Remember me
▼ Content

Cryto Mining


Cryto Mining07-07-2021 19:33
HarveyH55Profile picture★★★★★
(3514)
https://hackaday.com/2021/07/07/whats-chia-and-why-is-it-eating-all-the-hard-drives/

At this point the average Hackaday reader is likely familiar with so-called "Proof of Work" (PoW) cryptocurrencies, such as Bitcoin, Ethereum, and Dogecoin. In the most basic of terms, these cryptocurrencies allow users to earn money by devoting computational power to the network. Unfortunately, it's well past the point where your standard desktop CPU is moving enough bits to earn anything worthwhile. Individuals looking to turn a profit have therefore resorted to constructing arrays of high-end graphics cards for the express purpose of "mining" their cryptocurrency of choice.

These miners, combined with ongoing chip shortages, have ravaged the GPU market. Anyone who's looked at building or upgrading a computer recently will know that new video cards are in short supply, and even old models that would otherwise be considered budget options, are commanding outrageous prices. In an effort to appease their core customers, NVIDIA has even introduced cryptocurrency-specific cards that lack video output. The hope was that professional miners would buy these Cryptocurrency Mining Processors (CMPs) instead of the traditional video cards, freeing up the latter for purchase by gamers. But due to the limited availability and relatively high cost of CMPs, they've done little to improve the situation.

Now if you don't use your computer for gaming, this probably seems like a distant problem. You could even be forgiven for thinking of this as little more than two largely frivolous pursuits at loggerheads with each other. After all, in a community that still holds decades-old Thinkpads as the high water mark in portable computing, a certain ambivalence about cutting edge video cards is perhaps to be expected.

But there's a new form of cryptocurrency on the rise which threatens more than just the hardcore gamers. With "Proof of Space" (PoS) cryptocurrencies, it's not about having the fastest CPU or the highest number of GPUs; the commodity being traded is storage space, and the player with the most hard drives wins.


Long article, but good read, lot of details. Seems like these miners are making a huge investment in hardware, electricity, and drive space, for very little chance of hitting a big payout. I'm not much for gambling, but guess some people really like the thrills. There has to be a lot of them too. Graphic cards have always been plentiful. For those who do high-end, they will likely upgrade every year, to the latest, greatest. Have to be a lot of people mining, to put a hurt on graphic cards.
07-07-2021 23:03
Into the NightProfile picture★★★★★
(15813)
HarveyH55 wrote:
https://hackaday.com/2021/07/07/whats-chia-and-why-is-it-eating-all-the-hard-drives/

At this point the average Hackaday reader is likely familiar with so-called "Proof of Work" (PoW) cryptocurrencies, such as Bitcoin, Ethereum, and Dogecoin. In the most basic of terms, these cryptocurrencies allow users to earn money by devoting computational power to the network. Unfortunately, it's well past the point where your standard desktop CPU is moving enough bits to earn anything worthwhile. Individuals looking to turn a profit have therefore resorted to constructing arrays of high-end graphics cards for the express purpose of "mining" their cryptocurrency of choice.

These miners, combined with ongoing chip shortages, have ravaged the GPU market. Anyone who's looked at building or upgrading a computer recently will know that new video cards are in short supply, and even old models that would otherwise be considered budget options, are commanding outrageous prices. In an effort to appease their core customers, NVIDIA has even introduced cryptocurrency-specific cards that lack video output. The hope was that professional miners would buy these Cryptocurrency Mining Processors (CMPs) instead of the traditional video cards, freeing up the latter for purchase by gamers. But due to the limited availability and relatively high cost of CMPs, they've done little to improve the situation.

Now if you don't use your computer for gaming, this probably seems like a distant problem. You could even be forgiven for thinking of this as little more than two largely frivolous pursuits at loggerheads with each other. After all, in a community that still holds decades-old Thinkpads as the high water mark in portable computing, a certain ambivalence about cutting edge video cards is perhaps to be expected.

But there's a new form of cryptocurrency on the rise which threatens more than just the hardcore gamers. With "Proof of Space" (PoS) cryptocurrencies, it's not about having the fastest CPU or the highest number of GPUs; the commodity being traded is storage space, and the player with the most hard drives wins.


Long article, but good read, lot of details. Seems like these miners are making a huge investment in hardware, electricity, and drive space, for very little chance of hitting a big payout. I'm not much for gambling, but guess some people really like the thrills. There has to be a lot of them too. Graphic cards have always been plentiful. For those who do high-end, they will likely upgrade every year, to the latest, greatest. Have to be a lot of people mining, to put a hurt on graphic cards.


The older graphics cards have been abandoned by the miners. Those cards aren't good enough anymore.

The price of older graphics cards is due to inflation and shipping problems. The same shipping problems hitting everybody right now. There just aren't enough containers to go around, and there are not enough longshoreman on our docks to unload ships. Many are still on welfare, since it pays just about as well and they don't have to work for it.

In other words, communism.


The Parrot Killer

Debunked in my sig. - tmiddles

Google keeps track of paranoid talk and i'm not on their list. I've been evaluated and certified. - keepit

nuclear powered ships do not require nuclear fuel. - Swan
Edited on 07-07-2021 23:05
Join the debate Cryto Mining:

Remember me

Related content
ThreadsRepliesLast post
How To Become Millionaire From $1 Via Mining Cryptocurrencies Within 90 Days Guide Tutorial1419-02-2021 03:20
▲ Top of page
Public Poll
Who is leading the renewable energy race?

US

EU

China

Japan

India

Brazil

Other

Don't know


Thanks for supporting Climate-Debate.com.
Copyright © 2009-2020 Climate-Debate.com | About | Contact