What is Crypto Mining?

QuantumPhysics

Posts: 5,286   +6,010
Cryptomining is basically a way for the government to print money, yet get people to sink those “stimulus checks” into a market where they’ll do less damage- less they cause serious supply and demand issues on main street’s markets.

A tremendous waste of resources.

A blight on PC gamers who desperately want Video cards.

A tremendous boost to AMD and NVIDIA.
 

duckofdeath

Posts: 448   +586
One million people aledgedly buying the global supply of graphics cards for a whole year.
What's wrong with this picture?

Investigate big tech. This is a price fixing scam that will cause a recession.
 

thelatestmodel

Posts: 213   +163
In theory it's a cool technology. And obviously cryptography is enormously helpful for a lot of things. But when it comes to currency, it's morally dubious.

Honestly, when you see no GPUs available for purchase anywhere, and mining is using more energy than the country of Argentina, don't you just end up thinking "we probably shouldn't be using the planet's resources this way"? We can't continue like this.
 

envirovore

Posts: 295   +585
TechSpot Elite
I was unaware it was created in response to the bank "collapse", makes a lot more sense now.

It's an interesting concept, and thank you for the in depth article explaining it further.

I'm a bit conflicted on my opinion of mining. On one hand, go ahead, it's your hardware use it as you like.
On the other, it's a tremendous waste of energy, and the shortages in hardware created by it is straight up bullsh*t.
Never mind the morons burning their places and apartment flats down due to overloading cheap relay wires.

Which, that said, guess makes my opinion on it more negative than positive.


 

terzaerian

Posts: 987   +1,430
In theory it's a cool technology. And obviously cryptography is enormously helpful for a lot of things. But when it comes to currency, it's morally dubious.

Honestly, when you see no GPUs available for purchase anywhere, and mining is using more energy than the country of Argentina, don't you just end up thinking "we probably shouldn't be using the planet's resources this way"? We can't continue like this.

Let's see what other epic gamers that care so much about the environment have to say....

Building a high end gaming machine and you care about the power consumption of your pc. Who cares. Seriously. How's your fridge in the kitchen doing?

Why it's almost as if you don't really care about the environment and just want to use it as a cudgel against a technology that you merely believe to have deprived you of those sweet RTX Fortnite frames.
 

terzaerian

Posts: 987   +1,430
I was unaware it was created in response to the bank "collapse", makes a lot more sense now.

It's an interesting concept, and thank you for the in depth article explaining it further.

I'm a bit conflicted on my opinion of mining. On one hand, go ahead, it's your hardware use it as you like.
On the other, it's a tremendous waste of energy, and the shortages in hardware created by it is straight up bullsh*t.
Never mind the morons burning their places and apartment flats down due to overloading cheap relay wires.

Which, that said, guess makes my opinion on it more negative than positive.
I can deal with it. There's legitimate criticism and then "BAN THIS SICK FILTH" from salty gamers; the former leads to productive discussion and the latter is the only thing that actually needs to be banned.
 

envirovore

Posts: 295   +585
TechSpot Elite
I'd like to see a more practical use for blockchain itself. Seems like there's some further functionality hidden there.
No idea what it could be, I know it's not NFT though.

Quasi related...my fridge is old and could do with a replacing with a new, more efficient model, though it's significantly better than the old GE one from the 60's we were still using until a couple years ago.
Noticable difference in the monthly power bill once that thing died.
 

terzaerian

Posts: 987   +1,430
I'd like to see a more practical use for blockchain itself. Seems like there's some further functionality hidden there.
No idea what it could be, I know it's not NFT though.
I don't think a lot of people (including people in the NFT community at the moment) really understand what the technology is for right now. The media hype has been around the concept of "digital collectibles" but that's not where its power lies. Buying an NFT doesn't really buy the item exclusively, it just buys the rights to it. In that regard, NFTs are more about democratizing copyright, which frankly excites me even more than the idea of DeFi democratizing finance, because if there is one system more broken and perverse than finance in the 21st century, it's copyright.
 

envirovore

Posts: 295   +585
TechSpot Elite
I can deal with it. There's legitimate criticism and then "BAN THIS SICK FILTH" from salty gamers; the former leads to productive discussion and the latter is the only thing that actually needs to be banned.

I mean, yeah, I'm a bit annoyed I can't get the GPU I want easily right now either, but I'll survive until I can (well, I assume I will at least).
For the majority of us that want one, they're a luxury item, and I'm aware of that. I don't *need* one, just want one so I'll be set as far as that component goes for another couple years.

Those that do need one for higher level compute work, or other work where shifting the load to them saves hundreds of hours of work over the course of a year, I can understand them being legitimately upset about the lack of availability.

