Welcome, Guest. Please login or register.

Login with username, password and session length

 
Advanced search

1092555 Posts in 72291 Topics- by 19423 Members - Latest Member: juanito
Jump to:  
The Trombone ForumPractice BreakChit-Chat(Moderators: bhcordova, RedHotMama, BFW) Bitcoin will burn up the planet
Pages: [1]   Go Down
Print
Author Topic: Bitcoin will burn up the planet  (Read 452 times)
0 Members and 1 Guest are viewing this topic.
robcat2075

*
Offline Offline

Location: Dallas, Texas
Joined: Apr 19, 2009
Posts: 6627

View Profile
« on: Nov 11, 2017, 09:46AM »

Not from The Onion...


One Bitcoin Transaction Now Uses as Much Energy as Your House in a Week

Quote
An index from cryptocurrency analyst Alex de Vries, aka Digiconomist, estimates that with prices the way they are now, it would be profitable for Bitcoin miners to burn through over 24 terawatt-hours of electricity annually as they compete to solve increasingly difficult cryptographic puzzles to "mine" more Bitcoins. That's about as much as Nigeria, a country of 186 million people, uses in a year.

This averages out to a shocking 215 kilowatt-hours (KWh) of juice used by miners for each Bitcoin transaction (there are currently about 300,000 transactions per day). Since the average American household consumes 901 KWh per month, each Bitcoin transfer represents enough energy to run a comfortable house, and everything in it, for nearly a week.
Logged

Robert Holmén

Hear me as I Play My Horn


Get your Popper, Dotzauer, or Kummer play-alongs!
Burgerbob

*
Offline Offline

Location: Los Angeles
Joined: Aug 12, 2007
Posts: 5512

View Profile
« Reply #1 on: Nov 11, 2017, 11:44AM »

The bitcoin market has completely destroyed the consumer market for high end video cards (usually reserved for computer gaming). Miners will buy cards, use them until they are basically destroyed, then dump them on the used market. Manufacturers are trying to clamp down on the practice.
Logged

Brasslab 50T3, Greg Glack 1G .312 #2
Bach 50B, ditto
Bach 50B2, ditto
Conn 60H, ditto
Bach 42B, Greg Black NY 1.25
Bach 42BG, ditto
Conn 6H, Yamaha 48
Yamaha YEP-842S, Schilke 53/59
Yamaha YBH-301MS, Hammond 12XL
MrPillow
Organologique et plus!

*
Offline Offline

Location: Newport, RI
Joined: Jan 14, 2008
Posts: 1598

View Profile
« Reply #2 on: Nov 11, 2017, 12:57PM »

In 2010 some friends and I decided we should invest in BitCoin because it might eventually get huge. We decided not to. I've been dead inside ever since.
Logged

King 3B/F Silversonic - King 608F - Holton Paul Whiteman Model
Graham Martin
Purveyor of 'HOT' Jazz

*
Offline Offline

Location: Redland Bay, Queensland, AUSTRALIA
Joined: Nov 5, 2000
Posts: 11537
"Dixieland/Mainstream/Big Band"


View Profile
« Reply #3 on: Nov 11, 2017, 02:16PM »

Watch out for Bitcoin scams of which there are many. "To claim your Bitcoin prize etc., click here". Evil
Logged

Grah

"May God bless and keep you always
May your wishes all come true
May you always do for others
And let others do for you
May you build a ladder to the stars
And climb on every rung
May you stay......forever young."
MrPillow
Organologique et plus!

*
Offline Offline

Location: Newport, RI
Joined: Jan 14, 2008
Posts: 1598

View Profile
« Reply #4 on: Nov 11, 2017, 02:23PM »

Are they from the Nigerian Prince?
Logged

King 3B/F Silversonic - King 608F - Holton Paul Whiteman Model
robcat2075

*
Offline Offline

Location: Dallas, Texas
Joined: Apr 19, 2009
Posts: 6627

View Profile
« Reply #5 on: Nov 11, 2017, 04:59PM »

Sometimes police look at people's electric bills to figure out who might be growing pot with a houseful of grow lights.

One day they're going to do a raid, shoot the place up, and find out it's a bunch of graphics cards and no pot.



