Is Bitcoin mining a waste of time?

[CrazyNick]

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).

[1714951400]

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[sealkid]

(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.

[Jen4538]

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


Jen

[raresaturn]

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! 

[V4Vendettas]

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    mmmm toasty warm office.

[dustintrammell]

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.

[zebedee]

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.

[haydent]

is this thread a waste of time ?

[V4Vendettas]

Could very well be.

[Caerid]

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.

[DynoTAP]

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?

[forsight]

It wouldn't be decentralized if it wasn't for miners.

[corvid]

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]

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.

[KillerGasy]

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

[swissmate]

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