Topic: Mining Heat recovery and scalability (Read 117 times)

Just take a bold step and begin from somewhere, not starting at all is the worst thing to do, but you will have to take your time while examining through the entire process required for you to have a start, take all the necessary measures and analyze the benefits before starting at all.

Its depends on what you have passion for, if you think that coding is your path, then you wouldn't mind in giving it every necessary attention needed to learn it, also consider the cost of employing someone on what you don't have an idea about.

Thank you for the tip and sorry for the trouble!

Three consecutive posts in one thread/topic within a short time span (less than 24h) is already violating one of the forum rules. You're looking for trouble if this is reported to mods (likely).

It's no rocket science to quote and answer to multiple user's replies in just one reply of yours. You can edit an existing post and you can insert quotes from other not too distant posts very easily. Just scroll under the post entry box or post edit box where you find recent posts in the Topic Summary. Every post in the Topic Summary has a "Insert Quote" link in the top right corner which inserts a quote of that post at the cursor position in your post typing box.

You don't do yourself as Newbie a favour if you ignore forum rules (this might be a minor one, but it has a very valid purpose).

FatFork reply:

Thank you for your response and consideration. Let me answer your questions/concerns:

Why would I need blockchain for this?

Strictly speaking, a blockchain is not necessary for my operations, but it gives me an edge over the competition. As I said in my post, it would allow me to automate my financial infrastructure while giving investors a semi-tangible asset to quantify their holdings in the company (similarly to the BMN token). This kind of edge would create an incentive for growth. In the end, no matter how much money I have, if I want to grow and grow fast, I need investors and a structure that allows it.

Waste heat recovery methods

As for heat recovery systems, I've already put together a system which would allow me to utilize roughly 85% of the generated heat (the 15% accounting for non-mining energy consumption and heat transfer losses). I meticulously studied my competition to come up with a system that I knew would work.

I hope this paints a better picture and answers the questions/concerns you had. Feel free to respond if something isn't clear or if you disagree. Hope you have a nice day!

Stompix Reply:
Firstly, thank you for taking the time to answer this post. I think I didn't explain the process well enough. Let me address your points one by one.


I think I somehow confused you about the nature of the "coin". This coin wouldn't be public. I would use it as a tool to help investors and contributors quantify their holdings in the company. This blockchain would consist of nodes that would validate the shares hashed by my Bitcoin miners and generate a proportional amount of tokens (or coins) (through a variable block reward) to then redistribute them according to a certain ruleset. Therefore, the heat wouldn't come from the mined token but from the mined bitcoin instead.


As I said, this is a small part of the systems that I designed to overtake the market. As for money, I don't think it's a good way to look at things to say that I can't do anything just because I have no money. With enough work and dedication, money can always be acquired. I am already in talks with investors interested in the project. As for electricity prices, I have already begun to move forward with my local provider, so it won't be an issue.

For the rest, I have already established a financial plan for running the business which was approved by a local business development agency. Thank you for the topic reference, I will check it out.

I hope this clarifies things. If not feel free to ask away. I hope you have a nice day

Husires Reply:
Thank you for your questions. To answer them, I would refer you to the reply I left for FatFork:
In essence, what allows us to have such a highly efficient system, is the use of liquid cooling which also reduces the generated noise significantly.

As for your concerns about the currency, I would refer you to my reply to stompix:
The clear distinction we have to make compared to the traditional coins you seem to be referring to is the value. The value of the coins will be intrinsically linked to the company's profits. Why? We will be contractually obligated to buy them from investors at their request. This is of course only the surface of the contractual obligations behind this coin, but I hope it gives you an idea. In the end, I don't want external miners to come mine this coin, which is why it is private. I simply use it as a tool to automate my financial infrastructure.

Now I think there was a misunderstanding behind the idea of a decentralized pool. For further details, I would invite you to look into p2pool. Essentially, the idea behind it would be to create a network where each site would have its own "mining pool node" which would allow us to structure the site's payouts even if the site isn't big enough to be its own pool. In that way, we decentralize the structure of the mining pool, removing the need for a centralized server to manage all the sites. Eventually, the goal is to create "self-sufficient" mining heaters that can be a pool, a miner and a token issuer at the same time.

I hope this answers your questions. If not, feel free to ask for clarification. I hope you have a good day.

Bitcoin mining is a bad way to generate or sell heat used for heating, if we assume that Bitcoin mining would be ideal for heating, how would you deal with the problem of noise coming from these devices? Creating a new currency based on one mining pool will not make it decentralized or give it value. If more mining machines do not participate, your business will fail and more mining machines will not come if they can earn a larger amount from mining Bitcoin.

Honestly, I don't think you do!