Logged

Robert Holmén

Hear me as I Play My Horn


Get your Popper, Dotzauer, or Kummer play-alongs!
BGuttman
Mad Chemist

*
*
Offline Offline

Location: Londonderry, NH, USA
Joined: Dec 12, 2000
Posts: 51514
"Almost Professional"


View Profile
« Reply #6 on: Nov 11, 2017, 05:03PM »

Can you enlighten me a little?  What's mining for Bitcoin?  I thought you had to buy them in order to spend them.
Logged

Bruce Guttman
Solo Trombone, Hollis Town Band
Merrimack Valley Philharmonic Orch. President 2017-2018
MrPillow
Organologique et plus!

*
Offline Offline

Location: Newport, RI
Joined: Jan 14, 2008
Posts: 1598

View Profile
« Reply #7 on: Nov 11, 2017, 05:06PM »

Bitcoins are created, or "mined", by decrypting computer code using extensive processing power. Once a new Bitcoin is mined, it can then be sold into the marketplace.
Logged

King 3B/F Silversonic - King 608F - Holton Paul Whiteman Model
robcat2075

*
Offline Offline

Location: Dallas, Texas
Joined: Apr 19, 2009
Posts: 6627

View Profile
« Reply #8 on: Nov 11, 2017, 05:35PM »

Can you enlighten me a little?  What's mining for Bitcoin?  I thought you had to buy them in order to spend them.

The mining isn't just busy work, it's doing the work of digital verifying and processing the transactions that happen around the world.

A tiny fraction of a new bitcoin is your reward for doing that work.

Logged

Robert Holmén

Hear me as I Play My Horn


Get your Popper, Dotzauer, or Kummer play-alongs!
Matt K

*
*
Offline Offline

Location:
Joined: May 6, 2010
Posts: 7252

View Profile
« Reply #9 on: Nov 11, 2017, 06:45PM »

Bitcoin is essentially a distributed ledger system.  A "Bitcoin" is akin to a dollar. You can have a fraction of a dollar or multiple dollars, etc.  When you give someone n amount of bitcoin, you are performing a transaction similar to how you would with a bank. Except instead of telling the bank, you put a puzzle piece to solve on a network and the first computer to figure out that puzzle "wins" and gets a part of the transaction.  So the big difference between this and a normal financial transaction is that anybody with a powerful enough computer can verify your purchase.

Why is this better than a bank? Well, in some ways it is not. The most obvious being that it isn't a real currency. At least it isn't viewed that way yet.  The big advantage though, is that financial institutions spend a great amount of resource to guard many people's money.  So, for example, your money is pooled with thousands of others and if there was a breach, a potential attacker could have complete control over many people's money.  With Bitcoin, security is distributed and having a computer solve the puzzle "incorrectly" in such a way that it looks like you spent money is impossible with the current amount of computational power. This is because there is a window in which any transaction can occur and multiple computers have to solve the puzzle the same way.  If there is disagreement between multiple computers, those transactions effectively become cancelled.  So you should wait until it becomes permanent (approximately 60 minutes) at which point the computerational power required to reverse the transaction may well actually burn up the planet.

The "mining" is what I mentioned in the first paragraph; its verifying the transactions.  Different currencies handle it in different ways. Ether, for example, allows you to specify how much 'gas' you give the transaction. If speed is important, you can pay a higher transaction cost, which will draw more computers to compete to verify your transaction, and it gets done faster vs. if you put no costs into it. Other currencies have fixed amoutns per any transactions.  One of the things that contributes to confusion is that there are currently more than one bitcoin in existence after a "fork" (software upgrade) earlier this year that resulted in BitCoin Classic BitCoin Cash.  There was going to be another fork in the near future, but it was canceled.

As far as Bitcoin burning up all these resources, I doubt that it will happen like that. That assumes that computers won't get more efficient and that people don't have unlimited resources!  Heck for that matter, maybe we'll get some kind of sustainable renewable energy to power it if the costs of a Bitcoin are that high to run parallel ASIC machines.
Logged

What's in a name? that which we call a tenor-bass posaune
By any other name would smell as sweet;
BillO
A trombone is not measured by it's name.

*
Offline Offline

Location: Ontario Canada
Joined: Jun 24, 2015
Posts: 3421

View Profile
« Reply #10 on: Nov 11, 2017, 08:31PM »

I just wish I had bought a $1000 of them when they were $0.008.

Sigh!
Logged

Never look at the conductor. You just encourage them.

Have you noticed, some folk never stick around to help tidy up after practice?
Pages: [1]   Go Up
Print
Jump to: