Search the Community
Showing results for tags 'cryptocurrency'.
Cryptocurrency: A New Era of Money Money is one of the most important inventions in human history. It is a medium of exchange, a store of value, and a unit of account. Money enables trade, commerce, and economic growth. However, money also has its limitations and challenges. For example, money can be counterfeited, stolen, or inflated. To overcome these problems, some people have invented a new form of money: cryptocurrency. Cryptocurrency is a type of digital currency that uses cryptography to secure and verify transactions. Cryptocurrency is decentralized, meaning that it is not controlled by any central authority or government. Cryptocurrency transactions are recorded on a distributed ledger called a blockchain, which ensures transparency and immutability. Some examples of cryptocurrencies are: Bitcoin: The first and most popular cryptocurrency, created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto. Bitcoin has a limited supply of 21 million coins and uses a proof-of-work algorithm to validate transactions and create new blocks. Ethereum: A platform that allows developers to create decentralized applications (dApps) and smart contracts using its native cryptocurrency, ether. Ethereum uses a proof-of-stake algorithm to secure its network and enable faster transactions. Cryptocurrencies have many advantages over traditional money. They are: Secure: Cryptocurrencies use cryptography to protect transactions from fraud and hacking. Cryptocurrencies also have no single point of failure, as they are distributed across many nodes on the network. Transparent: Cryptocurrencies allow anyone to view the history and details of every transaction on the blockchain. Cryptocurrencies also have no hidden fees or charges, as they are based on peer-to-peer transactions. Inclusive: Cryptocurrencies enable anyone with an internet connection and a digital wallet to access the global financial system. Cryptocurrencies also have no barriers to entry or discrimination, as they are open to anyone regardless of their identity or location. Innovative: Cryptocurrencies foster innovation and creativity, as they allow developers to create new applications and services using blockchain technology. Cryptocurrencies also have the potential to disrupt various industries and sectors, such as banking, e-commerce, healthcare, education, and more. Cryptocurrencies are not without challenges and risks, however. They are: Volatile: Cryptocurrencies are subject to high price fluctuations due to supply and demand dynamics, market sentiment, regulatory uncertainty, and technical issues. Cryptocurrencies can also be affected by external factors, such as geopolitical events, cyberattacks, media coverage, and public opinion. Complex: Cryptocurrencies require a steep learning curve for users to understand how they work and how to use them safely and effectively. Cryptocurrencies also involve technical jargon and concepts that may be confusing or intimidating for beginners. Unregulated: Cryptocurrencies operate in a legal gray area, as they are not recognized or regulated by most governments and authorities. Cryptocurrencies may face legal restrictions or bans in some areas, which may limit their adoption and usage. Cryptocurrencies may also pose ethical and social issues, such as tax evasion, money laundering, terrorism financing, and environmental impact. Cryptocurrency is a new era of money that offers many opportunities and challenges for the future. Cryptocurrency is not just a technology or a currency; it is a social phenomenon that reflects the values and aspirations of its users. Cryptocurrency is not perfect or flawless; it is an experiment that evolves and improves over time. Cryptocurrency is not for everyone or everything; it is a choice that depends on one’s preferences and needs. Get PCBs For Your Projects Manufactured You must check out PCBWAY for ordering PCBs online for cheap! You get 10 good-quality PCBs manufactured and shipped to your doorstep for cheap. You will also get a discount on shipping on your first order. Upload your Gerber files onto PCBWAY to get them manufactured with good quality and quick turnaround time. PCBWay now could provide a complete product solution, from design to enclosure production. Check out their online Gerber viewer function. With reward points, you can get free stuff from their gift shop. Crypto mining: It is the process of creating new units of cryptocurrency by solving