China's state planner wants to eliminate bitcoin mining in the country, according to a draft list of industrial activities the agency is seeking to stop in a sign of growing government pressure on the cryptocurrency sector.
“I believe China simply wants to 'reboot' the crypto industry into one that they have oversight on, the same approach they took with the Internet." -Jehan Chu, managing partner at blockchain investment firm Kenetic https://t.co/YOKaVXnAAv
I see lots of music, movies and tv industry people are here. Same people who said mp3s and infoseek were a joke. Google and Itunes are laughing now. Bitcoin is gen1, in 20 years you will all be using bitcoinUSD or some other coin. Chinas dumping on btc because they want to push its own ICO coins on westerners.
I think they are threatened with bitcoin and decided to fight a hole to ban it. There are far more worts industrial factory in China that produce emissions. Bitcoin mining factory doesn't produce emissions but only needs power supply just like any other factory in China.
This is the 2nd time (If my memory serves me right) that they are planning to ban bitcoin miners in China.
All governments in the world treat negatively cryptocurrencies and Bitcoin as alpha-currency, they are afraid of financial capital leaving the country's budget in the shade.
My opinion is that China is simply taking another step towards Bitcoin legalization, there can be no complete denial ...
Bitcoin mining is just a scam now. Run by companies selling expensive hardware. By the time you buy the hardware it's outdated. The companies use the newest hardware themselves first. It's all a big scam and people are suckers for still buying into it. It's embarrassing to be associated with the human race sometimes.
Not sure what your point is. Are you agreeing or disagreeing? If you are disagreeing then I have a great deal on some mining hardware for you. Guaranteed to pay for itself as long as you can get your electricity and hosting for free.
Mining bitcoin. A simple thought experiment disabuses one of the delusion that value resides in bitcoin outside the social production of value. It is vampire money, like all fictitious finance capital.
and by them saying they want to eliminate it REALLY means they just want to be the only ones doing so while shutting down the stray elements that are making more money than their government is comfortable letting them have.
i actually met a guy that ran a bitcoin mining farm that was siphoning power from one of their dams... he fled the country and came to america with the BTC he mined. first thing he did was set up a solar powered GPU station in palm desert and started mining again.
Just because bitcoin mining uses electricity, doesn't mean it's bad for the environment. Almost all industry's require electricity, including charities, banks, and governments. So long as the electricity is generated cleanly through renewables, there is no problem for the environment.
>Bitcoin is an environmental disaster
Is it actually, though? With what are you comparing it?
What is the energy wasted by running banks, mining metals for coins, using plastics and wood for tangible money, making and running banking servers, including the ones used for algorithmic trading, and the many, many payments systems, both those used for digital payments and the ones used for cash, like vending machines?
Sorry, what? Traditional fiat is mostly digital and Bitcoin is almost entirely digital. But Bitcoin doesn't require building banks, wasting people's lives running them, making and running banking servers, making and running payments systems, and then of course cutting down forests for making cash and mining metals for coins.
Those are all useful activities that generate jobs and income. Getting a fast computer to calculate a large number of zeroes for proof of work is not a productive activity, it's just wasteful of energy.
>Those are all useful activities that generate jobs and income.
The goal of humanity is not to increase jobs and work, quite the opposite.
>it's just wasteful of energy
Is it more wasteful than the things I mentioned, like mining metals for coins and destroying forests to make cash? Bitcoin (and things like it) are simply a record that is hard to defraud. It takes energy or effort to make records or objects that are hard to forge. Have you accounted for the Bitcoin mining operations that are using forms of energy that are otherwise wasted, like the geothermal energy mining setups?
> mining metals for coins and destroying forests to make cash
97% of new money that gets created is a simple data entry in a database.
> objects that are hard to forge
too bad the design of the whole ecosystem involves keys that needs to be stored somewhere .. and history has revealed numerous examples of compromises. and if you lose your key .. you've lost your savings.
>97% of new money that gets created is a simple data entry in a database.
