Why Is Bitcoin Valuable? (The Surprisingly Simple Reasons ...

Chinese Chatter 6/7/16 BTC

Hey everyone! I've been translating some Bitcoin discussions from Chinese forums. I thought you might be interested in what they are 'chatting' about. There's a lot of content, so I will try to post more when I can.
Bitcoin 1200$++? Posted on 6/6/16 by (user) lucid
(user) 比特吹
No! Not yet. But we can expect.
(user) cyrill7
网上说涨的声音越多,说明就要大跌啦
More voices on the internet say it'll rise, meaning it's going to drop...
(user) petaflops [response to cyrill7]
太好了,终于要跌了
Awesome, it's finally going to fall
(user) 宜州抠门电话总
这个不靠谱。
This is crazy/irrational.
(user) 510685947
万把万把。。18000不是梦想!
thousands and thousands...18000 isn't a dream!
(user) plm318
多关注一下,能感觉到
You can almost feel it as you pay more attention to it.
(user) 秦的爱恋
比特美元的最高价也就1200吧
Bitcoin's USD all time high was 1200.
(user) 后排低沉的声音 [response to 510685947]
18000这个数字 你什么怎么来的,我昨晚做梦也是看见这个数字
好像是 1800刀 还是 18000 我就不记得了。。
How did you come up with 18000, I also saw this number in my dream last night
Seems like it was 1800 or 18000 I just don't remember...
(user) bincoin
不太现实,目前
That's not exactly realistic, at the moment
(user) 510685947 [response to 后排低沉的声音]
都坐着发财梦想
we're both dreaming of getting rich
(user) fermi [response to 后排低沉的声音]
有一个比特币万八群,预测比特币会到18000,群主曾经在贴吧用所谓的弦理论吸引了大批粉丝,你在贴吧也曾经超级活跃应该知道这人吧。
There's an 18000 Bitcoin group, predicting that Bitcoin will reach 18000. Once, the group used a so-called 'string theory' on the sidebar to attract a large number of fans, you have also been extremely active in the side bar so you should probably know each other.
(user) 后排低沉的声音 [responds to fermi]
贴吧三年没有上了 完全不知道。。
I haven't been on that sidebar in three years, I have no clue...
(user) fermi [responds to 后排低沉的声音]
那可能是你没注意,他是在2014年1月预测比特币最终要跌到900左右,当时你的软妹币还没发布呢! :-)
Oh maybe you just didn't notice, in January 2014 he predicted Bitcoin would ultimately fall to around 900, at that time you hadn't cashed out into your 'soft girl money'! :-) ('soft girl money' is a literal translation of a play on words for RMB, the full name for China's currency. RuanMeiBi vs. RenMinBi. Basically, 'your money for picking up girls', because 'girls are attracted to money')
(user) 骚皮狗
想发财想疯了,现实点啊,哭的时候都忘记了?
You guys are going crazy to get rich. Be real, have you forgotten all the times you've cried over this?
BTC Wallet: 16YEVBDMESoGPNe2c51zX13JP1DBVtSKh2
Recently, I've been encouraged to accept tips. I never expect them, but they are always very much appreciated. Thanks!
submitted by looselikejuice to BitcoinMarkets [link] [comments]

The /r/btc China Dispatch: Episode 8: Special Extended Lunar New Year Edition - 8btc Discusses the Official Release of Bitcoin Classic

