Not really, the outputs of calculations they're doing actually have a use. The output of crypto serves no functional purpose.

^Wha? @ Stylin

How can you compare countless rigs setup with masses of chipboards to compute meaningless calculations while utilizing immense amounts of power, for no real theoretical reason, versus accounting software that is used on a periodic basis (and utilizes minimal resources)?

I don't get the connection you're making there.

Not even taking into account the overall daily power usage, I'm also curious in terms of the environmental impact in regards to the amount of chipset production required to sustain this insane amount of computing power required, and being purchased solely for bit mining. It all seems absolutely insane to me.

im just an average joe. I dont have prime....but fucking with huge scalpers would be funKEKW

mining is just verifying transactions basically, and acting as security software.
so its just accounting software distributed across miners

visa, mastercard, paypal, your bank, etc their systems do the same, but its done in house with their own servers instead of across individual users

that's my understanding anyway correct me if im wrong

If it's just calculations, why do u need such high end latest expensive graphics card?

Its something to do with Hashrate, more powerful graphics cards, the higher hashrate youll get
“Hashrate” refers to the total combined computational power that is being used to mine and process transactions on a Proof-of-Work blockchain, such as Bitcoin and Ethereum (prior to the 2.0 upgrade). A “hash” is a fixed-length alphanumeric code that is used to represent words, messages and data of any length.

they don't actually make use of the full gpu in the same way a gaming session works (that's why they turn down the core clock and power of gpus) they use the memory processors for parallel calculations (whereas cpus use serial calculations) AI uses the same method

so basically because gpus are cheaper and faster/more efficient than consumer cpu's for the type of processing crypto needs (I imagine super computers can do the work crypto needs but that's not available to the masses)

and bcuz crypto doesn't want to be centralized and controlled by corporations and their supercomputers, the most efficient pathway is for GPUs

I imagine ASICs are more like super computers, they use less WATTs too for the same hashrate but they're not widely available to the masses, and goes against the crypto ethos (that's why some cryptos have banned ASICs)



again, Im not really sure, its just how I see it

FWIW, from BBC:

Bitcoin's energy consumption 'equals that of Switzerland'
https://www.bbc.com/news/technology-48853230

Bitcoin uses as much energy as the whole of Switzerland, a new online tool from the University of Cambridge shows.

However, one expert argued that it was the crypto-currency's carbon footprint that really mattered.

Currently, the tool estimates that Bitcoin is using around seven gigawatts of electricity, equal to 0.21% of the world's supply. That is as much power as would be generated by seven Dungeness nuclear power plants at once.

Mr de Vries said that Bitcoin still appears to use far more energy per transaction than all the world's banks put together, when considering the amount of energy used by data centres.

Fuck those guys, how much energy do all the banks put together use + all the flights for bank executives + all the carbon footprint of lavish luxury yachts and whatever else they buy with all their collective wealth... or the human cost and environmental cost of resource based projects they enrich themselves with... the metal mined to make their coins and the polymers or trees used in making their paper/plastic bills.

Yah sure... the banks are the good guys in all this! How could we have been so blind... what a fuckin joke. Nice try boomers.

I get all that, but the problem I'm finding as an actual consumer of electronic products, bit mining is affecting stock on all levels as a results of this mining:

https://www.tomshardware.com/news/gp...iners-ethereum

I have no doubt that bit mining is also affecting PS5 stock due to overall component shortages along with the obvious GPUs. The problem at least for me is that when you have folks purchasing GPUs solely for the purpose of bit mining, it affects the gaming market.

If a person building a PC and looking to purchase a GPU for gaming suddenly can't purchase a card for a reasonable price, they won't. That results is a drop in game sales, which can thus affect the industry for creative purposes. Less games will be made, which also has an effect on the console market, it all cascades down.

Add that to the people who are now also scalping cards to sell to bit miners, this also create pressure on further development because those cards could be sitting in a PC of someone who will purchase a game or software, and is not.

It's interesting how when you present an comment/idea/fact, the counter argument is always, 'Yah but so and so does the same thing so eff off'. So essentially, the argument is, "If something or someone else is doing it, then no questions, no critique, it's perfectly fine."

Why not suggest both crypto and traditional currency find ways to lessen the energy required, assuming we are on same page with reducing carbon footprint, saving the environment, etc.

This kind of sloppy and bad reasoning happens in so many areas of public discourse!

On the other hand if you own a gaming computer you can use it to mine to make some extra money.

You have investment firms who have racks full of servers that trade the same stock a thousand times a day.

Crypto is helping distribute wealth. You have people who have made billions or millions but you have lots who have made hundreds of thousands. Life changing money for many people.

The global shortage on semiconductors isn't due to miners.

It's due to the global supply drying up because of high demand, yes miners play a part of that demand, but so does every other sector.

But short supply is because of covid 19, a trade war, and to lesser extents cny, protests/riots, inclement weather which caused temporary shutdowns to semiconductor plants globally

What alt-coins are you guys holding? If any.

XRP ? but it might still go to shitttttt

Cardano n some raven coin

Besides btc and eth, also holding ada, xlm, xrp, trx, vet and got some omi today.

ada,eth,xlm

and embarrassingly some trx

mining profitability has gone down so much...
https://bitinfocharts.com/comparison...bility.html#1y

Btw, it is still going down. We might see half of the profit per day very soon.

More people mine, difficulty goes up.
Plus, ETH and BTC are trending down.

I am pretty sure, very soon, lots of Video cards will flood craiglist and ebay.

Yeah expecting a flood of gpus

Also all these notifications I'm getting for cards in stock r selling out so fast, I need to find a bot

The problem with bots is yours has to be faster than the other bots.

In the last 30 minutes, I have gotten like 5 alerts and all have been gone in less than 5 seconds.

Love the self own with TRX. Why not switch to something that's not a shitcoin?

its my ride or die shitcoin. Take it zero or take it to the moon :awwyeah:

lol pretty much for TRX. ADA is looking great lately

So I was troubleshooting my evga rig, and I thought I had everything sorted, everything was running great with no hiccups, then BAM all my rigs started getting reboot issues, even the steady workhorse rig that never had any problems!

Even my daily use pc with just one 3080 in it started giving me pixelation and it'd reset its overclock

Its like someone cast a curse or some shit :/

This isnt turning out how I expected at all, I'm almost at the point where I'd sell my gear and call it a day :lol