Bitcoin Forum
December 14, 2017, 02:01:42 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: Return of mining for the average joe?  (Read 926 times)
calkob
Hero Member
*****
Offline Offline

Activity: 714


View Profile
September 19, 2016, 08:53:41 PM
 #1

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.
Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1513260102
Hero Member
*
Offline Offline

Posts: 1513260102

View Profile Personal Message (Offline)

Ignore
1513260102
Reply with quote  #2

1513260102
Report to moderator
1513260102
Hero Member
*
Offline Offline

Posts: 1513260102

View Profile Personal Message (Offline)

Ignore
1513260102
Reply with quote  #2

1513260102
Report to moderator
1513260102
Hero Member
*
Offline Offline

Posts: 1513260102

View Profile Personal Message (Offline)

Ignore
1513260102
Reply with quote  #2

1513260102
Report to moderator
wikenpp
Hero Member
*****
Offline Offline

Activity: 672



View Profile
September 19, 2016, 08:58:27 PM
 #2

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.
ranlo
Legendary
*
Offline Offline

Activity: 1610



View Profile
September 19, 2016, 09:01:17 PM
 #3

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?


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















Earn Devcoins by Writing
Velkro
Legendary
*
Offline Offline

Activity: 1288


<3 Vanity Addresses :)


View Profile
September 19, 2016, 09:04:47 PM
 #4

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.

newIndia
Legendary
*
Offline Offline

Activity: 1344


View Profile
September 19, 2016, 09:06:18 PM
 #5

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.

Carlton Banks
Legendary
*
Offline Offline

Activity: 1848



View Profile
September 19, 2016, 09:10:29 PM
 #6

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.

Vires in numeris
yayayo
Legendary
*
Offline Offline

Activity: 1092



View Profile
September 19, 2016, 09:13:23 PM
 #7

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
*
Offline Offline

Activity: 1848



View Profile
September 19, 2016, 09:22:15 PM
 #8

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.

Vires in numeris
ajareselde
Legendary
*
Offline Offline

Activity: 1638

Satoshi is rolling in his grave. #bitcoin


View Profile
September 19, 2016, 09:40:49 PM
 #9

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)
calkob
Hero Member
*****
Offline Offline

Activity: 714


View Profile
September 19, 2016, 09:41:32 PM
 #10



 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
Carlton Banks
Legendary
*
Offline Offline

Activity: 1848



View Profile
September 19, 2016, 09:53:21 PM
 #11

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.

Vires in numeris
ranlo
Legendary
*
Offline Offline

Activity: 1610



View Profile
September 19, 2016, 10:17:19 PM
 #12

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.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















Earn Devcoins by Writing
Doamader
Hero Member
*****
Offline Offline

Activity: 644



View Profile
September 19, 2016, 10:27:45 PM
 #13

If bitcoin reach next year the 1000 dollars or even the 800 i do believe the average joe can return into bitcoin without have to steal eletricity from the provider, i dont know how much cost to keep a miner and the raise into the bill, but sure now only big miners and which has free energy or very cheap are able to get their miners active.


     ███
      █████████████████████
       ███████████████████████
          ██████████████████████
                         ████████
         ████████████      ███████
          ███████████        █████
            █████████        ██████
                █████         █████
                █████         █████
                █████        ██████
                █████        █████
                █████      ███████
                █████    ████████
                ███████████████
                █████████████
                ██████████
IDivi ProjectI
  ◤
  ▶
  ◣
❖❖❖ CRYPTO MADE EASY ❖❖❖
IDesigned for mass adoption by billion of people.I
  ◥
  ◀
  ◢
ICO
◆◆◆◆◆◆◆◆
Oct. 27th - Nov. 23rd
  ◤
  ▶
  ◣
♦ Whitepaper
♦ Telegram
♦ Website



Carlton Banks
Legendary
*
Offline Offline

Activity: 1848



View Profile
September 19, 2016, 10:30:25 PM
 #14

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.

Roll Eyes And your scenario differs from the CPU/GPU mining days in what way exactly? You're essentially saying "there's a limited amount of silicon ore available". No shit.

Will you be happy if there's a ban on people owning more than their "fair share" of chip 3D printing capacity? This is Bitcoin: communists go home

Vires in numeris
Kakmakr
Legendary
*
Offline Offline

Activity: 1134

★ ChipMixer | Bitcoin mixing service ★


View Profile
September 20, 2016, 06:22:34 AM
 #15

I would like to see side-chains or some Alt coin that needs it's own mining, but would still be linked to Bitcoin. So you have Core being mined by the mining farms and you have these side-chains being mined by the smaller guys. If this makes sense in any way.

It would be great if individuals could get into mining again, because this was the most exiting part of Bitcoin for me when I started out. These days, it's all about hoarding and trading and mining worthless Alt coins. This is pretty boring. ^hmm^ 

Pursuer
Legendary
*
Offline Offline

Activity: 980


Where is my ring of blades...


View Profile
September 20, 2016, 06:29:39 AM
 #16

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.

