/biz/ - Business & Finance

>>52824938
>how about countries that made bitcoin legal or even legal tender?

Oh, so now we're depending on governments keeping Bitcoin legal? Yeah, that's totally foolproof, genius


>you're stupid if you think government can prevent bitcoin mining.

lol I just explained to you how easy it would be:

1) Cut miners off from trading & banking services. That cripples their ability to conduct business.
2) Cut them off from the power they need to run their massive mining farms. That directly cripples the hashrate.
3) Cut them off from access to new hardware. That cripples their ability to upgrade and replace broken units, which in turn cripples the hashrate.

BONUS: raid their mining farms, seize the hardware and turn it against the network.

Saying "its impossible" is patently retarded.


> that's the same kind of thoughts than goverment being able to prevent illegal activities, criminal activities, terrorism, etc. they can't remove it completely,

Apples & oranges, Einstein. Unlike industrial BTC mining, illegal enterprise generally isn't conducted out in the fucking open in plain sight of everybody.


The only kind of mining that is largely invulnerable to the above is anonymous home mining on general-purpose CPUs i.e. exactly what Monero has.

>>26003138
>>26003150

Good thing btc does not care what american climate jews think. Aside from that, Bitcoin mostly uses energy that is low utility. https://twitter.com/C_Bendiksen/status/1068221424777814016 According to this research bitcoin is already powered by 78% renewables. Even thought i think CO2 is a meme, the climate leftist NPCs are still wrong. There is absolutely no way to prove how much co2 bitcoin mining produces, since you would have to go to every miner in the world and determine their power source. To even estimate the energy consumption of bitcoin is extremely difficult. Cambridge made a theoretical lowerbound of 39.69TWh and a upper bound of 265.96 TWh. That is a total unknown difference of 226TWh so it is literally fucking impossible to know how much energy bitcoin consumes.

The Greta jews are saying
>"Bitcoin uses as much electricity as entire countries such as Iceland!"
>Bitcoin uses as much as 1.7 million average American homes!

when you could just as easily say
>Bitcoin uses only a half of the output of the Three Gorges Dam (90 TWh/yr)
>The amount of electricity consumed every year by always-on but inactive home devices in the USA alone could power bitcoin for 3.4years

here is old analysis of bitcoin energy consumption that looks at each different ASIC, and how many could be in use
http://blog.zorinaq.com/bitcoin-electricity-consumption/

Few understand this
https://www.unchained-capital.com/blog/bitcoin-does-not-waste-energy/

>>25939838
this. The only miners who really make money in the long term are the ones who buy in bulk and have massive scale.

>>25910486
Bitcoin mostly uses energy that is low utility. https://twitter.com/C_Bendiksen/status/1068221424777814016 According to this research bitcoin is already powered by 78% renewables. Even thought i think CO2 is a meme, the climate leftist NPCs are still wrong. There is absolutely no way to prove how much co2 bitcoin mining produces, since you would have to go to every miner in the world and determine their power source. To even estimate the energy consumption of bitcoin is extremely difficult. Cambridge made a theoretical lowerbound of 39.69TWh and a upper bound of 265.96 TWh. That is a total unknown difference of 226TWh so it is literally fucking impossible to know how much energy bitcoin consumes.

The Greta jews are saying
>"Bitcoin uses as much electricity as entire countries such as Iceland!"
>Bitcoin uses as much as 1.7 million average American homes!

when you could just as easily say
>Bitcoin uses only a half of the output of the Three Gorges Dam (90 TWh/yr)
>The amount of electricity consumed every year by always-on but inactive home devices in the USA alone could power bitcoin for 3.4years

here is old analysis of bitcoin energy consumption that looks at each different ASIC and how many were manufactures and could be in use
http://blog.zorinaq.com/bitcoin-electricity-consumption/

Few understand this
https://www.unchained-capital.com/blog/bitcoin-does-not-waste-energy/

>>24943032
>What fruit could one expect from such a device over 6 months?
You still wouldn't have made your money back from purchasing the hardware by then.

>$500 for hardware
I would just mine with your current GPU and find what coin is the most profitable. I don't know if there are any ASICs / GPUs that would give a 10month ROI with $500. And if you do decide to buy a GPU try to find one that has a high resale value and don't get ASIC.

https://whattomine.com/coins (show most profitable for GPU)

>>24943499
>is Mining worth it?
Only on a really large scale, maybe.I don't know much about the current bitcoin ASICs, but lets say you purchase a Avalon 1166 (Canaan) from Alibaba.

Price - $2,199
Hashrate - 81Th/s
Power Consumption - 3400W
Profit Per Month - $377.00
https://www.cryptocompare.com/mining/calculator/btc (if you want to calculate more hashrate)

So even if you are paying nothing for electricity, it will still take around 6 months to even break even. Then after that you still might not be making that much money. But if you do a bulk purchase from Canaan / bitmain / or some random chinese hardware distributor, the price of each ASICs could go way down. Also there are a lot of operating costs for larger mines besides just the power expense. But if you are paying nothing for electricity, then it could be worth it for 20-100 ASIC miners if you have access to 100kW

These are sites that I used to use but don't know if they are still relevant

>Finds most profitable coin per your hardware
https://whattomine.com/

>Calculates your profit
https://www.cryptocompare.com/mining/calculator

more like bitbankrupt

Bitcoin Controlled by Chinese, Absurd to Think it Could be Primary World Currency

An under-reported story, Ripple’s CEO insisted, is how BTC is “owned by China.” He noted, “The smartest thing you’ve done is not have ‘bit’ or ‘coin’ in your name. I’ll tell you another story that is underreported, but worth paying attention to. Bitcoin is really controlled by China. There are four miners in China that control over 50% of Bitcoin. How do we know that China won’t intervene? How many countries want to use a Chinese-controlled currency? It’s just not going to happen.”

https://www.youtube.com/watch?v=2T0OUIW89II

https://hackernoon.com/the-bitcoin-vs-visa-electricity-consumption-fallacy-8cf194987a50

>>8894343
at least monero fucked them over partially. i hope that ethereum does the same.

seems like a scam to me

https://steemit.com/venezuela/@alemacgo/the-truth-about-the-petro-launch