Vanguard News Network
VNN Media
VNN Digital Library
VNN Reader Mail
VNN Broadcasts

Old July 14th, 2020 #1
Dawn Cannon
Senior Member
 
Dawn Cannon's Avatar
 
Join Date: Jul 2010
Location: Waiting for the solar micronova
Posts: 5,034
Dawn Cannon
Default Bitcoin is now harder to mine than ever before - so is it still worth it?

For individuals? Almost certainly not

Mining bitcoin now demands more computational power than ever before, with mining difficulty reaching a new high of 17.35 trillion, up 9.89% from the previous record posted on July 1.

The new bitcoin mining difficulty (a metric that describes how challenging it is to compete for cryptocurrency rewards on the bitcoin blockchain) is a reflection of the increase in computing power dedicated to mining bitcoin in recent weeks.

Altered automatically after every 2016 blocks processed - which occurs roughly every two weeks - bitcoin mining difficulty fluctuates in line with the level of competition on the network. If competition among miners is high during the two-week period, mining bitcoin will become more computationally complex for the next 2016-block cycle, as per the network’s design.

The new record was reached two months after the third bitcoin halving took place, which cut the reward for successfully validating a new block from 12.5 to 6.25 bitcoin - or from roughly $115,000 to $57,500 by today's rate.

By cutting the revenue brought in by mining operations in half, the landmark event was expected to weed out smaller miners, judged unable to shoulder the new cost of operation. However, the new record mining difficulty suggests investment in high-end mining equipment has only increased since the halving event.

Bitcoin mining
Bitcoin is the world’s first cryptocurrency and the largest today by market capitalization, followed by Ethereum and XRP. The number of bitcoin currently in existence sits at 18 million, with the cap (the role of which is to simulate scarcity) expected to be reached at some point in the first half of next century.

When the cryptocurrency was in its infancy, mining bitcoin was relatively easy, such that an individual with a powerful computer could successfully turn a profit. In other words, the value of the cryptocurrency reward was greater than the cost of electricity expended (and any other overheads).

Today, the bitcoin mining difficulty has squeezed individual miners from the market (despite the high value of a single coin) and the scene is dominated by mining syndicates, which see participants pool computing resources in return for a portion of the group’s cryptocurrency earnings.

These bitcoin mining consortia have been known to take extensive measures to improve profit margins, including establishing bespoke agreements with power providers that guarantee cheaper energy in exchange for commitment over a predefined period.

While it is next to impossible for an individual user to turn a profit mining bitcoin today, mining syndicates provide an alternate route for dedicated enthusiasts.

However, it is important to understand that, due to the variance in mining difficulty and fluctuation in bitcoin value, participating in a mining operation is a speculative pursuit and does not guarantee an income.

https://www.techradar.com/uk/news/bi...still-worth-it
__________________
The Bloodbath is Coming
7.6 billion savages multiplying and running wild over the earth, devouring everything in sight, trampling over every other lifeform without mercy or compassion.
 
Old September 12th, 2020 #2
JohnUbele
Junior Member
 
Join Date: Sep 2020
Posts: 38
JohnUbele
Default

This site is a pretty good resource:

https://coinmarketcap.com/
 
Old September 13th, 2020 #3
Antonius
Junior Member
 
Join Date: Aug 2020
Posts: 8
Antonius
Default

Quote:
Originally Posted by Dawn Cannon View Post
For individuals? Almost certainly not

Mining bitcoin now demands more computational power than ever before, with mining difficulty reaching a new high of 17.35 trillion, up 9.89% from the previous record posted on July 1.

The new bitcoin mining difficulty (a metric that describes how challenging it is to compete for cryptocurrency rewards on the bitcoin blockchain) is a reflection of the increase in computing power dedicated to mining bitcoin in recent weeks.

Altered automatically after every 2016 blocks processed - which occurs roughly every two weeks - bitcoin mining difficulty fluctuates in line with the level of competition on the network. If competition among miners is high during the two-week period, mining bitcoin will become more computationally complex for the next 2016-block cycle, as per the network’s design.

The new record was reached two months after the third bitcoin halving took place, which cut the reward for successfully validating a new block from 12.5 to 6.25 bitcoin - or from roughly $115,000 to $57,500 by today's rate.

By cutting the revenue brought in by mining operations in half, the landmark event was expected to weed out smaller miners, judged unable to shoulder the new cost of operation. However, the new record mining difficulty suggests investment in high-end mining equipment has only increased since the halving event.

Bitcoin mining
Bitcoin is the world’s first cryptocurrency and the largest today by market capitalization, followed by Ethereum and XRP. The number of bitcoin currently in existence sits at 18 million, with the cap (the role of which is to simulate scarcity) expected to be reached at some point in the first half of next century.

When the cryptocurrency was in its infancy, mining bitcoin was relatively easy, such that an individual with a powerful computer could successfully turn a profit. In other words, the value of the cryptocurrency reward was greater than the cost of electricity expended (and any other overheads).

Today, the bitcoin mining difficulty has squeezed individual miners from the market (despite the high value of a single coin) and the scene is dominated by mining syndicates, which see participants pool computing resources in return for a portion of the group’s cryptocurrency earnings.

These bitcoin mining consortia have been known to take extensive measures to improve profit margins, including establishing bespoke agreements with power providers that guarantee cheaper energy in exchange for commitment over a predefined period.

While it is next to impossible for an individual user to turn a profit mining bitcoin today, mining syndicates provide an alternate route for dedicated enthusiasts.

However, it is important to understand that, due to the variance in mining difficulty and fluctuation in bitcoin value, participating in a mining operation is a speculative pursuit and does not guarantee an income.

https://www.techradar.com/uk/news/bi...still-worth-it
Yeah, it seems like the planned capping out of Bitcoins at around 21 million (as I recall) will probably destroy the currency...

Who the heck is going to dedicate their computing power when no new "coins" can be mined at all, ever? What incentive is there to continue spending on computing power when all the coins are "mined"? I hope they figure it out, quickly. Or a new non-jewish crypto designed to endure even the most intense persecution by the State emerges that smashes the damn (((jew "federal" reserve))) & preempt's any successor to that accursed central bank.
 
Old September 16th, 2020 #4
Dawn Cannon
Senior Member
 
Dawn Cannon's Avatar
 
Join Date: Jul 2010
Location: Waiting for the solar micronova
Posts: 5,034
Dawn Cannon
Default

Quote:
Originally Posted by Antonius View Post
Yeah, it seems like the planned capping out of Bitcoins at around 21 million (as I recall) will probably destroy the currency...

Who the heck is going to dedicate their computing power when no new "coins" can be mined at all, ever? What incentive is there to continue spending on computing power when all the coins are "mined"? I hope they figure it out, quickly. Or a new non-jewish crypto designed to endure even the most intense persecution by the State emerges that smashes the damn (((jew "federal" reserve))) & preempt's any successor to that accursed central bank.
Yes, I think they said 21 million too. I didn't realise it would take until first half of next century though.

I think they were depending on quantum computing becoming a thing but that's about as likely as cold fusion. (I hope)
 
Reply

Tags
cryptocurrency, proof of work

Share


Thread
Display Modes


All times are GMT -5. The time now is 04:33 PM.
Page generated in 0.11343 seconds.