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Hoards of Chinese bitcoin miners moving to Texas
Posted on 6/16/21 at 9:25 am
Posted on 6/16/21 at 9:25 am
Reportedly by CNBC. China is kicking out half the world's bitcoin miners. Those dudes apparently have a hankering for cheap Texas power and good barbeque.
10
Posted on 6/16/21 at 9:26 am to Whiznot
It's mainly because of the alternative energy options in TX and lack of crypto regulation
Posted on 6/16/21 at 9:27 am to Whiznot
Dumb question here. If there is a finite amount of those, is the resource getting scarce such that it's more and more energy/labor intensive to mine? Or, does the math not work that way?
This post was edited on 6/16/21 at 9:28 am
Posted on 6/16/21 at 9:31 am to Bunk Moreland
I think bitcoin is senseless, but do wish I had set a laptop to mining 10 or so years ago when that was still somewhat feasible.
Posted on 6/16/21 at 9:31 am to Bunk Moreland
quote:
Dumb question here. If there is a finite amount of those, is the resource getting scarce such that it's more and more energy/labor intensive to mine? Or, does the math not work that way?
The miners themselves are getting increasingly powerful. I'm not sure if it's because they're adding more ASIC chips into each miner, or if each ASIC chip is just more powerful. Either option equates to a larger power draw though.
Posted on 6/16/21 at 9:32 am to BuckyCheese
quote:
I think bitcoin is senseless, but do wish I had set a laptop to mining 10 or so years ago when that was still somewhat feasible.
I remember when a bitcoin cost less than a dollar. Hindsight is a bitch.
Posted on 6/16/21 at 9:33 am to Whiznot
One of my neighbors has his whole garage set up to mine bitcoin. Had to get a separate panel for his electrical box and his electricity bill was in the 1,500/month range
Posted on 6/16/21 at 9:34 am to Whiznot
quote:
Those dudes apparently have a hankering for cheap Texas power and good barbeque.
I would have to guess its the cheap WTX gas that's being flared for the most part.
Posted on 6/16/21 at 9:34 am to BuckyCheese
I'm too dumb to understand it well. I just thought it was fun to watch the libertarian types freaked out by the fed and its digital printing press go from being enamored by hard assets to something even more electronic/intangible than what the Fed does.
Posted on 6/16/21 at 9:39 am to Bunk Moreland
quote:
Dumb question here. If there is a finite amount of those, is the resource getting scarce such that it's more and more energy/labor intensive to mine? Or, does the math not work that way?
The difficulty is readjusted to how quickly 2016 blocks are solved. It's supposed to equal 10 minutes per block. If it's less time, the difficulty increases to try and make it 10 minutes per block... if it's over 10 minutes ave, difficulty decreases.
I think you may be more aiming for block reward... which halves every 210,000 blocks. It started at 50 btc, now we're at 6.25. The price has clearly gone up 4fold since day 1, but what will encourage miners to keep mining is the transaction fees also rewarded with the block. That requires moderate use of the currency...
quote:
In a few decades when the reward gets too small, the transaction fee will become the main compensation for [mining] nodes. I’m sure that in 20 years there will either be very large transaction volume or no volume.
– Satoshi Nakamoto
Posted on 6/16/21 at 9:42 am to Powerman
quote:
It's mainly because of the alternative energy options in TX
Commercially mining in high heat areas is retarded. Find a cool area with cheap bulk hydro power and go.
Posted on 6/16/21 at 9:43 am to Whiznot
More proof America is for sale by the highest bidder
Posted on 6/16/21 at 9:45 am to Whiznot
China is not so called..kicking them out..but rather taking over the operations...the State does not allow competitors
Posted on 6/16/21 at 10:13 am to Whiznot
quote:Sure they are.
Chinese bitcoin miners
Posted on 6/16/21 at 10:18 am to BuckyCheese
quote:
wish I had set a laptop to mining 10 or so years ago when that was still somewhat feasible.
How about the guy that traded 10,000 BTC for two medium Domino’s pizzas?
Posted on 6/16/21 at 10:20 am to Whiznot
quote:
Hoards of Chinese bitcoin miners moving to Texas
I bet Texas gets a new railroad out of this.
Posted on 6/16/21 at 10:26 am to bad93ex
quote:
How about the guy that traded 10,000 BTC for two medium Domino’s pizzas?
$650,000,000 for two za's?
Ouch
Posted on 6/16/21 at 10:27 am to bad93ex
quote:
How about the guy that traded 10,000 BTC for two medium Domino’s pizzas?
And that's why it isn't a "currency".
Posted on 6/16/21 at 10:42 am to bad93ex
quote:
How about the guy that traded 10,000 BTC for two medium Domino’s pizzas?
2 large pizzas from Papa Johns... quite the epic first btc transaction.
Posted on 6/16/21 at 10:46 am to idlewatcher
quote:im willing to bet he isnt mining much bitcoin but other coins. Ethereum and other coins on that platform.
One of my neighbors has his whole garage set up to mine bitcoin.
This post was edited on 6/16/21 at 10:46 am
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