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Have you ever heard of a Bitcoin mine???? Well you better watch out....
- Thread starter ADAduckhuntr
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That's why Musk said Tesla wouldn't accept Bitcoin (BC) anymore. The power demands to 'mine' Bitcoins are staggering.
Back in the old days you could do it on any PC. Then you started to need a good graphics card (GPU) to do enough transactions to make mining worthwhile. Today you see special systems with chips designed specifically to run the BC algorithms as fast as possible.
As the sign in the speed shop I used to hang around at as a kid said... "Speed costs son, how fast do you want to go?".
These systems chew up so much power that if you had to pay the electricity costs you would end up losing money for every BC you 'mined'. That's why you see setups like this.
In China they have been finding hydroelectric dam operators working with BC miners, letting them (illegally) tap off the power produced by the dam for a cut of the proceeds. There's a reason most BC is mined in China these days and why they are cracking down on it. The thought of a currency they can't control scare them silly.
I also just read of a more traditional plant (coal I think) in Russia that was doing the same thing, sponsored by some Russian mobsters.
It seems like the only way to run a profitable BC mine these days is to steal power... Something that will come to haunt Bitcoin like 'blood diamonds' do the jewel industry.
Back in the old days you could do it on any PC. Then you started to need a good graphics card (GPU) to do enough transactions to make mining worthwhile. Today you see special systems with chips designed specifically to run the BC algorithms as fast as possible.
As the sign in the speed shop I used to hang around at as a kid said... "Speed costs son, how fast do you want to go?".
These systems chew up so much power that if you had to pay the electricity costs you would end up losing money for every BC you 'mined'. That's why you see setups like this.
In China they have been finding hydroelectric dam operators working with BC miners, letting them (illegally) tap off the power produced by the dam for a cut of the proceeds. There's a reason most BC is mined in China these days and why they are cracking down on it. The thought of a currency they can't control scare them silly.
I also just read of a more traditional plant (coal I think) in Russia that was doing the same thing, sponsored by some Russian mobsters.
It seems like the only way to run a profitable BC mine these days is to steal power... Something that will come to haunt Bitcoin like 'blood diamonds' do the jewel industry.
Its is tantamount to using these Ni-Cad batts for everything....including selling things off as it being ‘clean energy’ in some cases.
The amounts of slave and child labor, in foreign countries where rules and laws are lax, to mine these raw materials are staggering.
Hypocrisy in just one more form or another. SMDH
The amounts of slave and child labor, in foreign countries where rules and laws are lax, to mine these raw materials are staggering.
Hypocrisy in just one more form or another. SMDH
Musk only said what he said to manipulate the market so he could purchase more at a lower price all while pumping his other crypto holdings ….he’s done it before and he’s doing it again
He's not wrong though. BC is a huge power waste... and for what? To mathematically rearrange some bits into an order that people have arbitrarily decided have value?
I'm all for experimenting with crypto currency, but the real world consequences are starting to (already have?) offset any value BC brings to the table.
I'm all for experimenting with crypto currency, but the real world consequences are starting to (already have?) offset any value BC brings to the table.
"These systems chew up so much power that if you had to pay the electricity costs you would end up losing money for every BC you 'mined'."
Sounds like a great business plan
. Can we assume that all Bitcoin "miners" are either using a "ponzi" structure to make a profit or they are getting free electricity?
Serious question, or am I missing something?
Sounds like a great business plan
. Can we assume that all Bitcoin "miners" are either using a "ponzi" structure to make a profit or they are getting free electricity? Serious question, or am I missing something?
The bulk of them, probably so. Maybe in certain areas with cheap hydro you could make some profit and still pay for power. Nothing saying you couldn't run a small setup off solar, but you're talking nickel and dime stuff.
I'd almost guarantee that the folks doing the majority of mining these days are stealing at least some of their power.
I'd almost guarantee that the folks doing the majority of mining these days are stealing at least some of their power.
Yes: and the corollary, a bigger part, is the failure of 98% of the population to understand how they are being robbed of the purchasing power of their currency holdings thru inflation every second, every minute, or every day.
I have a Bitcon mine in my back yard! I charge a fee of 150.00 per day if you care to dig. However, I do not want piles of dirt all over my yard. At the end of the day you will be required to move the loose soil to various locations on my property.
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