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Title: some potential alternative uses for bitcoin mining rigs Post by: ThomasThorGG1 on September 15, 2018, 04:46:52 AM what are some potential alternative uses for bitcoin mining rigs? could the bitcoin network be used for anything other than processing payments? What other sorts of information can be included in the blockchain?
Title: Re: some potential alternative uses for bitcoin mining rigs Post by: Eleanorbro on September 15, 2018, 06:45:12 AM Bitcoin mining rigs can only perform SHA256 hashes. So, alternative use cases are limited. They do give off lots of heat, so you can use them as noisy heaters :)
Yes, Bitcoin is much more than payment processing. It is also a very important store of value, a monetary unit not controlled by any government. The Bitcoin network is also the first working proof of decentralized cooperation and consensus among adversarial parties, aka Nakamoto Consensus. This could have many implications over time. You can include small amounts of arbitrary data in every transaction and block. For example, miners can "sign their name" on a block they create, and/or include a brief political statement such as "NO2X". Something else you can do is include a hash of something, for example the hash of a statement or contact. This hash can then be referenced later as proof that the given statement/contract existed at the time it was included in a block. Title: Re: some potential alternative uses for bitcoin mining rigs Post by: Eleanorbro on September 15, 2018, 06:53:42 AM Bitcoin mining rigs can only perform SHA256 hashes. So, alternative use cases are limited. They do give off lots of heat, so you can use them as noisy heaters :) If everyone suddenly became completely over bitcoin, what else could all that computing power do? Can the machines perform other tasks?Yes, Bitcoin is much more than payment processing. It is also a very important store of value, a monetary unit not controlled by any government. The Bitcoin network is also the first working proof of decentralized cooperation and consensus among adversarial parties, aka Nakamoto Consensus. This could have many implications over time. You can include small amounts of arbitrary data in every transaction and block. For example, miners can "sign their name" on a block they create, and/or include a brief political statement such as "NO2X". Something else you can do is include a hash of something, for example the hash of a statement or contact. This hash can then be referenced later as proof that the given statement/contract existed at the time it was included in a block. From one perspective, this is a good thing. Anyone who has made a capital investment into Bitcoin mining knows that if Bitcoin somehow dies, their hardware will be useless. So, they have an additional incentive to keep the network healthy and valuable. Title: Re: some potential alternative uses for bitcoin mining rigs Post by: Velkro on September 15, 2018, 08:39:10 PM what are some potential alternative uses for bitcoin mining rigs? could the bitcoin network be used for anything other than processing payments? First question, there are slim to none, because rigs brute'forcing specific cryptographic function, thats all they do, very fast but thats it.Second question, many trying to do that, building on top of bitcoin network many projects. They securing/confirming their network state through bitcoin network. Title: Re: some potential alternative uses for bitcoin mining rigs Post by: squatter on September 15, 2018, 09:06:15 PM what are some potential alternative uses for bitcoin mining rigs? could the bitcoin network be used for anything other than processing payments? What other sorts of information can be included in the blockchain? They're not useful for much besides mining. ASICs that are obsolete for mining Bitcoin could be used to mine SHA-256 altcoins. You could mine and hold speculatively, or just dump for BTC as rewards come in. You can find the most profitable coins here (https://www.coinwarz.com/miningprofitability/sha-256). As someone mentioned, they give off a lot of heat. I know someone in a cold climate who lowers his heating costs with his miners. That helps to subsidize his mining electricity costs. |