Howdy /btc, it’s been awhile! The /btc China dispatch was on vacation this week due to the Chinese New Year, but now your humble correspondent is back with the vengeance with more OC from the Bitcoin Sinosphere.
In this edition of the /btc China dispatch, we look at a thread on 8btc.com announcing the release of Bitcoin Classic to Chinese readers. I hope you guys find the translation informative.
Note that unlike in previous editions of the Dispatch, in addition to the posters’ user names, I have also posted their forum titles in parentheses next to their user names for your reference and possible amusement. All accounts on 8btc.com are ranked based on number of accrued points (essentially upvotes) from, in order of lowest to highest, Noob, Shiphand, Crew Member, Squad Leader, First Mate, Captain and Pirate King. Additionally, some people have custom titles equivalent to Reddit flair.
[OP]
Subject: Bitcoin Classic Officially Released!
Posted by bluestar (Crew Member)
Bitcoin Classic has finally been officially released. You can download it via the link below:
https://github.com/bitcoinclassic/bitcoinclassic/releases/tag/v0.11.2.cl1
Now miners that support Classic can start using Classic to mine blocks. Does anyone know how many miners there are in China who support Classic? I remember a while ago there was someone on 8btc who gave us a tip off, but now there’s no information whatsoever. Has 8btc been abandoned or are the miner’s secretly planning on making a massive move? Any inside info would be appreciated!
You can see the extent to which each version is supported by going to the following page:
https://coin.dance/nodes
[Response 1]
Posted by jb9802 (First Mate)
I would like to call on the miners to complete the upgrade of bitcoin as soon as possible. If we wait for Core we’re going to be killed off by Blockstream, Inc. sooner or later.
[Response 3]
Posted by hempheart (Squad Leader)
My guess is that the miners will support Core. The miners are putting their lives on the line with their investment unlike small time investors. The small time investors will still be able to eat even if they lose all their BTC.
[Response 4]
Posted by yuli7376 (Great Captain of Atlantis)
All us smaller players can do at this point is sit back and watch how things unfold.
[Response 5]
Posted by bluestar (Crew Member)
@hempheart
It doesn’t matter even if they support Classic as the hard fork will only activate once 75% of the hashing power is behind Classic. Once you get 75% of the hashing power, that means that a supermajority support Classic and Core will be nothing but a niche, so there’s no real “winning or losing” when it comes to this vote.
[Response 6]
Posted by copay (Crew Member)
As the name suggests, Classic is a return to Satoshi’s original vision.
[Response 7]
Posted by Ma_Ya (Shibe Loves BTC Love Doge Guide idgui.com Captain)
@copay
Classic just means classic. What I want to know is whether or not the official release continues to use a 75% threshold for activating a forced hard fork like the beta version, presenting the possibility for a schism in the bitcoin community.
If Classic doesn’t support the 90% 2MB consensus then supporting Classic is basically just like supporting a fracturing of the bitcoin community. I strongly suggest that miners should emphasize first and foremost not dividing the community and boycott any contentious version that forks after less than 90% of hash power is reached.
Pools that support forking at 75% want to divide the community and I advise all miners to leave these pools. It is no longer a simple question of 1MB or 2MB, but rather a question of 75% versus 90%: fork plus schism versus fork with no schism. The issue is about maintaining the unity of the bitcoin community.
To digress a little bit, Bitcoin XT, which has already been abandoned, also sought to hastily fork at 75% and divide the community.
You can find more information on Qt versions here:
http://BitQT.com
[Response 8]
Posted by copay (Crew Member)
@Ma_Ya
What is the big difference between 75% and 90%?
[Response 10]
Posted by Ma_Ya (Shibe Loves BTC Love Doge Guide idgui.com Captain)
@copay
In the event of a hard fork activated at 75%, there’s a possibility that the remaining 25% of hashpower will hold out.
That is, the hashpower ratio will be 75%:25% = 3:1; at this hashpower ratio there is definitely a possibility that the two coins that result from the fork will coexist and compete with one another. This will result in a splitting of the community and there will be two bitcoins. They will attack one another and claim the other coin is an alt while each saying their own coin is the true bitcoin.