I expect it is higher than that, but don't know the precise numbers. But remember, as I mentioned in my earlier comment, that this database must exist on multiple servers and there must be secure systems to update the database using worldwide systems. For a fair comparison to systems like Bitcoin, the energy usage of these bank servers and their associated buildings and personnel and other systems should be quantified.
>too bad the design of the whole ecosystem involves keys that needs to be stored somewhere
There are comparable security mechanisms used by banks.
One of the motivations for creating Bitcoin was to provide an alternative to fraudulent or unfair printing of money and this basically empowers individuals to be their own banks. This inherently involves greater control and responsibility. But this is only at a very basic level. It is easy to contrive other systems built on this basic system that offer additional protections (such as loved ones having backups of private keys).
> For a fair comparison to systems like Bitcoin, the energy usage of these bank servers and their associated buildings and personnel and other systems should be quantified.
the way to estimate the difference is to think about the time it takes to get a concensus on a bitcoin transaction: about 5-30 minutes of many servers doing brute force at the same time.
a bank transaction will respond within seconds. that includes all the replication, backups, and inbuilt safety mechanisms. as an order of magnitude, the number of overheads would be fair to equate to the number of parallel bitcoin miners going for broke.
don;t be confused with the much bigger bank IT to run other parts of their business: eg investment banking, loans, etc.
by looking at these times, i can offer a very rough estimate, of (35/2)x60 vs 2 secs ~= 50x more energy with bitcoin.
of course this is crude but it aligns with some common sense: for example, i can imagine my laptop running a database big enough to cover transactions for a small city. so a dozen or so replicas is still modest. also, by *design* bitcoin transactions have to be hard .. and we haven't even mentioned that faster/cheaper processing will speed up or make more efficient a bank transaction, while it cannot do that for bitcoin by the nature of its architecture. in the near future, this 50x inefficiency will blow out to 500x etc.
> There are comparable security mechanisms used by banks
indeed, but there is a crucial difference .. that the bank actually wears some of this risk. a bank has mechanisms for stopping fraudulent transaction or runaway withdrawals. in my country i can just call and dispute a transaction if it was not me and the transaction is removed. or if i lose my card or i forget my pin, i go to my local bank and they re-issue after i satisfy them that i am who i am.
another security feature of the bank is that i don't need to transact online. or by phone. if an account is important enough for me, i can restrict all transactions to be done physically at a bank premise. by contrast, bitcoin transactions involve a computer screen .. once you introduce this software, you are at the mercy of malware.
it is not perfect, but in essence, they offer a semblance of security that is completely missing in bitcoin.
and we haven't touched on the most dangerous part of bitcoin, at least for now. since it is not backed by anything other than a small trading ecosystem, your bitcoins could become worthless within minutes, depending on what the real market or manipulators are doing. so it is not a 'safe haven' to store your loot.
bitcoin is an interesting concept, but probably its biggest flaw is what it touts as being its biggest asset: it is not fiat money. there are (or soon will be) only a finite number of bitcoins in the system. yet capitalism needs a surplus to be generated - and none more so when the world's population is expanding. extra 'money' needs to be put into the system to reward the valuable businesses, entrepreneur (and yes, people in power or who can corrupt), let alone provide working capital to the growing population. without an ability to expand the bitcoin supply, the system becomes indistinguishable from a pyramid scheme where the early adopters are no more than rentiers who do nothing other than watch their coins appreciate in value.
Actually, it would be. One of Bitcoin's problems is that mining has become centralized by a few big Chinese mining operations (because power, hardware and staff are all cheap there). This will level the playing field and let other miners spread around the world more easily.
I bet it was made in sarcasm and upvoted as sarcasm, because only a relative few understand much about Bitcoin. Many people regurgitate negativity to sound intelligent. It's been my experience having conversations about Bitcoin and other topics with many in RL and online.
Ignorant people listen and are intrigued. Many others have an opinion they read and won't listen to others anymore, because they think they know better. Some also think they're open minded and able to consider ideas without getting emotional or irrational while they do the opposite.
