Topic: It used to be you could mine on a laptop now I take a loss mining on asics. (Read 123 times)

So you're a socialist. You'd like everyone to be the same and have the same incentive to mine, receive the same rewards and all that. What's next? We'll equalize bitcoin and make all the big wallets contribute to small wallets?
It's completely normal for companies to seek better and faster miners. Competition is good as it fuels innovation and paying more to those who are the best, the fastest, the most innovative, rewards them. If you give everybody the same reward, you'll reward laziness. Why would I rent a warehouse to have enough miners to compete for block rewards if I can get a USB asic miner?

The Bitcoin mining actually began with weak Pentium computers and in those early days there were few people who were truly interested in a technology like blockchain and Bitcoin. Once the people started adopting this amazing innovation the miners were also increased because in initial days people were earning this precious digital gold with mining only and there weren't any good exchanges in those days.

Those people who started mining earlier got their greed and intelligence up and they started building their mining farms with multiple CPU's and later on with multiple GPU's and because of that the mining difficulty started increasing. At those times the ones who had so many CPU's and GPU's in their farms were mining so many Bitcoins but still the ones who were having few CPU's and GPU's were still able to mine some Bitcoins.

The companies soon got awareness that Bitcoin is something special and there should be some special hardware chips to mine more of it. In year 2013 worlds first ASIC miner was introduced which was later named as Avalon 1, and that changed the game of mining. Now the ones with so many CPU's and GPU's were unable to compete with the ASIC as the processing power of it was way higher then many CPU's and GPU's.

Soon after that ASIC miner people gave up on CPU and GPU mining and adopted the new standard equipment for mining purposes. As the number of those ASIC miners increased the difficulty increased once again and that ASIC miner wasn't profitable as much as it was in its early days. There was need to create more powerful ASIC in order to earn more Bitcoin with less energy expenditure. The companies started releasing more and more power ASIC's year after year, and they are doing the same even this day.

The current fastest ASIC miner is Bitmain Antminer S19 Pro and it has hash rate of 110TH /s if we consider it to the ASIC miners of those early days then it provides more than 100x the hash rate of those earlier ASIC miners. Now, in order to compete this thing the companies will have to create more powerful ASIC chips and then this miner won't be profitable like the way it is right now.

That's the perfect truth, the mining sector is profitable and since the sector is not monopolized or institutionalized it's open to everyone to try it out and see the outcome.

And just like in every competition those who are more advanced in their equipment definitely tends to be the big fishes in the pond, and just like you said no matter the stage of mining was or would get what would remain constant in competition.

The bitter Truth now to miners of Bitcoin is that if you don't have the resources to compete right now it's been to avoid it, was watching a Bitcoin mining center the other day and was impressed with the financial effort put into it by the miner, even at that he is still going to have to compete now what are your chances with low Capital and finances?

Spamming YouTube links here is not going to help to increase your number of views or overall reach.

Cause Bitcoin is Proof of Work not of stake. You need to put in computational work to get the reward. If you cannot compete with other miners, try buying bitcoin directly from an exchange.

- Jay -

The increasing mining difficulty for many cryptocurrencies, including Bitcoin, is a direct result of the work of more and more people getting involved in mining. As the number of miners and total computing power in the network increases, the difficulty adjusts to maintain consistent block generation times. As a result, older mining hardware, including older ASICs, may find it difficult to remain profitable as mining difficulty increases. Also factors like electricity cost, efficiency of mining hardware, current mining difficulty and market value of mined cryptocurrencies are affected. Therefore, it is necessary to invest in new and more modern technologies to be able to compete with others.

Unfortunately, mining is a thing which has significant progress in computing power to coins earned. Now nearly all miners use specified hardware, since the amount of money generated by simple personal tools doesn't even cost the electricity spent for mining. So miners now have to be up to date, and have to buy much equipment.

The complication of mining a new coin is, the more people start mining the harder it gets to make good numbers of coin every 24hours, this this have a good impact too, it makes the coin more scarce, there was a time where a Pentium CPU can mine Bitcoin when it was still very new, with increasing of mining difficulty, old machines won't be able to keep up.

If your asic isn't making any more profits mining Bitcoin it's because you are using a old asic miner, you can't compare today's Bitcoin value to it's past 10 years value, and the more the numbers of miner grows the harder it will keep getting.

To keep up, you need the latest Asic miners, and as time goes by, new Asic miners will be built from the Innosilicon company or Bitmain company.

franky I got you to agree 6 years ago to time mining, watch my new video it is better now and easier way to do it. "how to replace video" video.

the reward is and was where each computation is worth x
however people started to buy multiple devices thus they had more computations thus more X compared to their competitors of X

if you changed things to go back to CPU mining, the competition would still play out the same way no matter how its envisioned

if something is profitable people will want more and invest more
those that dont upgrade/expand their hardware get left behind

It used to be you could mine on a laptop now I take a loss mining on asics.

https://twitter.com/halfin/status/1153096538
Hal was worried about this back before asic farms even existed.

Why not just give everyone the same stake as 1 so we can play the fair game of monopoly and delete all these asic farms?

how to replace fiat
https://www.youtube.com/watch?v=_ZQnDMQ4nlQ

Please watch the huntercoin simulation satoshi it starts peaceful
https://www.youtube.com/watch?v=Q41RW6bxpM4

It shows you bitcoins future it ends bloody
https://www.youtube.com/watch?v=jYJVG1fKnRo

I am trying to prevent your offsprings from killing eachother here for the past 12 years but you guys censor worse than elon.


Just know when you watch from the sidelines in timelessness you will see you cut off the mouth and ears that could of saved your kids.

satoshi if you ever do invent the coin where we all mint and or start with the same supply, I will give it real value backing it with land and food.
satoshi they drugged me trying to spread this message and turned me against my family. They slipped me lsd and I went into a mental hospital for a year, please help man.
https://i.redd.it/this-text-kanye-got-is-wild-read-the-second-paragraph-v0-eldn7iqmgtx91.jpg?s=f2ec75aaff6064f364546e045c48424db08e6fa0 they did it to me.

satoshi they denied me food in jail I had to eat my own shit to live.