Topic: Mining Bitcoin Doesn't Need To Worry About Spending Electricity (Read 448 times)
Some people loved this electricity consumption idea and they emphasize it in various versions. I don't think that used electricity by miners is a serious problem. When it comes to bitcoin, some people suddenly become a nature defender. This is a popular strategy which is used for a while to blame bitcoin. There are many systems which are used in financial system. For example; every bank uses a huge amount of electricity for providing 7/24 services to its customers. But I have never read such a news about it.
November 10, 2018, 05:11:46 AM
using alternative energy isnt really effecient when mining because mining requires alot of power to be able to mine a coin succesfully . using alternative energy isnt also helpful to the environment because your mining hardware will still blow polution or excess waste whenever you run it .
Clean energy actually is efficient enough to power miners. Plenty of them are looking into renewable sources. Technology in this sector is bound to improve and become cheaper in the coming years, too, so things are only going to get better from here.
Mining hardware only really generate heat, which isn't a pollutant. It could even be harnessed for other purposes.
November 10, 2018, 03:40:00 AM
I have some coin that are proof of stake consensus base and I have being receiving more coin. I want to ask a question the is disturbing me, If we keep on getting more coin just for keeping would it make the coin to be too much in circulation thereby causing dropping in price?
Depends,
if you choose a high inflation PoS coin, then excessive supply will cause a price drop over time as the markets become saturated.
If you choose a low inflation PoS coin, then price per coin will grow over time as its utility as a payment system grows.
But what do POS proponents have to say to the question of why the originators of a POS system must be granted the rights to hold the power on the network forever.
November 08, 2018, 11:30:08 PM
we can use alternative energy sources so it can save electricity and we can also protect the environment against global warming risks.
using alternative energy isnt really effecient when mining because mining requires alot of power to be able to mine a coin succesfully . using alternative energy isnt also helpful to the environment because your mining hardware will still blow polution or excess waste whenever you run it .
Can the power saver system be used in all countries? Because in my country electricity is very expensive, if we start for minning there will be a lot of electricity.
I dont know if some mining hardware do have this feature but if your using a pc/laptop sure you can enabled it and you can now save electricity but your mining power will be affected . best solution to your problem is stop mining at all because you cannot earn sufficient income when your bills are too high .
November 08, 2018, 11:22:52 PM
I have some coin that are proof of stake consensus base and I have being receiving more coin. I want to ask a question the is disturbing me, If we keep on getting more coin just for keeping would it make the coin to be too much in circulation thereby causing dropping in price?
Depends,
if you choose a high inflation PoS coin, then excessive supply will cause a price drop over time as the markets become saturated.
If you choose a low inflation PoS coin, then price per coin will grow over time as its utility as a payment system grows.
November 08, 2018, 05:37:08 AM
I have been saying that many times in the technical and development subforum, but not one of you was debating Ali-someone about it. He proposed ProgPow as a replacement for SHA256, which he "claims" is ASIC-resistant.
When there are 12 millions $ for grab each day, and maybe soon growing to 24 or 36 like in December. there is no such thing as ASIC resistant.
if bitcoin is changed from Proof of Work to Proof of Stake, the capitalization value may decrease because the process of getting or mining bitcoin does not require a large fee.
Fees have nothing to do with the algorithm of the coin, all that is matter are the capacity and the number of the transaction being made by day.
Can the power saver system be used in all countries? Because in my country electricity is very expensive, if we start for minning there will be a lot of electricity.
Do you really think that if miners top mining bitcoin you will get cheaper power in your country?
Out of curiosity, what country are w talking about?
November 08, 2018, 05:05:58 AM
I have some coin that are proof of stake consensus base and I have being receiving more coin. I want to ask a question the is disturbing me, If we keep on getting more coin just for keeping would it make the coin to be too much in circulation thereby causing dropping in price?
