Has anyone tried solar powered mining of crypto-currencies
- Thread starter Wild Brambles
- Start date
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Wild Brambles
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I don't believe that mining for Bitcoin blocks is a commercial proposition for other than the wealthy now. However, there are other mining possibilities. As a point of interest, I know of one guy who performed a mining operation with a pencil and paper just out of interest. Obviously it took so long that it wasn't worth anything other than self-education. Here is a bit about Bitcoin, and it includes some subjective personal opinions.
I believe that the project was researched and funded by a central bank, or by an agency of the US, or more probably a joint effort by both. My justification for this is the 21 million cap, and the 10 minute average block generation time. Both of these restrictions ensured that Bitcoin could never become a major currency for everyday transactions. It is also significant that major parts of the core software was derived from American institutions. The name Satoshi Nakamoto appears to be a creation to conceal the real origins.
You don't mine Bitcoin. All of the coins that will ever exist were created in a pool when the genesis block was laid. You mine blocks to be added to a blockchain, and the rewards for creating an accepted block come from two sources. There is a reward which started as 50 coins, and this was removed from the initial pool and given to the finder. This reward is halved at regular intervals, and there is another halving event which will happen next year. In addition, the miner is able to keep the transaction fees associated with any valid transactions that he includes in his block. He adds his block to the end of what he considers to be the longest chain, and it is not accepted until other blocks have been added after his block. These are known as confirmations.
Mining was originally performed by geeks that were interested in alternatives to the current banking system, and the used the cpus in their personal computers. Pretty soon it was discovered that the vector handling chips on some display cards were more efficient than standard cpus, and that it was possible to create parallel processors with multiple cards. By this time the price of Bitcoin had started to rise, and one company designed an ASIC ( application specific integrated circuit) to solve the cryptographic problem. They started a mining firm, and made the chips available commercially. This started the hash rate war that has led to the high energy costs associated with block mining. In order to maintain the 10 minute block finding average, the Bitcoin software alters the difficulty associated with finding the crypto solution, and this is why mining software has to be replaced regularly, old hardware cannot keep pace with the constant increase in the hash rate.
Other coins have lower difficulties and hash rates when they are created, and therefore it mau be possible to find one that can give an economic return in its initial stages.
My eyes are starting to blur from too much computing, so apologies for any typos, and I hope you guys found this post interesting.
I believe that the project was researched and funded by a central bank, or by an agency of the US, or more probably a joint effort by both. My justification for this is the 21 million cap, and the 10 minute average block generation time. Both of these restrictions ensured that Bitcoin could never become a major currency for everyday transactions. It is also significant that major parts of the core software was derived from American institutions. The name Satoshi Nakamoto appears to be a creation to conceal the real origins.
You don't mine Bitcoin. All of the coins that will ever exist were created in a pool when the genesis block was laid. You mine blocks to be added to a blockchain, and the rewards for creating an accepted block come from two sources. There is a reward which started as 50 coins, and this was removed from the initial pool and given to the finder. This reward is halved at regular intervals, and there is another halving event which will happen next year. In addition, the miner is able to keep the transaction fees associated with any valid transactions that he includes in his block. He adds his block to the end of what he considers to be the longest chain, and it is not accepted until other blocks have been added after his block. These are known as confirmations.
Mining was originally performed by geeks that were interested in alternatives to the current banking system, and the used the cpus in their personal computers. Pretty soon it was discovered that the vector handling chips on some display cards were more efficient than standard cpus, and that it was possible to create parallel processors with multiple cards. By this time the price of Bitcoin had started to rise, and one company designed an ASIC ( application specific integrated circuit) to solve the cryptographic problem. They started a mining firm, and made the chips available commercially. This started the hash rate war that has led to the high energy costs associated with block mining. In order to maintain the 10 minute block finding average, the Bitcoin software alters the difficulty associated with finding the crypto solution, and this is why mining software has to be replaced regularly, old hardware cannot keep pace with the constant increase in the hash rate.
Other coins have lower difficulties and hash rates when they are created, and therefore it mau be possible to find one that can give an economic return in its initial stages.
My eyes are starting to blur from too much computing, so apologies for any typos, and I hope you guys found this post interesting.
jollyrodger
LIFE MEMBER
Is that a bit like the treacle mines in Cornwall? 
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