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Mining crypto
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<blockquote data-quote="MrKip" data-source="post: 7565901" data-attributes="member: 51838"><p>The same question by the OP came up on HackerNews today. Here's the top reply:</p><p></p><p><em>"Bitcoin miners use specialized hardware designed for mining. There is no special algorithm to make mining faster or more efficient and that is by design. Bitcoin is meant to take a lot of work to mine. Bitcoin also adjusts itself automatically so that each mined block takes roughly 10 minutes to find. There is no avoiding this.</em></p><p><em>The specialized mining rigs are very expensive and they have facilities with thousands of them running in parallel. It hasn't been feasible to mine bitcoin as an individual since around 2012. You can still do it though, but the odds of you finding a block are so infinitesimally slim that you're basically wasting all your time and money. You could join a pool, but with so little computing power your share of any reward will be incredibly slim. Sadly, I do not recommend trying to mine any cryptocurrencies."</em></p><p></p><p>Regardless of the coin type, you'll be competing against server farms specifically set up for this.</p><p></p><p>Last month there was a power plant failure in China which affected crypto production significantly: <a href="https://www.theblockcrypto.com/linked/101866/xinjiang-coal-mine-bitcoins-hash-rate" target="_blank">https://www.theblockcrypto.com/linked/101866/xinjiang-coal-mine-bitcoins-hash-rate</a></p><p></p><p>That gives you an idea of the power consumption now needed to make a reasonable amount of money from crypto mining, and it gives you an idea of the level of competition. </p><p></p><p>Also, when estimating your costs you'll need to factor in component failure because you're going to be pushing your system to its very limits 24hrs a day and every day. And GFX cards ain't cheap because lots of people are trying to mine crypto.</p><p></p><p>In my opinion, Crypto, at present, is a Ponzi scheme fueled by FOMO (Fear Of Missing Out).</p></blockquote><p></p>
[QUOTE="MrKip, post: 7565901, member: 51838"] The same question by the OP came up on HackerNews today. Here's the top reply: [I]"Bitcoin miners use specialized hardware designed for mining. There is no special algorithm to make mining faster or more efficient and that is by design. Bitcoin is meant to take a lot of work to mine. Bitcoin also adjusts itself automatically so that each mined block takes roughly 10 minutes to find. There is no avoiding this. The specialized mining rigs are very expensive and they have facilities with thousands of them running in parallel. It hasn't been feasible to mine bitcoin as an individual since around 2012. You can still do it though, but the odds of you finding a block are so infinitesimally slim that you're basically wasting all your time and money. You could join a pool, but with so little computing power your share of any reward will be incredibly slim. Sadly, I do not recommend trying to mine any cryptocurrencies."[/I] Regardless of the coin type, you'll be competing against server farms specifically set up for this. Last month there was a power plant failure in China which affected crypto production significantly: [URL]https://www.theblockcrypto.com/linked/101866/xinjiang-coal-mine-bitcoins-hash-rate[/URL] That gives you an idea of the power consumption now needed to make a reasonable amount of money from crypto mining, and it gives you an idea of the level of competition. Also, when estimating your costs you'll need to factor in component failure because you're going to be pushing your system to its very limits 24hrs a day and every day. And GFX cards ain't cheap because lots of people are trying to mine crypto. In my opinion, Crypto, at present, is a Ponzi scheme fueled by FOMO (Fear Of Missing Out). [/QUOTE]
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