November 08, 2018, 02:45:58 AM
Can the power saver system be used in all countries? Because in my country electricity is very expensive, if we start for minning there will be a lot of electricity.
November 08, 2018, 02:22:55 AM
if bitcoin is changed from Proof of Work to Proof of Stake, the capitalization value may decrease because the process of getting or mining bitcoin does not require a large fee.
November 08, 2018, 02:12:43 AM
If you have cheap electricity mining definitely worth it, if there was no profit, POW currencies wouldn't work any more. It's harder for small investors, so i would recommend trading rather than mining. But if you have cheap electricity, yes you can make some money. In my country, electricity is cheap, with around 4-5k investment, you would get your money back maybe in a 10-12 months plus if you have warranty on your GPUs, it's great for you.
If you combine mining and trading... well you know
Also if you have some second source of money to cover the electricity, you can hold those coins and wait for later grow and there you go.
If you combine mining and trading... well you know
Also if you have some second source of money to cover the electricity, you can hold those coins and wait for later grow and there you go.
November 08, 2018, 12:54:00 AM
This socialist drama of giving the small guy a chance won't work even if we design an algorithm that can run only on a certain brand of gpu , x ram and z hdd space. Somebody with enough money will start assembling exactly this kind of miner with components bought in bulk from the manufacturer, at half the price the usual customer can do it and set up warehouses where he is earning x3 times more than the kid doing so in his bedroom.
exactly
the only reason you have not seen this really happen is that the coins that do PoC(proof of capacity/cpu/components) are coins that are worth very little and have no real merchant real life utility. so its not worth the bother.. however if a coin should become popular then you would see pooling/farming begin.
as said before some of the popular PoS coins are already seeing people pool funds together or use exchanges as their pooled/syndicated stake, leaving the little guys with alittle dust amounts (hobbyists) with no chance
also coins that have no 'acquisition cost' to get fresh coins, EG PoS(requirements is just a signature) also dont have good bottomline 'value' price support. literally if it costs nothing to get the coin people will literally sell it all the way down to a penny and still consider it profitable. so its not just a security of the data that PoW helps. but also the security of the bottomline price supportline as it costs something to make fresh coin people wont just sell it at any price. they will look to sell only above what they paid to get it.
I have been saying that many times in the technical and development subforum, but not one of you was debating Ali-someone about it. He proposed ProgPow as a replacement for SHA256, which he "claims" is ASIC-resistant.
November 07, 2018, 12:53:45 PM
we can use alternative energy sources so it can save electricity and we can also protect the environment against global warming risks.
November 07, 2018, 12:48:51 PM
Now a days electricity problem is solved many techniques are available through which you can save money and electricity is high consumption in many countries so it is not the problem now that electricity is disturbing the mining of crypto solar light is available which can provide us free electricity and we don;t need the traditional line of electricity now a days so mining can be more profitable than before.
November 07, 2018, 11:02:06 AM
Digital money such as Bitcoin is known to have serious problems, where they rely on electrical energy with considerable power requirements or proof of work to mine it. However, there are now other options or choices.
Honest Mining's Chief Executive Officer, Lawrence Samantha, said that around 20 percent of companies that are in this business have moved to an option called proof of stake.
At present he is supporting these companies to use proof of stake. Lawrence explained that this scheme makes electricity far more economical.
The adoption of this technology, called Lawrence, will not affect business. However, he stressed that proof of stake is far more environmentally friendly and power efficient.
He said, if previously focused on the 'work' side, now the new technology is more concerned with the 'stake' or ownership of digital coins.
The use of proof of stake Lawrence claims is superior when viewed from various sides. This is evident because several companies that run the new project have adopted it. And, more than 20 percent of the digital coin business in the world already uses this technology.
"The new project has entirely used proof of stake. If the old one is in the process of being considered. It may still be the stage of sight-seeing. The Ethereum company which is in fact the second largest in the world will also move soon. The process is long because the network is extensive," said Lawrence .
