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1  Other / Beginners & Help / Re: Is there a fatal flaw in bitcoin? on: November 30, 2021, 02:34:02 AM
Miners are paid via a reward for finding a block yes, but they're also paid transaction fees - you pay a fee whenever you send bitcoin and this gets rewarded to miners.

This fee on it's own has been fairly big, the last block had 0.023btc in fees - which seems smaller than it has been: https://btc.com/btc/block/711888
That's still $1.5k (today, potentially a lot more if bitcoin continues into the 2100s) and an incentive enough for some people to mine/keep mining.

That's not what I'm saying.  The computing power that guarantees your bitcoin is authentic is what the hashing power used to "mine"  the bitcoin is doing.  

Every transaction is part of the block chain.

Every miner is verifying the blockchain is intact and complete.

Every transaction that gets processed is crunched so the entire bitcoin network knows how many bitcoins are in which wallet.  It is how the bitcoin network prevents "counterfeit" coins.  It is also what prevents a coin from being spent twice by the same owner.  That is what the hashing is doing.

Once their is no more reason to mine, the hashing stops.

The transaction, the transfer of one bitcoin to another is what the hashing is doing by the miners.  The miners are the ones that keep the network moving.  When the hashing stops, when the mining stops, when there is no more bitcoins to mine, the system falls apart.  

2  Other / Beginners & Help / Is there a fatal flaw in bitcoin? on: November 30, 2021, 01:11:29 AM
As I'm diving deeper into crypto, I have found a fatal flaw.  The value of the bitcoin is derived from the power the network creates.  The hashing, is basically the decentralization of the currency. As the crypto becomes more available it means halfing has occurred more frequently.  This makes Bit coin for example more energy intense to mine. It also decreases the rate of which one can accumulate bitcoins.

As the hashing rate is reduced, transactions will slow. 

People will do with crypto rigs as they do with gold rigs, set up shop where the paydirt is, and not try to get every last ounce.  Ironically, the thing that built the network and kept it running, is the bitcoin mining.  Bitcoin IS the fuel that runs the rigs.  When they leave for another currency, that leaves less hashing power to be devoted to the mining bitcoin.  The paradox, is the amount of "currency" available to be circulated won't have the hashing power to maintain the network transactions.   

When the last bitcoin is mined, there will be no more hashing power dedicated to the currency.

Am I missing something?
3  Bitcoin / Mining software (miners) / Re: HiveOS VS Braiins on: November 30, 2021, 12:48:08 AM

Quote
allows you to mine to several pools simultaneously

Really? how? do you mean you can split the hashrate between two different mining pools?


You create multiple groups and assign a processing quota. So you can mine the groups at different rates
Yeah copied directly from cgminer - that's been there in cgminer forever ...
I guess bos may have copied it Smiley
https://github.com/kanoi/cgminer/blob/master/README
Search for quota

Any idea what the bat would look like for BFGminer to split hasing power among different pools?
4  Alternate cryptocurrencies / Mining (Altcoins) / Re: I'm new and looking to teach my kid this on: November 29, 2021, 07:09:53 PM
Hello welcome.
It seems interesting.
And before deicing something, it seems that you must have considerations why you support your son to do this even you both are new to this.
By the way, have you considered why exactly your son is loving to do this activity
Did he read something about mining in a site which is there are some kids that are doing so  and they an earn much money?
or other expectations to have to him itself?
Because this is something new to you both, so the best way is to let him learn about this exactly, how this actually work, don't forget also to  tell about the probabilities coming later, the risks, and also the profits.
Even you are not meaning to have profits, but at least, you need to set a goal, not only about loving numbers.
So, maybe you can guide him to  set the exact goal of this activity.
And of course, you also need to join learning in order to focus more and understand ore about mining word, cryptocurrency, and other crypto activities.

Thank you.

He's on the autism spectrum.  He is fascinated with numbers. He's 10 and reads books about java scripting, and I have no idea how to help him with this... I honestly don't know why he's interested in this and wish it was something I could teach him about, but that's not the hand I was delt.   We got a small rig up and running, and now he's telling me about all different crypto currencies, and I have learned more about etheryum than I ever wanted to know along with some book he wants to get to learn how to program contracts on etheryum.... I really don't know what he's talking about.

We did a few projects related to this, an not all are crypto related, but on my level...  He helped me build a table for the garage for the equipment to rest on, reviewed wire diagrams.  I have a solar set up in the house, so we built a 12v circuit for the rig. 

He enjoyed writing the bat file to execute the BFG script.



5  Alternate cryptocurrencies / Mining (Altcoins) / using 2 different miners on the same computer on: November 29, 2021, 02:47:02 AM
I know I'm a bit late to the game, but I'm trying to catch up.  I have started a small rig, as I am just trying to learn the hobby.  I have a few (don't laugh) gridseed orbs.  Again, I want to learn without investing 1000's.

I ordered another rig, a bit stronger, gridseed blade.

I am using BFG miner.

My current bat file looks like this

Bfgminer -S gridseed:all --set-device gridseed:clock=850 --scrypt -o stratum+tcp://us.litecoinpool.org:3333 -u XXXX.1 -p XXXX  All is working well.

What I am trying to figure out is how to have the both gridseed devices blade and orb running off the same computer, or do I need to use separate laptops to handle different devices?

Also, is there a way to mine 2 different pools?   Orb 1 ltcpool, blade 1 xhaspool
Sorry for the stupid questions....  Thank you in advance.  
6  Alternate cryptocurrencies / Mining (Altcoins) / I'm new and looking to teach my kid this on: November 16, 2021, 01:20:42 AM
Thanks for reading... I have a special needs kido who is wanting to learn how to mine.  He's on the autism spectrum, and has some very unusual interests for a 10 year old.... 

Anyway, I am not that knowledgeable of a guy when it comes to this stuff, but I am looking to teach him and be involved in something he has an interest in.  I am not looking to be profitable.  My son loves numbers, and I this topic seems to fascinate him.

I purchased a used ASCI gridseed orb miner.  Based on the price I paid I know it's old, and again, not going to be profitable. 

Has anyone used one of these in the past that would not mind aiding in helping a noob, or point me in the direction of setting up.

Checklist:
He has decided he wishes to mine "Lite coin"
We have set up an account on a pool.

Unsure on software etc that is needed to run this thing and get hooked up to start mining.

Sorry for the stupid questions.  Than you in advance.



After doing a bit more reading, will go with CPU miner, Getting close to kidoz bedtime so will be putting this down for the night. 

Thank you in advance to anyone who has any hints.

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