How does Bitcoin not hit an energy brick wall?
I wish I had a laptop mining it from the very start, I would be rich.
Now you need to siphon power off a hydroelectric plant (a recent case) to have enough electricity to make semi serious money.
At some point in the future will it not take the entire energy output of our sun to resolve the ledger?
Am I missing something, because I really don't know that much about crypto?
Have they found a way to reduce the ridiculous energy component and it's associated fuckery, like hoovering up all the world's graphics cards even before the supply chain issues?
Yes. Its called proof of stake. Its existed for almost a decade and most modern protocols use it already or are transitioning. But the amount of energy is partially what derives its value. You cant create new bitcoins from nothing. You need to invest real world commodities
Watch the youtube video “The Great Reset and The Rise of Bitcoin” you will find out that the amount of energy that Bitcoin uses is overblown. Much of the energy Bitcoin runs off of is renewables and energy that would have been wasted otherwise. Not to mention it only uses a tiny fraction of energy that the current banks use. But they dont want to tell you that because theyre afraid of Bitcoin giving power to the individual to be their own bank and no be reliant on central banks and fiat.
There's thousands of "crypto's" I'll usher that "mining" these "coins" has been a substantial source of the carbon contribution... And meanwhile depleting fossil fuel back-ups!
All a push for the "meta" verse, digital dystopia?
It has certainly eaten up the graphics cards. I dont give a flying fuck about cryptos "carbon footprint" though. That whole paradigm needs to die horribly and leave the nations lexicon in a body bag.
If you really want to get good answers on how Bitcoin works, I would advise you to listen to Andreas Antonopoulos. He is a master at explaining things:
Yeah, but I only have one question. I have long ago decided that I missed the bus with bitcoin and would not invest (which is a moot point as I have used up my reserves surviving this COVID shit unjabbed).
Does he have a video addressing my question on the exponential nature of it's power usage, or even better, can you address it?
The system is designed in such a way that an equilibrium will be reached. Let's say the world is now entirely running on Bitcoin and it has a price of 1 million dollars per Bitcoin. This will then mean that more miners than we currently have at a price point of 45.000 dolars, will join in and therefore more energy will be used by the network. But more miners also means more computing power and then the network will adjust to the new influx of miners. The network will always make sure a block is generated every 10 minutes.
So if there's only 2 miners in the network: 10 minute block time and low difficulty
If there's thousands of miners: 10 minute block time and high difficulty
And at a certain point the difficulty of the network is so high, that miners need to invest a lot of money and at a certain point the investmen is not worth it anymore, even with a Bitcoin price of 1 million dollars. So there will not be an endless joining of miners. At a certain point, miners can't break even anymore.
And this effect will become greater, since every 4 years the reward of mining is halved. Putting even more pressure on mining profits and therefore number of miners joining the network.
Also, I don't think you missed the boat on Bitcoin. Bitcoin can still easily go times 10 or 20. Needless to say, don't put all your money in it :)
What you said made sense and I feel you have answered my "extreme example" question on runaway energy usage. As for getting in, unfortunately my real wallet is running on fumes.
I have to be honest and say I would favor gold or silver over crypto but I, in actuality, know shit-all about the entire financial side of the great awakening.
The financial future is most obfuscated for me and the most foreign. To be honest I feel sketchy holding anything (fiat currency included ATM). My house feels like it will go down in value with the Great Awakening for many reasons, but it will still be a nice house.
Most power companies produce excess power that they don't know what to do with. So they have recently started mining operations at many power plants to see a net gain from the excess energy that would otherwise go to waste. I foresee almost every single power plant to hold a mining operation in the future. It's an absolute win for the network and the power company.
Blockchain tech is also constantly evolving and many potential issues we see today are being worked on. For example, Etherium is going to Proof of Stake instead of Proof of Work. They will also implement something called sharding, which will make gas fees pretty cheap and eliminate the costly network transactions. Bitcoin will always remain proof of work though, because it's the most secure.
There are other types of blockchains that will be able to interact with Bitcoin to allow other solutions to send Bitcoin. Crypto is so unbelievably early that we haven't an idea where it will go. We are essentially at the point in crypto now where the internet was at in the late 90's. There were lots of doubters with the internet in the 90's and look where we are today.
Blockchain is an interesting technology with many possible uses going forward.
There was a case recently where peeps at the hydroelectric plant were stealing electricity. It is slightly bizarre that power stations are using crypto coin instead of batteries but I understand the limitations of "batteries" and power grids so whatever works.
"Crypto is so unbelievably early that we haven't an idea where it will go."
My solar system puts 18 kw back into the grid every hour of sun. It's over built for just two of us but my house has 4 bars and someday will have a family here so eventually it will be used up. My bill is 13 bucks a month which is rhe charge for being connected. I should use rhe rest to mine as I'm banking lots of credits.
You don't have to get in on Bitcoin, nor do you have to get in with mining. There are a gadzillion different cryptos out there, and imo many of them have a superior use case to Bitcoin. Stick with ones that have useful utility and avoid meme coins unless you know what you're doing.
I thought about setting up a Raspberry PI miner for shits and giggles (cause it would really just be a learning experience and make no money(it's a raspberry pi FFS).
My kid has ten towers mining crypto as we speak. In my family we have land, gold amd silver, crypto and cattle commodities in the form af a ranch with 1000 head. It's not all mine it's the family as a whole. Whatever happens, one or more of those will prosper.
How does Bitcoin not hit an energy brick wall? I wish I had a laptop mining it from the very start, I would be rich.
Now you need to siphon power off a hydroelectric plant (a recent case) to have enough electricity to make semi serious money.
At some point in the future will it not take the entire energy output of our sun to resolve the ledger?
