Happy Genesis Block Day to all of our readers. Today marks the five-year anniversary of the first bitcoin block ever mined, ushering in not only a new digital currency, but also the functional implementation of a potentially revolutionary value transfer technology. Over the past year, market participants have witnessed tremendous growth cycles driven by regional catalysts around the globe – from the Cypriot financial crisis in March to the Chinese exuberance over the last quarter. With increasing interest coming from institutional finance of late, it appears the most significant wave in bitcoin’s sixth year may be oriented not geographically, but …

Read More →

Bitcoin v0.8.6 was released yesterday, offering updates to existing restrictions on the size of free transactions and full blocks, as well as a series of fixes for bugs in certain node transmissions and OSX usage. The update follows the 0.8.5 release in September and precedes the much-anticipated 0.9 release. Free Transaction Limit Changes In an effort to make free transactions more commonly accessible, Bitcoin 0.8.6 lowers the maximum size of free transactions from 10,000 bytes to 1,000 bytes and eliminates the minimum 0.01 XBT output requirement. By lowering the maximum size of a free transaction to 1,000 bytes, there is …

Read More →

Today HashFast announced they are open sourcing the interface protocol used for controlling their bitcoin mining ASICs. Open sourcing this design gives significant insight into how their bitcoin miners operate and provides a platform for driver developers. More users collaborating in driver development should allow for a more diverse set of options, and a better experience for HashFast customers. In July HashFast announced a partnership with Uniquify to design the 400 GH/s “Golden Nonce” ASIC, and on September 5 they announced tapeout of their chips with Taiwan Semiconductor. In order to prepare driver developers for the ASICs mid-November arrival, HashFast …

Read More →

In mid-September, after 4.75 years in existence, the bitcoin network reached an estimated hash rate of 1 petahash per second. Remarkably, the second petahash took just one more month, pushing network speed over 2 PH/s this past weekend, or 80x the speed on January 1 of this year. This growth is primarily attributable to new ASIC bitcoin miners from KnCMiner and BTCGarden recently being added to the network, and is a trend that is not expected to stop any time soon. KnC was the first manufacturer to demonstrate a 28nm ASIC bitcoin miner on September 30 and started shipping to …

Read More →

A critical bug fix was provided in an emergency release of Bitcoin 0.8.5 earlier this evening. On September 9, Bitcoin-Qt users with versions more recent than 0.8.0 were unable to start their software and received errors that their database was corrupt: coin database inconsistencies found Users were then prompted to reindex the block chain, a process that could take hours and was ineffective in resolving the inconsistencies. Bitcoin-Qt is the graphical version of the standard bitcoin client and the problem was later observed in Bitcoind, the command line version. Negative Transaction Version Numbers The problem was caused by an abnormal transaction …

Read More →

An upgrade to Bitcoin-qt was released today and consists of several security and bug fixes bundled for release as version 0.8.4. It is recommended that all users upgrade immediately, since the release of these fixes makes finding the vulnerabilities in older code trivial. Included in this release are three security updates as well as several small bug fixes that were causing the application to crash or databases to become corrupted. Denial of Service Fix Bitcoin-qt 0.8.0 introduced Bloom Filters which allow for more flexibility with respect to how much of the block chain must be downloaded. Bloom Filters are a …

Read More →

By now, bitcoin enthusiasts and professionals alike are aware of the tremendous growth of the bitcoin network so far this year. As millions of dollars (and bitcoin) are invested in increasingly powerful mining equipment, the cumulative hash rate of the network has continually blown by the periodic difficulty adjustments. Earlier this year we explained the long-term implications of this, but the near term effects are being felt as well. Since that piece was published, the network has continued to grow, as has the growth rate, creating profound near-term effects. In particular, the average time between blocks has fallen to approximately …

Read More →

The latest improvement to bitcoinj will enable users to make off-block chain micro transactions and has the potential to dramatically reduce the size of blocks going forward. There has been considerable concern about the minimum size of transactions that should be included in blocks. While many voice the opinion that no one should be allowed to police what transactions can be included, it is equally as clear that it is not reasonable for everyone in the world to host every bitcoin transaction on their hard drive. Gavin was particularly excited about the implementation: The block chain recently passed 8GB, a …

Read More →

Considering a bitcoin mining hardware purchase? Make a more informed decision with our Bitcoin Mining Dashboard. Starting late in the day on June 8th, and then again on June 10th, Feathercoin succumbed to 51% attacks. While this does not directly affect bitcoin, there are several lessons that the bitcoin community can learn from this experience. There is a case to be made that alt-coins have a diversification advantage, as silver does to gold, but they also provide an interesting testing ground for both new technologies and human behavior. Feathercoin is part of a group of crypto-currencies commonly called alt-coins. These currencies …

Read More →

Considering a bitcoin mining hardware purchase? Make a more informed decision with our Bitcoin Mining Dashboard. “I placed an order for an [ASIC mining unit] and have been researching how to set it up so I’m ready when it gets here. I noticed a lot of people join bitcoin mining pools instead of simply mining on their own. If the number of hashes of my unit relative to the network define my payout probability, why pay the administrative cost of a pool?” – Jeremy H. We regularly receive variations of the above inquiry about bitcoin mining pools and decided a detailed …

Read More →
1 Flares Twitter 0 Facebook 1 Google+ 0 LinkedIn 0 Email -- 1 Flares ×