency is that the settlement institution of network currency scheme is not subject to any supervision, no institution is responsible for its behavior, and there is no investor / depositor protection mechanism, which causes the user to bear all the risks
supervision and the anonymity, invisibility and difficulty in tracking of its transactions, the network virtual currency scheme is very easy to be used by terrorist activities, fraud, money laundering and other illegal activities. At present, many government departments in many countries are considering whether to recognize or
legalize these virtual schemes and bring them into the scope of supervision, so as to support the innovation of currency and payment forms, protect the rights and interests of consumers and financial stability, and inhibit the use of virtual currency schemes to engage in criminal activities
at present, the uncertainty of the legal status of the virtual currency scheme may also bring challenges to the government authorities (5) reputation risk of monetary authority the reputation of Monetary Authority (central bank) is the key factor to determine the effectiveness of monetary policy. The public's trust in fiat money is closely related to the image of the central bank, which pays close attention to its reputation. The ECB defines reputation risk as the risk of deterioration of reputation, credit or public image. As the network currency scheme is related to money and payment, it is generally believed that it belongs to the responsibility of the central bank, so we should be alert to the reputation risk it may bring to the central bank. However, in the case of small scale, the impact of the failure of the network currency scheme is limited, but its high volatility and instability also aggravate the possibility of failure and attract extensive media coverage. If the network currency is allowed to develop continuously without
regulation, the central bank may be considered as dereliction of ty and affect its reputation (6) the risk of investors' loss
for exchange value, the public has a higher recognition of the investment value of network virtual currency, and it is investment based transactions that accelerate the formation of virtual currency market. Like other investment markets, participants in virtual money market will also face potential losses caused by market risk, credit risk and policy risk. Take bitcoin as an example: from 2009 to early 2010, bitcoin was worthless; In the summer of 2010, bitcoin trading began to enter the golden
period. As the supply was far less than the demand, the value of online trading began to rise. In early November, bitcoin was silent at 29 cents for many days, and then jumped to 36 cents; In February 2011, bitcoin continued to appreciate, and its exchange rate with us dollar
reached 1:1; In 2013, the price of bitcoin achieved a "Big Bang" growth, and hit US $1242 on November 29, 2013, surpassing the gold price of US $1241.98/ounce in the same period. Fierce price fluctuations make market participants face huge speculative risks. Unlike mature capital markets such as stocks and bonds, the depth of bitcoin market is insufficient, and it is mainly held in the hands of large investors with low degree of diversification. Bitcoin price is easily affected by large investors' buying and selling behavior, and also easily manipulated by speculators. At the same time, different countries have different attitudes towards bitcoin, Germany, the United States and other countries hold an open and supportive attitude, and Thailand, Brazil and other countries regard bitcoin related activities
as illegal. Every country's attitude and measures will have a significant impact on the price of bitcoin, especially in the short term
virtual currency is always inferior to real currency< br />
after Ethereum is upgraded to version 2.0 POS mechanism, miners may switch mining machines to other networks
as Ethereum is finally ready to start its Ethereum 2.0 upgrade later this year, thus eliminating the long-term delay, the network will start to move towards the proof of rights model
therefore, the network will give up the workload proof consensus algorithm, so that eth miners have little choice. As their equipment will become obsolete, they will be forced to start mining counterfeit coins or re qualify as eth mortgagors. So, what is the current situation of Ethereum mining? With the coming transition, what will happen to the whole instry< At present, Ethereum consensus is based on POW system, which is similar to bitcoin (BTC). As a result, Ethereum's mining process is almost the same, as miners use their computing resources to earn rewards for each block they try to complete< However, there are still major differences between these processes. Although bitcoin mining has relied almost entirely on ASIC (large, loud machines designed specifically for cryptocurrency mining, most of which are concentrated in areas with low electricity prices), Ethereum's pow hash algorithm ethash is designed to support global chip manufacturers (such as NVIDIA and AMD). As Thomas Heller, global business director of cryptocurrency mining pool f2pool, explained in a conversation with cointegraph, GPU is much cheaper and easier to access than ASIC
"as ASIC is a very professional machine, when a new generation of procts is released, it is usually a huge technological leap. As a result, they have a much higher hash rate and are more energy efficient than the previous generation. This means that those manufacturers have spent a lot of money to research and develop it. Their machines are usually very expensive, and GPUs are much cheaper. "
Heller added that those who use GPU miners "have more flexibility to mine." For example, the popular NVIDIA geforce GTX 1080 Ti card can mine more than 15 different currencies, while ASIC units usually support only one currency
