Why is bitcoin mining?

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CharlieX
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Why is bitcoin mining?

Post by CharlieX » Tue Feb 13, 2018 10:23 am

So, I read two different stories today about bitcoin farmers setting up shop in Wenatchee, WA and Iceland to take advantage of abundant, cheap electricity.

Someone explain this to me.

Please use little words.


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jeanV
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Re: Why is bitcoin mining?

Post by jeanV » Tue Feb 13, 2018 11:10 am

CharlieX wrote:
Tue Feb 13, 2018 10:23 am
Please use little words.
It's The Guardian, so the words are sure to be pretty small :)
Burning huge amounts of electricity isn’t incidental to bitcoin: instead, it’s embedded into the innermost core of the currency, as the operation known as “mining”. In simplified terms, bitcoin mining is a competition to waste the most electricity possible by doing pointless arithmetic quintillions of times a second.

The more electricity you burn, and the faster your computer, the higher your chance of winning the competition. The prize? 12.5 bitcoin – still worth over $100,000 – plus all the transaction fees paid in the past 10 minutes, which according analysts’ estimates is another $2,500 or so.

This is a winner-takes-all game, where the prize is guaranteed to be paid to one, and only one, miner every 10 minutes. Burning more electricity increases your chances of winning, but correspondingly decreases everyone else’s – and so they have a motivation to burn more electricity in turn.

The economic outcome of all of this is laid bare in a Credit Suisse briefing note published on Tuesday: the network as a whole will reinvest almost all the bitcoin paid out as mining rewards back into its electricity consumption. (Credit Suisse’s ballpark figure assumes that 80% of the expenses of bitcoin miners are spent on electricity).
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WilyB
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Re: Why is bitcoin mining?

Post by WilyB » Tue Feb 13, 2018 1:29 pm

So... so you mean it's not ACTUALLY mining?

how-to-mine-bitcoins.jpg
Fuck!

PS: For sale:

mining-tools-shovel-and-pickaxe-3d-KRJNNN.jpg
Good price for fast sale
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John Frum
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Re: Why is bitcoin mining?

Post by John Frum » Wed Feb 14, 2018 8:40 am

bitcoin..another joo scam in the pantheon of depravity

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killum good

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Slappy
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Re: Why is bitcoin mining?

Post by Slappy » Wed Feb 14, 2018 6:09 pm

i never trusted it after people lost everything and the guy said tough shit :lol:

jew scam INDEED :lol: :twisted:

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WilyB
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Re: Why is bitcoin mining?

Post by WilyB » Thu Feb 15, 2018 2:37 am

My portfolio is up 7.25% over the past 24 hours. Of course it had better days and worst ones too. It went a month ago from x5 the initial investment back to x2. It's now at x3. As mentioned in the past, as soon as you put back your initial investment in your bank account, that virtual money is play money. I dont care if it turns into x0, but chances are it could be x10 by year's end.

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Drinking coffee, want a cup?
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CharlieX
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Re: Why is bitcoin mining?

Post by CharlieX » Thu Feb 15, 2018 1:23 pm

50 Cent's Bitcoin Bet A Million-Dollar Boon

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For 50 Cent, the rapper and longtime Farmington mansion owner, “all money is good money,” regardless of the currency.

Reports surfaced this week that 50 Cent, who notably spent months in bankruptcy court in Connecticut settling $36 million in debts, may be sitting on millions of dollars after gambling on letting fans buy his 2014 album, “Animal Ambitions,” with bitcoin.

TMZ first reported that 50 Cent, whose real name is Curtis Jackson III, amassed 700 bitcoin from sales of the album, an amount that remains untouched. Given the surge in cryptocurrency values, his 700 bitcoin would net more than $7.6 million if sold Thursday on the exchange. The new album, on the whole, did not sell nearly as many copies as his past records. Billboard put the number at 124,000.

In several posts on both Instagram and Twitter, 50 Cent alluded to his recently discovered bitcoin fortune: “A little bitcoin anyone? ... l know l make you sick but excuse me … I’m getting to the bag,” the rapper tweeted on Tuesday.

In an Instagram post, the rapper also said: “All moneys is good money over here.”

Who knows if or when the rapper will sell his bitcoin, but the market for cryptocurrency has fluctuated wildly in recent years.

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Slappy
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Re: Why is bitcoin mining?

Post by Slappy » Thu Feb 15, 2018 2:46 pm

Well he canz afford a tailor

jackets a lil to tight
:lol:
maybe a zippo to burn that vest an shirt

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John Frum
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Re: Why is bitcoin mining?

Post by John Frum » Thu Feb 15, 2018 9:55 pm

CharlieX wrote:
Thu Feb 15, 2018 1:23 pm
50 Cent's Bitcoin Bet A Million-Dollar Boon

Image


For 50 Cent, the rapper and longtime Farmington mansion owner, “all money is good money,” regardless of the currency.