Seems good but i dont think that people who mine bitcoin would care about the environmet and actually change their method to protect the nature as you mentioned above. Also about the cost , i agree to that , it reduces cost but increases human effort. So people usually pay more to reduce human effort. These things like actually cancel the things to told.Honest Mining's Chief Executive Officer, Lawrence Samantha, said that around 20 percent of companies that are in this business have moved to an option called proof of stake.
At present he is supporting these companies to use proof of stake. Lawrence explained that this scheme makes electricity far more economical.
The adoption of this technology, called Lawrence, will not affect business. However, he stressed that proof of stake is far more environmentally friendly and power efficient.
He said, if previously focused on the 'work' side, now the new technology is more concerned with the 'stake' or ownership of digital coins.
The use of proof of stake Lawrence claims is superior when viewed from various sides. This is evident because several companies that run the new project have adopted it. And, more than 20 percent of the digital coin business in the world already uses this technology.
"The new project has entirely used proof of stake. If the old one is in the process of being considered. It may still be the stage of sight-seeing. The Ethereum company which is in fact the second largest in the world will also move soon. The process is long because the network is extensive," said Lawrence .
Well as far nature is concerned , people might try to implement these methods in the coming future as we also have to consider the nature. We already know what happens when we ignore nature and still act against it..
November 07, 2018, 08:52:45 AM
This socialist drama of giving the small guy a chance won't work even if we design an algorithm that can run only on a certain brand of gpu , x ram and z hdd space. Somebody with enough money will start assembling exactly this kind of miner with components bought in bulk from the manufacturer, at half the price the usual customer can do it and set up warehouses where he is earning x3 times more than the kid doing so in his bedroom.
exactly
the only reason you have not seen this really happen is that the coins that do PoC(proof of capacity/cpu/components) are coins that are worth very little and have no real merchant real life utility. so its not worth the bother.. however if a coin should become popular then you would see pooling/farming begin.
as said before some of the popular PoS coins are already seeing people pool funds together or use exchanges as their pooled/syndicated stake, leaving the little guys with alittle dust amounts (hobbyists) with no chance
also coins that have no 'acquisition cost' to get fresh coins, EG PoS(requirements is just a signature) also dont have good bottomline 'value' price support. literally if it costs nothing to get the coin people will literally sell it all the way down to a penny and still consider it profitable. so its not just a security of the data that PoW helps. but also the security of the bottomline price supportline as it costs something to make fresh coin people wont just sell it at any price. they will look to sell only above what they paid to get it.
November 07, 2018, 06:17:18 AM
While I dislike PoW, I hate the idea of PoS even more, Beorn style 
PoS introduced at this point in the Bitcoin code will turn it into a decentralized nightmare, exchanges getting so much power it will be far worse than bitmain.
Asic resistance is indeed just some crappy advertisement for coins.
It's pure idiotic to really believe it will work, and the entire concept is flawed from the start.
This socialist drama of giving the small guy a chance won't work even if we design an algorithm that can run only on a certain brand of gpu , x ram and z hdd space. Somebody with enough money will start assembling exactly this kind of miner with components bought in bulk from the manufacturer, at half the price the usual customer can do it and set up warehouses where he is earning x3 times more than the kid doing so in his bedroom.
And in the end the average miner will still drive out of business, it will just take a a bit longer. And the more profitable that coin is the more the incentive to develop an asic for it. I doubt somebody is planning to build some asic for HarmonyCoin for example (no idea what algo it runs on) when its entire market cap is not worth an 1060 3b card.
Do you have some estimates if BTC hits 50k $?
PoS introduced at this point in the Bitcoin code will turn it into a decentralized nightmare, exchanges getting so much power it will be far worse than bitmain.
But what is ASIC-resistance but another buzzword made by altcoins that want to claim that they are? If any altcoin has become "successful", ASICs will be made for them. Some altcoins that changed their mining algorithm because they "feel" like doing it in the name of "ASIC-resistance" are only prolonging the inevitable.
