it says I would make 3.31 Euro per day.
that can't be right can it?
I just have a AMD RX 5600 XT
yeah I thought home mining was a waste of time for a while now but that suggests I could make £9 per day which isn't bad
it says I would make 3.31 Euro per day.
that can't be right can it?
I just have a AMD RX 5600 XT
The idea is that the weight of computing power to secure the ledger has to be stronger than the computing power to usurp the ledger could possibly be in order to maintain trust, I believe? I'm fuzzy.So it's not actually serving any purpose other than itself?
And does that much computational power and energy use need to be done to create a secure ledger? Like, does every crypto do the same thing and burn oil fields for this sole purpose?
Is the point of the math problem just to create scarcity or does it work towards something else?Cryptocurrencies are created by having computers solve incredibly difficult math problems; this uses a lot of computing power and thus electricity. Some currencies, like bitcoin, have pre-programmed absolute limit on how many bitcoins can exist (to create scarcity); as the numbers of bitcoins approaches the limit the cost to mine one bitcoin increases exponentially. This is why the eletricity cost is so huge -- people are organizing massive computers banks to mine bitcoins as the return on investment decreases.
A secure ledger. But also scarcity in a way, yeah. Because the difficulty of the problem is specifically chosen such that it will take 10 minutes for the currently dedicated computing power to solve. Every 10 minutes, another problem gets solved, the amount of computing power dedicated to solving gets measured, and the difficulty of the problem gets adjusted to maintain this rate. If bitcoin was just as easy to mine now as it was in the long long long ago, in terms of hash per coin, I imagine you'd have like... absolutely ridiculous hyperinflation. Or nothing and a dead currency. As a reminder, the first guy to spend bitcoin on a purchase spent 10k btc on two pizzas.Is the point of the math problem just to create scarcity or does it work towards something else?
Thanks for the explanation.A secure ledger. But also scarcity in a way, yeah. Because the difficulty of the problem is specifically chosen such that it will take 15 minutes for the currently dedicated computing power to solve. Every 15 minutes, another problem gets solved, the amount of computing power dedicated to solving gets measured, and the difficulty of the problem gets adjusted to maintain this rate.
yeah I thought home mining was a waste of time for a while now but that suggests I could make £9 per day which isn't bad
What's Nano?I just have no idea why Musk didn't go for Nano since it would fit with Teslas so much more.
Just seems like such a waste. Like I said previously, it should be set up to solve problems that would feed into something bigger and more meaningful. Of course then you run the risk of that being absurd by someone in charge of it with regards to rights etc but I'm sure something could be worked out to give it some meaning.
To counter that though, how else could it have gone?To be fair to bitcoin's creators they did not foresee the insane speculative bubble that has led to people sucking up entire power plant's worth of electricity to mine every last bitcoin as fast as possible
To counter that though, how else could it have gone?
I can't foresee any other path than either it failed to take off or it became successful and those with the money and resources to take advantage of it would do so.
Well, I think this statement depends on the energy grid / mix of the area where the miners are located.So.. we're using up a load of fossil fuels and shooting tons of CO2 in the atmosphere to.. what? Normal payment processors can process millions of transactions for the cost of one bitcoin transaction, and if you want a "store of value" then Gold doesn't just sit there spewing out toxic fumes. It's gambling for tech bros, nothing more, nothing less. Nothing of value is being created here and the quicker it goes down to $0 the better.
If Bitcoin is going to replace banking, it is also going to need all of that on top of the current energy usage.Of course mining BTC at an unregulated rate means unregulated energy consumption. This is easily regulated by law like other industries.
However, the amount of energy the financial and banking sector in general consumes is much higher than BTC, when you consider all the stock exchanges and banks, and all the trading computers, the data centres for banking, etc. And that's just in terms of operational/transactional/archival use. Not to even mention the energy used for physical branches or ATMs. Banks (released in their annual reports includes energy consumption), roughly uses 10-20 kWh per customer. Consider the amount of banks in the world and that almost everyone has a bank account. Consider the fact that BTC eliminates almost all of a bank's roles and it's idea is to replace banks and payment providers, it's fundamentally a greener alternative. Modern banking system is using upwards of 150 TWh a year.
you can't criticise BTC energy use in a vacuum and simply forget about the massive energy use of the modern banking system which is fucking terrible in its immense energy use it uses just to inevitably always fuck over peoples money any way.
Technology loves creating new problems for the planet. The innovation chase is just that, a chase.
What will trigger that though? Crypto is mostly used for speculation and crime, speculators like the way its exchange rate moves. Like any fiat currency it won't be replaced until people lose trust in its monetary value and prefer something else. Since mining costs are externalities that users don't see they're not enough to make people stop using Bitcoin.
So it's not actually serving any purpose other than itself?
And does that much computational power and energy use need to be done to create a secure ledger? Like, does every crypto do the same thing and burn oil fields for this sole purpose?
Unless you have a small farm you'll lose more money on energy demand than you make at this point
NiceHash says my profit would be over $12 a day, thoughUnless you have a small farm you'll lose more money on energy demand than you make at this point
boy. I looked up how much the USA military uses in energy.
...speaking of banning things...
Profit, not revenue.but your electric bill is going to counter that. If you figure out how to get free electricity....
just ship me the card.
edit:
For those that know, does mining take up 100% of GPU so its maxed out/max heat the entire time its mining?
Never used that site before but just checking their calculation for energy costs comes nowhere near close to my PC (which includes a 3080).