[QUOTE=MIPS;40289343]I did the math for best case scenario bitcoin mining on my single fastest supercomputer.
It was not possible to produce enough bitcoins to cover the electrical cost just for the computational time. The energy efficiency would need to be much, much higher per bitcoin.[/QUOTE]
Some use botnets or workplace servers if they work as admins or such.
[QUOTE=ATribeCalledQ;40291126]ITT: people who don't have asic's preordered.[/QUOTE]
Come back in 6 month when you actually do get your ASIC
[QUOTE=danharibo;40288866]You have no idea how Bitcoin operates, the work is meaningful.[/QUOTE]
The currency itself is meaningful because you can exchange it for goods and services and exchange it with other currencies that also have a value; the work itself has no purpose other than ensuring that the market isn't flooded. That being said if the computing power was applied to distributed computing tasks with an actual purpose it'd kind of ruin the decentralized aspect of it.
The only meaning is that you get money for owning the machines. But all they do is one shared huge sisyphean task. They don't move people around, they don't mine real precious metals, they don't even calculate anything that would help anyone. They just send each other meaningless ciphers and sap money from the world's economy.
[QUOTE=Doomish;40289740]it's not countering my own argument at all, you misunderstood
bitcoins will continue to rise in value because they take longer to mine, but taking longer to mine means more energy consumption, which means higher power bills all around; power bills that cannot be met by the bitcoins, which [I]take longer and longer to mine as time goes on[/I][/QUOTE]
As long as gained coins can pay off the bills+earn profit they will be mined. Taking longer to mine doesn't take more energy, it just draws it for a longer time but since all the pro miners are 24/7 it changes nothing really.
[QUOTE=JustExtreme;40289264]If I still lived in University halls where electricity wasn't billed I'd be investing in some ASICs right now[/QUOTE]
Yeah, good luck getting your hands on one. It won't happen unless you are willing to buy it second-hand for 100k
[QUOTE=Reader;40292133]Yeah, good luck getting your hands on one. It won't happen unless you are willing to buy it second-hand for 100k[/QUOTE]
You can buy them, but there are a lot of other people who they will be delivered too before you.
I'd be happier if there was this much interest in number crunching for medical research rather than getting a few dollars.
[QUOTE=BradB;40299957]I'd be happier if there was this much interest in number crunching for medical research rather than getting a few dollars.[/QUOTE]
Do you seriously think medical research requires constant solving of random mathematical problems?
Edit: Or will the computers maybe use up that processing power to research themselves?
Only retard assholes invest in bitcoins, retard assgravy assholes who don't understand what's for :pwn:
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[highlight](User was banned for this post ("Pageking snipe crap (you've been here since 2006 - you should know better)" - MaxOfS2D))[/highlight]
[QUOTE=Falchion;40301360]Do you seriously think medical research requires constant solving of random mathematical problems?
Edit: Or will the computers maybe use up that processing power to research themselves?[/QUOTE]
There are many distributed computing projects, such as Folding@home, that use computers' idle processing time to perform research.
[QUOTE=Falchion;40301360]Do you seriously think medical research requires constant solving of random mathematical problems?
Edit: Or will the computers maybe use up that processing power to research themselves?[/QUOTE]
folding@home
Download and contribute! I use it daily to keep my room hot and contribute to this amazing project.
Just FYI.
[QUOTE=Falchion;40301360]Do you seriously think medical research requires constant solving of random mathematical problems?
Edit: Or will the computers maybe use up that processing power to research themselves?[/QUOTE]
yes? protein folding dude
[QUOTE=BurnBlackJay;40301401]Only retard assholes invest in bitcoins, retard assgravy assholes who don't understand what's for :pwn:
[editline]16th April 2013[/editline]
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You must be a very heavy bitcoin investor then
[QUOTE=B!N4RY;40305452]You must be a very heavy bitcoin investor then[/QUOTE]
Sick burn anime friend
[QUOTE=BurnBlackJay;40305525]Sick burn [B]anime friend[/B][/QUOTE]
what
[QUOTE=B!N4RY;40305573]what[/QUOTE]
PUI?
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