complex mathematical problems. Crypto mining is essential for securing and verifying transactions on the blockchain, which is a distributed ledger that records the history and details of every transaction. Crypto mining also rewards miners with newly minted coins, which increases the supply and circulation of cryptocurrency. There are several types of crypto mining, depending on the algorithm and consensus mechanism used by the cryptocurrency network. The most common type is proof-of-work (PoW) mining, which requires miners to use their computing power to compete to find the solution to a cryptographic puzzle. The first miner who solves the puzzle gets to add a new block to the blockchain and claim the block reward. Some examples of cryptocurrencies that use PoW mining are Bitcoin, Ethereum, Litecoin, and Monero. Another type of crypto mining is proof-of-stake (PoS) mining, which requires miners to stake a certain number of coins to participate in the validation process. PoS mining does not involve solving puzzles but rather selecting validators based on their stake and other factors. Validators then take turns to propose and confirm new blocks and receive rewards based on their stake and performance. Some examples of cryptocurrencies that use PoS mining are Cardano, Polkadot, Binance Coin, and Tezos. Crypto mining can be profitable or unprofitable, depending on several factors such as the price of the cryptocurrency, the difficulty of the mining algorithm, the cost of electricity and hardware, and the competition from other miners. Crypto mining can also have environmental and social impacts, such as energy consumption, carbon emissions, waste generation, noise pollution, and regulatory issues. If you want to mine cryptocurrency, you will need some specialized hardware that can perform complex calculations and consume a lot of electricity. There are several types of hardware for mining different cryptocurrencies, but the most common ones are ASIC (application-specific integrated circuit) devices, which are designed to mine a specific algorithm or coin. Some of the best ASIC devices for mining cryptocurrency in 2023 are: Antminer S19 Pro: This is one of the most powerful and efficient Bitcoin mining hardware, with a hash rate of 110 TH/s and a power consumption of 3,250 W. WhatsMiner M30S++: This is another top Bitcoin mining hardware, with a hash rate of 112 TH/s and a power consumption of 3,472 W. AvalonMiner 1246: This is heavy-duty Bitcoin mining hardware, with a hash rate of 90 TH/s and a power consumption of 3,420 W. WhatsMiner M32-62T: This is a new Bitcoin mining hardware, with a hash rate of 62 TH/s and a power consumption of 3,360 W. You can see these are some of the high-power and costly miners, also their power consumption is extremely high. In this tutorial, you will see how to mine crypto with low-power ESP32 microcontrollers. Duco Coin: A Simple and Eco-Friendly Crypto Coin Duco coin is a unique crypto coin that can be mined using low-powered devices, such as Arduino boards, ESP32, Raspberry Pi, and even old computers. Duco coin aims to provide a simple, accessible, and eco-friendly way of participating in the crypto world, without the need for expensive and energy-intensive hardware. Duco coin uses its own blockchain and consensus algorithm, called DUCO-S1, which is based on SHA-1. DUCO-S1 is designed to be fast, secure, and adaptable to different devices and mining methods. Duco coin also uses a reward system called theKolka system, which adjusts the mining difficulty and rewards based on the device’s performance and network conditions. The Kolka system ensures that low-powered devices have a fair chance of earning coins while preventing abuse and spam. The Duco coin has an infinite supply of coins, but it also has a burning mechanism that reduces circulation by destroying some coins every time a transaction is made. This creates a balance between inflation and deflation and maintains the value of the coin. The Duco coin also has no transaction fees, as the miners are rewarded by the Kolka system. The Duco coin is a crypto coin that offers many advantages over traditional coins. It is: Simple: Duco coin is easy to mine, use, and understand. It does not require any complex setup or configuration. It also has a user-friendly web wallet and a mobile app that allows users to manage their funds and transactions. Eco-friendly: Duco coin is environmentally friendly, as it uses low-powered devices that consume minimal electricity and generate