Asic resistance is indeed just some crappy advertisement for coins.
It's pure idiotic to really believe it will work, and the entire concept is flawed from the start.
This socialist drama of giving the small guy a chance won't work even if we design an algorithm that can run only on a certain brand of gpu , x ram and z hdd space. Somebody with enough money will start assembling exactly this kind of miner with components bought in bulk from the manufacturer, at half the price the usual customer can do it and set up warehouses where he is earning x3 times more than the kid doing so in his bedroom.
And in the end the average miner will still drive out of business, it will just take a a bit longer. And the more profitable that coin is the more the incentive to develop an asic for it. I doubt somebody is planning to build some asic for HarmonyCoin for example (no idea what algo it runs on) when its entire market cap is not worth an 1060 3b card.
In estimates are:
Bitcoin is currently using electricity worldwide at 2.55 gigawatts, equivalent to Ireland's electricity, the 118th largest country in the world by land.
this is equivalent to half a percent of the world's total electricity usage so don't worry about the electricity that Bitcoin miners use for the future is still safe.
Bitcoin is currently using electricity worldwide at 2.55 gigawatts, equivalent to Ireland's electricity, the 118th largest country in the world by land.
this is equivalent to half a percent of the world's total electricity usage so don't worry about the electricity that Bitcoin miners use for the future is still safe.
Do you have some estimates if BTC hits 50k $?
November 07, 2018, 04:34:50 AM
PoW is more secure than PoS and we all know it. Forking and mining in secret due to majority of votes from those people who staked their money will be rampant and this really defeats the purpose of transparency. He who has money will be earning more without doing anything.
I prefer PoW and I don't find it a waste of energy when mining bitcoin as long as you can get any profit from it in a secure way possible.
I prefer PoW and I don't find it a waste of energy when mining bitcoin as long as you can get any profit from it in a secure way possible.
November 07, 2018, 03:04:34 AM
2. PoS if enabled wont give local guy in his basement hobby miner a chance to earn coin mining a PoS. instead it will be the rich guys with lots of coin, gaining mor coin. and increasing their chances of getting more coin.. without increasing the chains security
The problem is that Bitmain and big companies with their asics already made it difficult for everyone to run his hobby nowadays 
I prefer asic resistance network although I didn't join any of it yet.
But what is ASIC-resistance but another buzzword made by altcoins that want to claim that they are? If any altcoin has become "successful", ASICs will be made for them. Some altcoins that changed their mining algorithm because they "feel" like doing it in the name of "ASIC-resistance" are only prolonging the inevitable.
the only way to have an ASIC resistance cryptocurrency is to change the algorithm in short intervals so that you prevent creation of any kind of ASIC machines that can target your algorithm. and that poses a lot of problems because it requires hard forks! and also changing things are never desired specially when it comes to something important like the mining algorithm.
i know some altcoins do that though!
November 07, 2018, 02:37:28 AM
2. PoS if enabled wont give local guy in his basement hobby miner a chance to earn coin mining a PoS. instead it will be the rich guys with lots of coin, gaining mor coin. and increasing their chances of getting more coin.. without increasing the chains security
The problem is that Bitmain and big companies with their asics already made it difficult for everyone to run his hobby nowadays I prefer asic resistance network although I didn't join any of it yet.
But what is ASIC-resistance but another buzzword made by altcoins that want to claim that they are? If any altcoin has become "successful", ASICs will be made for them. Some altcoins that changed their mining algorithm because they "feel" like doing it in the name of "ASIC-resistance" are only prolonging the inevitable.
November 07, 2018, 02:16:03 AM
The difficulty is what is driving up the costs of mining but if they go to pos then it is cheaper to produce and therefore cheaper to buy. Maybe bitcoin prices will tumble if it goes pos
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