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Author Topic: Is Bitcoin mining a waste of time?  (Read 6462 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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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.
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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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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.
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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.
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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 ?


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June 30, 2011, 12:57:41 PM
 #9

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

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

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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.

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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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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

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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.

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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.
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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?
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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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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.
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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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July 01, 2011, 12:17:43 PM
 #21

It creates ('faith based') money, therefor people are willing to give up resources.
All that effort helps to build a trust in the network.
The perception of value of a BTC will grow, when you see how much it costs you to generate a new set of 50 BTC.

All in all: it isn't a waste of energy; not more than the energy/time needed to keep enough trust in the value of bank accounts in EUR or USD (who have the rather large 'advantage' that you can/must pay your tax with them).
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July 01, 2011, 12:49:18 PM
 #22

(Noob starting post, once I can reply to the proper topics my conspiracies will cease!)

Metered Electricity has been forced upon us since Nikola Tesla figured a way to tap into the zero-point energy (or whatever else it has been dubbed) in 1912. He was working with Edison & Westinghouse. Tesla's discovery of free energy didn't fit into the model that Westinghouse & co wanted, i.e. charging everybody for electricity.

For 100 years mankind has been burning fossil fuels to create costly electricity when free energy solutions have been covered up by the powers that be. Rothschild Zionism being a strong force today.

Sources for my info include Tesla's books and papers, Marko Rodin's Vortex Based Mathematics, John Searl's S.E.G., ancient civilisations, Nassim Haramein's Resonance Project, alternative research communities, red ice creations, et al.

Tesla also had cars running on free energy (no gas, petrol, oil, nothing) in excess of 100mph. With no moving engine parts, they would last longer without need for replacement parts. The common theme here is greed and power. Keep the proletariat subdued, make them work hard to earn money (faith based) so they can be under the illusion of freedom. We are free, to do as they tell us.

If you think you are free, try going anywhere or doing anything without a passport or money. Why do we have to pay to live on a planet we are born on?

Elements of our species have been coming and going to the moon, Mars and beyond for decades. You don't have to look very hard beyond the veil of established ideas to realise this is true. NASA's consistent altering of images of the moon and Mars for example.

I have reached a point where I no longer have the time or patience left to address myself to the needs of the system within which we work.

The sooner people start realising the reality of new physics and free energy, and the control systems in place to suppress this info, the sooner we can be truly free and explore the galaxy.

Once we discover our true conciousness, the need for any sort of financial system, bank, bitcoin or otherwise, will dissolve away. Until then, bitcoin when it is fully secure, is preferable to the established banking system.

Rant over.

Come join my triplemining minipool! (http://sealkid.triplemining.com/register)
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July 01, 2011, 12:52:15 PM
 #23

when electricity exceeds what the cost of mining does then i will cease doing it.    for now i will gather my little bit of coins to help myself in real life


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July 01, 2011, 01:52:25 PM
 #24

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.

or use the waste heat from your rig to generate extra power!  Wink

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July 03, 2011, 01:50:40 AM
 #25

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.


I'm in the UK.
I installed it myself.
I get Paid around £0.42 per KWh (Unit) for what I generate NOT what I export. The power is my own to spend as I like and I still get paid.
I’m failing to see how this isn't cheaper for me.
Also Prices keep going up for us in the UK and tbh it’s got beyond a joke.

Maybe you assumed we all live where you do? Maybe that’s the case for your country I have no idea.

EDIT: Also heats not wasted Smiley   mmmm toasty warm office.

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July 03, 2011, 02:15:39 AM
 #26

when electricity exceeds what the cost of mining does then i will cease doing it.    for now i will gather my little bit of coins to help myself in real life

I agree.  At my current power consumption and cost, mining is still quite profitable after the mining rig has paid for it's own cost.
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July 03, 2011, 04:06:50 AM
 #27

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.

By the nature of the way the system is "rigged" (heh) with difficulty adjustments, mining is only going to be profitable if taken seriously like a business.  It will naturally adjust so that only the most efficient are profitable.  That will be even more so when purpose-designed hardware makes its appearance.

Hobbyists won't make any money.
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July 03, 2011, 04:11:37 AM
 #28

is this thread a waste of time ?

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July 03, 2011, 11:12:51 AM
 #29

Could very well be.

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July 03, 2011, 02:28:16 PM
 #30

Mining as I see it is sort of a hobby, there's just something fun about tweaking/overclocking your gpu's to find a good balance between power consumption and hash output.

If you start looking at it from a green point of view then yea I guess you could say its wasteful. But seriously, most other hobby's are just as 'wasteful'. People playing games or people who are into racing etc are burning resources as well.
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June 02, 2012, 12:13:19 AM
 #31

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

Wait so what do you consider to be a specialized rig? Would it have to be more than one computer?
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June 02, 2012, 01:05:55 AM
 #32

It wouldn't be decentralized if it wasn't for miners.
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June 02, 2012, 02:16:35 AM
 #33

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.

Each block authenticates transactions created since the last one was generated. The grant of 50 BTC is to make it desirable to provide that infrastructure.
weex
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June 02, 2012, 04:05:44 AM
 #34

Mining is not a waste of time. Mining is the engine that runs the Bitcoin network. It is also a team of security guards protecting all the wealth it contains. These guards do not holster guns and batons however, only math.

You can read my less poetic eBook on the subject, Introduction to Bitcoin Mining for free at the site in my sig.
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June 02, 2012, 10:26:31 AM
 #35

If all the bitcoins were created at the same time they would have no value,

As people have invested in electircy and rigs for mining it gives value to BTC
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June 02, 2012, 10:35:51 AM
 #36

Think of bitcoin as an energetic coin.
The power consumption of your gpu transforms into bitcoins.
Energy coins!

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