What happened to Bitcoin?
still going strong, it's accepted as payment in lots of places nowadays
>>53621641
https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7
>>53621696
>https://medium.com/@octskyward/the-resolution-of-the-bitcoin-experiment-dabb30201f7
That guy is working for a blockchain project run by big banks. Take what he says with a grain of salt.
ASIC miners
There's something fucky in the backlog of the main bitcoin server - takes several days to confirm a transfer of coin as a result of the backlog and the bitcoin guys don't seem to have a perfect solution - so they have no plan on fixing the shit.
>>53621641
All Bitcoin discussion belongs in /biz/.
>>53621932
Nah sounds like bullshit, I transfered bitcoin last night within 30 minutes.
>>53622173
that's because transaction volume is like 3 transactions/sec
now imagine what would happen if bitcoin were to ever get big
like, visa big
they process thousands of payments per second
>>53622335
Just get more miners
It became internet illegal to post it here on /g/ as >>>/biz/ was made to have a home for memecoin fad fuck shitposting as at its height in 2012 and 2013 or so it was literally 20% of the threads on here per day and just the same 10 "le doggy face" posts over and over again. Not even kidding.
>>53622373
all the miners are chinese and they're literally preventing the network from increasing blocksize because it might disrupt their gravy train
>>53622382
to be fair, those threads were 99% reddit shitposting and coin begging
no techology was being discussed just "TO THE MOOn!!!" and doge image macros.
Immediately after the ban and forced move to /biz/, /g/ became about 60% slower, meaning they were the most active force on the board.
>>53621678
Pretty much this
The media hype period is over so if you are not actively involved in the community you might think it is gone since you don't hear much about it anymore, but in reality it is more popular than ever in terms of actual use. Especially the growth in the third world have been big recently.
>>53621641
We stopped talking about it because too many of us were contemplating suicide.
Moot even made a new board /biz/ just to get it away from /g/
>>53622382
I remember but /biz/ is slow and doesn't really talk about the tech perspective of it.
>>53622412
Yeah, what happened to Dogecoin... or the other altcoins that were kinda popular then like Litecoin? I remember Doge not having a cap on the amount of coins generated; idk how that's worked out for it.
Industrialised mining took over.
You know, like was inevitable. If it's profitable to have one GPU mining someone with $100k to invest is going to have a field day.
How much money would one have to spend on ASIC miners to have a system producing, say, 1000$ monthly?
>>53623206
In profits or revenue?
>>53623414
Profits, assuming 0.20 USD per kWh, ignoring other costs.
>>53623206
There's no money left in it.
>>53623440
>0.20 USD per kWh
Oof, with such expensive electricity it will be tough..
Even with the most efficient hardware available for mere mortals, the antminer S7, it is impossible. Each miner would make ~177 USD per month in revenue, but consume 936 KWh = 187 USD in electricity in the same period, so you'd lose money no matter how many you buy.
There are more efficient miners, like the spondoolies SP50 or some based on the bitfury BF8162C16 chip, but those are not available for purchase except in bulk, and by bulk I mean orders in the hundreds of thousands of dollars.
If you don't have electricity lower than like 0.05 USD per KWh at the very max, you can only give up
>>53623500
Where is electricity so cheap?
>>53623506
Canada, Norway, China etc close to abundant hydro plants for example.
Where I live (Norway) the nominal power cost was recently hit 0.015 USD equivalent per KWh, unfortunately state taxes and fees sent the effective price to like 0.06 KWh for most people but I think data centers and other industry consumers have a lower fee percentage.
>>53623533
What if I made a solar power plant that would use produced energy directly to mine?
>>53623549
Well yeah, if you could get the effective power price down, no matter the method, it would be good. But you will likely still have an extremely hard time earning back the initial investment. Best thing to do if you are serious is to plug the numbers and see the results for yourself.
>>53623500
I have $0.04/kWh electricity, where do I start?
>>53623572
Well as said as far as hardware goes the antminer S7 is your best bet, then all you need to do is as I said here >>53623567
>plug the numbers and see the results for yourself.
Here is a calculator for example: https://bitcoinwisdom.com/bitcoin/calculator
One huge gotcha that I haven't mentioned is that this summer the block reward will halve, meaning revenue will also be cut in half. Remember to account for that in the budget.
Again, you will likely find it ends up not being worth it.
>>53623614
You can't break even with 0.01/kWh according to that. Oh well. What about other shitcoin mining?
>>53623836
Bitcoin is currently the most profitable coin to mine IIRC, so no go
There was this dessert place downtown that accepted bitcoins as payment, and they were really delicious. Place was clean, staff was polite.
They went out of business a week later (presumably because everybody paid them in fucking bitcoins and the employees landlords only take cash or check, kek)
