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Author Topic: Is Bitcoin mining a waste of time?  (Read 5910 times)
infested999
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June 30, 2011, 11:43:53 AM
 #1

I know that all your guys are making profit's off all this, but is all this mining really necessary? We could have just created all BitCoins all at once and then there would be no such thing as mining, then we would have saved the world form a TON of CO2 gas, because we are using multiple GigaWatts of power for all this mining. To me it seems a bit more like we are just wasting electricity computing these numbers.

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jdebunt
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June 30, 2011, 11:47:46 AM
 #2

to some it might seem a waste, to me its fun to actually learn something about bitcoin & to learn how the system behind it works.

it's a matter of perspective really.
luxgladius
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June 30, 2011, 11:52:20 AM
 #3

I know that all your guys are making profit's off all this, but is all this mining really necessary? We could have just created all BitCoins all at once and then there would be no such thing as mining, then we would have saved the world form a TON of CO2 gas, because we are using multiple GigaWatts of power for all this mining. To me it seems a bit more like we are just wasting electricity computing these numbers.

Yes, the mining is necessary. Each block in the chain makes it harder for an attacker to compromise the network. Without a reward, there would be no incentive for solving blocks and wasting that electricity. The purpose of mining is only secondarily to introduce Bitcoins into the system. The primary goal is to create incentive to support the network.

Also, if all Bitcoins were created at once, who would control them? How would they be distributed? As of now, the more effort you put into supporting the network, the more Bitcoins you earn.
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June 30, 2011, 12:09:19 PM
 #4

It is if you don't have a specialized rig.

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abtcus
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June 30, 2011, 12:12:05 PM
 #5

It would be impossible to just create all btc at once, out of thin air. The process of generating new blocks is so mathematically intense that it requires a distributed network comprising tens of thousands of computers. I can't say if it's more efficient than the energy costs of running the credit card industry or the money printing industry considering all factors, but then again I'm not entirely sure bitcoin is designed to be green. It's more of a pseudonymous commodity market.
fortismilites
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June 30, 2011, 12:26:27 PM
 #6

I use deepbits pool miner to mine, it only uses the resources Im not using so it make more sense to run it. You wont get rich off of it but it can help you start.
V4Vendettas
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June 30, 2011, 12:28:10 PM
 #7

Its all down to your situation. Have a read in the mining threads etc go cost up a rig, work out your electricity costs, make up your own mind about bitcoins future and do you even trust the exchanges ?

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June 30, 2011, 12:29:52 PM
 #8

I believe it's a waste of time.


Empty quote much ?

How about you tell us why ?


felix913
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June 30, 2011, 12:57:41 PM
 #9

As others have said it is obviously necessary to protect the system.
johnny
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June 30, 2011, 01:03:46 PM
 #10

[Environmentalists mode]why don't use green power mining?[/Environmentalists mode]
Man From The Future
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June 30, 2011, 01:06:28 PM
 #11

I believe it's a waste of time.


Empty quote much ?

How about you tell us why ?



Calculations, not worth it.

Buy low, sell high.

BTC is dying.
Give us the calculations? I'm still making a nice profit Smiley

It's not worth it to buy new hardware at this point, if the price continues to be the same and difficulty changes continue as they are, but is that likely?

Give your source for "BTC is dying", I don't see this Smiley
V4Vendettas
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June 30, 2011, 01:07:10 PM
 #12

[Environmentalists mode]why don't use green power mining?[/Environmentalists mode]

/treehugging mode Im a PV solar installer. Got 3.1KWp sitting on my roof.


EDIT: I'm buying new rigs but im speculating and taking a risk. These rigs will always have value to me for gaming reasons.

erpbridge
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June 30, 2011, 03:25:39 PM
 #13

Now THAT is the way to do things.... use solar panels to power your rigs. (Or Wind, or geo). Just wish I had the cash to put down for solar.

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Gabi
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June 30, 2011, 03:41:30 PM
 #14

I know that all your guys are making profit's off all this, but is all this mining really necessary? We could have just created all BitCoins all at once and then there would be no such thing as mining, then we would have saved the world form a TON of CO2 gas, because we are using multiple GigaWatts of power for all this mining. To me it seems a bit more like we are just wasting electricity computing these numbers.
Mining is not only about mining, it's about SAFETY

Go read how bitcoin, the blockchain and everything work, then come back.

Also i like CO2, plants eat them and they like it!  Cheesy
infested999
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June 30, 2011, 04:01:27 PM
 #15

Now THAT is the way to do things.... use solar panels to power your rigs. (Or Wind, or geo). Just wish I had the cash to put down for solar.

Not really any cheaper, having a solar panel for exactly the same cost as buying power from your power company for 20 years.

NetTecture
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June 30, 2011, 04:16:14 PM
 #16

Quote
The process of generating new blocks is so mathematically intense that it requires a distributed network comprising tens of thousands of computers.

Bullshit. Bitcoins are NOT generated by solving blocks - the bitcoin are part of the agreed upon protocol for the block. They are not "mined" as in "found", they are a protocol intrinsic reward for solving a block. As such, if the protocol would say "all coins start at address x" in the root block, then this wuold be it. No power required.

The reason it was done like that is because it is the only way. You need to distribute the coins. Otherwise - I have TomCoins, 21.000.000, want some? All mine.
johnny
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July 01, 2011, 09:28:04 AM
 #17

Now THAT is the way to do things.... use solar panels to power your rigs. (Or Wind, or geo). Just wish I had the cash to put down for solar.

Not really any cheaper, having a solar panel for exactly the same cost as buying power from your power company for 20 years.
how about wind power?
mystery2048
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July 01, 2011, 09:46:33 AM
 #18

I think personally that mining BitCoins is a waste of time... But thats because I just think after you factor in all the costs, such as technical knowledge, hardware, electricity, inconvinience, its better to buy them on the free market, not to mention supporting the exchanges is better for the economy than mining them yourselves, as there will always be the same amount of coins produced regardless of the amount of miners, whether there are 10 or 10000000 miners is irrelevant... Supporting the economy and giving the exchanges the fees they deserve, and allowing competition in the market is the best way to help BitCoin at the moment...

EDIT: The system is already set up to ensure there are enough miners, by decreasing the difficulty when there are less and less miners...

Important: https://bitcointalk.org/index.php?topic=92424.0;all

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VertexEx
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July 01, 2011, 10:09:29 AM
 #19

I see it as an excuse to build up a couple of kickass gaming rigs and only have to pay about half price for all the parts in one month and after two months start to pay for the electricity bill with the earnings.
fastandfurious
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July 01, 2011, 10:58:03 AM
 #20

In the end when it comes to mining is about you electrcity bill, if you can keep that low you will do good.
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