Mining Bitcoin-CryptoCurrency In the Future?!

mezmerizer9

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Quote from: TheLoser on October 25, 2014, 11:05:51 AM

I notticed the speed from our Internet provider has gone up. Maybe we can use our Internet connections to mine for cryptocurrency in the future or someone is working on this already?

That has nothing to do with the internet connection, instead with your pc.

DMeeks

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We should have a coin that is proof of connection, then yes we can mine with connection..

Minnlo

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Bitcoin mining use a very small bandwidth if you set the share difficulty right. A fast internet connection won't give you much advantage at all.

Kakmakr

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Mining use CPU/GPU processing not primarily your internet speed or bandwidth. ^Smile^

You only use a small fraction of your internet bandwidth to send and receive data, but the math data are being processed, by CPU/GPU and special Asic chips. ^Costly^

Sonny

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Quote from: LuckyBtc on October 26, 2014, 07:20:00 AM

I think he's asking about a altcoin(bitcoin will never have this type of mining) which can be mined with internet speed like 10mbps,20mbps etc...There's none atm it might be developed in future lol

So the more (randomly generated) data the person downloading/uploading to the peers, the more likely he will be rewarded with the to-be-developed altcoin?
That sounds so wrong lol. Grin

LuckyBtc

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I think he's asking about a altcoin(bitcoin will never have this type of mining) which can be mined with internet speed like 10mbps,20mbps etc...There's none atm it might be developed in future lol

BeginToMine

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You can not mine with internet speed itself,it is not a weakest point,you can mine even with very small speed internet.
Nowadays you can mine just for fun, hard to get some profit out of it, unless you have very deep pockets.

SirLolicon

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To OP

yes what Dare said is true, mining is currently only for established people with enough money to purchase ASICs since any other hardware wouldn't have enough power to compete.

About internet connection, you only need it to connect to the blockchain, though maybe one day there would be a new algorithm or rewards system based on internet speed. (Proof of Download? Sounds retarded)

Dare

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Quote from: TheLoser on October 25, 2014, 11:05:51 AM

I notticed the speed from our Internet provider has gone up. Maybe we can use our Internet connections to mine for cryptocurrency in the future or someone is working on this already?

The speed of your internet connection has no effect on mining, unless you're using dial-up (and possibly not even then). The process of mining involves repeatedly attempting to solve difficult calculations, producing another block of the blockchain and generating 25 bitcoins on success. These calculations were initially performed on CPUs, then GPUs, FPGAs, and ASICs; currently, ASICs are the only profitable method of mining. I don't foresee a major shift in the technologies involved until quantum computers are accessible for research, though ASICs will almost definitely improve significantly before then.

HeroCat

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With Internet speed you can not mine Wink

TheLoser

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I notticed the speed from our Internet provider has gone up. Maybe we can use our Internet connections to mine for cryptocurrency in the future or someone is working on this already?

Topic: Mining Bitcoin-CryptoCurrency In the Future?! (Read 1408 times)