Topic: Limited hashing power to eliminate industrial mining. - page 2. (Read 3553 times)
Repeat after me: There is ALWAYS a way to make an ASIC out of any mining algorithm you come up with. The only reason there may not be ASICs for a different algorithm at the moment is there's no money in it.
The Core Devs could release a Bitcoin Core that utilised CPU only cryptography ... it would put Bitcoin mining back into the hands of the little guy.
That will never happen, and even if it did, it still wouldn't fix anything. Rather than warehouses full of ASIC miners, you would see warehouses full of CPU miners.
But at least the CPUs are useful after the difficulty gets to high. With ASICs... what can you do with them when their profitable life has expired?
The Core Devs could release a Bitcoin Core that utilised CPU only cryptography ... it would put Bitcoin mining back into the hands of the little guy.
That will never happen, and even if it did, it still wouldn't fix anything. Rather than warehouses full of ASIC miners, you would see warehouses full of CPU miners.
Exactly.
To eliminate industrial mining, we just need faster halving. Once every 2 years instead of 4 years....
FYI, the higher the hash rate the more the bitcoin is secure..
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The Core Devs could release a Bitcoin Core that utilised CPU only cryptography ... it would put Bitcoin mining back into the hands of the little guy.
That will never happen, and even if it did, it still wouldn't fix anything. Rather than warehouses full of ASIC miners, you would see warehouses full of CPU miners.
The Core Devs could release a Bitcoin Core that utilised CPU only cryptography, the Big Asic mining farms would be destroyed of course, Pools wouldn't lose out, there'd be some disruption at first, but the network would quickly alter the difficulty before things settled down, but it would put Bitcoin mining back into the hands of the little guy.
Until the huge CPU farms come online and this would also push forward newer technology. Then what? Ban CPU mining? What after that? Slide rule mining? Once all the geeks jump online with those slide rules will you ask to ban that?
The Core Devs could release a Bitcoin Core that utilised CPU only cryptography, the Big Asic mining farms would be destroyed of course, Pools wouldn't lose out, there'd be some disruption at first, but the network would quickly alter the difficulty before things settled down, but it would put Bitcoin mining back into the hands of the little guy.
As long as the ASIC is accessible to everybody, it is a fair game. You will not make money if your electricity price is too high.
The biggest threat to BTC is the centralization of pools.
The biggest threat to BTC is the centralization of pools.
That's contrary to the whole principle of bitcoin.
no need for this, that is why there is halvings.
I am by no means qualified to answer my question nor do I know if it is possible but I feel that with the introduction of ASICs (greedy companies wanting to make a buck) and the Industrial Mining (greedy companies to wanting to make a buck) it's all going south.
I may be completely wrong but without everybody being afforded equal opportunity to be involved it will never be as great as it should/could be.
To me the appeal was being part of something that was controlled by nobody... Surprise surprise big business has taken over.
I may be completely wrong but without everybody being afforded equal opportunity to be involved it will never be as great as it should/could be.
To me the appeal was being part of something that was controlled by nobody... Surprise surprise big business has taken over.
What big business has taken over bitcoin? How is bitcoin 'going south'?
Everybody had the chance to take the plunge and invest in ASICs when the opportunity to pre-order came about with no idea whether you'd a/ see the hardware and b/ ever hit your ROI. People took risks and it paid off for some and not for others, like pretty much everything in crypto (cex, altcoins, IPOs, hashlets etc)
I imagine the risk is far greater for the farms, as I can only imagine what their hardware cost and what their electricity bills are like
500ghs is like $2 a day btw, not only is it impossible it'd drive miners away in their droves
I agree it should remain the hands of millions but it went to a few select pools very quickly. Miners found a better way to profit and so pools were formed.
I am by no means qualified to answer my question nor do I know if it is possible but I feel that with the introduction of ASICs (greedy companies wanting to make a buck) and the Industrial Mining (greedy companies to wanting to make a buck) it's all going south.
I may be completely wrong but without everybody being afforded equal opportunity to be involved it will never be as great as it should/could be.
To me the appeal was being part of something that was controlled by nobody... Surprise surprise big business has taken over.
I may be completely wrong but without everybody being afforded equal opportunity to be involved it will never be as great as it should/could be.
To me the appeal was being part of something that was controlled by nobody... Surprise surprise big business has taken over.
You are the greedy person. You want to get a bigger portion of bitcoins without doing anything to earn that bigger portion.
Everyone has an equal opportunity to mine bitcoins. There is nothing and nobody stopping you. The amount of bitcoins you mine is proportional to the amount of money and effort you put into it, whether you are a poor person with a graphics card or a person with a warehouse full of miners.
Mining is what gave Bitcoin its early boost, but now most Bitcoin users care about mining bitcoins about as much as they care about working at a bank or panning for gold.
Either way, there is no way to limit someone's hash rate.
Either way, there is no way to limit someone's hash rate.
I am by no means qualified to answer my question nor do I know if it is possible but I feel that with the introduction of ASICs (greedy companies wanting to make a buck) and the Industrial Mining (greedy companies to wanting to make a buck) it's all going south.
I may be completely wrong but without everybody being afforded equal opportunity to be involved it will never be as great as it should/could be.
To me the appeal was being part of something that was controlled by nobody... Surprise surprise big business has taken over.
I may be completely wrong but without everybody being afforded equal opportunity to be involved it will never be as great as it should/could be.
To me the appeal was being part of something that was controlled by nobody... Surprise surprise big business has taken over.
How on earth would you enforce that?
Scout's honor
How on earth would you enforce that?
Does it not benefit Bitcoin as a whole to have individuals involved in the mining process and to enhance the "community feeling"?
Impose something like 500 GH/s per user, per IP or in some way get rid of the greedy industrial mining companies that are ruining what Bitcoin should be.
Impose something like 500 GH/s per user, per IP or in some way get rid of the greedy industrial mining companies that are ruining what Bitcoin should be.
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