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

Post by patriksvensson » Mon, Feb 15, 2021, 9:28 PM UTC

gruez wrote: post #66

patriksvensson wrote: post #40

Earlier quoted context omitted.

Correct, mining in a pool you are guaranteed your fair share of the mining (minus admin fee from the pool operators). Even if you never mine a single block, you get your fair share of the mined blocks by the pool. If you were to mine by yourself, you'd get zero pay outs unless you actually mined a block. It is possible, but the odds are on par with winning the lottery. DYOR on pools, but I can recommend f2pool ( http…

>If you were to mine by yourself, you'd get zero pay outs unless you actually mined a block. It is possible, but the odds are on par with winning the lottery. It's slightly better than that. A single 5700 xt mining ethereum can expect a block once every 43 months at current difficulty. That's still insanely high variance, but still far better than the lottery.

Post by mrb » Mon, Feb 15, 2021, 9:32 PM UTC

edgefield0 wrote: post #59

The fact that bitcoin mining on its own is now consuming as much electricity as the country of Argentina with no end in sight, as we are accelerating toward a climate change cliff, is sickening. Given this fact alone it's hard to see cryptocurrency as anything but a selfish crackpot scheme to generate a few dollars at the expense of humanity and our planet.

Post by airstrike » Mon, Feb 15, 2021, 9:34 PM UTC

rcstank wrote: post #80

smeyer wrote: post #77

Earlier quoted context omitted.

Yeah, but the rest of us don't have to put up with legions of people excitedly explaining about how idle devices are great and everyone else should idle more devices. Bitcoin consuming massive amounts of electricity is bad. Idle devices consuming massive amounts of electricity is also bad.

GP claimed that generating dollars using electricity is bad. Isn't that what the majority of companies are doing? Edit: that's my whole point: mining BTC is generating value by verifying transactions. In turn, the miner gets paid for their work.

Post by DennisP » Mon, Feb 15, 2021, 9:35 PM UTC

edgefield0 wrote: post #59

The fact that bitcoin mining on its own is now consuming as much electricity as the country of Argentina with no end in sight, as we are accelerating toward a climate change cliff, is sickening. Given this fact alone it's hard to see cryptocurrency as anything but a selfish crackpot scheme to generate a few dollars at the expense of humanity and our planet.

Post by Antipode » Mon, Feb 15, 2021, 9:36 PM UTC

young_unixer wrote: post #64

edgefield0 wrote: post #59

The fact that bitcoin mining on its own is now consuming as much electricity as the country of Argentina with no end in sight, as we are accelerating toward a climate change cliff, is sickening. Given this fact alone it's hard to see cryptocurrency as anything but a selfish crackpot scheme to generate a few dollars at the expense of humanity and our planet.

Maybe we should blame the defenders of constant inflation and government overreach. You mentioned Argentina, which is a prime example of these problems. If we didn't have those problems in the first place, Bitcoin wouldn't be as attractive.