So if your a normal user and hate GPU mining,get over it.Try this

[Howling]

A network that can really only support a handful of transactions a second. The 'fiat' system as you put it services the entire world. Bitcoin could barely service a mid-sized town and burns through more power than a lot of small to mid-sized countries.

And how long has fiat been around to get to this point? And how long has blockchain?

 

[gpuerrilla]

And how long has fiat been around to get to this point? And how long has blockchain?

He doesn't read into the detail, just scratches the surface and sticks with the generalisations that people do like blame the 'government' without knowing how its comprised and all the layers in between.

 

[Jimmy Weirdarms]

And how long has fiat been around to get to this point? And how long has blockchain?

The poster I replied to tried to insinuate that BTC was more power-efficient than 'fiat' in order to deflect the criticism of it being a power-hungry beast. It's not now and *it can never be* because proof of work incentivises using more and more power until the costs and block reward roughly balance. Those who are in charge of the BTC code and those who run the mining operations have roundly rejected scaling measures.

People will come back that a layer-2 solution like Lightning could help, but Lightning is replete with its own issues and the fact that a layer 2 solution is needed for scale just underlines how poor a solution BTC is in the first place.

 

[ljt]

Personally if I'm going to be using my GPU to consume energy outside of gaming, I'd rather it be doing something useful for it's energy consumption, like helping process calculations to help cure diseases etc, i.e. F@H

Is mining actually helping the planet in anyway shape or form from the colossal energy it uses? No? Then I won't do it.

Just imagine if all those mining farms actually did something useful and were put to work on something that genuinely benefits mankind, i.e. cures for cancers, corona, MS, MND etc, now that would be worth the energy consumption.

 

[Jimmy Weirdarms]

He doesn't read into the detail, just scratches the surface and sticks with the generalisations that people do like blame the 'government' without knowing how its comprised and all the layers in between.

Please, give me the details. making snide comments to others is just showing you don't have an argument.

 

[Jimmy Weirdarms]

You still have not read about Proof of Stake - shows ignorance, I posted it pages back.

I'm well aware of PoS, let me know when the bitcoin network, which is what we're talking about at the moment, moves to it.
Hell, let me know when ethereum moves to it, they've been trying for years.

In theory it could address the energy usage of PoW coins, which would indeed make cryptocurrency less objectionable on that front. It wouldn't solve its many other issues though.

 

[Jimmy Weirdarms]

Anyway, you want to mine? Good luck to you!

Just stop pretending that everyone thinks cryptocurrency is amazing, or that all concerns about it can be safely written off as ignorant.

 

[gpuerrilla]

Please, give me the details. making snide comments to others is just showing you don't have an argument.

Jimmy, theres hundreds of crypto projects out there. Plenty of sites listing them all try coingecko or coinpaprika - thousands of them. Of them, only about 3% are actually useful. However that still means there are quite a number of projects other than 'bitcoin' chiefly being pooled into the collective of 'cryptocurrency'. Now going back to point, when people are mining BTC with their GPU's their not actually mining bitcoin - but an altcoin. This could be Ethereum or other popular ones that then gets converted into bitcoin.

If anyone is mining bitcoin directly they are using ASIC machines which are not GPU's therefore not affecting this sub-forum topic at all.

 

[pp111]

Nope, not going to get over it. Hate you guys. You are ......
Well, actually, no, I can't hate you guys cus it's not your fault, but preaching to the gamers is like preaching to the Christians at the Colosseum. The people I hate are the morons who invented Cryptocurrencies in the first place that demand the enormous processing power to create.
But no, I am not getting over it. The venom I have for Cryptocurrencies is far too real. Way too much bitterness. Besides, I can't go shopping, I gnawed both my legs of months ago.

 

[Jimmy Weirdarms]

theres hundreds of crypto projects out there.... a number of projects other than 'bitcoin' chiefly being pooled into the collective of 'cryptocurrency' ... when people are mining BTC with their GPU's their not actually mining bitcoin

Well aware of all of that thanks, what gave the impression I wasn't?

Bitcoin is the worst offender for power usage, which is one of the things we have been talking about here. Thrashing your GPU for other coins is no less wasteful, it's just less high profile. All PoW coins suffer from the same issue - they incentivise using enough energy to just break-even with the block-rewards on mining.