Reports surfaced this week that 50 Cent, who notably spent months in bankruptcy court in Connecticut settling $36 million in debts, may be sitting on millions of dollars after gambling on letting fans buy his 2014 album, “Animal Ambitions,” with bitcoin.

TMZ first reported that 50 Cent, whose real name is Curtis Jackson III, amassed 700 bitcoin from sales of the album, an amount that remains untouched. Given the surge in cryptocurrency values, his 700 bitcoin would net more than $7.6 million if sold Thursday on the exchange. The new album, on the whole, did not sell nearly as many copies as his past records. Billboard put the number at 124,000.

In several posts on both Instagram and Twitter, 50 Cent alluded to his recently discovered bitcoin fortune: “A little bitcoin anyone? ... l know l make you sick but excuse me … I’m getting to the bag,” the rapper tweeted on Tuesday.

In an Instagram post, the rapper also said: “All moneys is good money over here.”

Who knows if or when the rapper will sell his bitcoin, but the market for cryptocurrency has fluctuated wildly in recent years.
that nigga will die broke or in prison

a nigga and money are soon parted

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LeJizzOfMatoub
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Re: Why is bitcoin mining?

Post by LeJizzOfMatoub » Sat Feb 17, 2018 1:20 pm

You know what's cool with bitcoin and specially bitcoin mining? It causes global warming.
The surging cryptocurrency could be literally ruining the planet

Surging bitcoin prices have left many people feeling rich – and many more regretful that they didn't buy into it when it was much cheaper. But it might be having a much more damaging effect on the world, too.

The sheer amount of computing power and energy required to run the bitcoin economy means that the surging prices could literally be damaging our planet, experts have warned. And as the price of the cryptocurrency surges, that problem is likely to get worse.

Already, the power used to mine bitcoin around the world takes up more energy than 159 individual countries. And each bitcoin transaction uses the same amount of energy required to power a US household for nine days, according to Digiconomist.

Bitcoin has been praised for the way that it is has created a currency specifically designed for computers and the internet. The currency is mined using computers that can generate more money by doing complicated calculations, and payments are verified by using specific technology called the blockchain that spreads the ledger of money all across the world.

But that same computing power requires electricity to power it. And as the value of bitcoin surges, more and more people are looking to do that – directly contributing to huge amounts of demand for fossil fuels.

As bitcoin grows, the calculations required of bitcoin mining machines get more complicated, so that they take longer to solve. That is intended as a protection on the amount of bitcoin in the world – but also means that the power demanded by computers is growing all the time.

Much of that mining is done in China, according to a University of Cambridge study, and it relies directly on energy from fossil fuels to power it. The site Digiconomist, which conducted a major survey of the energy use of bitcoin, found that one mine in China was using as much energy as a Boeing 747 to try and generate more of the increasingly valuable cryptocurrency.
http://www.independent.co.uk/life-style ... 94661.html
JeanV would tell you it's not that bad when it's China, because if you divide the total number per capita it will always look good!
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jeanV
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Re: Why is bitcoin mining?

Post by jeanV » Sat Feb 17, 2018 3:36 pm

LeJizzOfMatoub wrote:
Sat Feb 17, 2018 1:20 pm
JeanV would tell you it's not that bad when it's China,
Again?

Again, your obsession with me?

Again, your stupidity?

China is cracking down on cryptocurrencies

:roll:
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LeJizzOfMatoub
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Re: Why is bitcoin mining?

Post by LeJizzOfMatoub » Mon Feb 19, 2018 1:07 pm

Yeah China was supposed to crack down on oil deliveries to North-Korea too, then a few weeks later our South-Korean partners caught them transferring oil to the commie rats by boat, very unreliable people. Only hippies on a LSD trip would believe them to curb down their tremendous pollution!
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jeanV
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Re: Why is bitcoin mining?

Post by jeanV » Mon Feb 19, 2018 4:29 pm

LeJizzOfMatoub wrote:
Mon Feb 19, 2018 1:07 pm
Yeah China was supposed to crack down on oil deliveries to North-Korea too
Comparison is not reason.

You're still stupid.

:roll:
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LeJizzOfMatoub
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Re: Why is bitcoin mining?

Post by LeJizzOfMatoub » Tue Feb 20, 2018 3:23 am

You are extremely gullible then, or it's some kind of Stockholm's syndrome since China is the big dog in your neighborhood, you can't really criticize them if you don't wanna be peeled alive by triads thugs.
Alan should hire a real admin to fix the board and sack the commie mod.

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jeanV
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Re: Why is bitcoin mining?

Post by jeanV » Tue Feb 20, 2018 4:06 am

LeJizzOfMatoub wrote:
Tue Feb 20, 2018 3:23 am
You blah blah blah gullible blah blah blah Stockholm's blah blah blah China blah blah blah criticize blah blah blah triads blah blah blah.
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