nevertheless, Ethereum is not completely immune to ASIC miners - at least in its current state. In April 2018, bitcontinent released antminer E3, an ASIC specially proced for mining Ethereum. Although widely praised for its hash rate of 180 megahashes per second and power consumption of 800 watts, it has received different responses from the Ethereum community. After the ASIC is inserted, a considerable number of GPU rig owners seem to suffer from loss of profits, and some are even forced to switch to other networks
"in the white paper, ETH must have ASIC resistance. I would like to say that the white paper stands for something "is one of the highest comments on the AR / ethermining topic about the topic discussed when antminer E3 was announced. Another reddit user argued that "the $800 only applies to 180mh."“ Split or die of a nation. "
some Ethereum users continue to suggest that bitmain's mining devices can lead to greater concentration, thus increasing the possibility of attack by 51%. Soon, a group of developers put forward "programmed workload proof" or progpow, which is an extension of the current Ethereum algorithm ethash, aiming to make GPU more competitive and promote decentralization
according to a paper published in March by Kristy Leigh Minehan, co-founder of progpow, about 40% of the hash rate of Ethereum is generated by bitmain ASIC. Alejandro de la Torre, the vice president of poolin, is the sixth largest pool of eth. He confirmed to cointegration that "GPU mining is still dominant" in Ethereum network, and added:
"at present, the profit of eth mining is not high, and the management threshold and cost of GPU equipment are higher than ASIC equipment. Compared with ASIC devices, GPU devices are more flexible, and you can use other algorithms to switch to other coins. "
progpow has not been integrated into Ethereum, and it is not clear when it will be finally implemented - in March, Ethereum core developers were debating whether progpow will really benefit the network in nearly two hours, and failed to reach a consensus. It is worth noting that a bitmain representative has previously told cointegraph that the mining hardware giant does not intend to extend the service life of antminer E3 to start operation after October 2020: "as far as we know, mining will end in October or some time after that."
a safe but uncertain future
indeed, Ethereum will stay away from mining in the future. Ethereum 2.0, which is planned to be launched later in 2020, is a major network upgrade on the blockchain, aiming to transfer its current POW consensus algorithm to a virtual POS (known as "block verifier")
more specifically, users are randomly selected considering their wealth in the network or their "interests". In other words, the more coins a POS verifier chooses to put in, the more coins accumulated as a reward
according to vitalik buterin, the co-founder of Ethereum, e to the transition, the network will be more secure and the attack cost will be higher than the network of bitcoin, although the debate about the better consensus algorithm in the encryption community has lasted for many years. However, it is not clear when to start Ethereum 2.0, as many errors and management issues are reported to be delaying the process
another hypothetical benefit of POS system is that it has higher energy efficiency than pow blockchain. According to digiconomist, the cryptocurrency's total annual footprint is 59.31 terawatts per hour, which is comparable to the electricity consumption of Greece as a whole. However, since a report in July 2019 estimated that 74% of the exploitation of bitcoin was done using renewable energy, the environmental impact of bitcoin does not seem to be so serious
what will happen to the actual Ethereum miner? According to the documentation of Casper upgrade as part of Ethereum 2.0 roadmap, the network will initially support a hybrid model including both POW and POS, thus providing some space for block verifiers and GPU / ASIC miners. Jack O & 39, CEO of skale network; "There will definitely be a transition period when two networks are running at the same time," Holleran told cointegration The CEO of scale network (based on Ethereum's blockchain platform) gave a detailed description of this process:
"the transition from eth1 to eth2 takes time of course - it may be years rather than months. The good news about this slow transition is that dapps and defi platforms will be able to roam around based on survivability, security and real-world evidence of adoption. This is a positive impact on the Ethereum ecosystem. "
dig or not
once Ethereum is fully in the POS orbit, miners will have two options. One is to sell the equipment and use the money to accumulate more Eth and start mortgage. The other is the choice for GPU miners, which is simply switching to other ethash networks and mining counterfeit money. Nick foster, a representative of kabombacks, a US mining equipment dealer, told cointegration that most eth miners would choose the latter:
"what I want to say is that most of the miners have not really entered Ethereum or the mining of specific tokens. Yes, there is a certain amount of mineral deposits and holds, but I oppose the view that a large number of Shanzhai coin miners hold their coins at any time. "<
foster then described how he used 3gb GPU units to mine ethash's point-to-point blockchain asset ravencoin (RVN). Once it was unable to mine eth, he said, "this is the reason for mining crows. I immediately sold stability to BTC, and then sold it to US dollars to pay for my rights. I would say that a lot of people are adopting this strategy. "
as foster concludes, he wants eth miners to jump out of the network, and new players - those who don't invest in power infrastructure or drilling rigs - will take a stake in eth. He described the following:
"I can't imagine if I found a five-year lease with $0.04 of electricity and I was mining eth, I decided to sell everything and then continue to pay the rent so that I could hold eth as a share. Substitute. "
Marc fresa, founder of asic.to, a mining firmware company, agreed in a conversation with cointegraph: "if you invest in mining, you won't bet because you have enough room to grow."