less heat and noise. It also reduces electronic waste by giving new life to old devices. Inclusive: Duco coin is inclusive, as it enables anyone with an internet connection and a cheap device to join the crypto world. It also has no barriers to entry or discrimination, as it is open to anyone regardless of their identity or location. Innovative: Duco coin is innovative, as it fosters creativity and experimentation among its users and developers. It also has the potential to disrupt various industries and sectors, such as education, gaming, IoT, and more. Duco coin is a new era of crypto coin that offers simplicity, sustainability, accessibility, and diversity. Duco coin is not just a technology or a currency; it is a community that shares the same vision and values. How to mine Duco coin with ESP32: To mine Duco coin with ESP32, you will need the following steps: Step 1: Register an account on the Duino-Coin website and create a wallet. You will need your username and wallet address for mining. Step 2: Download and install the Arduino IDE and the ESP32 board support package. You will also need to install some libraries, such as WiFiClientSecure, ArduinoJson, and DHT (if you want to use a DHT sensor). Step 3: Download the Duino-Coin ESP32 code from GitHub and open it in the Arduino IDE. Edit the code to enter your Wi-Fi name, password, username, and mining key (if you enabled it in the wallet). You can also change the rig identifier and the LED pin if you want. Step 4: Connect your ESP32 board to your computer via a USB cable and select the correct port and board settings in the Arduino IDE. Upload the code to your ESP32 board and wait for it to connect to the Duino-Coin server. Step 5: You can monitor your mining status and earnings on the Duino-Coin web wallet or the mobile app. You can also use the serial monitor in the Arduino IDE to see the debug messages from your ESP32 board. That’s it! You are now mining Duco coin with your ESP32 board. You can also use multiple ESP32 boards or other devices, such as Arduino, Raspberry Pi, or PC, to increase your hash rate and earnings. However, be aware of the Kolka system, which adjusts the mining difficulty and rewards based on your device’s performance and network conditions.
Crypto Mining using microcontrollers, wait what!!! Are you serious? How? Believe it or not, the rig you see onscreen actually mines a crypto currency called DUINO-Coin (ᕲ) or DUCO. The total cost of this rig is only $35. Now, if you believe me! then, grab yourself a cup of coffee, sit back and watch this video and start your journey into cryptocurrency with DUINO-Coin! What is DUINO-Coin? DUINO-Coin (ᕲ) was founded in 2019 and is a for-fun project. This project was developed by a team of young developers that focuses on energy efficient mining. It's mostly, but not only, dedicated to people who are just starting out in the crypto world and it doesn't require any expensive hardware. DUCO is a transparent, open-source, centralized, eco-friendly coin that focuses on mining with low-powered devices like Arduino. DUCO tries to achieve a reward system using "Kolka" a name derived from Coca Cola making the low-powered devices like Arduino earn almost the same or even "more" than a powerful device like CPUs or GPUs. It also prevents people from building huge mining farms. It causes each additional miner to earn a bit less from the previous one. DUCO is "centralized" and has an "infinite supply" and hence you can mine this coin forever. You can Mine DUCO using: Android smartphone Computer's CPU Arduino (or compatible AVR) Raspberry Pi, Orange Pi or Banana Pi ESP8266/ESP32 (or compatible boards) Internet browser on PC or smart-TVs Arduinos using ESP8266 as a host Arduinos using Raspberry Pi as a host Centralization: Making Arduino and other low powered devices not only profitable, but just possible would be impossible to maintain if the coin was decentralized. Hence, DuCo is a centralized coin with it's own chain. It is however possible to wrap (convert) DUCOs to wDUCO, bscDUCO, celoDUCO or maticDUCO to store them in decentralized form on another coin's chain. To start your journey, have a look at the getting started with Duino-Coin webpage. Then, create a wallet to store your coins. Next, download the miner binaries for the device you are going to mine the coin. If you are super tech savvy, then have a look at the coins whitepapers. The link is in the description below. In my setup, I am mining DUCO using NodeMCU. Schema The setup is very