Earlier quoted context omitted.
"The next question is the energy cost. A cheap source of food energy is donuts at $0.23 for 200 kcalories." We will need a BTC/Donut exchange soon.
Donut futures!
Doughnuts?
Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
81–90 of 162 posts
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#82> It's clear I'm not going to make my fortune off manual mining, and I haven't even included the cost of all the paper and pencils I'll need. He's not taking into account price inflation over the long term. If BTC ever cracks a million USD, he'll really regret not squeezing every last bit of hashrate he can now.
If BTC cracks 1 million won't that mean there's 2.1 trillion dollars worth of USD BTC in circulation in addition to all the other currencies?
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#83> It's clear I'm not going to make my fortune off manual mining, and I haven't even included the cost of all the paper and pencils I'll need. He's not taking into account price inflation over the long term. If BTC ever cracks a million USD, he'll really regret not squeezing every last bit of hashrate he can now.
If BTC cracks 1 million won't that mean there's 2.1 trillion dollars worth of USD BTC in circulation in addition to all the other currencies?
21 trillions, or about 3 times the value of all gold mined in the world.
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#84> It's clear I'm not going to make my fortune off manual mining, and I haven't even included the cost of all the paper and pencils I'll need. He's not taking into account price inflation over the long term. If BTC ever cracks a million USD, he'll really regret not squeezing every last bit of hashrate he can now.
Hmm. If you can mine 15 trillion hashes per second you are likely to find one bitcoin after 486 days (derived from numbers on this site www.cryptocompare.com). The human rate of hashing is .67 hashes per day. Based on a price of $1 million for one bitcoin, that would translate to a break even salary of one million-billionth of a penny per hour. Probably be hard to find good people at that rate.
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#85You could squeeze much more bitcoin out of yourself if you powered asic miner with a bicycle but I can appreciate low capital costs of pencil method.
Capital costs may not be trivial if you factor in food required for brainpower.
That's not capital in the sense of durable assets to be depreciated. That's an operational expense.
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#86You could squeeze much more bitcoin out of yourself if you powered asic miner with a bicycle but I can appreciate low capital costs of pencil method.
Capital costs may not be trivial if you factor in food required for brainpower.
That's an operational cost, not a capital cost. ;)
Comparing capital cost between the two is also fun. Creating a literate person who can perform arithmetic certainly requires more resources than creating a person who can "merely" pedal a bicycle. There's a lot of embodied energy in a person's education, and the cost reflects that.
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#87Earlier quoted context omitted.
And yet he made a half hour show with episodes such as "how to bounce a ball", "how to dig a hole, "how to open a door", "how to take a nap", etc.
Or, my personal favourite: https://www.goodreads.com/book/show/77377.How_to_Shit_in_the...
That book is surprisingly nuanced, full of good advice like:
- The best paired squatting methods, for when there's no good tree available (takes a lot of trust).
- Advice to look below you before using a cliff.
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#88You could squeeze much more bitcoin out of yourself if you powered asic miner with a bicycle but I can appreciate low capital costs of pencil method.
using brain is way more cost efficient
(note: the conclusion of the paper actually performs a similar calculation)
The brain uses ~300 kCal per day (roughly %20 of a human's resting metabolic rate of 1300 kCal per day) = 0.35 kWattHours per day = about 4.2 cents per day (assuming brain can be powered at average market rate of energy of 12 cents/hWattHours) = about 6.3 cents per hash (at .67 hashes/day) = about 12 sextillion days to mine one block (at current difficulty of 1,873,105,475,221) = about half a septillion dollars to mine one block.
Of course might make more sense to use the full 1300 kCal, considering that a human calculator still needs to use hands for pencil manipulation and provide power to rest of organs to stay alive. Point being this is not efficient or profitable at current difficulty.
However, assuming a pre-computer world or post-apocalyptic world without computing machines, then difficulty will be adjusted to be much easier such that it conceivably would be profitable (maybe with a slave army of human computers). Transactions and blocks could easily be sent via carrier pigeon.
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#89I've found it works best with artisanal sharpened pencils http://www.artisanalpencilsharpening.com
$500/pencil? Sounds similar to recent online money laundering schemes.
Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)
#90Earlier quoted context omitted.
Capital costs may not be trivial if you factor in food required for brainpower.
That's an operational cost, not a capital cost. ;) Comparing capital cost between the two is also fun. Creating a literate person who can perform arithmetic certainly requires more resources than creating a person who can "merely" pedal a bicycle. There's a lot of embodied energy in a person's education, and the cost reflects that.
Also might want to consider what is the opportunity cost of what else a literate person could do instead of mining.