Crypto mining Discussion

[-SINAN-]

crypto currency mining, 'ethereum' is the latest craze, prices have gone through the roof since the start of the year.

http://www.cnbc.com/2017/06/12/ethereum-price-hits-record-high-after-bitcoin.html

up 5000% since the start of the year.

Here's the ultra simple version as I understand it. Basically anyone who can put together a computer can get in on it, you plug your computer into a network using regular internet and let it do calculations to 'mine' these 'coins' that are worth real world money. With etherium, it is the graphics processing units that do the bulk of the computing so people are rigging up a bunch of graphics cards are trying to make a buck, stuff like this:

View attachment 411099

some people are running 'farms' with hundreds of these things:

View attachment 411100

this craze has caused a severe supply drought in what is traditionally a gaming/pc enthusiast market for these components and prices have skyrocketed for the most popular GPUs.

Basically if you want to build a gaming PC, either spend 700$+ on a real high end card or go entry level, and as supply goes down and prices rise for the best hardware to mine, people are now picking up whatever they can to get a farm/mining rig online. The million $ buyer who bought up everything at your local retailer is probably going for something like the farm pic.

I'm conflicted on it, it's cool that nerds can make money but real gamers are getting shafted pretty badly.

Okay, but what are they doing ?

 

[CBU-105]

Okay, but what are they doing ?

Trying to make some money by gluing a bunch of advanced playstations and xboxes essentially.

 

[-SINAN-]

rying to make some money by gluing a bunch of advanced playstations and xboxes essentially.

I have no problem understanding that....you are making money in return of what ? What do you produce ?

 

[Dalai Lama]

I have no problem understanding that....you are making money in return of what ? What do you produce ?

You're basically facilitating the transfer of crypto currencies with your computing power.

User A transfers money to User B and pays a fee for said transfer. That fee is paid to these people who volunteer their PC's to the network.

So, you're getting paid a percentage when people transfer crypto-currencies to each other.

 

[CBU-105]

I have no problem understanding that....you are making money in return of what ? What do you produce ?

no idea lol

I think it's a bit like folding@home where you plug a powerful computer into a network and let it compute trying to find cancer cures and dna research etc but here you get paid back for contributing to it. 5 or 500 gpus going 100% load 24/7 will draw a lot of power, bills that need to be paid.

Not sure what exactly it is that one lends their computing might to here, but it is worth a lot of money.

maybe @Darth Vader can explain better.

 

[-SINAN-]

let it compute trying to find cancer cures and dna research

Oh, now get it......You are doing actual work then.

 

[CBU-105]

Oh, now get it......You are doing actual work then.

cancer cure and dna research is for the folding@home project.

http://folding.stanford.edu/

no rewards there, one can only contribute by plugging in to there, for Etherium and Bitcoin etc, I have no idea where all that computing power is going, they could be making a death star for all I know.

 

[-SINAN-]

for Etherium and Bitcoin etc, I have no idea where all that computing power is going,

Yeah, i'm exactly asking where that all computing power goes...who gives money for the computing power.

 

[CBU-105]

Yeah, i'm exactly asking where that all computing power goes...who gives money for the computing power.

People are investing their own money into the computing power, and unlike folding, they're getting rewarded for it.. no idea what kind of project it's all going to.

Hoping someone more informed on it can shed some light.

 

[Godman]

Cryptocurrencies are being a really big problem
https://www.cryptocoinsnews.com/indian-kidnappers-demand-bitcoin-ransom/

 

[abp94]

These are the acts that will destroy the Internet, used exclusivey by pedophiles, hackers and pirates

 

[-SINAN-]

they're getting rewarded for it..

Getting rewarded by whose money ?

Maybe people are just running their systems for nothing and money comes from hardware producers. Whole project has been made to sell more hardware ?

 

[CBU-105]

Getting rewarded by whose money ?

no idea where it derives it's value from or where all that networked super computing power is going, I guess it's kind of like Bitcoin.

not very well informed on it, apart from the madness it's caused in the gaming market.

Maybe people are just running their systems for nothing and money comes from hardware producers. Whole project has been made to sell more hardware ?

Traditionally its games that help sell that kind of hardware, everytime there is a big launch a ton of people build new PCs to play them. No conspiracy there, and, to be fair, the hardware companies are coming up with mining specific cards and motherboards etc now.

this whole thing is fecking insane.

 

[Path-Finder]

@Darth Vader I have motherboard with a core i5 and 8gb ddr4 so if i get a GFX what do i need to do next?

 

[Darth Vader]

@Darth Vader I have motherboard with a core i5 and 8gb ddr4 so if i get a GFX what do i need to do next?

Buddy if you live in Pakistan i would say mining is not worth it unless you are using solar panels 24x7

Now i will make a tutorial video for mining etherenum and bunch of other currencies tonight will post the link
Better option is you can buy and trade