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Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

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Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#131

Post by monochromatic »

vm wrote: post #125
coralreef wrote: post #117

Earlier quoted context omitted.

China might be a good place to setup shop?

Ignoring the racism baked into that comment, smart people in China probably have more job opportunities than ever, with greater opportunity for wealth creation. China has one of the hottest tech industries in the world: Tencent and Alibaba each have market caps above $450B USD, and Baidu, JD, and NetEase are all in the $50-80B range. All these companies are rapidly growing. Not to mention the booming startup ecosyste…

Labor is cheap in China. It’s not racism to make factually accurate observations.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#132

Post by TimTheTinker »

sah2ed wrote: post #96
TimTheTinker wrote: post #89

Earlier quoted context omitted.

$500/pencil? Sounds similar to recent online money laundering schemes.

Nope. That link has been posted around here since about 7 years ago! [0] https://news.ycombinator.com/item?id=2453713

I didn’t mean that I think this is anything bad, just that charging that much online for something not worth anywhere near the given price is generally questionable.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#133

Post by Alterlife »

monochromatic wrote: post #131
vm wrote: post #125

Earlier quoted context omitted.

Ignoring the racism baked into that comment, smart people in China probably have more job opportunities than ever, with greater opportunity for wealth creation. China has one of the hottest tech industries in the world: Tencent and Alibaba each have market caps above $450B USD, and Baidu, JD, and NetEase are all in the $50-80B range. All these companies are rapidly growing. Not to mention the booming startup ecosyste…

Labor is cheap in China. It’s not racism to make factually accurate observations.

> factually accurate observations

... in this case, it's a sarcastic quip based on an exaggerated truth.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#134

Post by bobbles »

coding123 wrote: post #118

I think this solves our problem: Ban hardware/software based mining. Reduce the number of 0's we're looking for. UBI is born.

Someone should ICO with a paper-only crypto currency.

The confirmations wait is gonna be a killer though.

Maybe UPS should be launching this?

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#135

Post by bogomipz »

dmurray wrote: post #127
carry_bit wrote: post #71

Earlier quoted context omitted.

It's probably 17 hexadecimal zeros.

Yes, as shown in the second image in the article where the successful hash starts with sixteen hexadecimal zeros.

I'm still not following can you break it down?

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#136

Post by asteli »

monochromatic wrote: post #131
vm wrote: post #125

Earlier quoted context omitted.

Ignoring the racism baked into that comment, smart people in China probably have more job opportunities than ever, with greater opportunity for wealth creation. China has one of the hottest tech industries in the world: Tencent and Alibaba each have market caps above $450B USD, and Baidu, JD, and NetEase are all in the $50-80B range. All these companies are rapidly growing. Not to mention the booming startup ecosyste…

Labor is cheap in China. It’s not racism to make factually accurate observations.

the inferred reference you're missing is the 'all asians are good at math' stereotype.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#137

Post by TeMPOraL »

em3rgent0rdr wrote: post #90
schiffern wrote: post #86

Earlier quoted context omitted.

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.

Or the opportunity cost of what else could the creators of that literate person could be doing with 20 years worth of time spent on that person.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#138

Post by 55555 »

asteli wrote: post #136
monochromatic wrote: post #131

Earlier quoted context omitted.

Labor is cheap in China. It’s not racism to make factually accurate observations.

the inferred reference you're missing is the 'all asians are good at math' stereotype.

East asians are good at math. Look at rankings by country. Obviously no one would actually do this, but if you were going to, China would be a great place to set up shop.

Re: Mining Bitcoin with pencil and paper: 0.67 hashes per day (2014)

#139

Post by 55555 »

matthewrudy wrote: post #5
TeMPOraL wrote: post #4

Earlier quoted context omitted.

Monkeys with typewriters are currently busy banging out whitepapers for ICOs.

A friend of mine writes and edits ICO whitepapers. He's very skilled and gets paid pretty well for those skills.

Wow that sounds like a very morally fulfilling occupation.
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