Does CPU mining contribute anything to bitcoin network or economy?

nakamura12

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Bitcoin Casino Est. 2013

Quote from: Crypt0Gore on March 27, 2024, 12:11:31 PM

Get rich or die trying Cheesy

Once upon a time, you could mine BTC using a Pentium 4 CPU but man, even an s19 Asic miner can't solve you a block today through solo mining, how powerful is your PC vs an S19? The last time I checked not even the highest-end CPU can mine Bitcoin today.

If you have any high-end CPU right now, it's better to find a CPU with minable coins, I believe that Ryzen threadripper can net you $30 per month, I found this out from a friend who is also into alt mining, but I don't have an interest.

It's better to buy an Asic miner and going a Bitcoin mining pool, you will get paid every time a block gets solved and you won't be the only worker trying to solve a block, don't waste your time.

As pawel7777 explained to other forum member that this is an old post on 2011. It's basically you also reply to OP posting about if you can also contribute to the Bitcoin by using GPU mining. I would also say that it is but it's entirely different when you are using a mining rig which have more computing power which you can mine a block and receive reward although if the purpose is to have more hash rate then it's fine in my opinion.

pawel7777

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Quote from: ?? on ??

GPU mining wont contribute anything to the BTC network. However if you want to make profit by mining there are other coins that might be profitable. Check out whattomine.com or use nicehash for auto switch for maximum profitability.

You replied to a topic from 2011 and even back then they already knew that CPU/GPU is not profitable.
No need to necropost unless there's a justified reason for digging up old topics.

There are some good arguments there though from different angles.

Crypt0Gore

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Get rich or die trying Cheesy

Once upon a time, you could mine BTC using a Pentium 4 CPU but man, even an s19 Asic miner can't solve you a block today through solo mining, how powerful is your PC vs an S19? The last time I checked not even the highest-end CPU can mine Bitcoin today.

If you have any high-end CPU right now, it's better to find a CPU with minable coins, I believe that Ryzen threadripper can net you $30 per month, I found this out from a friend who is also into alt mining, but I don't have an interest.

It's better to buy an Asic miner and going a Bitcoin mining pool, you will get paid every time a block gets solved and you won't be the only worker trying to solve a block, don't waste your time.

walidzohair

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Well yes that is true I forgot to add

10) Using GPU mining as a heating system. umm I do not think CPU mining can be useful as a heating system.

Vitalik Buterin

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Versus doing nothing, it's useless. Versus using a housewide heating system that has no useful byproducts whatsoever, it's great no matter what the price and hashrate is.

walidzohair

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I know this is an old post, well sort of. not very old though but it is important o leave a note here for future visits of bitcoin supporters.

Well it is not always abut mining.

If you want to support bitcoin here is a list of what can be done in an ascending priority according to its importance and contribution to bitcoin cause (well up to my knowledge):

1) Leave your CPU running 24/7 while running the bitcoin client, not mining just running the client.
2) Buy some bitcoins and spend them in something you need. Even better do it on a a regular basis for let us say your weekly/monthly grocery .. etc.
3) Buy some bitcoins and hoard them as long as you do not need their value.
4) Transfer a portion of your long term investment (like retirement plan money) into bitcoins instead of gold or banks.
And Finally,
5) Cut a percentage of your weekly, monthly or whatever pay check to buy bitcoins as a long term investment (Hoarding)!.

Cheesy

This would Spread the currency and maximize its value.

Of course order might be different here for some other opinions, specially about hoarding, but again it is both about spreading teh currency as well as maximizing the demand (need) for it.

Couple hundred million users like that and !!

Wollah! Bitcoin is major world-class currency.!

SociopathyKillsSociety

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You're just contributing to global warming and spending money for electricity.

nightskywalker

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Quote from: Pieter Wuille on May 30, 2011, 10:46:51 AM

You always contribute a bit, by verifying transactions - you don't need to mine for that.

Considering mining itself, IF you don't ever find a block, you haven't contributed anything. But you don't know you won't. If you have 2 Mhash/s, you have 3% chance of finding a block the next year - statistically speaking, you're contributing an expected 0.03 block per year (slightly more, even). It's up to you to decide whether that's worth it. For me, it wouldn't.

I thought you had to solve a block to verify transactions? I know you have to solve a block to add transactions to the chain. I thought that adding a block to the chain was what verified the transactions in it. I'll do some more reading...

Thanks for everyone's thoughts and comments. I'll run the client and let it use a couple of CPUs when I have the computer on. You can't win the lottery if you don't buy tickets. A slim chance is better than none. And I'll buy some bitcoins to supplement the few I earned mining in a pool.

BBanzai

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You should optimally help the community by offering your services and accepting bitcoins in exchange. Just sayin'

da2ce7

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Live and Let Live

people who mine at a loss are not helping the bitcoin community optimally. You would more optimaly help the community from taking the money you would have spent on electricity and putting that into buying bitcoins. You will help the bitcoin community more, and gain more many more bitoins in total for yourself.

