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Forum Index : Microcontroller and PC projects : Crypto Mining
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| Volhout Guru  Joined: 05/03/2018 Location: NetherlandsPosts: 4212 |
Serious mining....   Edited 2024-11-19 01:24 by Volhout PicomiteVGA PETSCII ROBOTS |
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CaptainBoing Guru Joined: 07/09/2016 Location: United KingdomPosts: 2074 |
"Fiat" literally means "by decree of government". This could be cowrie shells, plastic beads, little discs of base metal (we'll come to the discs of valuable metal) or bits of paper... they genuinely have no intrinsic value. It is only valuable while the government says so. A £ or $ is a promisary note. if I decide to break my promise, that IOU is truly worth nothing - it has zero intrinsic value. If I have gold-to-the-value, I can take that anywhere on the planet and trade it for goods/services - universally. Gold is genuinely money because it is universally recognised as valuable and acts as that medium of exchange across all (?) nations with a remarkably consistent buying power (market forces do that). Henry III was a visionary who recognised the drift of fiat and minted a gold penny (1257) which had the nominal value of 20pennies in an attempt to pin the fiat coinage to gold to stop what we would to day call "inflation". A gold penny would buy 20 pennies worth of goods, so fiat had the same buying power - always... well... It was a wonderful idea but ultimately failed through corruption and sharp practice - just 10 years later was actually worth almost double by weight which lead to most gold pennies being scrapped for their gold content. Consequently, today a gold penny is one of the world's rarest coins Couldn't be wronger. It is the backbone of economics because it exposes the decline in fiat... Henry III "graphed" his coin and it showed him the problem. He was worried about the natives getting restless as the price of commodities kept going up. Today we graph money to set exchange rates... Can't see why this is daft. It is. Having rambled and wandered significantly... There are pros and cons to *everything* but to think "e-coin bad" is ridiculous - everything needs context. If you are OK with numbers in a bank account (until you take it out, a form of e-coin), fine. same is true of BTC. If you want lumps of yellow metal, great... it's more secure in some ways but eminently more stealable. Weigh up the pros and cons and play... or don't. (I think I have just answered the meaning of life) |
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| CaptainBoing Guru Joined: 07/09/2016 Location: United KingdomPosts: 2074 |
Interesting - one of the names that keeps popping up involved with ASIC based rigs. In China (I am looking at the "typical" yard broom), these farms used to be based on very cheap hydro-generated power and the economics of mining used to fluctuate with the rainy season. Since the last (?) halving, even in flood it is barely worth mining... I wonder if these pictures are current |
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| CaptainBoing Guru Joined: 07/09/2016 Location: United KingdomPosts: 2074 |
double post - deleted Edited 2024-11-19 02:08 by CaptainBoing |
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| CaptainBoing Guru Joined: 07/09/2016 Location: United KingdomPosts: 2074 |
found it - erroneous dating but meh... A Visual History of Gold (and Silver) Edited 2024-11-19 02:39 by CaptainBoing |
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Bryan1 Guru Joined: 22/02/2006 Location: AustraliaPosts: 1343 |
well 10 minutes after looking at the easy miner this morning got the dreaded blue screen of death as I reckon winsucks 10 has decided it wants control of the cpu again. Tried to set it backup again but couldn't get past the no permission errors so I'm going to wait until the ant miner gets here. Regards Bryan |
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| Volhout Guru Joined: 05/03/2018 Location: NetherlandsPosts: 4212 |
I guess that is why we can buy BITMAIN ANT miners cheap second hand now in Europe. They are (even on large scale) not economic anymore. And -in the end- that will be the end of BitCoin. It can only make transactions if people continue mining. When the mining stops, transactions stop. So then -if- you have coins, and can not use them anymore to pay for anything... Volhout Edited 2024-11-19 17:20 by Volhout PicomiteVGA PETSCII ROBOTS |
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Mixtel90 Guru Joined: 05/10/2019 Location: United KingdomPosts: 6760 |
There can only be 21 million bitcoins. Nineteen million have now been found. The system works in a way that they are only discovered at fairly regular intervals, so unless you currently have bitcoin mining gear it's very, very unlikely that you are still in time for the party. I don't know how the other crypto currencies work, but I suspect that it's along similar lines. The rate of discovery will be reduced automatically as more people move in with more powerful mining systems. Mick Zilog Inside! nascom.info for Nascom & Gemini Preliminary MMBasic docs & my PCB designs |
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