Category: Mining

Categories
Bitcoin Bitcoin Mining Mining

Miners Scramble For Semiconductors As Shortages Drive Rig Prices Up

A semiconductor shortage has been going on – to various degrees – for over a year at this point, affecting all industries dependent on them. Ford has shut down some plants, and the production of computer components has also been facing constraints. GPUs and the like are in short supply – and mining rigs are no exception.

Inventory Sold Out Nearly An Year In Advance

Bitmain – one of the leading cryptocurrency mining rig companies in the industry – has had their entire inventory sold out all the way up to August 2021.

The last remaining rigs have also greatly increased in price. For instance, the Bitmain Antminer S19 had a going price of $1897 per unit. The price has since skyrocketed and an Antminer S19 will now set you back $2767.

According to Alex Ao – the vice president of a semiconductor manufacturer named Innosilicon – there are simply not enough chips lying around to meet the growing demand after a great year for Bitcoin.

“There are not enough chips to support the production of mining rigs. These capacity expansions occurred even as Bitcoin went through its quadrennial halving that saw block reward subsidies cut in half. Thus, while China still dominates the global hash rate distribution, North American mining interests are reportedly “squeezing supply to China.”

The unfortunate side result of this shortage is that small-time cryptocurrency miners are being slowly pushed out of the market, as they are left without mining rigs to purchase in the wake of massive industrial-scale mining farms located in China and North America.

Big crypto mining farms are also facing their share of problems, however – for instance, authorities in the Chinese province of Yunnan ordered electricity producers to cut off the power supply to crypto miners.

What consequences the mining rig shortage may have on cryptocurrency prices remains to be seen – for instance, it may persuade more crypto users to HODL, knowing that the increased rarity of new blocks mined may drive the price of cryptocurrencies up in value.

Categories
Crypto News Cryptocurrencies Mining Stablecoins

Coding Whiz Makes $5 Million With A Single Flashloan

Using the flashloan function made possible by smart contracts on the Ethereum blockchain, a coding genius lent 80 thousand ETH and made a profit in DAI worth around $6 million.

However, a total of 8 million was actually gained – but $2 million were returned.

A flashloan is an operation that – if executed properly – can net you some capital gains with virtually zero risks involved. When pulled off right, you get your money back within 15 seconds, plus your profit. All you need is dollars to cover the network fees with the coder himself taking no risk as the code either executes all in one with the ability to instantly return the borrowed money and fees, or it doesnt. Although hard to execute properly, a fair bit of practice can lead to a massive payoff.

In this case, the mysterious dev flashloaned 80,000 ETH – worth AUD 52,398,834 at the time of writing – and netted himself a profit of AUD 6,833,870, paying only $57 of gas fees for the transaction.

For this transaction, the mysterious entrepreneur spotted an arbitrage opportunity that took advantage of stablecoin mining pools – and exploited it using solidity flashloans.

Do You Really Know Flashloan?

The universe loves to punish hubris – and the coder behind the operation seems to have an eye for comedy.

A few days ago, the team behind the DeFi mining pool who bore the brunt of the transaction tweeted about how they are impervious to “flashloan attacks”.

The tweet has since been deleted – but thanks to the Wayback Machine – it’s been saved for posterity.

The tweet encouraged crypto enthusiasts to read on about how technical marvels make them one of the most secure DeFi firms in the industry.

However, there is always a bigger fish – and someone who apparently was more well-versed in technical details called their bluff. Clearly a humorous individual, the coding whiz left a taunting message on the transaction – “do you really know flashloan?”

 The tongue-in-cheek antics then continued, with $2 million worth of the money returned to sender.

Many self-improvement blogs will tell you to work smart, not hard – but few took this old adage to heart as well as this individual.

Categories
Cryptocurrencies Digital Asset Mining Mining

Uniswap Trader Accidentally Pays Thousands For A Relatively Small Transaction

 Although not as serious as the time over AUD 6 million in fees were paid out for a little over AUD 100 thousand, a Uniswap user recently made a comparably large blunder.

