Bitcoin Mining Consumes More Power than 159 Countries
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It peaked at 19000 today
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These are my thoughts on this interesting subject. It's a bit long but may be of interest.
Bitcoin must be an elaborate version of a Ponzi scheme. The power used to carry out the mining must increase disproportionately to the availability of coins. Even if it doesn't, the financial world and many governments want it to do this. OK, you can trade Bitcoins, but mineing them appears the best way to go.
A short while ago you could mine using a good home PC. Now you'll need to use a speciaised machine (normally with minimum of a modified CPU and mother board, but to work properly you need much, much more than this) alternativey, you may wish to use a specialized company to go mineing for you. The algarithum is designed to enure that coins are becoming harder to get, as the number of people mineing increase, this process is not hidden from the investors.
That's all great, if you were in it at the beginning. You also need to encouage new miners with links, offering discounts, that will then generate you more profits (in Bitcoins).
A finenite number of Bitcoin will be issued. The trick will be to recognise when to capitalise the coins, before the odds swing to far away from profit. When it finely does go "pop" it will drop, like a stone.
Then, if most governments and the financial world get their way, remaining profitable investers will be liable to the investors that have lost money. In addition any "dirty" Bitcoins, having been used, anywhere in a "blockchain" may be confiscated, if the blockchain can be traced to any illegal transactions, during its life.As it appears that the cost of mining is heading towards costing more to mine than Bitcoin's value. Either computer tech must make rapid movement in eficency or Bitcoin prices must rise even faster than they are now.
With the design of the system making it more diffcult to get Bitcoins, as more people want to mine them, it works like a Ponzi scheme, but instead of needing more people to generate profit to pay existing investors, the diffculty increases, thus increasing the worth of the coin, to pay existing investors and attract new ones.However, having said all of that. I was seriously considering an investment in mineing some Bitcoins myself.
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@BKL I've just checked out your link.
Bitcoin Mining Now Uses More Power Than 159 Countries - ExtremeTech
It's nice to see that it says what I was trying to say, but perhaps a little more diplomatically.
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Dont try to mine them... I have a 4000.00 setup that makes a little money. The best way make some money is just to take that same 4000.00 and buy as many Litecoin (LTC) as you can and hang on to it.
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Dont try to mine them... I have a 4000.00 setup that makes a little money. The best way make some money is just to take that same 4000.00 and buy as many Litecoin (LTC) as you can and hang on to it.
Building my own rig would give me lots of satisfaction, but probably wouldn't produce as much return.
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Which is more than the GDP of a few countries. I didn't buy when I should have, won't buy now, if I had it now, I would sell.
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Just a thought... If you have a solar power array (and are willing to reallocate some of its excess power) ~> mining is a no brainer!
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Just a thought... If you have a solar power array (and are willing to reallocate some of its excess power) ~> mining is a no brainer!
Or if you have a pick, shovel and one of those pans - Mining is just a hole away...........
