Fri, 05 Apr 2019 09:39

What are mining pools and how to join in 2019

With Bitcoin price falling down, miners were the ones affected most. Even though mining got difficult lately, there was still money to make as a solo miner. Not in 2019 though, unless you are living in a country with super cheap electricity. As in-home mining in Venezuela and Iran is at the rise, others started to gather into mining pools.

Crypto coins

How mining pools work:

As a solo miner, you are covering all the expenses, but once Bitcoin is mined, the whole coin and fees are yours. Unfortunately, with current Bitcoin value together with the price for energy used while mining one coin, the final reward is not that interesting as it used to be.

However, if you join mining pool, energy expenses on mining are shared. Bitcoin and fees are then shared as well, but still, mining pools currently represent an easier and quite stable income from crypto mining.

Miners get a reward based on contributed processing power they 've put into crypto mining pool. Every pool is basically a node's network with admin or company in charge, which is trying to attempt as many hashes per second as possible. Miners themselves cant produce such a hashing power, together in pool they are increasing a possibility to unlock blocks.

What is cost you:

Most of the mining pools will charge you for a fee. It could be nothing but can go up to 4%. This is taken from your final reward, so nothing paid upfront.

Be careful about projects offering 0% of fees. Even this could be just a new company trying to attract early bird customers, it could be a scam as well

Be careful about projects offering 0% of fees. Even this could be just a new company trying to attract early bird customers, it could be a scam as well

Payout:

Another thing mining pools vary in is their payout rules. Whether you want regular daily payments or get paid whenever a block is solved by the pool, make sure to find out details before you join

Rewards for miners in mining pools:

Mining pool rewards

There is around twenty different reward system used by mining pools in 2019. Each mining pool has different rules and system. These are some of the most common ones:

  • Pay-per share (PPS):
    The most common way to pay miners. You get an average of the number of shares that you contributed to the pool when finding blocks. PPS is considered as one of the safest ways to get paid.
  • Pay Per Last N Shares (PPLNS):
    Also a popular payment method. PPLNS offers payment to miners as a % of shares they contribute to the total shares.
  • Proportional (PROP):
    Works as PPS, but additionally to the mined BTC, miners also get transaction fees in the reward

Not all mining pools are mining Bitcoin. Many of them will be mining the currency with higher value at that time, and pay out their miners in BTC.

Who mines the most:

Currently a leader in Mining pool is China and Czech Republic,then Island with Japan follows. Chinese F2P Pool and Antpool are taking the biggest part of a wheel, together with BTC.com owned by Bitmain. The oldest pool, created in 2010 by Czech Satoshi Labs has currently 10% of this market.

Actual data here: https://coin.dance

Mining pool graph 2019

How to join mining pool in 2019:

Mining pools work for all crypto coins, not just for Bitcoin. You can also change mining pools whenever you want to, just by routing your hash power to another pool.

Each mining pools has its own registration process, usually, 2F registration is required. When choosing a mining pool to join, check not only fees but also localization and reputation. As everything in a crypto world, research reviews and ask for recommendations.

What you will need to connect:

  1. Wallet address - to get your reward
  2. Bitcoin mining hardware - to determine the size of your contribution to the pool’s hash rate (ASIC Bitcoin Miner)
  3. Mining software - connects your hardware to the net - to the pool you prefer (EasyMiner, CGMiner .. )

Always check preferred tools for a pool you want to join. A whole list of mining pools is here: https://www.cryptocompare.com/mining/#/pools

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Tue, 19 Feb 2019 14:36

Gekko - reliable and easy to use trading bot

Crypto market never sleeps and never closes. So if you are serious about your investments and want to keep an eye on them, then you 've probably come across some bots already. There are the expensive ones, then the ''only for advanced'' ones, and then there is Gekko.
This bot is perfect for beginners, easy to use and constantly adding new features. Plus, here in Coingi, we do support Gekko bot!

Why is Gekko reliable and great for beginners

For all those who are just testing the waters of automated trading, a Gekko is an ideal bot to start with (https://github.com/askmike/gekko/pull/2018).
It is pretty straightforward an entry-level Bitcoin trading bot.
Written in javascript and runs on nodejs, works as an open source and more than 180 developers already contributed to it.
The bot is still evolving and soon going to launch a new version without the need to install on a computer.
Its creator, Mike Van Rossum, is an enthusiastic developer, keeping bot free to use and working on the project in his spare time. That's what makes this one so cool - no scammy tricks, no fees, possibility to add development suggestions…

Mike is very active on GitHub, where Gekko was released 5 years ago and gained over 7,400 stars (https://github.com/askmike/gekko). And you can also reach him on Gekko community forum ( gekko.wizb.it/).
That creates the possibility to ask questions the designer directly.
Another sign of a good project!

Yet, keep in mind that this is not a high-frequency tool and does not support arbitrage (making money between exchanges).

Gekko Charts

Gekko can be used for three different purposes:

Backtesting: Possibility to backtest any strategy that you have over a period of time in the past.
Paper Trader: You can test the strategy in real time with current data but only to make “phantom trades” with fake money.
Trade Bot: Here you can run the bot with real funds in an account with the strategies that you have developed.

How to install Gekko?