One the other hand, if a fork happens after 90% of hashpower is behind it, the hashpower rate is much higher at 9:1. When the hashpower ratio is this high, the miners working on the 10% chain will need 10x as long to produce a block and they could be attacked by the other 90%, who would only need to send 1/9 of the hashpower to attack the other chain. Therefore it will be difficult for the 10% chain to survive over the long term. Therefore there will be no split in the community.
[Response 11]
Posted by petaflops (Squad Leader)
Awaiting the results.
[Response 12]
Posted by bluestar (Crew Member)
@Ma_Ya
Come on, man. You don’t need to say the same thing twice. It’s not like your response is highly technical.
[Response 13]
Posted by Ma_Ya (Shibe Loves BTC Love Doge Guide idgui.com Captain)
@bluestar
Four Major Mining Pools Call for Consensus, Reject Hard Fork to Bitcoin Classic
http://8btc.com/forum.php?mod=viewthread&tid=28955
My proposal that Classic needs to support the 90% 2 MB consensus as soon as possible is made in good faith.
Currently Classic does not support the 90% 2 MB consensus and insists on initiating a hard fork at 75% with the possibility of dividing the community, so the major mining pools have come out with a joint statement saying that they do not support it. This joint statement is Classic’s failure. I never would have imagined that their failure would be announced as soon as they released an official version.
The results might be different if the official version had supported the 90% 2 MB consensus and avoided the risk of dividing the community.
[Response 14]
Posed by Qin’s Love (Captain)
Small time investors can only watch from the sidelines.
[Response 15]
Posted by bincoin (First Mate Invincible Speculator in Stocks, Futures, Currencies, Gold, Bitcoin, Goocoin and Agricultural Products)
A solution is out there, which is good. Much better than the unending bluster from Core. Whether you support Classic or not, they’re efficient.
[Response 16]
Posted by jb9802 (First Mate)
@Ma_Ya
The front page of 8btc:
http://www.8btc.com/34454 [Translator’s Note: The headline of the page linked to reads “A Summary of Discussion Regarding the Raising of the Bitcoin Block Size”]
Take a close look. The pools haven’t rejected it, they’re just waiting to see how Core responds. Btcc, who are regarded as diehard core followers said: “if Bitcoin Core still does not consent to raise the block size using this method, then we will very probably need to look for another leading team to implement a hard fork, with an activation period of 12 months.”
  1. Btcc has given Core 1 year (of course I personally think this is too long); if Core does not implement a hard fork then btcc will have to find some other solution.
  2. The fact of the matter is that everyone is waiting for a statement from Core and if they don’t make themselves clear in the next few months then their exit will be inevitable.
[Response 17]
Posted by bluestar (Crew Member)
@jb9802
Honestly I don’t think there’s any need to respond to this guy’s mantra-like posts. Every time I see one of his posts it’s like hitting a brick wall. I’ve already responded to his calls for 90% support many times in the past. It doesn’t matter how logical you are, he’ll just ignore you and if you slip up anywhere in your argument he’ll just dwell on it without letting go. It would be better to wait until he actually posts something interesting before responding.
[Response 18]
Posted by DogeCoin-Keeper (Cosmically Super Awesome Invincible Badass Smart Alert Handsome as Fuck Pirate King Who Is Better Than You in Every Way)
It looks like it’s going to be impossible to raise the block size this way. There will definitely be a simpler way to raise the block size in the future.
[Response 19]
Posted by bluestar (Crew Member)
@DogeCoin-Keeper
Yeah, there’s a simple way. If Core was willing to lead a hard fork it could be accomplished immediately. The problem is they’re not willing.
[Response 20]
Posted by DogeCoin-Keeper (Cosmically Super Awesome Invincible Badass Smart Alert Handsome as Fuck Pirate King Who Is Better Than You in Every Way)
@bluestar
I think that the current situation is actually okay. If BTC relied on only one team to decide its direction then it wouldn’t need to exist.
submitted by KoKansei to btc [link] [comments]

