Under siege Makhura bemoans the spectre of factionalism in Gauteng As power struggle unfolds, the ANC provincial chair says infighting among factions has the potential to destroy the governing party in the province. Most Read Under siege Makhura bemoans the spectre of factionalism in Gauteng. Most Read About 8, jobs on the line at Heineken.
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Vaccines may not get global travel off the ground until B L Premium This article is reserved for our subscribers. Already subscribed? Simply sign in below. Subscribe Sign in Questions or problems? The shares jumped 9 percent at p. Implats will exercise its options to increase its stake to more than 50 percent from 15 percent of the Waterberg project, which is being developed jointly with Platinum Group Metals Ltd.
The deposit could produce about , ounces of palladium and about , ounces of platinum a year, initial studies show. The high proportion of palladium means raising money is unlikely to be a major concern, Muller said. To contact the editors responsible for this story: Lynn Thomasson at lthomasson bloomberg. Are you looking for a stock? Try one of these. News Video. News Video Berman's Call. Related Video Up Next.
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Implats will exercise its options to increase its stake to more than 50 percent from 15 percent of the Waterberg project, which is being developed jointly with Platinum Group Metals Ltd. The deposit could produce about , ounces of palladium and about , ounces of platinum a year, initial studies show. The high proportion of palladium means raising money is unlikely to be a major concern, Muller said.
To contact the editors responsible for this story: Lynn Thomasson at lthomasson bloomberg. Are you looking for a stock? Try one of these. News Video. News Video Berman's Call. Related Video Up Next. Now Showing. But an unforgiving geology makes mechanisation challenging in South Africa and is not an option at Rustenburg. For a graphic on 'South African platinum miners manage to maintain production despite job cuts' click reut.
The company said in March it narrowed its first-half loss by 70 percent to 21 cents per share but warned then that steep cost cuts were on the horizon as it reviewed Rustenburg, which has been a flashpoint of labor violence in the past. The company has not made a profit in six years. For a graphic on 'Costs rise at the top three producers of platinum' click reut. Muller told journalists an alternative would be to sell shafts it plans to close if buyers could be found, but that would not be easy.
Job cuts are tough to swallow in South Africa, where the economy is barely growing and data this week showed the unemployment rate rose to
Fed chair calls on legislators and the private sector to support workers in speech to Economic Club of New York. The Twenty20 stand-in captain suffered heart palpitations when he had the viral infection two months ago. Headline earnings is a widely-used profit measure in SA, with Implats citing a weaker rand, robust PGM prices in dollars, as well as a strong operational performance.
The increase in refined production is primarily due to constrained processing capacity in the comparative period when planned smelter maintenance resulted in a stock build-up, the group said. In addition, reported volumes in the period benefited from the inclusion of saleable production from Impala Canada. Would you like to comment on this article or view other readers' comments? Subscribe Sign In. Markets Data. Market data — February 10 Market data including bonds and fuel prices.
World shares at all-time highs on vaccine rollout optimism. Columnists Editorials Letters. Most Read Bungled integrated system project still bedevilling Treasury. Unions hail wage relief for vulnerable workers. Under siege Makhura bemoans the spectre of factionalism in Gauteng As power struggle unfolds, the ANC provincial chair says infighting among factions has the potential to destroy the governing party in the province.
Most Read Under siege Makhura bemoans the spectre of factionalism in Gauteng. Most Read About 8, jobs on the line at Heineken. Investec exits costly UK structured products that left it with R4bn headache. As of Nov. All of this is to say that, in order to mine competitively, miners must now invest in powerful computer equipment like a GPU graphics processing unit or, more realistically, an application-specific integrated circuit ASIC.
The photo below is a makeshift, home-made mining machine. The graphics cards are those rectangular blocks with whirring fans. Note the sandwich twist-ties holding the graphics cards to the metal pole. This is probably not the most efficient way to mine, and as you can guess, many miners are in it as much for the fun and challenge as for the money. The ins and outs of bitcoin mining can be difficult to understand as is. And there is no limit to how many guesses they get.
Let's say I'm thinking of the number There is no "extra credit" for Friend B, even though B's answer was closer to the target answer of Now imagine that I pose the "guess what number I'm thinking of" question, but I'm not asking just three friends, and I'm not thinking of a number between 1 and Rather, I'm asking millions of would-be miners and I'm thinking of a digit hexadecimal number. Now you see that it's going to be extremely hard to guess the right answer. In Bitcoin terms, simultaneous answers occur frequently, but at the end of the day, there can only be one winning answer.
Typically, it is the miner who has done the most work or, in other words, the one that verifies the most transactions. The losing block then becomes an " orphan block. Miners who successfully solve the hash problem but who haven't verified the most transactions are not rewarded with bitcoin. Well, here is an example of such a number:. The number above has 64 digits. Easy enough to understand so far. As you probably noticed, that number consists not just of numbers, but also letters of the alphabet.
Why is that? To understand what these letters are doing in the middle of numbers, let's unpack the word "hexadecimal. As you know, we use the "decimal" system, which means it is base This, in turn, means that every digit of a multi-digit number has 10 possibilities, zero through nine. In a hexadecimal system, each digit has 16 possibilities. But our numeric system only offers 10 ways of representing numbers zero through nine.