Since Gekko installation is a bit difficult, we've created a little installation sources guide. Installation differs from operating systems, but for all of them, you 'll need nodejs and git downloaded first plus some coding knowledge to continue, at least javascript basics.
Follow in the documentation links:
https://gekko.wizb.it/docs/installation/installing_gekko.html

Installing on Windows well explained in this video:
https://www.youtube.com/watch?v=R68IwVujju8

Installation for Mac is doable through Docker, follow instructions here:
https://gekko.wizb.it/docs/installation/installing_gekko.html

Installing Gekko bot using VPS:
https://www.coinbureau.com/education/gekko-trading-bot/

Once installed, recommendations are to run Backtesting first, since Gekko does support it with historical data. Coingi exchange does support import of historical data. More about simulations
here: https://gekko.wizb.it/docs/features/backtesting.html

News

New Gekko will not require installation!

With new projects entering the market routinely, it is important even for Gekko to keep adding new features. The best one for now will be GekkoPlus, version of Gekko bot which does not need any installation! (https://gekkoplus.com/) It is currently in a development process, but the page is updating frequently with new informations. Right now mainly about adding new strategies.

Gekko strategy

Strategies created for you on GekkoPlus

Sure you can create your own strategies, use some created already (https://gekko.wizb.it/docs/strategies/creating_a_strategy.html) or wait for new strategies currently in GekkoPlus contest: GekkoPlus web is running a strategy contest (https://app.gekkoplus.com/contest) right between 24 strategies who made it through submission. The contest is running till 10th December and you can watch the Leaderboard here: https://app.gekkoplus.com
Strategies will be available to use after the contest is over.
What it means for future usage of Gekko, we 'll be able to choose from different strategies, customize them and run them on backtest same as live trading later.

Follow here: https://app.gekkoplus.com/ Gekko plus

Gekko sends notifications on Telegram and email

Once you start trading live, notifications about trades comes handy. Gekko sends signals on your Telegram and mail, once a move is made. When you have Gekko installed, you ll need to create bot on Telegram by Bot Father
(https://core.telegram.org/bots) and connect it with Gekko: https://steemit.com/gekko/@crypto49er/gekko-trading-bot-send-signals-to-telegram.
For setting up an email notification, go through documentation and find Plugins -> Mailer. Follow the whole process here: https://www.youtube.com/watch?v=lcsKzyJaJkg

Gekko trading tool

If you are looking for a simple Bitcoin trading tool, Gekko is a way to go. It is 5th most popular Bitcoin related project on Github. Try it with Coingi exchange!

What to read next:

Gekko info:
https://gekko.wizb.it/
https://github.com/askmike/gekko
http://gekkowarez.com/
Telegram:
https://t.me/gekko
Nice interview with Mike Rossum, creator of Gekko:
https://apiko.com/blog/interview-with-mike-van-rossum-the-author-of-gekko-trading-bot
All Mikes videos:
https://www.youtube.com/channel/UCsJ9fM0MVuN43tlrqeF_tVQ
Bot vs Human:
https://cointelegraph.com/explained/trading-bots-vs-humans-explained
This guy is having many Gekko bot related videos:
https://www.youtube.com/channel/UCFoFYv-pIHsuO4f-Kv_1XWA

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Mon, 11 Feb 2019 10:14

Coingi: The exchange with unique safety system

Launched in February of 2017 Coingi is one of the most reliable crypto exchanges on market.
The idea behind creating a new exchange, in an already very competitive market, was a poor experience with exchanges we tried before.
Coingi team members are experienced developers with a background in creating high-traffic websites, yet it took 20 months to launch Coingi crypto exchange.
The reason, why we put this enormous effort into Coingi, is lack of proper security on exchanges we traded on in past, plus their incompetence to handle huge traffic during "panic sell and buy".
The goal was to build a decentralized, scalable, and of course, a stable exchange where everyone is able to buy and sell Bitcoin and other cryptocurrencies safely.

What makes Coingi the safe place to buy crypto?

Although on the outside Coingi does look like a regular exchange, the magic happens in the back and its focused on security, speed, and reliability.

Coingi exchange web

1. Secure crypto trading is our priority.

We are putting a huge effort into security analysis, by developing tests - > hiring external security independent experts - > to verify the tests results.

2. The majority of virtual currencies on Coingi exchange are saved in offline mode.

That prevents online thefts. Online wallets use only a certain amount of money, that is necessary for the operation at the moment.
In case of large transactions, the funds are saved of withdrawn from offline wallets through a controlled process, that guarantees full protection.

3. Online wallets are fully protected and intelligent!

They work completely separately and operate by connecting to the platform by themselves, determine the requests for payment and then control if the requests correspond to reality. Wallets check the collected data about transactions by using checksums and procedures, so the number of Bitcoins at the website is the same as a number of Bitcoins recorded in the database.

4. The Coingi crypto exchange system runs on approximately 30 servers.

Those communicate together via an encrypted VPN network. All communication is signed in a way that these processes cannot be interrupted. Scalability enables us to keep increasing the number of servers, well, forever. We aren’t even limited by the location of the servers.

5. We check on our users too.

Every now and then there is a hacker trying on a mail and password combination from some stolen users database.That is another thing we are trying to protect our users from, by analyzing any suspicious logins. Yet we do suggest to have different mail and passwords for each exchange. And two-step verification is a must.

6. 100 000 complete transactions per second were the result of our last testing.

Coingi exchange system is able to process worldwide transactions of tens of thousands of users per second.

7. Another security detail we've added is during confirmation of your cashouts.

This confirmation request goes to email, you can not see in administration at that moment. So if anyone logs in with your official log in mail, they can't actually cash out money without access to the second mail we ask for.

Coingis speaks 10 languages, is easy and intuitive to use and works with fiat like USD and Euro

Currently supporting these coins:

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