Chinese Chatter 6/7/16 Bitcoin

Hey everyone! I've been translating some Bitcoin discussions from Chinese forums. I thought you might be interested in what they are 'chatting' about. There's a lot of content, so I will try to post more when I can.
Bitcoin 1200$++? Posted on 6/6/16 by (user) lucid
(user) 比特吹
No! Not yet. But we can expect.
(user) cyrill7
网上说涨的声音越多,说明就要大跌啦
More voices on the internet say it'll rise, meaning it's going to drop...
(user) petaflops [response to cyrill7]
太好了,终于要跌了
Awesome, it's finally going to fall
(user) 宜州抠门电话总
这个不靠谱。
This is crazy/irrational.
(user) 510685947
万把万把。。18000不是梦想!
thousands and thousands...18000 isn't a dream!
(user) plm318
多关注一下,能感觉到
You can almost feel it as you pay more attention to it.
(user) 秦的爱恋
比特美元的最高价也就1200吧
Bitcoin's USD all time high was 1200.
(user) 后排低沉的声音 [response to 510685947]
18000这个数字 你什么怎么来的,我昨晚做梦也是看见这个数字
好像是 1800刀 还是 18000 我就不记得了。。
How did you come up with 18000, I also saw this number in my dream last night
Seems like it was 1800 or 18000 I just don't remember...
(user) bincoin
不太现实,目前
That's not exactly realistic, at the moment
(user) 510685947 [response to 后排低沉的声音]
都坐着发财梦想
we're both dreaming of getting rich
(user) fermi [response to 后排低沉的声音]
有一个比特币万八群,预测比特币会到18000,群主曾经在贴吧用所谓的弦理论吸引了大批粉丝,你在贴吧也曾经超级活跃应该知道这人吧。
There's an 18000 Bitcoin group, predicting that Bitcoin will reach 18000. Once, the group used a so-called 'string theory' on the sidebar to attract a large number of fans, you have also been extremely active in the side bar so you should probably know each other.
(user) 后排低沉的声音 [responds to fermi]
贴吧三年没有上了 完全不知道。。
I haven't been on that sidebar in three years, I have no clue...
(user) fermi [responds to 后排低沉的声音]
那可能是你没注意,他是在2014年1月预测比特币最终要跌到900左右,当时你的软妹币还没发布呢! :-)
Oh maybe you just didn't notice, in January 2014 he predicted Bitcoin would ultimately fall to around 900, at that time you hadn't cashed out into your 'soft girl money'! :-) ('soft girl money' is a literal translation of a play on words for RMB, the full name for China's currency. RuanMeiBi vs. RenMinBi. Basically, 'your money for picking up girls', because 'girls are attracted to money')
(user) 骚皮狗
想发财想疯了,现实点啊,哭的时候都忘记了?
You guys are going crazy to get rich. Be real, have you forgotten all the times you've cried over this?
BTC Wallet: 16YEVBDMESoGPNe2c51zX13JP1DBVtSKh2
Recently, I've been encouraged to accept tips. I never expect them, but they are always very much appreciated. Thanks!
submitted by looselikejuice to Bitcoin [link] [comments]

