Steve
Topic: The future of mining - page 2. (Read 1433 times)
I think people will consider to mine at home. Worst case scenario some alt coins then sell them for btc. But as the chips increase in speed and decrease in power draw that will still allow for smaller miners. Problem is roi becomes more typical of a normal investment and most here don't have the patience or desire to earn only 3% per year on 1000 dollars (or more) nor do I
Steve
Steve
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When difficulty becomes so high that mining is only possible by hugely invested companies,
...
When difficulty becomes so high that mining is only possible by hugely invested companies,
...
I think your assumption here is wrong. A higher difficulty does not prevent someone from mining, it just lowers the revenue for a fixed hash rate.
Even as the difficulty rises, the cost of hashing drops. For example, today you can get a 2 GH/s miner for about $30. Two years ago, 2 GH/s would require 6 GPUs and cost you $3000.
I was hoping someone was going to explain why this couldn't happen.
Would you need majority consent to fork the blockchain?
Because I figure if it became a mainstream thing most users would have no interest in how it implemented
even when it negatively affects them.
Would you need majority consent to fork the blockchain?
Because I figure if it became a mainstream thing most users would have no interest in how it implemented
even when it negatively affects them.
IMO, centralization could and would happen. I don't think it will be down to just one or a few mining entities though.
I agree with you that average Joe don't care much of the problem, and indeed many of them don't understand mining at all (like not many people are interested in knowing how international wire transfers are cleared).
Bummer.
I was hoping someone was going to explain why this couldn't happen.
Would you need majority consent to fork the blockchain?
Because I figure if it became a mainstream thing most users would have no interest in how it implemented
even when it negatively affects them.
I was hoping someone was going to explain why this couldn't happen.
Would you need majority consent to fork the blockchain?
Because I figure if it became a mainstream thing most users would have no interest in how it implemented
even when it negatively affects them.
Maybe scrypt mining will last some more, but in the near future it will be unuseful to mine at home for us common mortals.
In the past, everyone can use their gaming GPUs to mine bitcoin, and then they need to buy ASICs.
Soon, mining at home will be obsolete with the power limit (something like 20 amps?).
Bitcoin mining has become less and less decentralized.
It is a possibility I guess, we've already seen the mining game shift towards those who are more financially privileged and companies. I think if such a scenario became a reality, most people may opt to fork the blockchain and use a different hashing algorithm to break the monopoly on mining.
Well, there are some companies that allow for you to buy hashes already, such as cex.io.
It might be too far off for most to really care about, but still.
When difficulty becomes so high that mining is only possible by hugely invested companies,
isn't it very likely that there will eventually be only a few companies capable of mining, possibly just one?
If becomes a line of business almost impossible to get into, but easy to go bust in.
When difficulty becomes so high that mining is only possible by hugely invested companies,
isn't it very likely that there will eventually be only a few companies capable of mining, possibly just one?
If becomes a line of business almost impossible to get into, but easy to go bust in.
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