Human Error

When facilitating a transaction on the Ethereum blockchain, miners are paid a fee for their effort – some to cover the cost of electricity resulting from the use of processing power, and some as profit. The cost of the transaction is referred to as “gas” and is measured in Gwei.

Although miner fees have been rising in recent months, the current average price is 0.0022 ETH – AUD 1.47 at the time this article was written.

In order to have their transaction prioritized, the person requesting the transaction can manually increase the miner fee. However, this leaves the door open for typos and other errors – such as the one made by a trader who goes by the alias “ProudBitcoiner” on Reddit.

While exchanging 0.2955 wrapped Ether (WETH) for 531 chi gas tokens (CHI) – an amount worth about 164 AUD – the trader accidentally paid 23.5172 ETH – worth almost AUD 13.5 thousand.

The trader stated in his Reddit post that the error arose when he mistakenly entered 200,000 in the “Gas Price” field instead of the “Gas Limit” field. The gas limit is the maximum amount of gas that can be used in a transaction on the Ethereum blockchain.

Although in the past miners have agreed to send back some or all of the money – such as when Sparkpool returned half of an accidental USD 300,000 fee to the sender – the decision to return the funds is ultimately up to the miner.

In the Reddit post, the unfortunate crypto trader stated that he had contacted the mining platform and was hoping to hear back from them.

Categories
Digital Asset Mining Mining NGS Crypto

Australians Can Now Get Exposure to Cryptocurrency Through Blockchain Mining Investments

What happens when you combine a lot of time at home to contemplate investment options and a growing population of tech-savvy Aussies?

Data published by RMIT this summer shows that the result of such a combination is a steep increase in cryptocurrency investments. Australia’s RMIT University insights reveal that during the COVID-19 lockdown instituted between the 23rd of January and the 15th of May, cryptocurrency trading in Australia witnessed an increase in volume.

Trading Has Its Risks 

Although trading cryptocurrency is a good way to rack up some funds, crypto trading is not always the best long-term investment. The crypto trading market often suffers much bigger fluctuations than even the stock market — and not everybody has the time or disposable assets to monitor prices day in and day out. 

For those looking to get in on the cryptocurrency market without risking too much, there is a second option – cryptocurrency mining. 

A few years ago, mining was the main way people made money with crypto — however, as the difficulty of the equations used in mining, this method fell out of favour with most people, due to the electricity and PC component bill at the end of each month. With fewer tokens being mined for more resource expenditure, mining became almost exclusively the domain of people with huge mining rigs already set up. 

Luckily, you can have those people mine for you. NGS Crypto is a 100% Aussie-owned crypto mining platform that aims to help individual investors identify cryptocurrency mining investment opportunities. 

By taking advantage of the expertise provided by NGS Crypto employees, you can invest in cryptocurrency while maintaining a high Return On Investment (ROI) rate — all while avoiding the various pitfalls associated with trading or mining with your own resources.

Each time a cryptocurrency transaction is made, a cryptocurrency miner (NGS Crypto) is responsible for ensuring the authenticity of information and updating the Blockchain with the transaction — and at the end of the month, passing you your dividends. 

If you’d like to learn more about how to make low-risk cryptocurrency investments through your local Aussie business, you can always reach an NGS Crypto expert for a quick, no-strings-attached chat. 

Categories
Bitcoin Mining Digital Asset Mining Mining NGS Crypto

NGS Crypto – Monthly Partners Update September 2020

September has been a very successful month for NSG Crypto. We have some new investment options that are now available which we are very excited to share with you, and a very enthusing partnership with Australia’s leading crypto news platform.

Introduction of our New 3,4 and 5-Year Mortgage Holiday Plan Through Digital Asset Mining

Through our NGS Crypto Mortgage Holiday packages you have the opportunity to continue your mortgage holiday.

We are excited to announce that we have launched our new 3,4 and 5-year mortgage holiday plans through digital asset mining.

Go directly to our sliding scale tool on the NGS Crypto website.