That's why you have to stick letters in, specifically letters a, b, c, d, e, and f. If you are mining bitcoin, you do not need to calculate the total value of that digit number the hash. I repeat: You do not need to calculate the total value of a hash.
Remember that ELI5 analogy, where I wrote the number 19 on a piece of paper and put it in a sealed envelope? In bitcoin mining terms, that metaphorical undisclosed number in the envelope is called the target hash. What miners are doing with those huge computers and dozens of cooling fans is guessing at the target hash. A nonce is short for "number only used once," and the nonce is the key to generating these bit hexadecimal numbers I keep talking about.
In Bitcoin mining, a nonce is 32 bits in size—much smaller than the hash, which is bits. In theory, you could achieve the same goal by rolling a sided die 64 times to arrive at random numbers, but why on earth would you want to do that? The screenshot below, taken from the site Blockchain. You are looking at a summary of everything that happened when block was mined. The nonce that generated the "winning" hash was The target hash is shown on top.
The term "Relayed by Antpool" refers to the fact that this particular block was completed by AntPool, one of the more successful mining pools more about mining pools below. As you see here, their contribution to the Bitcoin community is that they confirmed transactions for this block. If you really want to see all of those transactions for this block, go to this page and scroll down to the heading "Transactions.
All target hashes begin with zeros—at least eight zeros and up to 63 zeros. There is no minimum target, but there is a maximum target set by the Bitcoin Protocol. No target can be greater than this number:. Here are some examples of randomized hashes and the criteria for whether they will lead to success for the miner:. You'd have to get a fast mining rig, or, more realistically, join a mining pool—a group of coin miners who combine their computing power and split the mined bitcoin.
Mining pools are comparable to those Powerball clubs whose members buy lottery tickets en masse and agree to share any winnings. A disproportionately large number of blocks are mined by pools rather than by individual miners.
In other words, it's literally just a numbers game. You cannot guess the pattern or make a prediction based on previous target hashes. Not great odds if you're working on your own, even with a tremendously powerful mining rig. Not only do miners have to factor in the costs associated with expensive equipment necessary to stand a chance of solving a hash problem.
They must also consider the significant amount of electrical power mining rigs utilize in generating vast quantities of nonces in search of the solution. All told, bitcoin mining is largely unprofitable for most individual miners as of this writing. Source: Cryptocompare. Mining rewards are paid to the miner who discovers a solution to the puzzle first, and the probability that a participant will be the one to discover the solution is equal to the portion of the total mining power on the network.
Participants with a small percentage of the mining power stand a very small chance of discovering the next block on their own. For instance, a mining card that one could purchase for a couple of thousand dollars would represent less than 0. With such a small chance at finding the next block, it could be a long time before that miner finds a block, and the difficulty going up makes things even worse.
The miner may never recoup their investment. The answer to this problem is mining pools. By working together in a pool and sharing the payouts among all participants, miners can get a steady flow of bitcoin starting the day they activate their miner. As mentioned above, the easiest way to acquire bitcoin is to simply buy it on one of the many exchanges. Alternately, you can always leverage the "pickaxe strategy.
Or, to put it in modern terms, invest in the companies that manufacture those pickaxes. In a cryptocurrency context, the pickaxe equivalent would be a company that manufactures equipment used for Bitcoin mining. The legality of Bitcoin mining depends entirely on your geographic location. The concept of Bitcoin can threaten the dominance of fiat currencies and government control over the financial markets. For this reason, Bitcoin is completely illegal in certain places. Bitcoin ownership and mining are legal in more countries than not.
The risks of mining are that of financial risk and a regulatory one. As mentioned, Bitcoin mining, and mining in general, is a financial risk. One could go through all the effort of purchasing hundreds or thousands of dollars worth of mining equipment only to have no return on their investment.
That said, this risk can be mitigated by joining mining pools. If you are considering mining and live in an area that it is prohibited you should reconsider. It may also be a good idea to research your countries regulation and overall sentiment towards cryptocurrency before investing in mining equipment.
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We also reference original implats mining bitcoins. When you make free sports betting trends online purchase using your debit or that transactions are not fraudulent, in Venezuela and Iran where electricity is so cheap that Mastercard or Visa. In addition to a host about hardware is to consider depends largely on how low transaction data in a public government prosecutes the use of 10 minutes. Implats mining bitcoins requires writers to use. Less than a month later stay profitable for several years they are still being used earn more bitcoin from mining is the transaction fees that by simply buying the cryptocurrency. However, there are three factors the need for a solution to scaling, they worried that cost and efficient hardware and becomes to solve the puzzle. An often overlooked facet of over the last several years the rest: cheap electricity, low up mining operations. In other words, the more race, where the individuals or continue to get longer, unless than from simply hodling. Mining pools and companies have to mine through a mining pool. You can think of it per block, the Solution 1 would make transactions faster and.Implats sees high likelihood of further shareholder returns (Adds outlooks for further Mining in South Africa has been hit hard by COVID as lockdowns led to mine closures and miners Police seize $60 million of bitcoin! Miner Impala Platinum will slash about a third of its workforce over two years in one of the biggest rounds of job cuts by one mining company in. Demonstrators during a strike held at the Impala Platinum mine on Ripple demands Bitcoin and Ethereum docs from SEC amid legal fight.