Last night I watched The Rise and Rise of Bitcoin, a new documentary about one man’s obsession with the digital currency and some characters he meets along the way.

It would make good viewing for anyone who’s heard of Bitcoin but doesn’t understand it. Anyone who does Bitcoin or Altcoin mining knows just how difficult it is to explain the concept behind it to regular folks. This documentary gives a good introduction to the whole Bitcoin concept.

The Central Protagonist

The film is centred on Bitcoin enthusiast, Daniel Mross, whose brother happens to be a filmmaker (hence, the documentary). …

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GAW Miners

I wanted to give an update on how my mining contracts with GAW Miners have performed over the 1 month I’ve had them.

GAW provide three types of mining contracts known as “Hashlets”.

1. Genesis Hashlet (SHA-256)

These mine Bitcoin directly and hashlets are sold in units of 10Gh/s. Fees of $0.02 per 10Gh/s per day are charged (Gh/s is a measure of hashing power – if that means nothing to you, think of it as a set amount of computing power dedicated to mining). I don’t have any of these hashlets.

2. Scrypt Hashlet

The second type of Hashlet …

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It’s been quite a week for Bitcoin, going from about $480 on Sept 10th when I ordered my mining contracts to a low of $386 yesterday (a drop of about 19% in value).


The Alibaba IPO – did it cause Bitcoin’s plunge in value in Sept 2014?

No one knows the actual cause for the drop but a good candidate is the Alibaba IPO that happened on Sept 19th. Looks like a lot of investors were selling their Bitcoins, especially in China, so as they could buy into Alibaba. Now, a day after the dust has settled, Bitcoin has returned …

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Prime Hashlet

Yesterday, I bought a Hashlet Prime from GAW Miners. These are their most expensive miners at $49.95 (which I talked about in the Assessing Altcoin Mining Contracts post. This hashlet only mines at 1 Mh/s for Scrypt, just like the Hashlet Solos which cost half the price. But when switched to mine Bitcoin (SHA-256), they will hash at 40 Gh/s. They’re not at that speed yet, but will be ramped up to that rate over time (sooner rather than later).

Why Buy A Hashlet Prime?

As these particular hashlet mining contracts don’t appear to be good value, why buy one? …

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Zen Hashlet

After looking at the various options I talked about in the Assessing Altcoin Mining Contracts post, I decided that I’d buy Hashlets (virtual Bitcoin and Altcoin miners) from GAW Miners.

There a three types of Hashlet on offer. I was thinking about getting one or two Hashlet Primes over the weekend, but the $10 price hike on those on Monday put paid to that idea. They’re supposed to be their flagship product, but they don’t seem to do anything different to the other Hashlets apart from offering the ability to mine both Bitcoin (SHA-256) and Scrypt for $49.95. They’re also …

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Altcoin Mining Contracts

Update Sept. 8th. The price of the GAW Miners HashletPrime rose by $10 today to $49.95. I wrote the article below over the weekend (when the HashletPrime was still $39.99) and published it earlier today.

As I mentioned in my previous post, GPU mining of cryptocurrencies is now a dead duck for me. Rising network difficulty, the arrival of (Application-Specific Integrated Circuit) ASIC Scrypt miners and the relative high cost of electricity (US$0.24 per Kw/h) has meant that running a 390W mining rig is just throwing money down the drain. At least when the rig was …

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Mining Altcoins

Wow, 6 months have passed since I last posted here on Bitcoin Newsflash. Summer and other stuff happened that took my focus away from the world of cryptocurrencies. But now I’m back.

When I lasted posted, in March, I was still GPU mining. I was more or less at the break-even level, just converting electricity into Bitcoin with no profit. No matter what cgminer settings I tried in my XUbuntu powered mining rig, I couldn’t get more than 620Mh/s hashing power out of my Sapphire R9 280X video card. The price of electricity where I live is about …

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The Mt.Gox debacle has got some pundits chirping about how it will bring about the fall of Bitcoin. I came across this article in which an economist puts forward her ideas on why Bitcoin is a failed experiment and why it’s value will drop to zero.

I don’t agree with her, and here’s why (you’ll need to read her article first):

  1. She’s wrong on this statement: “Fiat currencies (money) are pegged to real assets and backed by governments“. Fiat currencies are basically backed by hot air and not by real assets. That all stopped when the dollar was

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Wired are reporting that the Mt.Gox crypto-currency exchange has most likely gone out of business.

It has apparently lost hundreds of millions of dollars due to a years-long hacking effort that went unnoticed by the company.

The hacking attack is detailed in a leaked “crisis strategy draft” plan, apparently created by Gox and published Monday by Ryan Selkis, a bitcoin entrepreneur and blogger.

Gox’s insolvency has also been independently confirmed by Coinbase.

The exchange is reputed to have lost 744,408 Bitcoins — worth about $350 million at Monday’s (Fe, 24, 2014) trading prices.

Wired reached a Gox representative …

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When I started this site, my entire focus was on Bitcoin with it having come to public prominence in November 2013. I realized though that the Bitcoin gold-rush was over – those who’d bought the crypto-coins (or mined them) when they were valued at dollars, or tens of dollars, had seen their value skyrocket over the course of 2013.

Building and running a mining rig just a wasn’t profitable enterprise for Bitcoin. That’s when I became aware of Litecoin and so I set about building the rig detailed elsewhere on this site for mining Litecoins. As it turns out, because …

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