Return of mining for the average joe? - page 2.

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: Carlton Banks on September 19, 2016, 04:53:21 PM

Quote from: ajareselde on September 19, 2016, 04:40:49 PM

The whole deal seams rigged to the chip producers, they are the ones in control

hence why putting chip production in everyone's hands will flip the game.

No. Then those with more money will print faster than others. You end up with the same situation. If a 3d printer takes 1 hour to make a chip and the printer is $1, someone with $100 can buy 100. Someone with $1m can buy 1m of them and hire others to help run them. In that case, the guy with $100 still just has 100/1,000,100 of the hash rate and will get almost nothing. Not to mention the guy with more money would go straight to the manufacturer of the 3d printers and offer a premium to obtain all of them that are created, as opposed to marketing it to the masses.

Carlton Banks

legendary

Activity: 3430

Merit: 3083

Quote from: ajareselde on September 19, 2016, 04:40:49 PM

The whole deal seams rigged to the chip producers, they are the ones in control

hence why putting chip production in everyone's hands will flip the game.

calkob

hero member

Activity: 1106

Merit: 521

Quote from: yayayo on September 19, 2016, 04:13:23 PM

It would also be theoretically possible that Bitcoin forks to use a different hashing algorithm for security reasons, rendering current ASIC miners useless.

ya.ya.yo!

This was one reason j had been considering, although as has been said a hashrate crash would be bad Sad

ajareselde

legendary

Activity: 1722

Merit: 1000

Satoshi is rolling in his grave. #bitcoin

imo there will never be return of mining to "average Joe" - everything went to shi*ters when asics came out, and since then it's mostly just chasing roi that never comes.
The whole deal seams rigged to the chip producers, they are the ones in control, the very best you can do is chase some borderline profits (unless you dont pay for electricity you consume)

Carlton Banks

legendary

Activity: 3430

Merit: 3083

Quote from: yayayo on September 19, 2016, 04:13:23 PM

It would also be theoretically possible that Bitcoin forks to use a different hashing algorithm for security reasons, rendering current ASIC miners useless.

I think a change like that would have to be carefully orchestrated with the companies making the mining ASICs, or at least there would have to be some extensive measures taken to prevent or mitigate the inevitable hashrate crash. So any future CPU/GPU mining bonanza is probably not on the cards, unless a genuinely "ASIC-proof" solution is implemented.

yayayo

legendary

Activity: 1806

Merit: 1024

It's not entirely impossible that mining might become profitable for individuals with moderate budget again in the future. But I don't think it's really likely - at least not in the current environment and in the near term.

To make it possible either a new highly efficient mining chip must be offered for sale to the general public or a rather unrealistic event causes a significant difficulty drop coupled with a increase in Bitcoin's fiat valuation. It would also be theoretically possible that Bitcoin forks to use a different hashing algorithm for security reasons, rendering current ASIC miners useless.

Even if one of these events takes place I still doubt that mining will become profitable for individuals everywhere. It most certainly will be limited to those regions with low electricity prices.

ya.ya.yo!

Carlton Banks

legendary

Activity: 3430

Merit: 3083

Quote from: calkob on September 19, 2016, 03:53:41 PM

Could advances in technology make it possible again?

Affordable 3D printers for silicon chips would do the trick. It would be bigger than just Bitcoin mining if/when that happened, but it would have the effect you're looking for.

newIndia

legendary

Activity: 2226

Merit: 1052

Quote from: calkob on September 19, 2016, 03:53:41 PM

Does anyone think that some day Bitcoin may become mine-able again? Could advances in technology make it possible again? I was reading something last night about quantum computing being just around the corner. i am not talking in the short term here i mean like in 30 - 50 year time scale.

AFAIK, 21.co is working on that mission.

Velkro

legendary

Activity: 2296

Merit: 1014

Quote from: calkob on September 19, 2016, 03:53:41 PM

Does anyone think that some day Bitcoin may become mine-able again? Could advances in technology make it possible again? I was reading something last night about quantum computing being just around the corner. i am not talking in the short term here i mean like in 30 - 50 year time scale.

Average joe have return in mining only when he steals electricity from employer. Heard many stories like that.

ranlo

legendary

Activity: 1988

Merit: 1007

Quote from: calkob on September 19, 2016, 03:53:41 PM

Does anyone think that some day Bitcoin may become mine-able again? Could advances in technology make it possible again? I was reading something last night about quantum computing being just around the corner. i am not talking in the short term here i mean like in 30 - 50 year time scale.

If you get access to a quantum computer, so will everyone else. If you have $1 million and someone else has $99 million (or collectively have 99), your million will still only represent 1% of the mining power.

This is all basic math and economics. Your mining ability/profit will only ever be as great as your financial status vs. the rest of the miners as a whole. If you own 1% of the mining power, you get 1% of the coins. If there is $99m of mining equipment out there, this means you must have $1m to obtain that 1%.

What hardware is released is absolutely irrelevant because if you can get it, so can everyone else. It's entirely a money game. How much money do you have?

wikenpp

hero member

Activity: 672

Merit: 500

Quote from: calkob on September 19, 2016, 03:53:41 PM

Does anyone think that some day Bitcoin may become mine-able again? Could advances in technology make it possible again? I was reading something last night about quantum computing being just around the corner. i am not talking in the short term here i mean like in 30 - 50 year time scale.

In the beginning it was, because the manufacturers in a way did not think it would last forever so they kept producing mining gear and selling them. Then bitcoin mining became stable and they realised they can more then double their profits by mining them self.

Fact is, that Bitmain first uses their top gear equipment to mine for themself (to test it) months pass and in a later stadium they sell them having make the most profit.
So no I don't think it will ever be possible again.. with bitcoin atleast.

calkob

hero member

Activity: 1106

Merit: 521

Does anyone think that some day Bitcoin may become mine-able again? Could advances in technology make it possible again? I was reading something last night about quantum computing being just around the corner. i am not talking in the short term here i mean like in 30 - 50 year time scale.

Topic: Return of mining for the average joe? - page 2. (Read 1092 times)