simple. In my setup I have added an extra LED to give my board a bit of Si-Fi look. Mining with ESP boards allows you to mine headlessly - you don't need to have them connected to a computer as they have their own Wi-Fi capabilities to connect to the server. The Board Now, lets have a look at my board. You can hookup, 5 x NodeMCUs to this board. Each NodeMCU has its own flashing LED. The board can be powered using just 5v using a USB cable. So, this is how the NodeMCU DUCO Miner blade looks like in 3D. Soldering Lets start by soldering all the small components to the board. I first soldered all the LEDs and the resistances to the board. Since I care a lot about my Sensors and Microcontrollers, I am not going to solder them directly to the board. Instead I am soldering 'female pin headers' to the board which will house the NodeMCUs in them. Finally, I soldered a USB cable to power the blade. I extracted this cable from a broken iPhone's charger. Code I downloaded the code from the DUINO-coins website. The current version is 3.0. I downloaded the windows version and then added my code block to make the blue LED flash on my blade. In the code, you just need to edit few line in the top section to add your Wi-Fi details and the name of the NodeMCU. If you're using an ESP8266 board, you can set the clock speed (Tools > CPU frequency) to 160 MHz to achieve better hash-rates. Then, just go ahead and upload the code one by one to all your NodeMCU's. Before adding the NodeMCU to your rig, it is a good idea to check it using the Arduino Serial Monitor (Tools > Serial Monitor), set the baud rate to 500000 baud and see how's the ESP is doing. If everything is correct, you should see messages saying that a share was accepted. If it all works fine, your ESP will mine as long as it has power and internet connection. Demo So, this is how my final setup looks like. To be very frank, the setup actually looks like having a small Christmas tree on your table, ha ha. Hash-Rate Mining DUCO at this stage is not very profitable. However, I just wanted to share the hash-rate table with you guys. Remember, Kolka will play an essential role, as you keep on adding devices to your rig. So, the hash-rate you will get may not be same as what you see on-screen. Claiming Via Faucets You can also claim DUCO via web-faucets. I have scene many faucets coming in and completely disappearing, so the links provided in the video may not be valid when you try to access them. The first one in list is the "faucet.duinocoin.com". You can claim 1 DUCO from this website by solving a captcha to start your journey. Remember you can only claim once from this website. The next one is the "furim.xyz". Again, you just need to solve a captcha to earn some DUCO. The 3rd one in list is "duco-faucet.pcgeek.pl" same as the other two, you can claim some DUCO every 15 minutes by solving a captcha on this website. Exchanging DUCO After mining some DUINO-Coins, you may want to exchange them to some other currency. To exchange your coins, simply visit the website and select the currency you want to exchange. At the moment of writing this tutorial, DUCO Exchange supports XMG, BCH, TRX, BYND and LKE coins. After deciding which coin you want exchanged, simply fill in the exchange form and wait for the exchange to happen (it may take up to 72 hours). You'll shortly receive an e-mail confirming the process and describing any further steps if needed. Other exchanges: Other exchanges supporting DUINO-Coin are Node-S, PancakeSwap, SunSwap, and SushiSwap. Thanks Thanks again for checking my post. I hope it helps you. If you want to support me subscribe to my YouTube Channel: https://www.youtube.com/user/tarantula3 Blog Posts: Visit Website Video references: Visit Website Code Release 3.0 Original: Download Release 3.0 Modified: Download Resource Pages Getting started: Visit Website Create Wallet: Visit Website App list: Visit Website Exchange: Visit Website White Paper: Visit Website Dashboards Dashboard-1: Visit Website Dashboard-2: Visit Website Dashboard-3: Visit Website Facets List Faucet-1: Visit Website Faucet-2: Visit Website Faucet-3: Visit Website Discussion Discord: Visit Website Reddit : Visit Website Support My Work: BTC: 1M1PdxVxSTPLoMK91XnvEPksVuAa4J4dDp LTC: MQFkVkWimYngMwp5SMuSbMP4ADStjysstm DOGE: DDe7Fws24zf7acZevoT8uERnmisiHwR5st ETH: 0x939aa4e13ecb4b46663c8017986abc0d204cde60 BAT: 0x939aa4e13ecb4b46663c8017986abc0d204cde60 LBC: bZ8ANEJFsd2MNFfpoxBhtFNPboh7PmD7M2 Thanks, ca again in my next tutorial.