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The most surprising thing in that article is that for a new mine to be profitable, it will require more power than an AWS data center. Like, how is that even po
by onychomys 9y ago
The most surprising thing in that article is that for a new mine to be profitable, it will require more power than an AWS data center. Like, how is that even possible?!? That's amazing!
- blattimwind 9y agoAmazing in a really bad way. I can't wait for fake internet money being killed off.
- valine 9y agoIt would be nice to have readily available GPUs at a reasonable price again.
- bringtheaction 9y agoThere exists other means of achieving consensus in blockchains than the power eating monster that is proof-of-work [1]. For example, proof-of-stake [2]. We can have our fake internet money and be environmentally responsible too. [1]: https://en.bitcoin.it/wiki/Proof_of_work https://en.bitcoin.it/wiki/Proof_of_work [2]: https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ https://github.com/ethereum/wiki/wiki/Proof-of-Stake-FAQ
- moccachino 9y agoThis is interesting. How would people acquire coins in the proof-of-stake model?
- proaralyst 9y agoThe more coins you lock into an investing wallet, the more likely the network is to choose you to mint a block. In practice it's quite a bit more complex but that's the basic idea.
- jdiez17 9y agoSame way as in a proof-of-work blockchain. Miners (validators) receive the transaction fees plus some number of coins per block that is included in the chain, but instead of anyone being able to mine a block (and thus requiring a very high difficulty), only nodes that have a large number of coins frozen (the stake) are allowed to publish new blocks.
- s73v3r_ 9y agoSo, the rich get richer?
- mywittyname 9y agoIt's not that different our current economic model. You can choose between spending the cash you have now, or "locking it up" (i.e., buying bonds/equities) and receiving a dividend. With PoW, it's still the case that the "rich get richer," because you have to be pretty wealthy in order to afford the equipment to mine any reasonable amount of coins.
- s73v3r_ 9y agoYeah, but this stuff is supposed to make things much better. If it's the same as our current system, I don't see much reason to change.
- moccachino 9y agoOk, so coin holders are allowed to validate transactions between other coin holders, and for that they get more coins. But if I have no coins, I have to buy them from a coin holder with another form of money. So this system would require the original issuer to be someone that you trust and have a reason to do business with in the first place right? So it's kind of like banks and central banks today? I realize ICOs by startups are a thing but I kind of want to just ignore that whole phenomenon... I don't own any kind of coin and don't understand it well enough, but this seems to me to be a technology that will eventually be very useful.
- 9y ago
- tim333 9y ago> How would people acquire coins in the proof-of-stake model They usually sell them in an initial offering. Of the top 8 coins on coinmarketcap only 4 have mining. Ripple, NEO, Stellar and Cardano don't.
- deleted 9y ago[deleted]
- sp332 9y agoThe same number of bitcoins (well, on average) are made every day. A bigger mining rig just gets you a bigger slice of the same-size pie.
- driverdan 9y agoServing web pages, static files, and DB transactions requires a trivial amount of processing power compared to cryptocurrencies. The per-square-foot power density of mining is 10x or more than that of a standard rack server.