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Author Topic: Mining is usefull ?  (Read 1532 times)
MarcelloM
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April 17, 2011, 08:28:12 AM
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Just a newbie question. This "mining" process is just waste of electricity to extract codes or are we realling solving mathematical CPU intensive processes like finding prime numbers or scanning SETI data for intelligent radio signal or something like that?
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FreeMoney
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April 17, 2011, 08:33:48 AM
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In order for a transaction to be "unwritten" from the record an amount of work equal to all hashing done after the tx is recorded must be done.

So it's useful in the sense that you are making Bitcoin balances and transactions more secure. It is not useful for anything else.

The way to think about it is that it's more efficient than gaurds, guns, walls, vaults, etc.

There is a reason that 'useful' work can't be used, but I can't articulate it at the moment.

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April 17, 2011, 08:42:06 AM
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basically, we are transforming electricity to money  Grin

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Jaime Frontero
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April 17, 2011, 01:45:57 PM
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Just a newbie question. This "mining" process is just waste of electricity to extract codes or are we realling solving mathematical CPU intensive processes like finding prime numbers or scanning SETI data for intelligent radio signal or something like that?

actually, the mining process is the act of using the hashing power of the entire network to crack the private keys of everyone who holds Bitcoin - in descending order of the magnitude of their holdings.

well... didn't you ever wonder about that?
KnuttyD
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April 17, 2011, 02:26:02 PM
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Quote
actually, the mining process is the act of using the hashing power of the entire network to crack the private keys of everyone who holds Bitcoin - in descending order of the magnitude of their holdings.

well... didn't you ever wonder about that?

I dont have enough knowledge of the internal workings of Bitcoin to know if your joking or not, but I'll assume you are  Shocked

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grue
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April 17, 2011, 03:49:02 PM
 #6

Just a newbie question. This "mining" process is just waste of electricity to extract codes or are we realling solving mathematical CPU intensive processes like finding prime numbers or scanning SETI data for intelligent radio signal or something like that?

actually, the mining process is the act of using the hashing power of the entire network to crack the private keys of everyone who holds Bitcoin - in descending order of the magnitude of their holdings.

well... didn't you ever wonder about that?
wrong
mining is supposed to give an incentive NOT to use hashing power to crack keys.

It is pitch black. You are likely to be eaten by a grue.

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Meni Rosenfeld
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April 17, 2011, 06:44:01 PM
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We are really solving mathematical CPU intensive processes like protecting the future backbone of the world's financial system from sabotage.

Quote
actually, the mining process is the act of using the hashing power of the entire network to crack the private keys of everyone who holds Bitcoin - in descending order of the magnitude of their holdings.

well... didn't you ever wonder about that?

I dont have enough knowledge of the internal workings of Bitcoin to know if your joking or not, but I'll assume you are  Shocked
He is, and if you ever feel the need to verify that, look at the source code.

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Bitcoil - Exchange bitcoins for ILS (thread)   |   Israel Bitcoin community homepage (thread)
Analysis of Bitcoin Pooled Mining Reward Systems (thread, summary)  |   PureMining - Infinite-term, deterministic mining bond
vuce
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April 17, 2011, 06:47:24 PM
 #8

Just a newbie question. This "mining" process is just waste of electricity to extract codes or are we realling solving mathematical CPU intensive processes like finding prime numbers or scanning SETI data for intelligent radio signal or something like that?

actually, the mining process is the act of using the hashing power of the entire network to crack the private keys of everyone who holds Bitcoin - in descending order of the magnitude of their holdings.

well... didn't you ever wonder about that?
wrong
mining is supposed to give an incentive NOT to use hashing power to crack keys.
sorry, but aren't hashing and key-cracking two totally unrelated problems?
Meni Rosenfeld
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April 17, 2011, 07:09:09 PM
 #9

Just a newbie question. This "mining" process is just waste of electricity to extract codes or are we realling solving mathematical CPU intensive processes like finding prime numbers or scanning SETI data for intelligent radio signal or something like that?

actually, the mining process is the act of using the hashing power of the entire network to crack the private keys of everyone who holds Bitcoin - in descending order of the magnitude of their holdings.

well... didn't you ever wonder about that?
wrong
mining is supposed to give an incentive NOT to use hashing power to crack keys.
sorry, but aren't hashing and key-cracking two totally unrelated problems?
Yes, but AFAIK they can both be solved on a GPU. So if you can use your GPU to mine, you won't use it for key-cracking.

1EofoZNBhWQ3kxfKnvWkhtMns4AivZArhr   |   Who am I?   |   bitcoin-otc WoT
Bitcoil - Exchange bitcoins for ILS (thread)   |   Israel Bitcoin community homepage (thread)
Analysis of Bitcoin Pooled Mining Reward Systems (thread, summary)  |   PureMining - Infinite-term, deterministic mining bond
bitcoinharvester
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April 17, 2011, 08:18:19 PM
 #10

No key cracking- mining is the way to go!
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