Are you aware that Bitcoin leads the market and drags the prices of other coins up and down with it, in pretty much perfect harmony? Such that when BTC sees a surge, so do the others, and we get another mining boom?

I agree with you that 97% of cryptocurrencies aren't useful. I disagree that the other 3% are any different.

 

[Gregster]

The level of disdain in this thread.... Seriously? This thread makes mine, @LtMatt and @tommybhoy arguing look like Mary poppins

 

[henson0115]

this is a year or so old but its only gotten worse since.
https://www.bbc.co.uk/news/technology-48853230

if we spent this much energy on solving the most critical issues in the world...

 

[FoxEye]

You still have not read about Proof of Stake - shows ignorance, I posted it pages back.

Proof of Work is not going away. There are a number of advocates of PoW as superior to PoS in the crypto world.

Some believe that PoW is superior precisely because it uses as much energy as it can. That increases "security" by making an attack extremely energy costly.

Saying that PoS effectively solves this problem is disingenuous at best. PoW is here to stay.

 

[danlightbulb]

Personally I also think crypto is a load of crap. 99.999% of people invested in it are doing so to turn their crypto gains into normal fiat cash. From that perspective it is a ponzi scheme.

Could it have a long term use, potentially yes. But I don't think it can in this current form. Whilst it is simply being used as a money making scheme it can never be reliable to use as a global currency.

Having said that, I have my 3070 mining right now. I can make $150 a month, so I'd be stupid not to even though I think the whole thing is a load of crap. When it comes to wanting to actually get involved in it more seriously and invest more capital, well that is a different story. But as I said, I am in no doubt that the only reason I would do that is to make more fiat. I don't give a crap about the future benefits of crypto.


I did some mining for a short period back in 2018 when the OCUK pool was going. I have a few thousand of a coin that is worth bugger all. IF however I had continued mining ETH for the past two years, I would have been able to cash out probably $3000 dollars the last few days. It's easy to see why FOMO exists here.

 

[ljt]

To everyone currently mining, Why don't you use all your spare GPU processing power for something actually useful to mankind like processing calculations to help find treatments for serious diseases, rather than to make a little bit of extra cash for yourself? That is a far more noble cause to be using energy for.

 

[danlightbulb]

To everyone currently mining, Why don't you use all your spare GPU processing power for something actually useful to mankind like processing calculations to help find treatments for serious diseases, rather than to make a little bit of extra cash for yourself? That is a far more noble cause to be using energy for.

You answered your own question. Money talks I'm afraid. Mining is an opportunity for normal people to get stinking rich through passive income - the utopia of wealth.

 

[henson0115]

You answered your own question. Money talks I'm afraid. Mining is an opportunity for normal people to get stinking rich through passive income - the utopia of wealth.

stinking rich? doubt it else people wouldn't be sat on here talking about it they would be instead spending all there cash in some nice hot place

 

[danlightbulb]

stinking rich? doubt it else people wouldn't be sat on here talking about it they would be spending all there cash

Anyone who mined bitcoin 8-10 years ago could have been a millionnaire today, easily. Yeah many have spent it or lost it. People mining now are more aware of this, and holding it and taking more care of it.

 

[henson0115]

Anyone who mined bitcoin 8-10 years ago could have been a millionnaire today, easily. Yeah many have spent it or lost it. People mining now are more aware of this, and holding it and taking more care of it.

funny enough i know real hard coin miner who went big and lost there family house etc so yea. I'm sure all of these millionaires are among us hate to break it to you, but your talking about the people who know how to work the system the 1%.

he started when it started fyi.

he wasn't mining either, the money isn't in the actual mining anymore, its the trading where you make the big money and ofc can loose it. mining it self is small change unless you have a factory...

 

[ljt]

You answered your own question. Money talks I'm afraid. Mining is an opportunity for normal people to get stinking rich through passive income - the utopia of wealth.

I'm a normal person, but I put the betterment of mankind above making $150 extra month by wasting energy. I'll take helping to find cures for diseases over gaining a few extra pounds a month thanks