Topic: Bitcoin production (Read 275 times)

I have invest my experience in BitOffer. And from my experiences thoughts, BitOffer’s Bitcoin trading includes spot trading, BTC Futures Trading, and BTC Options. 
1) Spot trading is trading between one digital currency to another digital currency. The direct object of buying and selling is the digital currency itself. 
2) The buying and selling objects of BTC Futures Trading are futures contracts. It is how many lots or lots of futures contracts are bought or sold. The purpose of BTC Futures Trading is to get profits from hedging to avoid price risk or investment. 
3) Bitcoin options is essentially Bitcoin derivatives, and they are also hedging tools based on spot. It is very friendly for investors with limited capital and is also a hedging tool based on spot. 

I'm not expert about mining machines and other things use to mine bitcoin, but I was thinking if mining bitcoin is highly electric consumable, and personal computer is not recommendable  for bitcoin mining could we use our home appliances be installed with bitcoin mining machines to lessen the electric consumption ?  I think if those things happen all appliances maker will earm triple, because they can sold their home appliances but they can earn bitcoin also without paying electric consumption.

I agree with you. But still I sometimes hear about some people are trying to mine with GPUs but I don't know whether they manage to be successful on this. Like you said, in present-day conditions it is really hard to succeed in this. So there is no need to cause your GPUs to be trash while doing this. 

There are no other means to produce bitcoin apart from using specialized computers that are specifically designed to compute the algorithm to which bitcoin is based on. While proof-of-work is as power hungry as it gets, it ensures maximum security over the network and eliminates things that can potentially harm bitcoin as a whole. Moving over towards a new algorithm such as PoS, as many people have suggested over the years, would be tedious, and will surely be met with extreme opposition especially from those who invested millions to these machines to mine bitcoin.

As for the problem of 'using too much energy,' miners are mitigating the harmful damages to the environment by resorting to renewable energy sources such as hydroelectric power. It's a step towards the right direction. The only thing that isn't really doing much on their part are private companies and governments that are still too reluctant to develop power plants harnessing renewable sources because coal is still cheaper and easier to get.

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If you're looking for ways to mine personally, I suggest you to not put yourself into too much stress unless you have hundreds of thousands of dollars to buy mining equipment. It's just not worth it to solo mine with outdated, dedicated machines, moreso computers with graphics cards that will surely degrade and be worthless and not paying itself even after its end of life due to mining.

It won't. Trust me, it's just terribly inefficient.

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I think except for one or two well rounded response, none of them specifically answers the problem as to why switching to another algorithm will not work. Bitcoin's mining industry is huge and the ASICs being used is not cheap at all. Any attempts to change Bitcoin into a PoS will undoubtedly be met with opposition from all of the miners. Proof of work, as the name suggests entails that work is being done during the mining process. This means that effectively, mining is a way to give up certain resources in return for compensation in Bitcoins. In this case, the resources that is continuously being used up is the energy consumed by mining. This ensures that if any attackers were to attack Bitcoin, they need to have sufficient resources and thus potentially resulting in a largely negative ROI after the attack.

PoS is fundamentally flawed.

Unfortunately, there's none at this point. There used to be a time wherein bitcoin can be mine with ordinary pc though, but currently only power hardware (ASIC) is capable of mining bitcoin. As for the high energy consumption, this has been debated many times already and has been debunked by many experts in that field. So if you read some articles around the net about it, just ignore, people will always find a flaw in every successful invention throughout mankind's history.

Yes, that's a way to accumulate but OP is asking about mining.

It is bitcoin mining and you're only going to destroy your smartphone for doing that and you won't be able to mine with a smartphone. It's just those altcoins that have introduced mobile mining but you're not really mining for real.

High level of energy consumption is not the reason, high specs required to mine bitcoins which are powered by high watts means they are spending electricity but do we actually need to worry about the electricity? which is abundant and can be manmade while we are still using petrol cars and trucks all the days.

plus minimal and inadequate capital will be very useless, because mining is very draining on the wallet. computers may still have a solution, although some people do. but we never found it this year. we can only stand idly by. electricity costs, software, location, and other details that must be provided without exception. it is still not enough if the mining results do not provide a return on the funds issued.