Free Up Your Current Income To:

  • Pay off your mortgage sooner
  • Re-invest into your own business
  • Build a stable and reliable income to increase your borrowing capacity   for future investments
  • Increase your current standard of living
  • Fund your retirement
  • Pay off personal debts sooner

Utilising Your Self Managed Superannuation

Many NGS Crypto members have already utilised their Self Managed Superannuation funds into the NGS Crypto service.

Currently most superannuation funds are only achieving a 5%-7% return, with some funds even experiencing zero or negative returns.

Through NGS Crypto you have the ability to be earning 10% – 15% ROI per annum on your superannuation.

NGS Crypto is outperforming all other major superannuation companies.

Partnership With Crypto News Australia

We are very excited to announce we have partnered with Crypto News Australia, Australia’s leading online crypto news platform.

This is a great step forward in the right direction ensuring we are always growing in order to bring you the most up to date crypto news.

All of our NGS Crypto news articles will now be accessible to read directly from the Crypto News Australia online platform.

NGS Crypto

Australia’s leading investment institution focused on delivering the best synergy of encrypted currency investing. We are in the business of helping individuals and institutional investors identify cryptocurrency mining investment opportunities.

Website:  https://ngscrypto.com/
Facebook: https://www.facebook.com/ngscryptomining
Twitter: https://twitter.com/ngscrypto1
Instagram: @ngscrypto_mining
LinkedIn: https://www.linkedin.com/company/ngs-crypto

Categories
Bitcoin Mining Digital Asset Mining Mining

Introduction to Investing in Crypto with Digital Asset Mining

Cryptocurrency’s are taking the world by storm. They are fast becoming a more trusted form of currency to use, especially in countries experiencing economic turmoil, and with people and organisations who no longer trust the traditional form of the banking system.

There are many ways to obtain and enter into the crypto space, however, one of the safest and more stable means is to invest into crypto mining.

What Is Cryptocurrency Mining?

Cryptocurrency mining is a process in which transactions for various forms of cryptocurrencies are verified and added to the Blockchain digital ledger. Also known as cryptocoin mining, altcoin mining, digital asset mining or Bitcoin mining. 

Cryptocurrency mining has increased both as a topic and activity as cryptocurrency usage itself has grown exponentially in the last few years.

Each time a cryptocurrency transaction is made, a cryptocurrency miner (NGS Crypto) is responsible for ensuring the authenticity of information and updating the Blockchain with the transaction.

The mining process itself involves competing with other crypto miners to solve complicated mathematical problems that are associated with a block containing the transaction data.

The first cryptocurrency mining rig to crack the code is rewarded by being able to authorise the transaction, and in return for the service provided, crypto miners earn small amounts of cryptocurrency of their own.

In order to be competitive with other crypto miners a cryptocurrency miner needs a computer with specialised hardware.

NGS Crypto is always utilising the best technologies and up to date procedures in order to ensure our mining farm is always operating at full potential.

We specialise in both Proof of Work (PoW) and Proof of Stake (PoS) when it comes to our mining procedures. It is our core belief that innovation and technology is at the forefront of our digital asset mining operations and ensuring that the most efficient technologies are always used.

Why Mine Through NGS Crypto?

By mining through a trusted, professional mining company, NGS Crypto, this gives you the ability to become a full-time crypto miner without the technical know how.

NGS Crypto is one of Australia’s leading mining companies, with the use of the latest up to date mining technology, they make crypto mining a breeze.

NGS Crypto gives the everyday person, or even an avid crypto enthusiast the opportunity to mine Crypto’s through a fail-safe system, which was tried and tested for years before it was opened up to the investment market.

Benefits of a Mining Investment Through NGS Crypto

  • 8% – 15% ROI per annum
  • 100% of you initial investment amount returned at the end of your Initial Mining Agreement (IMA)
  • Profits are paid out daily in Bitcoin (BTC)
  • Free training and education upon becoming a member
  • Access to a financial discovery call with an approved Financial Advisor
  • NEW Mortgage Holiday 8% – 15% fixed income options
  • Personal NGS Crypto Dashboard
  • 100% Australian owned