Bitcoin Forum
March 28, 2024, 08:17:48 PM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: What Else Could You do With Mining Hardware?  (Read 1489 times)
MRVN (OP)
Newbie
*
Offline Offline

Activity: 2
Merit: 0


View Profile
December 15, 2013, 01:09:54 AM
 #1

Hypothetically speaking, lets say mining becomes pointless and way to difficult to do due to it getting harder and harder, and/or bitcoin peaks its mining limits.

What will become of the purpose built mining hardware? At the end of the day most hardware (KnC for example) cost well over $5,000, and their new one nearing $13,000, thats a lot of money whichever way you look at it, so my question is, what else could purpose built mining hardware be used for, other then mining of course?

It's just a question thats been on my mind, thats all. Smiley
1711657068
Hero Member
*
Offline Offline

Posts: 1711657068

View Profile Personal Message (Offline)

Ignore
1711657068
Reply with quote  #2

1711657068
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1711657068
Hero Member
*
Offline Offline

Posts: 1711657068

View Profile Personal Message (Offline)

Ignore
1711657068
Reply with quote  #2

1711657068
Report to moderator
1711657068
Hero Member
*
Offline Offline

Posts: 1711657068

View Profile Personal Message (Offline)

Ignore
1711657068
Reply with quote  #2

1711657068
Report to moderator
nate008
Member
**
Offline Offline

Activity: 70
Merit: 10


View Profile
December 15, 2013, 01:16:42 AM
 #2

Hypothetically speaking, lets say mining becomes pointless and way to difficult to do due to it getting harder and harder, and/or bitcoin peaks its mining limits.

What will become of the purpose built mining hardware? At the end of the day most hardware (KnC for example) cost well over $5,000, and their new one nearing $13,000, thats a lot of money whichever way you look at it, so my question is, what else could purpose built mining hardware be used for, other then mining of course?

It's just a question thats been on my mind, thats all. Smiley

Bitcoin mining can't become pointless.
Once nobody is mining , bitcoin is dead because no transactions are being relayed anymore.

Asics designed for SHA256 can be only used for this purpose. Just how any ASIC is used only for what it has been built.
MRVN (OP)
Newbie
*
Offline Offline

Activity: 2
Merit: 0


View Profile
December 15, 2013, 02:11:11 AM
 #3

OK, thanks!

Could you use purpose built miners that mine bitcoin, to mine other coins like Litecoin?
nate008
Member
**
Offline Offline

Activity: 70
Merit: 10


View Profile
December 15, 2013, 02:26:56 AM
 #4

OK, thanks!

Could you use purpose built miners that mine bitcoin, to mine other coins like Litecoin?

No ,an  Asic designed for bitcoin can mine only sha265 coins.
Lite coin is using the scrypt algorithm.
Kiwicon
Newbie
*
Offline Offline

Activity: 32
Merit: 0


View Profile
December 16, 2013, 05:02:46 AM
 #5

This is a very interesting question, lets suppose that the KnC becomes obsolete for mining purposes.
What will happen to all these rigs? They will probably follow the Beta-Max to the scrapheap unless some other ingenious use is invented for them.
That being said, with Moore's Law still holding true I see them going to the scrap heap.
(Quantum computing is indeed a reality)
nate008
Member
**
Offline Offline

Activity: 70
Merit: 10


View Profile
December 16, 2013, 07:46:39 AM
 #6

This is a very interesting question, lets suppose that the KnC becomes obsolete for mining purposes.
What will happen to all these rigs? They will probably follow the Beta-Max to the scrapheap unless some other ingenious use is invented for them.
That being said, with Moore's Law still holding true I see them going to the scrap heap.
(Quantum computing is indeed a reality)


You can still mine some alt coins that are designed with sha256.
Also, the difficulty would have to insanely high so that running one of those would be higher that the reward.
A difficulty 60x times bigger based on the numbers from http://mining.thegenesisblock.com , and BTC still at the same price.
Fonexn
Newbie
*
Offline Offline

Activity: 10
Merit: 0


View Profile
December 20, 2013, 09:42:10 PM
 #7

u always can sell hardware for any price..
bubacat
Newbie
*
Offline Offline

Activity: 3
Merit: 0


View Profile
December 24, 2013, 11:27:01 AM
 #8

..or you can mine any other coin with sha256 encryption...
Slavboy
Newbie
*
Offline Offline

Activity: 53
Merit: 0


View Profile WWW
December 26, 2013, 06:46:58 PM
 #9

Or donate to yours local museum after decade.
vadoff
Member
**
Offline Offline

Activity: 84
Merit: 10


View Profile
December 26, 2013, 08:52:36 PM
 #10

Nothing, all you could do is break Sha-256 encryption, of which mining is the only profitable thing.
-ck
Legendary
*
Offline Offline

Activity: 4060
Merit: 1622


Ruu \o/


View Profile WWW
December 26, 2013, 09:45:00 PM
 #11

Nothing, all you could do is break Sha-256 encryption, of which mining is the only profitable thing.
Can't even do that for mining is a specific sized message that is doubly sha256 hashed and the asics only return a specific return value when changing part of the message and a return hash is below X.

There are only 4 well recognised alternative uses for asics used for bitcoin mining: Doorstop, bookend, paperweight and boat anchor.

Developer/maintainer for cgminer, ckpool/ckproxy, and the -ck kernel
2% Fee Solo mining at solo.ckpool.org
-ck
frank754
Member
**
Offline Offline

Activity: 84
Merit: 10


View Profile
December 27, 2013, 01:31:45 AM
 #12

According to Coinwarz, there are several other SHA-256 coins out there, like E-Mark & Terracoin. Right now though, it would take longer to mine an equivalent value in BTC with the same hash rate (for example at 30GHs would take you over 70 days to mine enough to be equivalent to one BTC). But if the bitcoin difficulty became high enough, could these just as easily be mined using ASIC's enough for a better ROI?
drb0n3z
Newbie
*
Offline Offline

Activity: 42
Merit: 0


View Profile WWW
December 27, 2013, 09:58:07 AM
 #13

According to Coinwarz, there are several other SHA-256 coins out there, like E-Mark & Terracoin. Right now though, it would take longer to mine an equivalent value in BTC with the same hash rate (for example at 30GHs would take you over 70 days to mine enough to be equivalent to one BTC). But if the bitcoin difficulty became high enough, could these just as easily be mined using ASIC's enough for a better ROI?


Right now, with btc being so difficult to mine, I imagine the best thing overall is to mine something else. Yes, it takes 70 days but at 70 days you are spending roughly 2 months worth of electricity to make, currently 750ish bucks, which overall IS an increase as compared to not even mining that amount or possibly .02 of that amount with btc.

Am I wrong in how I am thinking on this?
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!