You sounds like you are one of only a couple of Smart crypto people here,who know what their talking about.You probably bought Bitcoin. Other people here probably bought Bitcoinx,then deleted their wallet.dat file.LOL
The ideal usage of cryptocurrency is great. The actual use of it (pyramid scheme) and the impact upon society (wasting electricity to "make" money) makes me suspect the whole thing was a thought experiment gone horribly wrong, a test of human greed.
What is the energy wasted by running banks, mining metals for coins, using plastics and wood for tangible money, making and running banking servers, including the ones used for algorithmic trading, and the many, many payments systems, both those used for digital payments and the ones used for cash, like vending machines?
Energy usage is not necessarily the main concern, like many Bitcoin mining facilities run on geothermal energy that would otherwise be wasted. It is helpful to compare in terms of climate impacts. For a fair comparison between the existing banking and money systems and Bitcoin you need to quantify the climate impact of the things I listed with the impact of the Bitcoin system.
Can you tell me how much energy is used by building and maintaining banks, the personnel in them, the servers used by them, the payments systems, the material used in vending machines, card machines, cash, coins etc.?
All those things you have mentioned are widely used by society for many things.
Bitcoin is **used** by almost nobody for almost nothing.
And you are trying to compare the energy consumption of them?
>All those things you have mentioned are widely used by society for many things.
Which things? What are people using coins for that isn't predominantly exchange of value? What are people using bank servers for? What are people using bank secure communications for?
>Bitcoin is used by almost nobody for almost nothing.
Well people already are using digital money almost entirely. I'm imagining it's fair to consider that we use a system that doesn't cut down forests and engage in mining operations to make coins that we don't actually need, doesn't waste the lives of people working as bank tellers. And Bitcoin of course can be used for any purposes that require a secure record, likely the most secure record yet created. Timestamping any data in a verifiable way, for instance, is enabled with Bitcoin. I mentioned also that many Bitcoin mining operations use geothermal energy that would otherwise be wasted; banks can't really do that.
>**Well people already are using digital money almost entirely.** I'm imagining it's fair to consider that we use a system that doesn't cut down forests and engage in mining operations to make coins that we don't actually need, doesn't waste the lives of people working as bank tellers.
I'd love to hear how we are cutting down forests and mining shit to use digital currency, since like you said most of us are using it. And yeah, people having jobs is such a terrible thing.
Do you think everything used to make computer chips magically appears out of the ground, or maybe that maybe somebody somewhere is mining that shit? How actually deluded are you to actually try and make an argument that Bitcoin hasn't been an environmental disaster for the planet?
Bitcoin is a fucking pyramid scheme. It creates a few winners and a whole lotta losers. It will never work on a global scale and it will never replace our currency systems.
Something might, but it won't be Bitcoin. Since you are obviously invested, take my advice and get out now while you can.
>I'd love to hear how we are cutting down forests and mining shit to use digital currency, since like you said most of us are using it.
People use cash and coins (and the vast infrastructure associated with these objects, like cash machines). That means that plastics and forests and metals and the energy to process these things are being wasted because we can be using digital systems in place of these wasteful resource drains.
>And yeah, people having jobs is such a terrible thing.
A goal of civilisation is to not have to work and do jobs, and being a bank teller is pretty shite tbh.
>How actually deluded are you to actually try and make an argument that Bitcoin hasn't been an environmental disaster for the planet?
I am talking about a fair comparison. We have a banking-driven system that is a monster of digital and wasteful resources and we have Bitcoin and other systems that are almost entirely digital. Where I'll agree is that the number of mining operations is too large, but that is a self-solving problem because the rewards for mining are going down all the time. Do not forget that people use fucking *heaters* when they could be using the heat generated by computing operations (one of which is Bitcoin security). Like I run my miner when it is cold. It is a heater that also helps make a currency work. Other people just use wasteful heaters.
>Bitcoin is a fucking pyramid scheme.