Am I missing something, because I really don't know that much about crypto? Have they found a way to reduce the ridiculous energy component and it's associated fuckery, like hoovering up all the world's graphics cards even before the supply chain issues?
Yes. Its called proof of stake. Its existed for almost a decade and most modern protocols use it already or are transitioning. But the amount of energy is partially what derives its value. You cant create new bitcoins from nothing. You need to invest real world commodities
Like cattle NFT's. ARROW S ranch
Yeah, I get it. It limits the amount of bitcoin that can be "printed" so to speak.
KEK!
Watch the youtube video “The Great Reset and The Rise of Bitcoin” you will find out that the amount of energy that Bitcoin uses is overblown. Much of the energy Bitcoin runs off of is renewables and energy that would have been wasted otherwise. Not to mention it only uses a tiny fraction of energy that the current banks use. But they dont want to tell you that because theyre afraid of Bitcoin giving power to the individual to be their own bank and no be reliant on central banks and fiat.
There's thousands of "crypto's" I'll usher that "mining" these "coins" has been a substantial source of the carbon contribution... And meanwhile depleting fossil fuel back-ups!
All a push for the "meta" verse, digital dystopia?
It has certainly eaten up the graphics cards. I dont give a flying fuck about cryptos "carbon footprint" though. That whole paradigm needs to die horribly and leave the nations lexicon in a body bag.
Right carbon footprint. That bullshit is not on a patriots radar.
It's such low-level gaslighting, particularly since the University of East Anglia emails circa 2012.
Michael Mann needs the hockey stick jammed up his ass and it should be a Canadian that does it, cause of their love of hockey!
If you really want to get good answers on how Bitcoin works, I would advise you to listen to Andreas Antonopoulos. He is a master at explaining things:
https://www.youtube.com/watch?v=l1si5ZWLgy0
Yeah, but I only have one question. I have long ago decided that I missed the bus with bitcoin and would not invest (which is a moot point as I have used up my reserves surviving this COVID shit unjabbed).
Does he have a video addressing my question on the exponential nature of it's power usage, or even better, can you address it?
The system is designed in such a way that an equilibrium will be reached. Let's say the world is now entirely running on Bitcoin and it has a price of 1 million dollars per Bitcoin. This will then mean that more miners than we currently have at a price point of 45.000 dolars, will join in and therefore more energy will be used by the network. But more miners also means more computing power and then the network will adjust to the new influx of miners. The network will always make sure a block is generated every 10 minutes.
So if there's only 2 miners in the network: 10 minute block time and low difficulty If there's thousands of miners: 10 minute block time and high difficulty
And at a certain point the difficulty of the network is so high, that miners need to invest a lot of money and at a certain point the investmen is not worth it anymore, even with a Bitcoin price of 1 million dollars. So there will not be an endless joining of miners. At a certain point, miners can't break even anymore.
And this effect will become greater, since every 4 years the reward of mining is halved. Putting even more pressure on mining profits and therefore number of miners joining the network.
Also, I don't think you missed the boat on Bitcoin. Bitcoin can still easily go times 10 or 20. Needless to say, don't put all your money in it :)
First off, thanks for taking a crack at that.
What you said made sense and I feel you have answered my "extreme example" question on runaway energy usage. As for getting in, unfortunately my real wallet is running on fumes.
I have to be honest and say I would favor gold or silver over crypto but I, in actuality, know shit-all about the entire financial side of the great awakening. The financial future is most obfuscated for me and the most foreign. To be honest I feel sketchy holding anything (fiat currency included ATM). My house feels like it will go down in value with the Great Awakening for many reasons, but it will still be a nice house.
Good luck with your coins bro, make some $.
Any recommendations for other cryptos that are less expensive with high upside?
Most power companies produce excess power that they don't know what to do with. So they have recently started mining operations at many power plants to see a net gain from the excess energy that would otherwise go to waste. I foresee almost every single power plant to hold a mining operation in the future. It's an absolute win for the network and the power company.
Blockchain tech is also constantly evolving and many potential issues we see today are being worked on. For example, Etherium is going to Proof of Stake instead of Proof of Work. They will also implement something called sharding, which will make gas fees pretty cheap and eliminate the costly network transactions. Bitcoin will always remain proof of work though, because it's the most secure.
There are other types of blockchains that will be able to interact with Bitcoin to allow other solutions to send Bitcoin. Crypto is so unbelievably early that we haven't an idea where it will go. We are essentially at the point in crypto now where the internet was at in the late 90's. There were lots of doubters with the internet in the 90's and look where we are today.
Blockchain is an interesting technology with many possible uses going forward.
There was a case recently where peeps at the hydroelectric plant were stealing electricity. It is slightly bizarre that power stations are using crypto coin instead of batteries but I understand the limitations of "batteries" and power grids so whatever works.
"Crypto is so unbelievably early that we haven't an idea where it will go."
So are we, we are still in the dark ages.
My solar system puts 18 kw back into the grid every hour of sun. It's over built for just two of us but my house has 4 bars and someday will have a family here so eventually it will be used up. My bill is 13 bucks a month which is rhe charge for being connected. I should use rhe rest to mine as I'm banking lots of credits.
You don't have to get in on Bitcoin, nor do you have to get in with mining. There are a gadzillion different cryptos out there, and imo many of them have a superior use case to Bitcoin. Stick with ones that have useful utility and avoid meme coins unless you know what you're doing.
Thanks.
I thought about setting up a Raspberry PI miner for shits and giggles (cause it would really just be a learning experience and make no money(it's a raspberry pi FFS).
So many coins to choose from.
My kid has ten towers mining crypto as we speak. In my family we have land, gold amd silver, crypto and cattle commodities in the form af a ranch with 1000 head. It's not all mine it's the family as a whole. Whatever happens, one or more of those will prosper.
Nice !