CryptoCurrency Mining with GPUs *spawn*

DegustatoR said:
Well, that just happened: China declares all crypto-currency transactions illegal
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Yup, not surprising. It's another step on Ji Xinping pushing China back to a more Communist footing with heavy State control of everything. Crypto being decentralized goes against that and makes it harder for the government to control what their residents purchase. It follows after they're gradually increasing restrictions on privatized industry with a likely goal of having all industries in China being either state controlled or state run within a decade.

Regards,
SB
 
ToTTenTranz said:
Looks like they accelerated their plans to criminalize crypto due to the impending Yuan crash that Evergrande is bringing.

I guess the crash will be less severe if their citizens aren't mass trading Yuan for crypto that supposedly aren't affected by inflation.
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Even significant inflation would take months to years to fully play out, and absolute terms likely would rank as a mild swing compared to what crypto can do on a bad day.
Citizens trying to get out of the real estate bubble by evading capital controls would be buying crypto for the purposes of rapidly converting them to other currencies in overseas exchanges, which would allow them to invest outside of China. If that route is significantly blocked, then those divesting from real estate, or perhaps trying to flee the consequences of making those in power lose face, would be compelled to invest in something within China. That in theory would help buffer the surrounding economy since those markets wouldn't be legally competing with foreign opportunities not in the blast zone of a significant GDP driver imploding.
 
Silent_Buddha said:
Yup, not surprising. It's another step on Ji Xinping pushing China back to a more Communist footing with heavy State control of everything. Crypto being decentralized goes against that and makes it harder for the government to control what their residents purchase. It follows after they're gradually increasing restrictions on privatized industry with a likely goal of having all industries in China being either state controlled or state run within a decade.

Regards,
SB
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It's a grifter currency that needs to be reined in. That's what government is there for. Same goes with reining in billionaires and massive capital accumulation to the top. Wish Western governments had the same common sense.
 
Pinstripe said:
It's a grifter currency that needs to be reined in. That's what government is there for. Same goes with reining in billionaires and massive capital accumulation to the top. Wish Western governments had the same common sense.
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I always hate everything done by the CCP, but I don't think people really understand what a future made up of bitcoin looks like.
Most governments don't print money "to wage wars" like most bitcoin ambassadors like to say.

We're right now going through a global pandemic that massively affected everyone, and most governments throughout the world printed money to provide aid and soften the blow on the people and businesses that got affected.

Covid in a fiat-less would have been a very different thing.
 
Pinstripe said:
It's a grifter currency that needs to be reined in. That's what government is there for. Same goes with reining in billionaires and massive capital accumulation to the top. Wish Western governments had the same common sense.
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Sure, that's valid, but it's not why it's been prohibited in China.

Regards,
SB
 
NVIDIA RTX A2000 Workstation Graphics Card Showcases Impressive Mining Efficiency, Up To 41 MH/s Under 70 Watts (wccftech.com)
It looks like the smallest NVIDIA Ampere workstation graphics card, the RTX A2000, offers the best mining efficiency of all GPUs so far
...
The NVIDIA RTX A2000 features the Ampere GPU architecture. In terms of specifications, the RTX A2000 rocks the GA106 GPU which is equipped with 3328 CUDA cores, 104 Tensor cores, and 26 RT cores, all of which offer a nice performance bump over the previous generation offerings. In terms of memory, the card is equipped with 6 GB GDDR6 capacity that runs across a 192-bit bus interface and the DRAM features ECC support for error-free computing.
...
Availability and pricing is another thing though. The NVIDIA RTX A2000 is priced at $649.99 US and will be hitting retail outlets in December.
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Nvidia CMP 170HX cryptomining flagship listed at US$4,500 - Graphics - News - HEXUS.net
Key specs and features of the Nvidia CMP 170HX can be seen in some of the screenshots from Dubai's ViperaTech above and below. You will observe that the CMP 170HX is quite a compact, thoughtful solution for miners with its dual-slow blower style cooler, 250W operation with need of just a single 8-pin power connector and a quoted hash rate of 160MH/s+.
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Putas said:
Single Ethereum Transaction Footprints: Equivalent to the carbon footprint of 186,084 VISA transactions
​
And the transition to PoS is being delayed again and again.
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And even if people not doing transaction (of sending / receiving eth, buying stuff with eth, etc), ethereum still keeps chugging electricity as the miners will keeps mining.

Or I'm misunderstanding it?
 
Still crypto like Nano costs literally nothing even on transactions.

I bought Algorand, Cardano and Nano, because all of them are better suited for the future, all are based on forms of staking, don’t waste resources etc.

But whether that will help remains to be seen.
 
The sooner these coins will get widespread usage in real world scenarios (e.g. international currency transfer, which is by far simpler with crypto, cloud storage tokens, betting), the less will their price be based on speculation.
We're still some years away though of course.. But ETH switching to PoS will still come before, and I bet it will have a huge and lasting impact on gpu mining

Then, due to the price stabilisations, even PoW coins will have much more stable hashrates. That will put a hard cap on the ammount of miners and hardware. Until it gets challenged by new generations of hardware, of course.. But even then there will still be a (new) limit, probably in the bounds of the same energy consumption
 
Lightning Network Bitcoin Capacity New All Time High 3000 Bitcoin - Bitcoin Magazine: Bitcoin News, Articles, Charts, and Guides

A bitcoin transaction which is used to open or close a channel on the Lightning network "hides" potentially billions or trillions of transactions, which you won't see in traditional transaction metrics. These metrics for the Lightning network aren't available, as far as I'm aware.

Of course, if you have a big brain you'd ask a cleverer question: why does Bitcoin have a scripting language?
 
Dumb question; why does Bitcoin have a scripting language? I thought I understood crypto a bit, but this doesn't fit what I understand at all. :/
 
orangpelupa said:
uh is there an ELI5 for that bitcoin lightning and scripting?
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The Lightning Network is a "layer 2" network for Bitcoin. A "layer 2" network does some transactions without actually sending them to the main network ("layer 1" network), only broadcast when necessary (e.g. when someone want to interact with an outside address).
Using a real world example, suppose that A, B, and C are room mates, and sometimes A paid electricity bill and B paid rent, etc. If they use "layer 1" all the time, they'd be using bank transfers to settle their payments, but that can be expensive if they are all on different banks. So, in order to reduce cost, they keep a spreadsheet for bookkeeping, and only does the actual transfer at the end of each month, or if someone suddenly need the money. The spreadsheet would be their "layer 2" network.

As for scripting, it's designed as a way to make Bitcoin more flexible, but it's quite simple and is designed to be without loops (so it can always be ran within a limited time, also to reduce the possibility of some nasty side effects). For example, you can use a script to pay two different addresses at the same time, and only at the same time (that is, they either both completed or failed).
 
https://bitcoin.stackexchange.com/a/69087

Bitcoin script can do way more than just sending bitcoin from A to B :)

And you can make gigabytes of data part of the transaction :)

So nearly every possible interaction that can be paid for can be implemented directly in bitcoin.

Some nice examples:
  • pay by the second for a TV programme - if you hate it, you've not paid for the entire series - payment channels without needing the Lightning network
  • turn-based gaming with NFT rewards that drop as you play - a smart contract is issued to the player(s) at the start of the match and each turn is a transaction against the contract
  • distributed exchange, e.g. for those NFTs - there is no house taking a cut from each buy/sell - smart contracts hold funds and track bids/offers
It's as if the year is 1982 and you're stretching your imagination to try to think "what is the internet for?" "Email, right? Newsgroups too, yeah?"
 
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