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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)

#121

Post by astrodust »

Dylan16807 wrote: post #105
vinceguidry wrote: post #73

> 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.

Remember, a hash that takes much longer than 10 minutes is worth absolutely nothing. You don't get a coin, and you can't participate in a pool.

What if you had a time machine and a lot of paper and pencils?

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

#122

Post by astrodust »

celticninja wrote: post #111
jjeaff wrote: post #92

Earlier quoted context omitted.

"parked"? No, since no real money or asset is held to back up bitcoin. It could go to $100 million tomorrow based on a few transactions, but that wouldn't be indicative of what anyone else will be able to get for it.

Now that is just wrong. If the price went to $100m tomorrow it is because people are buying and selling bitcoin for that price.

All it takes is a single trade at a $100M valuation and, for that nanosecond, that's the value of Bitcoin.

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

#123

Post by Dylan16807 »

astrodust wrote: post #121
Dylan16807 wrote: post #105

Earlier quoted context omitted.

Remember, a hash that takes much longer than 10 minutes is worth absolutely nothing. You don't get a coin, and you can't participate in a pool.

What if you had a time machine and a lot of paper and pencils?

Go back a few years and trade a ream of paper for the 10k pizza bitcoins.

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

#124

Post by autokad »

vinceguidry wrote: post #73

> 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.

I was thinking of mining ethereum. there was a 250$ video card that could mine 500$ worth of ethereum per year. I thought wow thats profitable, but I did some more research. the same card could mine 1500$ worth 2 months ago, and ethereum was 30% cheaper.

that would have been a losing deal to get into, and it assumed the machine was mining 24/7 without issue. I tried mining with my existing card, but it spent a substantial amount of time building the DAG, and it really wasnt worth turning my PC into a space heater.

between more people mining and hashes getting harder, the price of the coin is not as much of a factor in whether its worth mining.

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

#125

Post by vm »

coralreef wrote: post #117
riazrizvi wrote: post #84

Earlier quoted context omitted.

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.

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 ecosystem across the country.

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

#126

Post by rabidrat »

ritinkar wrote: post #82
vinceguidry wrote: post #73

> 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?

I have 1 BTC but I lost the wallet. So that's one less BTC in circulation. (Literally, it is impossible for that BTC to circulate).

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

#127

Post by dmurray »

carry_bit wrote: post #71
bogomipz wrote: post #66

>"Currently, a successful hash must start with approximately 17 zeros, so only one out of 1.4 x 10^20 hashes will be successful." Can someone elaborate on the math here? How do we get to 1 in 1.4 x 10^20 ?

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.

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

#128

Post by tehlike »

Dylan16807 wrote: post #123
astrodust wrote: post #121

Earlier quoted context omitted.

What if you had a time machine and a lot of paper and pencils?

Go back a few years and trade a ream of paper for the 10k pizza bitcoins.

Heck, even pay the guy 100$ and say you are taking a huge risk here.

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

#129

Post by kelnos »

rabidrat wrote: post #126
ritinkar wrote: post #82

Earlier quoted context omitted.

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?

I have 1 BTC but I lost the wallet. So that's one less BTC in circulation. (Literally, it is impossible for that BTC to circulate).

I'm in the same boat. CPU-mined somewhere between 1.5 and 2 BTC back in 2010 or 2011, and lost the wallet years ago. I wonder how much BTC has been lost to similar mistakes, but I guess there's no way to know or even estimate, right?
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