Chinese Chatter 6/7/16

Hey everyone! I've been translating some Bitcoin discussions from Chinese forums. I thought you might be interested in what they are 'chatting' about. There's a lot of content, so I will try to post more when I can.
Bitcoin 1200$++? Posted on 6/6/16 by (user) lucid
(user) 比特吹
No! Not yet. But we can expect.
(user) cyrill7
网上说涨的声音越多,说明就要大跌啦
More voices on the internet say it'll rise, meaning it's going to drop...
(user) petaflops [response to cyrill7]
太好了,终于要跌了
Awesome, it's finally going to fall
(user) 宜州抠门电话总
这个不靠谱。
This is crazy/irrational.
(user) 510685947
万把万把。。18000不是梦想!
thousands and thousands...18000 isn't a dream!
(user) plm318
多关注一下,能感觉到
You can almost feel it as you pay more attention to it.
(user) 秦的爱恋
比特美元的最高价也就1200吧
Bitcoin's USD all time high was 1200.
(user) 后排低沉的声音 [response to 510685947]
18000这个数字 你什么怎么来的,我昨晚做梦也是看见这个数字
好像是 1800刀 还是 18000 我就不记得了。。
How did you come up with 18000, I also saw this number in my dream last night
Seems like it was 1800 or 18000 I just don't remember...
(user) bincoin
不太现实,目前
That's not exactly realistic, at the moment
(user) 510685947 [response to 后排低沉的声音]
都坐着发财梦想
we're both dreaming of getting rich
(user) fermi [response to 后排低沉的声音]
有一个比特币万八群,预测比特币会到18000,群主曾经在贴吧用所谓的弦理论吸引了大批粉丝,你在贴吧也曾经超级活跃应该知道这人吧。
There's an 18000 Bitcoin group, predicting that Bitcoin will reach 18000. Once, the group used a so-called 'string theory' on the sidebar to attract a large number of fans, you have also been extremely active in the side bar so you should probably know each other.
(user) 后排低沉的声音 [responds to fermi]
贴吧三年没有上了 完全不知道。。
I haven't been on that sidebar in three years, I have no clue...
(user) fermi [responds to 后排低沉的声音]
那可能是你没注意,他是在2014年1月预测比特币最终要跌到900左右,当时你的软妹币还没发布呢! :-)
Oh maybe you just didn't notice, in January 2014 he predicted Bitcoin would ultimately fall to around 900, at that time you hadn't cashed out into your 'soft girl money'! :-) ('soft girl money' is a literal translation of a play on words for RMB, the full name for China's currency. RuanMeiBi vs. RenMinBi. Basically, 'your money for picking up girls', because 'girls are attracted to money')
(user) 骚皮狗
想发财想疯了,现实点啊,哭的时候都忘记了?
You guys are going crazy to get rich. Be real, have you forgotten all the times you've cried over this?
BTC Wallet: 16YEVBDMESoGPNe2c51zX13JP1DBVtSKh2
Recently, I've been encouraged to accept tips. I never expect them, but they are always very much appreciated. Thanks!
submitted by looselikejuice to btc [link] [comments]

Time and energy required to brute-force a AES-256 encryption key.

I did a report on encryption a while ago, and I thought I'd post a bit of it here as it's quite mind-boggling.
AES-256 is the standardized encryption specification. It's used worldwide by everyone from corporations to the US government. It's largest key size is 256 bits. This means that the key, the thing that turns encrypted data into unencrypted data, is string of 256 1s or 0s.
With each character having two possibilities (1 or 0), there are 2256 possible combinations. Typically, only 50% of these need to be exhausted to yield the correct key, so only 2255 need to be guessed. How long would it take to flip through each of the possible keys?