Pieter Wuille

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Quote from: nightskywalker on May 29, 2011, 05:47:18 PM

I know bitcoin mining is like a lottery - any hash has the same chance of winning a block. But the only way transactions are confirmed is by someone winning a block so that the transactions get added to the chain. At 2M hashes/sec, I can expect to get a block something like every 15 to 30 years at a difficulty of 434883. I am not confirming transactions. I am not winning blocks. Am I contributing anything to the bitcoin network in some other way? I was using a GPU miner (only 20M hashes/sec) in a pool for about 6 weeks and decided it was not worth the heat on the GPU. I like the idea of bitcoin and would be glad to keep the client mining if I thought it was doing anything at all to support the bitcoin concept.

You always contribute a bit, by verifying transactions - you don't need to mine for that.

Considering mining itself, IF you don't ever find a block, you haven't contributed anything. But you don't know you won't. If you have 2 Mhash/s, you have 3% chance of finding a block the next year - statistically speaking, you're contributing an expected 0.03 block per year (slightly more, even). It's up to you to decide whether that's worth it. For me, it wouldn't.

BBanzai

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'Xactly!

Quote from: kjj on May 30, 2011, 02:31:11 AM

Quote from: BBanzai on May 30, 2011, 12:44:15 AM

Think about sifting for gold in a river. Are you working? Sure. Are you personally creating value? Not exactly, you are just holding a sieve in a river. The value came before you ever stepped into the water, but noone else was there to catch it.

Yes, you are creating value. You are changing nature into a state more useful to humanity. That is essentially what value is.

kjj

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Quote from: BBanzai on May 30, 2011, 12:44:15 AM

Think about sifting for gold in a river. Are you working? Sure. Are you personally creating value? Not exactly, you are just holding a sieve in a river. The value came before you ever stepped into the water, but noone else was there to catch it.

Yes, you are creating value. You are changing nature into a state more useful to humanity. That is essentially what value is.

BBanzai

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Think about sifting for gold in a river. Are you working? Sure. Are you personally creating value? Not exactly, you are just holding a sieve in a river. The value came before you ever stepped into the water, but noone else was there to catch it.

Quantumplation

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Quote from: Ricochet on May 29, 2011, 06:26:36 PM

Right, but it must be made clear that it's the act of solving a block that strengthens the network, not the CPU power used when attempting to solve it in the first place.

Technically, the CPU power used when attempting to solve a block keeps it competitive. THAT'S the value you add when you don't solve a block. Which is ridiculously low when CPU mining.

BBanzai

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You do start a garden in your backyard to help the world's hungry. You set an example for them. If you are hungry, grow food. If you are thirsty, make clean water. Physician, heal thyself.

DATA COMMANDER

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Isn't this sort of like asking if you should start a garden in your back yard to help feed the world's hungry? Sure, it would technically help, but you could help more by doing something that you're particularly good at and using the money to fund some farmer who's much more efficient than you are. Since CPU mining is so inefficient, if you want to put your CPU to good use you should get some software that will magnify your particular skills and use your computer to help you do something that you're already good at.

cypherdoc

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but isn't it true that the greater the hashing power of the network as a whole, the faster blocks get created, at least up to the pt where the difficulty level is increased every 2 wks, so that his small yet incremental contribution does help toward that goal?

Ricochet

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Right, but it must be made clear that it's the act of solving a block that strengthens the network, not the CPU power used when attempting to solve it in the first place.

froggy

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Think of it like doing the lottery. There may be a very small chance of you solving a block but it could just happen, and then you've definitely contributed, and gained some shiny new bitcoins in the process.

FreeMoney

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Strength in numbers

1Mh contributes on average 1% as much as 100Mh. So, yes, you would be helping.

If you don't like the unsteady results you can join a pool, but it really isn't worth it using a CPU.

Vandroiy

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Mathematical answer: you contribute, albeit very little.

Reasonable answer: don't bother. Neither do you have a substantial gain, nor the Bitcoin network. If you like the idea and want to support it, buy some bitcoins and spend them, or offer services for Bitcoins and spend your earnings. That will really make a difference.

nightskywalker

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I know bitcoin mining is like a lottery - any hash has the same chance of winning a block. But the only way transactions are confirmed is by someone winning a block so that the transactions get added to the chain. At 2M hashes/sec, I can expect to get a block something like every 15 to 30 years at a difficulty of 434883. I am not confirming transactions. I am not winning blocks. Am I contributing anything to the bitcoin network in some other way? I was using a GPU miner (only 20M hashes/sec) in a pool for about 6 weeks and decided it was not worth the heat on the GPU. I like the idea of bitcoin and would be glad to keep the client mining if I thought it was doing anything at all to support the bitcoin concept.

If I want bitcoins, I can see it is better for me to buy them given my limited mining power.

Thanks for your thoughts.

Topic: Does CPU mining contribute anything to bitcoin network or economy? (Read 3725 times)