It's a bit off topic, but why do you think this? It works fine for me as a currency, indeed far better than traditional currency for sending money home or making private purchases like for 1P-LSD. People can go into gambling on anything, it doesn't have to be Bitcoin, and a pyramid scheme is pretty-well defined.
>It creates a few winners and a whole lotta losers.
You seem to think Bitcoin is all about speculation. It is first and foremost a solution to Byzantine General's problem and also features specific protections against unfair or fraudulent printing of currency, and I personally view it as both a useful currency (especially for international transfers home) and an experiment in decentralising a component of government.
>It will never work on a global scale
>it will never replace our currency systems
I don't think Bitcoin will replace contemporary currency systems either. We need something that disincentivises hoarding at least and Bitcoin doesn't do this. Something built on it or a similar cryptocurrency that features inflation and voting mechanisms under the control of the people would be a good next step.
>Since you are obviously invested, take my advice and get out now while you can.
I could easily respond in kind. The current systems are horribly corrupt and gamed, and we know of cases where people effectively running their own currency (basically IOUs) without banks can work just fine. I use both systems and see little risk in running my miner as a heater and using Bitcoin for international transfers and private purchases. Indeed, I'd say Bitcoin protects my rights to psychedelics while traditional currencies don't.
We don't necessarily disagree about some of the issues with fiat currencies but we definitely disagree about Bitcoin being the solution.
There may even be some redeeming things about Bitcoin but when you argue that it does not have a damaging environmental impact when it clearly does you lose a whole lotta credibility right out the gate.
One bitcoin farm can use more power than en entire town. We're not talking about space heaters here my friend. And it only gets worse as coins get harder to mine. It is not sustainable.
>Indeed, I'd say Bitcoin protects my rights to psychedelics while traditional currencies don't.
A nice anonymous $5 bill always worked for me back in the day.
I'm not going to change your mind and you're certainly not going to change mine but thanks for the nice chat eh?
>We don't necessarily disagree about some of the issues with fiat currencies but we definitely disagree about Bitcoin being the solution.
I didn't say Bitcoin is the solution. I do think we need to explore decentralising monetary policies to give people control and to redistribute wealth and to work towards removing fraud and corruption and greed-driven mechanisms and hierarchies, and I see Bitcoin as a first step towards that.
>when you argue that it does not have a damaging environmental impact
>One bitcoin farm can use more power than en entire town.
Ok but you are still ignoring some important factors. I gave you the example of my heater that happens to mine Bitcoins. I think this is more ethical than a device that simply heats without doing something like useful computational work for society. There are also the mining operations that use geothermal energy, *which is energy that would be lost anyway* and I see little issue with this environmentally.
>And it only gets worse as coins get harder to mine. It is not sustainable.
Not necessarily! As it gets harder to mine, it's likely that fewer people will try to mine, and then we continue to have advancements in computer efficiency. I think it would be ideal for mining to happen on simple personal devices like Raspberry Pis at home or on phones (then there are other ideas under assessment as in Ethereum which are potentially more environmentally friendly but Bitcoin is rather well proven as secure against defrauding the blockchain and we have to be careful about introducing unintended damaging monetary policies).
>A nice anonymous $5 bill always worked for me back in the day.
Eek, I'd avoid street vendors. Online vendors that have vast numbers of votes in their favour adds protection for illegal things, but legal options are massively preferable for reasons of safety, like for [1P-LSD](http://www.1plsd.to/1P-LSD-Blotter-100mcg/5x-1P-LSD-100mcg.html) and [other psychedelics](https://www.avalonmagicplants.com). So I'll certainly disagree with you there on the basis of safety.
>I'm not going to change your mind and you're certainly not going to change mine but thanks for the nice chat eh?
Ah sure fair enough. I wish you well. Do let the idea of decentralised networks of trust run by people that can run on top of systems like Bitcoin permeate your mind tho. Large parts of government and monetary policy are just forms of technology and should be controllable by the people those things impact.
> Borderless currency without government involvement is a great idea,
Considering its main use so far has been for crime and conning people out of money, I would disagree.
