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Sankalp's Blockchain & Bitcoin Snapshot - Issue #9

Bitcoin cash is not messing around. $3B volume in past 24 hours. Someone/group is buying hundreds or
Sankalp's Blockchain Express Weekly
Sankalp's Blockchain & Bitcoin Snapshot - Issue #9
By Sankalp Shangari • Issue #9 • View online
Bitcoin cash is not messing around. $3B volume in past 24 hours. Someone/group is buying hundreds or millions of dollars worth

Your Bitcoin Wrap Up:
Bitcoin Mining and its exciting world. I have been travelling across Asia lately to undercover how the miners really operate and what their agenda has been. After all, if there are not miners to mine, how can we trade. We really need to understand what is happening at the root. Most are in China > 70%, led by cheap coal and hydropower. Therefore concentrated in the cheap hydro power regions of Sichuan Province. 
Bitcoin and other Alt mining is still profitable, especially as price continues to rise. Big players make it difficult for new entrants but with the advent of X11, its more efficient. For the naive like me, Bitcoin uses SHA256 as the only hashing function, and if it is broken, all the network will be compromised. X11 uses a sequence of eleven scientific hashing algorithms for the proof of work, if ten of them are broken, the whole network remains working. 
Some recent comparisons I have come across: 
China Running costs: 
Average Mining Machines: 1000
Processing power: about 7 Petahashes
About 4.5 Bitcoins daily
Energy units used per hour by this whole set up: 1200, or about 30,000 Kwh units/day.
Average electricity cost in China = $0.06/unit = $1800/day
Capex for plant = $150,000
Capex for each machine = $ 1100 (if you know people) and $ 1500 otherwsie
Total Capex = $1.5mn approx
India Running costs (yes they are getting there)
Average Mining Machines: 100
About 0.5 Bitcoins daily
Energy units used per hour by this whole set up: 100, or about 2400 Kwh units/day.
Average electricity cost in India = $0.12/unit = $300/day
Capex for plant = $50,000, inclusive of customs and other inside stuff
Capex for each machine = $ 1100 (if you know people) and $ 1500 Plus customs tax and ancillary. Mostly set up in Hilly areas as you need cold weather otherwise refrigeration will kill you
Total Capex = $200K approx
The Real Trade
Of course, these are breakeven prices and depending on electricity fluctuation, could also be in the red. These miners are traders actually and have massive trading going on the back of they. Since 2012, they are holding 100,s of BTC that they buy and sell daily across the globe. On average for every 1 BTC they hold, they make about $1000. Neat profit. No wonder everyone is running to the hills.
Videos Of the Week
Watch all six episodes of Trust Disrupted: Bitcoin and the Blockchain
Top 10 Blockchain News
4 ways to secure your bags... #bitcoin, #altcoins, #cryptoasset tokens, whatever. A @notsofast security primer. — Steemit
Bitcoin Bear Peter Schiff Doubles Down: Even at $4,000 It's Still a 'Bubble' - CoinDesk
Blockchain in race to remake one of the world's oldest markets | afr.com
Bitcoin Cash Becomes 119% More Profitable to Mine Than Bitcoin Core
Bitcoin Cash Trading Volumes Rise to $3.5 Billion, Highest Ever For Any Digital Currency
Bitcoin's Game of Thrones
Sony and IBM Join Forces to Put Student Achievement on the Blockchain
Crypto Exchange Shapeshift Acquires KeepKey Hardware Wallets
Blockchain and Bitstamp Customers Can Now Use Ether
$700 and Rising: What's Driving the Price of Bitcoin Cash? - CoinDesk
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Sankalp Shangari

Based in Singapore, Sankalp is involved in most aspects of Blockchain - as an entrepreneur, consultant, investor in several AI & Tech related ventures. You can reach out on twitter /linkedin/ medium @sankalpshangari

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