Author Topic: Rant On Bitcoin  (Read 1315 times)

rjr on: February 20, 2015, 05:41:51 PM

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« Last Edit: February 20, 2015, 07:09:38 PM by rjr »

apa #1 on: February 21, 2015, 01:14:17 AM

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Not really. I agree with huge energy consumption argument. But thats already known. The hashrate(energy consumption) is ATM too high. I think lots of miners are losing profit. However they can still think that BTC price will grow in future and continue their unprofitable (with current prices) work. Energy consumption is IMO insane. As the OP of the post in btc-talk said, major part of miners probably not use as efficient computers as monarch. If they would, the energy consumption were over 250 MW. Probably real energy consumption is closer to several gigawats. That corresponds energy production of several modern nuclear plants! Of course it is for "good purpose" but i think its too much.

Dirk Diggler #2 on: February 21, 2015, 09:47:32 AM

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For someone coming to crypto around the time NXT was launched and being a programmer especially I never understood the whole concept (or the fun) of mining. Apart from the fun some people might have in setting up their "mining rigs" I don't see any reason to burn so much capital just for the sake of finding consensus, it might have been a good solution before POS but after wards I see no point to it all.

When I think of bitcoin mining (or any form of "mining") this image comes to mind.

I bet most 16 year olds get really exited about such a car, I know I did back then.
Now I sort of laugh about it and feel sorry for the owner.
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