one of the main counterfeit coins that may benefit from POW miners leaving Ethereum is Ethereum classic (etc), which is a more conservative version of the blockchain. It is reported that there is no POS related plan. As it also runs on the ethash algorithm, the startup of Ethereum 2.0 may lead to the migration of miners, so its hash rate may have a significant peak
eth's larger pools have similar options. When asked about the company's plans for Ethereum after pow, Heller told cointegraph that after the announcement of Ethereum's POS upgrade, f2pool launched a sister company called story.fish in early 2018. Story.fish has started to provide mortgage services for other POS and delegated POS projects, such as tezos (xtz), Cosmos (atom) and Cardano (ADA), e to numerous handover delays. For prin, e to the transition to POS, it "may temporarily give up supporting eth mining," de la Torre told cointegraph
other top eth pools, namely nanopool, ethermine, pool center, sparkpool and spiderpool, did not respond to requests for comment from cointegraph.
who doesn't have time to buy bitcoin? Obviously, there are a series of traps. Be careful.
in the process of development, blockchain has gone through three stages
blockchain 1.0. In this stage, it is mainly to realize digital currency, core nodes and front-end tools
the biggest feature of blockchain 2.0 at this stage is that it supports smart contracts, one of the representative procts is Ethereum. In Ethereum, the smart contract is used to develop the contract program, and finally deployed in the blockchain ledger
blockchain 3.0 blockchain goes beyond the scope of digital currency and regards blockchain as a wide range of solutions, which can be combined with other fields by using blockchain technology
however, many domestic blockchain related projects stay in the stage of blockchain 1.0, and one of their basic modes is to publish white papers, issue digital currency and go to the stock exchange, Then in accordance with the market, trading to earn profits
however, there may be some MLM money, air money and so on. What we can do is to take this kind of thing with a rational eye and not to invest blindly
If you forget the stock capital password and transaction password, there is no other way, you can only bring your ID card, shareholder account card and other relevant materials to the securities counter. For specific questions, you can consult the customer manager
stock account refers to the account opened by investors in securities companies for stock trading
opening a stock account is a prerequisite for investors to enter the stock market
precautions for opening stock account
(1) required certificate: ID card. If a legal person's stock account is opened, the original (or ) of the business license and the power of attorney of the legal person shall be issued at the same time
(2) fees include: application form fee and account opening fee(3) operation process: investors need to fill in the application form and pay the handling fee; Hold relevant certificates, application forms and receipts of account opening fees to the account opening counter and hand them to the counter undertaker; After the undertaker checks the above materials, the applicant takes back the relevant certificates and receipts and gets the stock account card
extended information:
stock account loss reporting and re handling
(1) Shenzhen securities account loss reporting and re handling
1. If an investor loses his securities account card, he / she can report the loss and re handle the new number of securities account at Shenzhen Branch of China Securities Regulatory Commission or its designated securities business office with his / her ID card
2. If the investor loses the securities account and ID card at the same time, he / she should report the loss and go through the replacement proceres with the ID card loss certificate, account book and its issued by the public security organ
3. If the investor entrusts others to report the loss, the agent should present the legal notarization document at the same time
(two) the loss of the securities account in the Shanghai Stock Exchange and the replacement of the
securities business department will apply for the loss of the securities account according to the following proceres:
1, carefully examine the identity card of the investor (for example, if the identity card is lost at the same time, it must provide the certificate of loss of the body certificate issued by the public security police station under the registered residence, and paste the official seal of my recent certificate); p>
2. All securities in the securities account will be frozen
3. After the investor provides a new securities account with the same securities account registration information opened by the agency of Shanghai Securities Central Registration and Clearing Company, the corresponding securities account transfer proceres shall be handled for the investor
(4) after the securities business department has accepted the transfer of investors' accounts and registered their securities subsidiary accounts, it will send the change information to Shanghai Securities Central Registration and Clearing Company for change registration before the closing of the market on that day5. The securities business department can handle the application for investors to cancel the loss report, but the securities account that has gone through the proceres of securities transfer can not cancel the loss report
6. When the securities business department accepts the loss report of investors' securities accounts, the Shanghai Securities Central Registration and Clearing Company will change all the securities rights and interests in the loss report account to the account of the transferor at one time