When doing mundane, repetitive calculations (such as brute-forcing or bitcoin mining), the GPU is better suited than the CPU. A high-end GPU can typically do about 2 billion calculations per second (2 gigaflops). So, we'll use GPUs.
Say you had a billion of these, all hooked together in a massively parallel computer system. Together, they could perform at 2e18 flops, or
 2 000 000 000 000 000 000 keys per second (2 quintillion) 
1 billion gpus @ 2 gigaflops each (2 billion flops)
Since there are 31 556 952 seconds in a year, we can multiply by that to get the keys per year.
 *31 556 952 =6.3113904e25 keys per year (~10 septillion, 10 yottaflops) 
Now we divide 2255 combinations by 6.3113904e25 keys per year:
 2^255 / 6.3113904e25 =9.1732631e50 years 
The universe itself only existed for 14 billion (1.4e10) years. It would take ~6.7e40 times longer than the age of the universe to exhaust half of the keyspace of a AES-256 key.
On top of this, there is an energy limitation. The The Landauer limit is a theoretical limit of energy consumption of a computation. It holds that on a system that is logically irreversible (bits do not reset themselves back to 0 from 1), a change in the value of a bit requires an entropy increase according to kTln2, where k is the Boltzmann constant, T is the temperature of the circuit in kelvins and ln2 is the natural log(2).
Lets try our experiment while considering power.
most high-end GPUs take around 150 watts of energy to power themselves at full load. This doesn't include cooling systems.
 150 000 000 000 watts (150 gigawatts) 
1 billion gpus @ 150 watts
 1.5e11 watts 
This is enough power to power 50 million american households.
The largest nuclear power reactors (Kashiwazaki-Kariwa) generate about 1 gigawatt of energy.
 1.5e11 watts / 1 gigawatt = 150 
Therefore, 1 billion GPUs would require 150 nuclear power plant reactors to constantly power them, and it would still take longer than the age of the universe to exhaust half of a AES-256 keyspace.
1 billion GPUs is kind of unrealistic. How about a supercomputer?
The Tianhe-2 Supercomputer is the world's fastest supercomputer located at Sun Yat-sen University, Guangzhou, China. It clocks in at around 34 petaflops.
Tianhe-2 Supercomputer @ 33.86 petaflops (quadrillion flops)
 =33 860 000 000 000 000 keys per second (33.86 quadrilion) 3.386e16 * 31556952 seconds in a year 
2255 possible keys
 2^255 / 1.0685184e24 =1.0685184e24 keys per year (~1 septillion, 1 yottaflop) =5.4183479e52 years 
That's just for 1 machine. Reducing the time by just one power would require 10 more basketball court-sized supercomputers. To reduce the time by x power, we would require 10x basketball court-sized supercomputers. It would take 1038 Tianhe-2 Supercomputers running for the entirety of the existence of everything to exhaust half of the keyspace of a AES-256 key.
Edit: corrections on my grade 12 math.
submitted by INCOMPLETE_USERNAM to theydidthemath [link] [comments]