I believe that it is possible that new devices are manufactured to let regular people mine without needing to have a mining farm and invest a lot of money in mining equipment. it is similar to advances in computer hardware. a couple of years ago computers were not this powerful with the CPU and GPU powers that are currently available to all of us.

and it is already happening too:
http://www.coindesk.com/bitmain-release-new-bitcoin-miner-bid-attract-hobbyists/

rektDude
Sr. Member
****
Offline Offline

Activity: 364


View Profile
September 20, 2016, 07:22:06 AM
 #17

I dont think there would change something if the minings are returning because the blocks to search for the bitcoins are getting bigger so slower cutting them coins.
ranlo
Legendary
*
Offline Offline

Activity: 1610



View Profile
September 20, 2016, 07:34:51 AM
 #18

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.

Roll Eyes And your scenario differs from the CPU/GPU mining days in what way exactly? You're essentially saying "there's a limited amount of silicon ore available". No shit.

Will you be happy if there's a ban on people owning more than their "fair share" of chip 3D printing capacity? This is Bitcoin: communists go home

CPU mining days were only a select few. There's a massive difference between a small group of people who mine it for lulz when it has no value and those who are mining it for profit. That should be obvious -- something that has ZERO value at the time, NO uses, etc. would obviously not be competitive.

GPU mining screwed most (if not all) people who took part, due to basic economic concepts. So let's break this down.

You buy a GPU for $300. BTC is at $100. You spend $1/day in electricity and mine for 5 months. At this point, your total cost (not including time) is $450. Over this period, you mined 1.5 BTC, and BTC is worth $500 now.

At this point you've spent $450 + time, and in return, you've gotten 1.5 BTC, or $750, for a profit of $300, right?

You could have, instead, spent that $450 on BTC in the beginning. Now you'd have 4.5 BTC, or $1350, for a profit of $900.

Essentially, you not only wasted your time, but you also LOST $900 in the process. And all of this ignores all of the other things that are involved with mining (such as the other PC hardware being burned out, cooling cost consideration, etc.

Hell, we can even take the pizza time period. For $20 you could have gotten 10k BTC. Instead, you spend $500 building a rig so you can mine a few hundred/thousand BTC. Were both profitable? Yeah. But your mining actually cost you significantly more than you'd have earned if you had skipped the time sink, work, and risk, and just bought BTC outright.

I have not even heard of a single miner who has profited EQUAL to, much less above, what they could have earned if they skipped that and simply bought the coins.

Then again, this goes into economics, which is something the vast majority of people seem to have zero knowledge about.


 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




















Earn Devcoins by Writing
Cozynunu
Sr. Member
****
Offline Offline

Activity: 336


View Profile
September 20, 2016, 07:35:16 AM
 #19

I dont think it is very clever to return the miners because i know for sure that they are not making any proft maybe the bigger miners will make some but the blocks are to huge.
bitjoin
Hero Member
*****
Offline Offline

Activity: 658


Best IoT Platform Based on Blockchain


View Profile
September 20, 2016, 07:47:02 AM
 #20

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.

This was one of the key exciting things for me when getting into bitcoin i had the option to make my own money ffrom home.  Honestly i dont think it will happen in a way you can make a decent profit for average joe again.  I'd be happy to break even with a simple machine to do this on.


     
     ██
    ███
  █ ███
 ██ ███
 ██ ███
 ██ ███
 ██ ███
 ██ ███
 ██ ███
 █  ██
   



         ▄▄▄██████████▄▄▄
      ▄████████████████████▄
    ▄████████████████████████▄
   █████▀▀▀▀▀▀███████▀▀▀▀▀▀████
  ██████      ███████      █████
 █████████▌   ███████   █████████
▐█████████▌   ███████   █████████▌
████████                   ███████
▐███████▄▄▄   ▄▄▄▄▄▄▄   ▄▄▄██████▌
 ██████████   ███████   █████████
  ██████▀▀▀   ███████   ▀▀▀█████
   █████      ███████      ████
    ▀████████████████████████▀
      ▀████████████████████▀
         ▀▀▀██████████▀▀▀


 
 ▄▄         ▄▄             ▄▄
▐██▌       ▐██▌           ███▌
▐██▌       ▐██▌     ▄▄▄▄▄▄███▌      ▄▄▄▄▄▄▄▄▄     ▄▄▄▄▄▄▄▄▄
▐██▌       ▐██▌   ▄██████████▌   ▄███████████   ▄██████████
▐█████████████▌  ███▀     ▐██▌  ▐███▀     ███  ▐███▀
▐██▌       ▐██▌ ▐██▌      ▐██▌  ███▌      ███  ███▌
▐██▌       ▐██▌  ███▄     ▐██▌  ▐███▄     ███  ▐███▄
▐██▌       ▐██▌   ▀██████████▌   ▀██████  ███   ▀██████████
▀▀         ▀▀       ▀▀▀▀▀▀▀▀       ▀▀▀▀  ▀▀▀      ▀▀▀▀▀▀▀▀


██
███
███
███ ██
███ ██
███ ██
███ ██
███ ██
███ ██
 ██ 
  █

.......Whitepaper.......
.
██████████████████████████████████████████████████████████████████████████████████████████████
.
FacebookTwitterBitcointalk
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!