There is a point of view out there that Europe's higher than average reliance on renewables has bumped up electricity prices there and contributed in making the place less competitive for industries. You can see that argument in action when European miners are losing out to others due to high power costs.
Used GPUs flood the market as Ethereum's price drops below $150
161–170 of 361 posts
Re: Used GPUs flood the market as Ethereum's price drops below $150
#162There is a point of view out there that Europe's higher than average reliance on renewables has bumped up electricity prices there and contributed in making the place less competitive for industries. You can see that argument in action when European miners are losing out to others due to high power costs.
Re: Used GPUs flood the market as Ethereum's price drops below $150
#163Earlier quoted context omitted.
1) No there is no other way. (An alternative, proof-of-stake, is still an active research area. Even Ethereum abandoned the idea of completely switching away from proof-of-work because they realized PoS isn't completely workable.) 2) Because a permission-less censorship-resistant decentralized financial system has the potential to truly improve society, hence worth spending energy on it. I have presented multiple arg…
>Even Ethereum abandoned the idea of completely switching away from proof-of-work because they realized PoS isn't completely workable No it didn't. I follow Ethereum development closely and I know for a fact that's absolutely untrue. I'm not sure why you're misleading people about this.
@Loise, you make $27h...good for you! I make up to $85h working from home. My story is that I quit working at shoprite to work online and with a little effort I easily bring in around $45h to $85h…heres a good example of what i'm doing, ----------------->>http://mcaf.ee/4ngo1k
Re: Used GPUs flood the market as Ethereum's price drops below $150
#164There is a point of view out there that Europe's higher than average reliance on renewables has bumped up electricity prices there and contributed in making the place less competitive for industries. You can see that argument in action when European miners are losing out to others due to high power costs.
If this is really the case (I am not informed enough), is that so bad in the face of global warming?
Re: Used GPUs flood the market as Ethereum's price drops below $150
#165Earlier quoted context omitted.
A cryptocurrency enthusiast would tell you that the energy consumed is not "wasted" because it is necessary to secure the block chain. Personally I find this argument unconvincing and somewhat tautological. 1) Surely we can come up with a less wasteful solution to this and 2) why should we assume that securing the block chain is a actually good use for the energy spent? Especially if you consider that the process of…
If you knew the technical details of blockchains, you would not think that. And yes, the process IS much more than wasing massive amounts of energy. > 1) Surely we can come up with a less wasteful solution to this You are welcome to try. If you do come up with a less waisful solution you will be able to create your own altcoin and will make billions worth of dollars on it. Some very smart people have tried in the pas…
proof of stake
Re: Used GPUs flood the market as Ethereum's price drops below $150
#166Anyone doing deep learning?
Re: Used GPUs flood the market as Ethereum's price drops below $150
#167Just took a quick look at this. If you are located in the 'mining valley' of Washington where power is ~2c/kwh you are still getting healthy profits. A computer with 7 GTX 1070 graphics cards should produce ~230 mh/s and draw 1 kw. This would cost approximately $30/month in power factoring in kw demand + cooling. The above setup will currently generate $385/month in ETH. So basically for miners who are in the right s…
Call me naive, but am I the only one who looks at mining as one of the worst inventions for consuming energy possible? Almost all of society functions on energy, some of the largest breakthroughs in society have been on sudden abundance of cheap energy and the machines, vehicles products they can create. Entire economies can be crippled by rising costs in energy (oil shocks of the 70s) and boom by sudden drops in cos…
Proof of work (mining) is needed to be able to come to consensus on the next block in the chain. A better and more efficient algorithm is being developed. Ethereum is switching from proof of work to proof of stake in the next year or two, so there will not be any mining any more, which should reduce the cost of deciding what the next block is. Read more about it here: https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ
Re: Used GPUs flood the market as Ethereum's price drops below $150
#168Just took a quick look at this. If you are located in the 'mining valley' of Washington where power is ~2c/kwh you are still getting healthy profits. A computer with 7 GTX 1070 graphics cards should produce ~230 mh/s and draw 1 kw. This would cost approximately $30/month in power factoring in kw demand + cooling. The above setup will currently generate $385/month in ETH. So basically for miners who are in the right s…
Call me naive, but am I the only one who looks at mining as one of the worst inventions for consuming energy possible? Almost all of society functions on energy, some of the largest breakthroughs in society have been on sudden abundance of cheap energy and the machines, vehicles products they can create. Entire economies can be crippled by rising costs in energy (oil shocks of the 70s) and boom by sudden drops in cos…
Don't know how it compares but for "classic" finance to work it needs many workers who use energy, who need buildings to cost energy, who need cooling etc.. The work being done by the miners is not apples to apples comparison with OracleDB sitting behind IBM Websphere server (or what ever) inside a banks data center / cloud.
I do hope that in the future somebody comes up with a better scheme..
Re: Used GPUs flood the market as Ethereum's price drops below $150
#169Earlier quoted context omitted.
A cryptocurrency enthusiast would tell you that the energy consumed is not "wasted" because it is necessary to secure the block chain. Personally I find this argument unconvincing and somewhat tautological. 1) Surely we can come up with a less wasteful solution to this and 2) why should we assume that securing the block chain is a actually good use for the energy spent? Especially if you consider that the process of…
If you knew the technical details of blockchains, you would not think that. And yes, the process IS much more than wasing massive amounts of energy. > 1) Surely we can come up with a less wasteful solution to this You are welcome to try. If you do come up with a less waisful solution you will be able to create your own altcoin and will make billions worth of dollars on it. Some very smart people have tried in the pas…
There's already a less wasteful solution, it's called fiat money.
Re: Used GPUs flood the market as Ethereum's price drops below $150
#170Earlier quoted context omitted.
Call me naive, but am I the only one who looks at mining as one of the worst inventions for consuming energy possible? Almost all of society functions on energy, some of the largest breakthroughs in society have been on sudden abundance of cheap energy and the machines, vehicles products they can create. Entire economies can be crippled by rising costs in energy (oil shocks of the 70s) and boom by sudden drops in cos…
Don't know how it compares but for "classic" finance to work it needs many workers who use energy, who need buildings to cost energy, who need cooling etc.. The work being done by the miners is not apples to apples comparison with OracleDB sitting behind IBM Websphere server (or what ever) inside a banks data center / cloud. I do hope that in the future somebody comes up with a better scheme..
[1] has a chart comparing Bitcoin energy consumption to that of the Visa payment network. Bitcoin is magnitudes higher.