81–90 of 470 posts
The only way to beat Bitcoin or other proof-of-work cryptocurrencies is to remove the need for them. Bitcoin and other cryptos have a use-case; it may not be apparent to someone living in a developed country with access to a good banking system or it may be one you don't like and involves criminal activity, but there absolutely is a use-case. The only way to stop this is if the traditional banking system catches up a…
I had an interesting conversation with a friend a few days ago. We both installed larger solar systems than we need. We are net exporters of energy. And we are both disgusted by how the energy company takes this energy and, effectively, pays us nothing for it while charging our neighbors who use it full rate. One of the ideas that was floated in the conversation was to setup a Bitcoin (or some other crypto) mining sy…
It would take decades just to recoup the equipment costs. It currently takes about 12-18 months to recoup the equipment costs ignoring electricity costs This assumes running the miners 24/7. If you only run your equipment a few hours a day in the summer months when your excess solar power is most abundant, then a decade feels about right.
However, I believe it is likely that a good chunk of bitcoin mining is done on privately designed, owned, and run machines which are likely to be substantially more efficient. Since the main cost of bitcoin mining is electricity, anyone who can design a more efficient miner has an incentive to keep that design to themselves.
I don't doubt the number, but it does make me genuinely curious. How does this compare to other software? How much energy does running, for example, Facebook require? How much extra energy is required if you use a language like Ruby, PHP, Python, etc. versus a language like C? It will be interesting to see how energy consumption will be a part of software in the future. I wonder if we will see something like "green"…
[1] https://www.iea.org/reports/key-world-energy-statistics-2020...
The only way to beat Bitcoin or other proof-of-work cryptocurrencies is to remove the need for them. Bitcoin and other cryptos have a use-case; it may not be apparent to someone living in a developed country with access to a good banking system or it may be one you don't like and involves criminal activity, but there absolutely is a use-case. The only way to stop this is if the traditional banking system catches up a…
Care to share your evidence for the first paragraph?
We are rapidly depleting our remaining carbon budget. Can a bitcoiner please explain to me why this is a necessary technological development right now?
Don't we already have plenty of more efficient coins out there?
With a climate crisis the last thing we needed was to make the most effective energy consumption system ever constructed. The whole thing literally works on competing on consuming more energy. No other system works so efficiently towards such goal. What's scary is that the whole thing was designed to be unstoppable. My utopian hope for the future is that we start sending rigs in orbit close to the sun. Since we only…
>> My utopian hope for the future is that we start sending rigs in orbit close to the sun. Dyson spheres and stellar engineering to power cryptocurrency mining rigs. I shudder at the thought.
The only way to beat Bitcoin or other proof-of-work cryptocurrencies is to remove the need for them. Bitcoin and other cryptos have a use-case; it may not be apparent to someone living in a developed country with access to a good banking system or it may be one you don't like and involves criminal activity, but there absolutely is a use-case. The only way to stop this is if the traditional banking system catches up a…
How do you legalize money laundering?