12-10 23:33 - 'Lets have a discussion about energy consumption in bitcoin mining and what that means towards the carbon footprint today.' (self.Bitcoin) by /u/Cryptolution removed from /r/Bitcoin within 1-11min

'''
There was a [very good coindesk article in July 2014]1 that broke down the carbon footprint of the bitcoin mining network. At the date of the article, our hashrate was 146,505 TH/s. Now that we are at above 13 exahashes/s this represents a 94 fold increase hashing power.
[Here is the cost breakdown chart from the coindesk article]2 .
As you can see from this image, the carbon footprint of bitcoin in 2014 is a tiny fraction compared to the carbon footprint of the traditional banking system. Yet at a 0.78 Billion per year cost in 2014, at a 94 fold increase of power that would now be 73.32 billion, which would make bitcoin 9.52 billion more in electricity costs.
But this is trying to extrapolate data in a non-accurate way. In order to understand why this is inaccurate, we must look at how all of this technology works and how technology has scaled upwards while decreasing electricty consumption.
The bitcoin network at 13 exahashes is roughly 130 times greater than the largest super computer (Sunway, 93 petahashes per sec in china, see [top500.org]3 )
So when you make that statement, you think "wow, bitcoin must use a lot of energy to be 130 times more powerful than the largest super computer network!"
But, its not apples to oranges. These super computer networks are non-specialized hardware (comparably to bitcoin) in that they have generalized computing capabilities. This means that these systems require more standardized hardware so that they can preform a large amount of different computing functions.
So, for example, the largest Sunway supercomputer @ 93 petaflops (roughly 1/130th the power of the bitcoin network) preforms its calculations at 93,014.6 petahashes @ 15,371 kW = 93014000 Gh @ 15370000 watts. Doing the maths, this comes out to a 0.16524 W/Gh.
The AntMiner S9 currently operates at 0.098 Gh ....so nearly double the energy efficiency of what the most powerful super computer network in the world operates at.
You have the Dragonmint miner coming out Q1-Q2 in 2018 which uses 0.075J/GHs ....a 30% efficiency increase over the Antminer S9.
And next year japanese giant GMO is launching into the bitcoin mining business, stating they will be releasing a 7nm ASIC design, which is more than double the efficiency of the current 16nm design the Antminer S9 uses. This will mean a more than doubling of energy efficiency. They said they have plans after the release of the first product to research "5nm, and 3.5nm mining chips"
So, what is the point of understanding all of this? Well, you have to understand how technology scales (think Moore's law) to understand how we can achieve faster computational speeds (more exahashes per second) without increasing the carbon footprint.
So if you look at a proof of work chart, you'll see it has scaled linearly upwards since the birth of bitcoin. And it would be logical to assume that the more hashes per sec thrown into the network, that it would equate to more power being spent. Yet this is not true due to advancements in ASIC chip design, power efficiency, and basic economic fundamentals.
You see, as new miners come out, because they are more efficient, people can run much faster mining rigs at much lower cost. This immediately adds much more hashing power to the network, which decreases the profitability of old miners. And to give you an idea of how much more cost efficient these are, lets look at Antminers products.
S9 - 0.098 W/Gh
S7 - 0.25 W/Gh
Avalon6 - 0.29 w/Gh
You can see the S9 is 3 times more power efficient than the Avalon6. That translates to "It costs 3 times more to operate this equipment". That aint no small difference.
These differences, combined with energy costs are what forces miners to stop running old hardware and to upgrade to newer models or exit mining completely. So as new mining equipment hits the market, old less efficient mining rigs go offline. The amount of hashes per sec continues to climb, yet the actual power usage of the entire network does not scale at the same rate that the hashes per sec scale at, due to increased energy efficiency.
The question that I would like to see answered by the community is this -
What has changed between now and 2014 in terms of total watts consumed? How can we calculate the real carbon footprint of todays bitcoin mining network compared to this data from 2014?
What equipment was running in 2013-2014, what were their W/Gh and how many of these machines do we speculate are still running vs more efficient mining rigs powering the network today? What is the Th/S differences between these mining rigs, and how much more power do we contribute towards the network today because of these optimized rigs?
Mining is not my specialty and there are going to be many people here who are better suited to tackling these problems.
I think these questions need to be answered and articulated because these are questions that im starting to see a lot from the mainstream as criticism towards bitcoin. I know the generic answer, aka "Bitcoin mining still uses a fraction of the cost that the entire global banking system does", but we really need to do better than that. We need to examine the different power types used in bitcoin mining -
How much of bitcoin mining is from hydroelectric? Nuclear? Wind? Solar? Coal? Natural Gas? What regions contribute the largest hashing power and can we evaluate whether these regions are Hydroelectric, Coal, Nuclear etc dependent?
If we are to articulate effective arguments against those who naysay bitcoin over its carbon footprint, then we must do so with good data to backup our positions.
Hopefully the numbers above are accurate/correct. Honestly only spent a few minutes doing napkin math, so I expect there to be mistakes, please let me know and thank you very much all.
'''
Lets have a discussion about energy consumption in bitcoin mining and what that means towards the carbon footprint today.
Go1dfish undelete link
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Author: Cryptolution
1: https://www.coindesk.com/microscope-conclusions-costs-bitcoin/ 2: https://imgur.com/a/eKipC 3: ww**top500*org/*ists*2*17/11*
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How to Destroy Bitcoin

It's quite easy to ballpark how big a Computer you would need to smash Bitcoin.
Miners are as a group currently paid $1000 * 25 per day to encrypt the block chain ($1000 = market price of Bitcoin and 25 Bitcoins are released to miners each day).
Average Miners PC uses 500 Watts of Power for say 4 hours @ 12.5c per KwHour = 25c per day
Thus in the long run (we are all dead) the market can support 25000/.25 miners at equilibrium = 100,000 Miners
Each miners PC runs 8 Cores at say 5 Ghz = 40 Ghz
To smash Bitcoin you need to beat most of these miners to the 25 bitcoins, so you probably need about 5 times their computing power = 54010,000 GHz = 2 Petaflops
Which means that any of the worlds top 10 Computers could do it. http://en.wikipedia.org/wiki/TOP500
submitted by moistvonlipwig99 to Bitcoin [link] [comments]

The power of the network - are there potential real world applications?