Edit: not to mention it's not a currency it's an asset whose value changes so widely on a daily basis it cannot be used as a legitimate currency.
> crime and conning people out of money
Honestly tho, there's still so much misinformation floating around out there and people use it to their advantage, making others think investing in cryptocurrency will let you get rich FAST, when its really just another MLM scam
It's main use is to buy with the intent of selling for profit. it is also used to anonymously purchase illegal products or launder money.
My point is it was created to be used like a currency e.g. buy milk and eggs but because the price can rise or fall dramatically people would rather buy it and wait for it to rise and then sell it for profit. That is also how it is marketed "get on on bitcoin now while its only x amount" or "xyz made this much money by investing in bitcoin".
Its ironic because the people that want bitcoin to work are the ones buying large sums of it in order to sell it for profit, they have no intention of using it to buy everyday goods which is what is causing the shifts in price and making it unusable as a currency.
That's because its still in its infancy, of course it will be volatile when its only a 92 billion USD in marketcap. It's still early in its adoption phase. Once it becomes big enough, volatility will obviously drop as much more money will be needed to move its price. You have to function as a store of value, then to medium of exchange and then to unit of account.
That's because it's a commodity, countries still retain gold as an **investment** to give confidence in their financial system. e.g. if their currency was to fail they still have billions in gold which they could sell to prop them up.
Uh huh? There's still no need for countries to give up their currencies in favor of bitcoin for it to be big enough to be used that way. In the end, the volatility aspect of that is gone, the inefficiencies of the banking system is gone, divisibility is better than gold, cross border payments is much cheaper and faster, and no central entity or government is able to dictate the inflation rate amount willy nilly at their own discretion by increasing the monetary supply. Gold is not just a commodity, it's a store of value.
> inefficiencies of the banking system is gone
What you see as inefficiencies people educated in economics see as regulations, laws and functions required to protect individuals and countries.
but let's say there are no cons do you think the USA, China and Russia will happily switch to this currency and phase out their own?
"if everyone starts using it they'll have to" no those countries will just make it illegal.
If cryptocurrency is taken up there will be millions of different versions used by millions of different people, youll get USACoin, EnglandCoin even AmazonCoin, AppleCoin.
Not to mention how unethical bitcoin mining is, it has massively contributed to killing the planet -
*It’s now on pace to use just over 42TWh of electricity in a year, placing it ahead of New Zealand and Hungary and just behind Peru, according to estimates from Digiconomist. That’s commensurate with CO2 emissions of 20 megatonnes – or roughly 1m transatlantic flights.* https://www.theguardian.com/technology/2018/jan/17/bitcoin-electricity-usage-huge-climate-cryptocurrency
The more I think about the more I realise how it will never be used commercially.
No, it's great it's heavily used for crime (i.e. drugs) - governments need to be reminded they will never stem the drug flow and people will simply go straight around any measures they introduce.
And only stupid people get conned - that's not the fault of whatever currency it may be.
You're welcome, but it's absolutely true.
It's a public ledger, anyone, even you can see any and all transactions you want. Secondly, it's a SHA-256 algorithm, which was developed by the NSA, do with that as you will.
There **are** privacy-centric coins, this is not one of them.
Untraceable to you or I, agreed.
Not to criminal investigators or those with the means, and with quantum computing right around the corner - none of this is safe or secured at all. And in fact, [most of them are just really really bad, and not as secure as you would like to believe.](https://www.bleepingcomputer.com/news/technology/internets-largest-bitcoin-mixer-shuts-down-realizing-bitcoin-is-not-anonymous/) Ultimately, it's far more transparent than cash, any way you look at it, period.
Because you [apparently have a lot to learn on the threats of QC in relation to cryptocurrency?](https://en.bitcoin.it/wiki/Quantum_computing_and_Bitcoin)
It's not just Bitcoin, it's the cryptosphere as a whole.
There is already heavy [development underway to develop QC resistant cryptocurrency](https://theqrl.org/) for this very reason. Nobody is expecting them to brute force anything, but they would QUICKLY out-compete any available mining rig, and could be used to enact a 51% attack relatively easily. So essentially a rogue force, or government could destroy an entire block-chain on a whim in the future.