I'm not of the opinion that mining should be banned due to that though.
If it was going to be banned, I'd think it should be due to environmental impact (but then again, as up thread....how's your fridge, etc?), or more importantly, due to the potential hazard it poses when a rig goes up in flames and no one is around to extinguish it.
Never mind the e-waste created due to one of those operations going up in smoke.
 

terzaerian

Posts: 987   +1,430
I'm not of the opinion that mining should be banned due to that though.
If it was going to be banned, I'd think it should be due to environmental impact (but then again, as up thread....how's your fridge, etc?), or more importantly, due to the potential hazard it poses when a rig goes up in flames and no one is around to extinguish it.
Never mind the e-waste created due to one of those operations going up in smoke.
A lot of mine fires boil down to using cable end converters in ways you really shouldn't be, like converting SATA plugs to 6 or 8 pin PCIE outs:


It boils down to a combination of the miner in question being cheap with PSUs and merchants hawking wares that they know can't support the use case.

The thing is, I don't support GPU mining farms either. The ethos that Satoshi Nakomoto was trying to promote with Bitcoin and mining in particular was "one man, one gpu". While sometimes technically impressive, mining rigs and mining farms fly in the face of that idea. Unfortunately, greed is the only thing more limitless than the supply of the USD.
 

NightAntilli

Posts: 774   +973
I was unaware it was created in response to the bank "collapse", makes a lot more sense now.

It's an interesting concept, and thank you for the in depth article explaining it further.

I'm a bit conflicted on my opinion of mining. On one hand, go ahead, it's your hardware use it as you like.
On the other, it's a tremendous waste of energy, and the shortages in hardware created by it is straight up bullsh*t.
Never mind the morons burning their places and apartment flats down due to overloading cheap relay wires.

Which, that said, guess makes my opinion on it more negative than positive.
Regarding the waste of energy... Miners actually go out of their way to use renewable energy, because it cuts directly in their profits;




Despite all these power consumption woes, the method of doing things through cryptocurrencies is way more efficient than through the traditional system. We take all the power consumption of all the bank buildings with their air conditioners for granted.
 

envirovore

Posts: 295   +585
TechSpot Elite
A lot of mine fires boil down to using cable end converters in ways you really shouldn't be, like converting SATA plugs to 6 or 8 pin PCIE outs:


It boils down to a combination of the miner in question being cheap with PSUs and merchants hawking wares that they know can't support the use case.

The thing is, I don't support GPU mining farms either. The ethos that Satoshi Nakomoto was trying to promote with Bitcoin and mining in particular was "one man, one gpu". While sometimes technically impressive, mining rigs and mining farms fly in the face of that idea. Unfortunately, greed is the only thing more limitless than the supply of the USD.

That video was exactly what I had in mind when talking about rigs burning places down due to shoddy wiring.
Big fan of the G.N. crew, they do good, through work there.

The idea of 'one man, one GPU' (or CPU, or disk drive, whatever your flavor) is one I can get behind.
That anyone could do this and all things would be mostly equal with the gap being who just happened to have the better GPU at the time.
You're right in that out greedy nature turns that into a digital farm, making something already lacking any sense of 'soul' or accomplishment seem less so.
 

envirovore

Posts: 295   +585
TechSpot Elite
Regarding the waste of energy... Miners actually go out of their way to use renewable energy, because it cuts directly in their profits;




Despite all these power consumption woes, the method of doing things through cryptocurrencies is way more efficient than through the traditional system. We take all the power consumption of all the bank buildings with their air conditioners for granted.

Duly noted and thank you.
It's not something I've done a lot of reading about or into, and just like anything else there's a lot of misinfo around. Always happy to have that addressed.
 

terzaerian

Posts: 987   +1,430
The end will come when countries start making it illegal to trade these fake coins.
For someone that seems so very skeptical of the current regime in Washington, you seem to badly want to enable the currency that allows them to get away with the crimes they commit, enables their censorship of your leaders, and fuels the tax system that robs you blind. You might as well try to drain a swamp by bailing swamp water into your own boat.
 
A great informative article, with a little bit of opinion interspersed. Well balanced too.

I know there are lots of bad things about crypto...like mining costs...the big one, but the intent was to revamp...get out of the control of the current financial system, which is broken and corrupt. Eventually, this concept of openness and transparency will be the default.
 

Markoni35

Posts: 1,290   +518
Firstly, someone has to prove that Satoshi has ever existed. You have to "love" the new "progressive" currency where everything about its founders is a secret.

Secondly, this is a tech that will introduce total financial surveillance over society. With cash, you can have some privacy. But with crypto, there's no privacy. And the most ridiculous thing is that crypto proponents claim that crypto offers privacy. That's such a shallow lie, but their believers are even shallower.

Thirdly, the fact that governments (including those that exert maximum control over their population) are now racing each other to accept this tech, shows there's something wrong with it. Proving my second point.
 

PEnnn

Posts: 638   +620
".. if profit is secondary and you are a believer in Satoshi’s vision of a truly distributed, peer-to-peer cash system, perhaps identifying the right coin and mining it is your calling. "

Hahahaha!! Never read something funnier than this on the website!!

Seriously?Those miners who are sinking huge amount of money and energy into this Ponzi scam, are there for noble reasons (another mining oxymoron), not to earn a few bucks per day!!