First you plan is releasing a coin and mining it, then maybe make it merger mine, the main problem with it is why would the coin be of any value in the first place, there were hundred of litecoin scrypt minable coins, the majority ended dead, so why do you think you're brining anything special?
You first have to come with a plan that set this coin aside, then think of throwing enough miners at it so that you have enough to heat building after building.


Plans without money are just plans!
If you think you can take on the giants in mining that throw tens of millions at gear, have already deals with prices per kwh that make most of the people go into shocked Pikachu face mode you're going to be in for a really unpleasant surprise.

My advice:
- make it clear what you want to do, launch your own coin mine that or mine bitcoin
- run your budget, see how much it will cost you to acquire the miners, see the cost needed to run, run the costs of heating for that region and then check how viable the plan is. We're having the same discussion fresh here:
https://bitcointalk.org/index.php?topic=5486957.0;topicseen


Heatmine closed down in 2019, never delivered one product.
 

Your project idea has some real merit, though the initial scope may be too ambitious.  There are likely existing technologies that could be leveraged here, without needing to build an entire custom thing from scratch. Why would you even need a custom blockchain for this?

I'd suggest starting with deep research into current waste heat recovery methods. Survey the landscape to understand current solutions and where the gaps may be.  An initial minimum viable product could focus on a smaller piece of the puzzle as a proof of concept.  Building on existing infrastructure allows for quicker testing and learning.  As progress is made, the scope could then expand.  But keeping things simple up front helps validate assumptions. 

I wish you the best, Max!

Yes you're right. I have thought about it a lot. Scouring the industry and studying past and current competition. I remember Heatmine being one of the first companies I came across. From what I could see, they went out of business. The main reason for that I think was trying to compete with giants like Bitmain without the proper ressources.
As for other's, there is Heatcore or First Block. I think they have other flaws like a lack of incentives for fast/explosive scalability, over reliance on large infrastructures (making them essentially alternative Bitcoin miner warehouses with a slightly smaller carbon footprint) and a lack of focus in their development (too spread out).

Then again, what do I know they're the ones making millions of dollars. Let me know if you think I'm wrong/missed something.

No idea is unique. This has been contemplated on and even implemented by different cooperations. When you get into a situation like this, it helps to take a look at what other companies in that field are doing an plan how you can improve on that to deliver better service.

One company I am aware of is Heatmine, there would be others, do our research on them.

Introduction

Hi everyone.

Before I begin I would like to state that this is my first time interacting on a forum of any type. So I would like to apologize if I make mistakes regarding my interactions with this community. I'm a pretty reserved guy usually, but this time I think figuring it out on my own would take too long considering my current set of skills. Thank you in advance for your patience and time.

Context

My name is Max and I am currently building a company which seeks to combine the heating and data center (initially mining) industries. Our goal is to reduce their overall energy consumption by reusing the usually wasted heat coming from computational processes to heat different infrastructures (hospitals, retirement homes, residential buildings, farms...). We eventually hope to stimulate the development of northern territories and completely merge these industries with services and products available for everyone. I hope to bring Bitcoin's vision to light by integrating the financial infrastructure into our daily lives (through water heaters, heating units...). In the end, I see a future where Bitcoin is mined everywhere all the time as people use Bitcoin daily to make transactions without knowing how they work (just like phones today).

Regardless this is just the vision I have and the one that keeps me going. I know it's probably flawed and full of holes, but that's fine I'm sure it will change for the better as I grow with it.

Dilemma and Project Idea

Now onto why I'm making this post. As you know, this is 2024 and to say it nicely, my project is past its due date. Even if I think the corporate mining industry is filled with greed that stifles its innovation, I am still faced with a wall called experience and money. However, despite all of that, I believe I'm in a unique position which will allow me to surpass all of them. I have made multiple plans and built multiple systems to help me thrive in this space. I am almost ready, but I need one more thing: a scalability system. This is where this thread reaches its climax. XD

I want to develop a blockchain (probably a fork of Litecoin) which will issue tokens (blocks) relative to my mining installations validated shares. This would allow me to decentralize and automate my financial infrastructure through strategically placed nodes. Eventually, the hope would be to implement a merged mining system to further decentralize the process, removing the reliance on APIs and maybe bringing back a p2pool-style system to manage our operations (still have to think this one through).

Conclusion

As you can see, I have a pretty clear idea of what I want to build. The question is how? The problem is that I don't know where to start.


These are all questions that I keep asking myself and that keep me from moving forward.

I was wondering if anyone could help direct me toward the right resources that could help me.

If you made it this far I thank you for your time. If you have any thoughts, critiques or insults, feel free to leave them down below. I would love to discuss them with you.

Best regards,
Max