The high power required for the networks goes by hand with time... The first coins were mined only with one CPU, but now the mining business has grown too much, there are big pools with a lot of hashing power, and this makes solo mining almost impossible.

Miners have a high energy cost and there are some solutions for this, like the one that ETH will adopt this year, and that solution is to move from PoW to PoS

there was a way some time ago using a smartphone, but it was not optimal. smartphone power is not able to toil in large quantities of mining. this makes miners keep making mining machines with great power so that the results can be maximized. besides that, the consumption of mining power is indeed large, but it is commensurate with the results obtained from mining

for those who have large capital do not need to mine they only need to spend capital and buy bitcoins for assets and store them in their wallets

The typical PoS not suitable for true cryptocurrency. Better model for true cryptocurrency wouldn't require such PoS model nor require network participants to buy x amount of coins which most participants will likely not be able to afford... and we need almost all network participants to be part of full network consensus. Another problem with PoS is the possibility of governments requiring people to pass kyc in order to buy coins and take part in consensus. The funds will likely be tracked making privacy hard for validators.
I think the right consensus model should require laptop or portable mobile devices

Much debated but ultimately debunked topic of environment and crypto mining. Point in short is that the carbon footprint of the miners is nowhere comparable to other bigger carbon footprints from many things in this world that cannot be stopped.

You CANNOT mine with CPU and GPU in today's difficulty. That statement would have been correct if the year was 2009-2010. The mining sector became so competitive post-2013 that indie miners died out and never got a proper change to even sell away their rigs and get some money back.

The devices that you need are ASICs today and not just one but hundreds of them.

According to a Greenbiz article, there are four ways to counter the high energy consumption of blockchain which includes moving away from Proof-of-Work validation method, use of blockchain to spur energy-efficient transportation methods, building more energy efficient blockchains, and focusing on more sustainable ways to mine bitcoin. I have read some of them and the only one that I agree with is focusing on the sustainable ways to mine bitcoin because I don't know much about the others.

No other way to produce bitcoin unless through mining and in doing that there is the need for usage of high power consuming computers which is one of the major problem facing the mining farms and the general ecosystem.

POS has a security risk that might not be the best option. And the consensus will be hard to achieve, it will only cause another fork. I really think its still fair to consume great energy considering the price of BTC. The government is going to benefit if they are just going to develop more nuclear power plants for cheaper energy. This had been a constant fud related to BTC and China.

Bitcoin mining, or more precisely proof-of-work, is specifically designed to consume energy. If you can develop a way to compute a SHA-256 hash without consuming energy, then you may become the richest person on the planet.

Because of the economics of mining, these are the only ways to lower the consumption of energy used in bitcoin mining:

• 1. Increase the per hash cost of mining, perhaps by
  
  • a. increasing the cost of energy, or by
  • b. other means such as taxes.
• 2. Reduce the value of the block reward, perhaps by
  
  • reducing the subsidy or the transaction fees, or by
  • reducing the value of a bitcoin.

Note that increasing the efficiency of mining, specifically hashes per joule, has no effect on the consumption, again because of the economics of mining.

Let's wipe out any distorted fact about bitcoin mining and power cost, carbon emission effects from mining activities. Let's get started with that topic
Debunking the "Bitcoin is an environmental disaster" argument.

Believe me, those people who run such attacks and stupid accusations are not bitcoiners. They don't invest in bitcoin but are jealous when they witness the Moon run of bitcoin. They must try reasons to convince themselves that bitcoin is not a good asset to invest in.

Another viewpoint from @satoshi. Again, satoshi proved he is in advance of one's time. Truly a genius guy.

for now producing bitcoin only using ASIC that off course need huge amount of energy but maybe in future will be other mechanism to solve this problem i dont know maybe using PoS or masternode or something like that