• jam posted an update 5 months ago

    I thought that I could get my desktop computer to knock some bitcoins out while I went to sleep tonight. That was till I saw what hardware was needed. Let’s not talk about the electricity bill.

    • I have a friend that does this, the kit cost him 8k and it makes about £30.00 a day, it did earn around £60.00 a day when BTC was at its peak.

      Probably covers the electricity bill but isn’t doing much for ROI.

      Stick to speculative means I reckon.

      • Wow over 100% return per annum. Or maybe your friend exaggerates what he makes from it.

    • All that computer power power that could have been used for things such as scientific research wasted on mining bitcoins. Its not even as though hardware/graphics cards are going down in price and more powerful ones being developed… bitcoin has had the opposite effect now its so much more expensive to build a decent computer unless you settle for burnt out ex-mining parts from ebay.

      • Could be worse and all that computing power could be used in weapons research or focused on taking down a country’s IT infrastructure.

      • Luke replied 5 months ago

        Mining is all a bit unnecessary. Some cryptocurrencies they just release the coins. Ripple isn’t mined

      • Not true. Bitcoin is mined with ASIC chips which are no good for anything other than mining Bitcoin. Trying to mine Bitcoin with a PC CPU or even a GPU is pointless, you’ll get so little it won’t come close to paying for the electricity.

        • Oh, I must have been thinking of ethereum which are mined through GPU’s then.

          • Yes, but it’s not exactly scientific research that is missing out when the GPUs are used to mine Ethereum. Maybe there’s a net economic benefit from all those scientific researchers spending less time gaming.

    • jack replied 5 months ago

      The Environmental cost of datacentres has been reported for some time.

      http://www.bbc.co.uk/news/technology-43030677

      Who’d ha thunk it?

    • mo replied 5 months ago

      Presumably Moore’s law applies to the ASIC chips, and if Moore’s law fails as many are predicting the cost of mining could become prohibitive.

      • mike replied 5 months ago

        Just wait for quantum computing

        • Why would that make mining easier?

          I’m guessing with quantum computing, it will make the problems just as complex that it would even itself out in difficulty to solve the mathematical mining.

          • mike replied 5 months ago

            Yes but the point is quantum computing will break through the Moore’s law technological/physics plateau.

            • Quantum computers are good at certain things, like factorizing, because there are algorithms that are inherently quantum in nature that can efficiently factorize.

              There is a misconception that quantum computers will be able to run existing (classical) algorithms much faster than existing (classical) computers, which is just not correct; in fact the opposite is true. Firstly you have to make the classical algorithm reversible to be able to simulate it with a quantum computer, which comes with an overhead; secondly, classical computer have had a 70-odd year head-start, so they will be much quicker to run the same algorithm.

              What makes you think they will be useful for mining bit-coin?

      • The way it works is the difficulty of mining scales automatically to reflect the mining capacity (network hash rate). So if someone comes out with better mining ASICs then after a few months the amount of work to receive a certain amount of coins is increased. If the network hash rate stopped growing then the difficulty would not be increased. (This is a simplified explanation because the algorithms are different for different coins).

        The side effect is that if you buy mining hardware you only have a limited period of time to make it pay for itself, once the difficulty doubles a couple of times (unless the market value of the crypto currency has gone up even faster) it will cost more in electricity to run your hardware than you make in mining fees. The ROI on mining is pretty strongly dependent on the crypto currency price increasing at least as fast as mining difficulty.