It's simply one eventuality we have to prepare for now, not a certainty that is absolutely coming.
But we're talking about billions of dollars here, it's likely only a matter of time.
I think the point is that yea, while Madoff scammed a lot of people he was eventually brought to justice. Some anonymous Bitcoin depository can just cease to exist and the poor sobs who used it have absolutely no recourse.
As long as people are trading goods and services there's always going to be a con because some people are just assholes.
This is true of every single bank in the world, some reputable, others not so much.
Maybe we should just go after stealing as opposed to the medium used. Whatever has value to men, will be stolen or conned by the greedy. From bicycles, to packages left on the porch. People are kind of dicks that way. Still not a good enough reason to scrap a technology that has obvious benefit to society.
Bitcoin makes it technologically impossible to go after stealing in many cases. If you don't have the private key you can't access the currency. A court order won't help you, there no Bitcoin bank that can just reverse a fraud transaction.
That is the best part of bitcoin, that transactions can not be reversed by a 3rd party or voided for that matter. It is up to you as the bitcoin holder to be smart about who you give your funds to and why. No one can force you to to do so.
Just like CASH doesn't have some magical way of returning to you if you do not know the bloke you gave it to, or a proper receipt.
IF you on the other hand have paperwork for the transaction, such as a receipt for payment, you have every bit of info required to take the party to court. So for instance if you send newegg.com 1000 for a pc and can prove you did so using bitcoin, a court can very well grant you that pc if newegg cant show that they sent you the pc.
OTOH if this is a shady tranasaction that has no papertrails or names, like a CASH drug transaction that happens on the corner, you also wont have any recourse to void that transaction.
The power is in your hands. The nice thing is that there is no need to send brinks trucks with funds across the world, no need to have security guards or vaults or even building space for anyone that if concious and smart over their business dealings. Most people would prfer the due dilligance of them selves, then paying the interest rates credit card companies and banks charge for the simmilar service.
There is no need to pay for marble floors and high priced towers and real estate, and 1000's of workers to do the same things you can easily do on your own, if you are willing to exercise your own due diligence.
It's not for everybody, you may need a bank and a credit card company. Other can do without them.
Well, you can send value instantly across the world in the time that it takes an internet signal to do so. These transactions have been perfect from day one and not a single one falsified or failed.
You really don't know much about bitcoin? Just fear about something you do not understand. I guess that is the usual reaction. They said the same thing about computers, who will need these things... not people, 640K is more than enough for everybody.
It may not be bitcoin that is implemented in the future, but a derivative of it, there are plenty now that do not use anything close to the same amount of energy for proofs.... like the nano for instance... the technology is sound and hasn't failed yet.... other than people trusting the wrong people, but that happens with money as well. When you send you send, its up to you to make sure you are doing so correctly, just like when giving cash to a stranger.
Probably one of the most important inventions since the internet, but you would actually have to understand what is being done in order to agree. The bankers agree, they are shitting themselves over it, as it will keep them honest. no need for a third party. Western union costs 15%, bitcoin costs fractions of a percent to send value.... and it works perfectly and always has from day one, instantly and gets to the worst parts of affrica... all you need is an internet connection.
This really honestly seems to be a lot of waffle around the statement "It's cheaper for transfers than using a price-gouging bank and can go everywhere". I have to admit I really don't think that's contributing much to society in the larger scheme of things, especially with all the ecological harm it's doing. Certainly nothing like the "most important invention since the internet", that seems like an utterly absurd statement.
You obviously know very little about the subject.
You would need to compare the electricity costs of the servers that the banks use, the power that is left on the weekends, the ac in all branches, these are all need to be accounted to and compared to bitcoin for there to be a fair ecological comparison. There are a lot of office towers and a lot of branches and stock ecxchanges that are essential to make a currency work. So until you do that math, your comparison to bitcoins ecological viability is pointless..
