Is mining doomed to end in big farms? - page 2.

Twentyonepaylots

sr. member

Activity: 1876

Merit: 370

That's just bound to happen with all these farms hogging all the available bitcoins to be mined, us small-timers will need to exert effort by means of upgraded hardware in order to make it happen, otherwise we will not be able to profit from it no matter hiw hard we try. There are several sites like F2POOL which allows you to pool your processing power with others for bitcoin and ethereum, which could be the last bastion of bitcoin mining.

Quote from: tinopener on January 11, 2021, 07:25:21 PM

I think that big farms that use green electricity will be the only way crypto will survive.

When the coronavirus crisis is over, Greta is coming for Bitcoin...

That's bound to happen, greenhouse emissions from mining has since skyrocketed after bitcoin's ATH, and fossil fuels aren't renewable resources, so solar energy is seen to be the most definitive answer to this question.

tinopener

member

Activity: 224

Merit: 36

I think that big farms that use green electricity will be the only way crypto will survive.

When the coronavirus crisis is over, Greta is coming for Bitcoin...

odolvlobo

legendary

Activity: 4354

Merit: 3260

I don't really care about Satoshi's "vision", or her ideals, or the sanctity of her words, but in the interest of accuracy ...

Quote from: https://satoshi.nakamotoinstitute.org/emails/cryptography/2/

At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware.

?QuestionMark?

member

Activity: 79

Merit: 28

Quote from: ranochigo on January 11, 2021, 01:46:45 PM

Everyone can still validate transactions/blocks on their PC, that doesn't change with the difficulty of mining.

Quote from: bob123 on January 11, 2021, 03:14:17 PM

And this does not contradict with the fact that every person running a full node validates the complete blockchain, every block and every transaction coming in.
Validating is not mining.

Sry, I have expressed myself inaccurately. I don't mean full nodes as we know them today. I'm running one myself. I meant a full node according to the whitepaper which is a validator and miner.

bob123

legendary

Activity: 1624

Merit: 2481

Quote from: ?QuestionMark? on January 11, 2021, 01:37:00 PM

So how then does the vision of satoshi, that everyone validates and mines with his pc makes scene, when its doomed to end in a few big mining farms?

If i am not mistaken, satoshi himself said that mining will be somewhat concentrated in the future.

And this does not contradict with the fact that every person running a full node validates the complete blockchain, every block and every transaction coming in.
Validating is not mining.

Mining at home with your pc isn't feasible for quite some years now. And IMO there is nothing wrong with it.

ranochigo

legendary

Activity: 2982

Merit: 4193

Quote from: ?QuestionMark? on January 11, 2021, 01:37:00 PM

As we know the more miners the more difficult it gets to mine. So when there are for example 1Million pc's mining it doesn't matter if they are all in one basement or spread each across the world (Technical not fairness or whatsoever related). So the reason why bitcoin mining got so competitive and non usable with a normal desktop pc was because it got harder to mine. So how then does the vision of satoshi, that everyone validates and mines with his pc makes scene, when its doomed to end in a few big mining farms? (In expectation of getting really popular) . Because due to the high difficulty nobody could mine on a pc, even if everyone would mine on a single desktop pc.

The vision that Satoshi had with mining died once ASICs were introduced. The use of specialized equipment to mine basically removes the possibility of the average user to mine with their PC and expecting any profits. One CPU One Vote was built on the idea that every computer has somewhat equal chance to mine a block and expect a profit at the end. This doesn't hold true once Bitcoin took off and arguably POW schemes are not ideal for such assumptions, is there really any that would've worked?

The profit margin depends on the expenses incurred and the type of equipment used. Mining farms are great at it because they can afford to rent a huge space and have access to cheaper ASICs in bulk. Everyone can still validate transactions/blocks on their PC, that doesn't change with the difficulty of mining.

?QuestionMark?

member

Activity: 79

Merit: 28

Hope I'm in the right board here but I guess the mining board is more about hardware.

As we know the more miners the more difficult it gets to mine. So when there are for example 1Million pc's mining it doesn't matter if they are all in one basement or spread each across the world (Technical not fairness or whatsoever related). So the reason why bitcoin mining got so competitive and non usable with a normal desktop pc was because it got harder to mine. So how then does the vision of satoshi, that everyone validates and mines with his pc makes scene, when its doomed to end in a few big mining farms? (In expectation of getting really popular) . Because due to the high difficulty nobody could mine on a pc, even if everyone would mine on a single desktop pc.

Please correct me. Maybe I have to read again into mining.

Topic: Is mining doomed to end in big farms? - page 2. (Read 334 times)