MarcelloM (OP)
Newbie
 Offline
Activity: 19
Merit: 0
|
 |
April 17, 2011, 08:28:12 AM |
|
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?
|
|
|
|
|
|
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
|
|
FreeMoney
Legendary
Offline
Activity: 1246
Merit: 1014
Strength in numbers
|
|
April 17, 2011, 08:33:48 AM |
|
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.
|
Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone. |
|
|
|
zoro
|
|
April 17, 2011, 08:42:06 AM |
|
basically, we are transforming electricity to money  |
|
|
|
|
Jaime Frontero
|
|
April 17, 2011, 01:45:57 PM |
|
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
Member
Offline
Activity: 109
Merit: 11
|
|
April 17, 2011, 02:26:02 PM |
|
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  |
If I helped you in some way, and you feel obligated to do so, you can tip me some coin!
1KVadqbELY3KuJhkm9rDtcwxZknhRsfPHY
|
|
|
grue
Legendary
Offline
Activity: 2058
Merit: 1431
|
|
April 17, 2011, 03:49:02 PM |
|
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. |
|
|
|
Meni Rosenfeld
Donator
Legendary
Offline
Activity: 2058
Merit: 1054
|
|
April 17, 2011, 06:44:01 PM |
|
We are really solving mathematical CPU intensive processes like protecting the future backbone of the world's financial system from sabotage. 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 He is, and if you ever feel the need to verify that, look at the source code. |
|
|
|
|
vuce
|
|
April 17, 2011, 06:47:24 PM |
|
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
Donator
Legendary
Offline
Activity: 2058
Merit: 1054
|
|
April 17, 2011, 07:09:09 PM |
|
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. |
|
|
|
bitcoinharvester
Newbie
Offline
Activity: 29
Merit: 0
|
|
April 17, 2011, 08:18:19 PM |
|
No key cracking- mining is the way to go!
|
|
|
|
|
|