I also mentioned that there are cryptocurrencies that work just like bitcoin that do not use the same power to do proof of work, but you chose to ignore that.
Old people and uneducated are always scared of the things they do not understand. It really does not matter what you think of it as to how practical it is today. The bottom line is that it works RIGHT NOW. I can send funds to Antarctica instantly as long as both parties have internet. and now a bitcoin satellite has been launched that will even allow that transaction without internet, just satellite infrastructure. Any dummy A cand send to dummy B with a simple download. No need for third parties, a brinks truck or security guards and vaults. ANY AMOUNT! ANYWHERE.
It's the future, once the older generations stops fearing what they do not understand and dies off, bitcoin or a technology very simmilar to it will dominate the market, its inevitable because it is efficient and it just works. No need for big office towers, 1000's of branches, and a 3rd party to make sure of things, you just need 2 folks and two smiles.
Bitcoin will work weather you like it or not, people use it as we speak functionally, and much more cheaply than doing the same transactions through banks.
Government spends a lot to provide power infrastructure, they want that power to improve standards of living and to power producers that support the economy. A bunch of mining equipment set up in cheap electricity areas puts strain on the public grid, costs the government money, wastes resources, and doesn’t contribute to the country’s economy in any meaningful way.
Coal plants are controllable, coal overcapacity isn't like wind where you might as well do something with it. They could just burn less coal and not generate the energy.
Even hydro overcapacity could be put to better purposes.
They want to control money. They strip mine for rare earth metals and were supposed to think the care about the environment is why they would ban cryptocurrencies.
Why are humans so persistently naive about self-serving people doing what serves themselves? Using plausible excuses we can agree with in order to destroy freedom is a common practice. We get it in the west a lot too.
>Oh good, maybe then I can afford a new graphics card.
You are in for a surprise then when you realize no one mines bitcoin with graphic cards...
there are literally mining machines specifically made for bitcoin mining
GPU are wildly used to mine other cryptocurrencies, so don't expect a price drop anytime soon
Wahhh waahhhhhh waaaaahhhhhhh.
Tough shit. Graphics processors have become general purpose processors. I'm so sick of gamers bitching and moaning about this. Maybe save a little more dough and you can get that new RTX or whatever. I have to use Tesla compute cards for what I do, but you don't hear me bitching and moaning at the $6k/card cost. I pony up the cash.
Also as it's been put:
> You completely missed OP's point. Graphics card prices aren't inflated by mining anymore. In fact most miners sold all their cards a few months ago and the prices returned to normal. The better cards are expensive because they are better.
You completely missed OP's point. Graphics card prices aren't inflated by mining anymore. In fact most miners sold all their cards a few months ago and the prices returned to normal. The better cards are expensive because they are better.
Btc mining [directly affected](https://www.google.com/amp/s/venturebeat.com/2018/11/26/crypto-mining-hangover-continues-to-hit-amd-and-nvidia/amp/) the price level and supply of gfx cards on the market
No, ASICs are only useful for Bitcoin mining and nothing else. ASIC stands for "application-specific integrated circuit", with the application in this case being Bitcoin mining. They're designed to be awesome at that and not at anything else.
It's true. An ASIC is designed for one particular purpose. There's ASICS mean to play music in greetings cards. Bitcoin ASICs mine Bitcoin and they don't do anything else. You mi be able to use them for some other CC with exactly the same hash if they're designed with some flexibility but that's about it.
You’re right. You’re absolutely right. _Technically_ you can mine BTC with a GPU, but it’s so inefficient, the reality is that you pretty much wont get anywhere. In short, you pretty much can’t mine BTC with a GPU.
* The draft for a revised list added cryptocurrency mining, including that of bitcoin, to more than 450 activities the NDRC said should be phased out as they did not adhere to relevant laws and regulations, were unsafe, wasted resources or polluted the environment.*
The article says that NDRC is referring to all cryptocurrencies. Plus, people refer to crypto as bitcoins in general, therefore anytime someone mentions bitcoins in general, there’s a very good chance they mean all crypto.