So I own some bitcoins, I am passionate and have faith in the currency and I am confident the speed of adoption is only going to increase with time. But I recently found out the bitcoin network is the largest distributed computer network in the world. It runs with over 700 petaflops, which in clearer terms is 700 quadrillion floating point operations per second. To put this into even more context the US department of energy recently built a supercomputer called Triton which cost $1.2Billion and runs with only 15 petaflops.
I started to beg the question if we could utilise this massive amount of computing power in more applications (alongside the hashing of the blockchain) that could be beneficial to all of us? Many of you will have heard of protein folding puzzles that utilise our minds and computers to solve protein folding problems, one of these being Foldit. This is just one example, but obviously there would be thousands of possible applications, computer modelling, simulations, whatever.
My question is, is this possible? Or is the network only designed for and capable of hashing the algorithm of the currency? Would more load on the network slow the blockchain down? Could we take just 10% of the network and use it for other means during less congested periods?
Thanks in advance if anyone can help answer this.
submitted by Kirby999 to Bitcoin [link] [comments]

Going Bad (feat. Drake) - YouTube STOP DOING THIS! - Copyright Striking Criticism etc - YouTube YouTube Hamlinz Reacts to Our Montage The Story of Kony2012 - YouTube

The bitcoin network is the most powerful computer in the world because it pays s o-called “miners” in bitcoin to lend computing power towards securing the network. As the price of bitcoin increases relative to fiat currencies, miners receive higher fees, incentivizing them to devote yet more computer power, which makes the network more powerful and creates a positive feedback loop. Bitcoin was the first cryptocurrency and the first large scale use of blockchain technology. This module explores how the bitcoin blockchain works. We detail the mechanics of transactions and there is an introduction to the consensus mechanism called Proof of Work. This provides a foundation to look at other blockchain implementations. We highlight the difference between bitcoin, ethereum and ... The bitcoin network is the most powerful computer in the world because it pays so-called “miners” in bitcoin to lend computing power towards securing the network. As the price of bitcoin increases relative to fiat currencies, miners receive higher fees, incentivizing them to devote yet more computer power, which makes the network more powerful and creates a positive feedback loop. January 25, 2016 – For the first time Ever, The bitcoin network has exceeded one Exa Hash/s, or approximately 10.8 ZettaFLOPS per second, according to bitcoinwatch.com’s aggregate metric.This makes the bitcoin network around three-hundred-thousand times more powerful than the world’s fastest supercomputer, the tianhe-2 — clocking in at ~34 PetaFLOPS, and over 43 thousand times faster ... The Bitcoin network is only powerful at doing one thing, SHA 256 hashes. So it is a little meaningless to compare it to general purpose computers. A single Antminer S9 bitcoin miner is say 500,000 times faster than a PC at hashing, but hashing is all the miner hardware can do. level 1. 8 points · 3 years ago. The other answers are a bit crap because they're obviously not what OP is looking ...

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Going Bad (feat. Drake) - YouTube

Correction: Copyright striking does not transfer the revenue of the video. copyright strikes are not epic sign this petition against article 13 SIGN THE PETI... If you are struggling or having a hard time, consider taking an online therapy session with our partner BetterHelp! http://tryonlinetherapy.com/motivationmad... When you're live on TV, anything could go wrong. One false move and your entire performance could be replayed to millions of viewers for the next ten years. ... Someone should really stop this Kony fella. ----- Patreon: https://www.patreon.com/internethistorian Twitter: https://twitter.com/NetHistorian Second Cha... I FAKED being RICH for a 1 whole WEEK on TINDER and this they had NO IDEA and this is what happened!! I photoshopped my TINDER photos and PRANKED MY tinder M...

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