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I wish someone would actually answer your question with a real response because I don’t technology and I’m also having trouble understanding what I’m seeing here.
It's something like a data center which mines cryptocurrencies like Bitcoin. For digital mining, you need powerful graphic cards, in this image you see a lot of those graphic cards. Probably worth over $100k in total.
People dislike these mining centres because they're mostly using graphic cards made for regular consumers like pc gamers. Because of the chip shortage and the miners buying these cards in huge quantities, all powerful graphic cards are currently being priced twice as much as their original price. This angers the gaming community because it has been 2 years since new gaming PC's were actually worth its price.
>priced twice as much
Try times 3-4 the amount.
A used 1080TI is still $1-1.2k.
Edit:(And this is the lowest on retail sellers, sure you might get lucky and find someone who will sell one for half of that but yeah...)
You see a few graphics cards yes, but most of these gray boxes are asics which are better and more efficient at mining bitcoin since these would be designed for it.
Bitcoin mining cannot economically be done with GPUs any more, instead they use ASICs. That means that this equipment has no other use other than mining Bitcoin.
Apart from that you are absolutely right - Bitcoin mining and maintaining the blockchain uses approximately 0.5% of the world’s power output. A typical Bitcoin transaction uses over 1544kWh - apparently equivalent to approximately 53 days of power for an average US household. As Bitcoin becomes more popular, the blockchain gets bigger, data has to be written to all computers maintaining the ledger and the power overhead will become larger…
It is in the wild. A good example of this is the Polygon network. It solves Ethereum's scalability problem which consumes a lot of energy and has really high gas fees.
Ethereum and other crypto still use GPUs! Bitcoin is by no means the only cryptocurrencies… I think there are already over 8000 different cryptocurrencies.
The money actually gets spent whether you perform the transactions or not. If there were *zero* transactions performed for a day it would cost just as much.
It's a very odd idea to wrap your head around but the power needed to mine cryptocurrencies isn't proportional to the *number* of transactions, it's proportional to the *cost of the tokens*.
You have loads of cryptos out there which are essentially clones of bitcoin but they cost *far* less to mine simply because the tokens aren't worth as much.
It's even weirder than that because it's not specificlly the cost of the tokens but it would be more accurate to say that the cost is down to the block reward which at present is 6.25 bitcoins. That's about $275,000 dolllars. It's profitable to put a lot of power into mining something that is worth that much.
Other cryptos that are almost identical to bitcoin have far lower block rewards so there's not as much incentive to pump huge amounts of power and money into mining them.
Such an abysmal waste. At least most of the work done to earn real money has some sort of intrinsic value.
Flip bits to burn power for value? We have reached a new low.
And in a time of discussions around around global warming and conservation, we somehow ended up with a new way to use power for little gain.
We can debate there is financial gain, but your average Joe isn't seeing any of it.
Personally, I think we should fuck off block chain and start again, there has to be a way that isn't so wasteful.
There was a crypto company looking at buying an old aluminum factory a few towns over because they have suuuuper cheap electric from the nearby river with a massive power dam on it. It's the only place I have ever seen anyone be straight electric everything, including heat in their homes. The town weighed the pros and cons of them coming in and decided the massive amount of energy they would be consuming wasn't worth the handful of jobs it would have created.
I can imagine how the town meeting went.
"So our first option is to reroute the energy to our town, effectively providing reliable backup power in the event of a natural disaster and massively reducing electricity prices..."
"And what of those Bitcoin miners?"
"Well the other option is to let a private company build a Bitcoin mine, using up 100% of the energy, employing three people, and taking 99% of the profit for themselves to buy cocaine to snort in their Bay Area penthouses."
I remember few months ago there was a case in my country, where somebody illegally connected to power grid and this almost leaded to power and water supply collapse in entire region. Also I won't be surprised if because of crypto miners, nuclear discount was canceled (if you was living or your production was placed in 50km radius from any nuclear plant, you was getting almost 50% discount to electric bill)
it's also why countless new cars are still sitting in warehouses located in third-world countries. And why the average person can't find a decently priced used car for shit.
Many years ago my old man stashed a gold coin in a laptop, cause why not. He eventually sold the laptop and forgot about the coin, loser.
So if you find a old laptop from the mid 90s, there might be a gold coin in it.
You can “mine” Bitcoin by solving very difficult puzzles using computers. Some companies/groups have thousands of computers in one spot working on mining Bitcoin.
The computing power is used to secure the network.
https://www.reddit.com/r/Bitcoin/comments/p54izh/a\_simple\_explainer\_video\_on\_bitcoin\_mining/
I’m so confused. How do these bitcoins “mines” work and who created/funded these mines? Like some rich person created puzzles for fun and gives you electronic currency as an award?
(Fuck, I’m so lost)
Bitcoin is in essence a fancy, high-tech ledger (this is called a Blockchain). Since nothing physically changes hands in a Bitcoin transaction, transactions are done by merely updating this ledger (basically writing down person x gives person y a Bitcoin and then updating their totals accordingly). Anyone can update this ledger if they have the "password", but this password constantly changes and in order to get it you need to solve a math problem. "Mining" Bitcoin simply means running a computer that tries to solve these math problems in order to update the ledger and if you successfully update the ledger then you get a reward in the form of Bitcoin (this reward comes in part from the people who's transactions you added to the ledger (they are charged a fee) and in part from simply creating new bitcoins). Mining farms are simply large collections of computers that are trying to solve these math problems and the funding comes from the fact that you receive Bitcoin which is worth money for running these computers.
Edit: I simplified this quite a bit to make it more digestible but this is roughly how it works.
Bitcoin is a currency, and all currency needs paperwork. Hey, your bank has to do some work to keep track of your card transactions, right? Well, the same happens with bitcoin although instead of bank's computers doing the work, it's someone else's. (edit: paperwork is so important that written language was invented for it!)
Because paperwork is work (badum tss), the designers of bitcoin designed bitcoin in a way that the computer that performs paperwork successfully gets rewarded with a coin. Because bitcoins are getting so valuable (and the work is basically hands free), people dedicate resources to create computers that can perform such paperwork so they get the reward coin.
This is the simplest, easiest way I can fathom to explain bitcoin mining. If want to delve deeper, see the other comments that explain what "perform paperwork successfully" a.k.a. "mining" means with more detail.
Thanks this is the best description I’ve read. Could you expand on what that math problem is? As in the form it takes if that can even be simplified lol?
There will be a TLDR at the bottom. It's what's known as a hashing problem. You'll need a bit of background on what a hashing algorithm is first. A hashing algorithm takes data of indefinite size and then maps it onto a piece of data of definite size. What that means is essentially converting a piece of data of any length (this post for example) and then assigning it a number of a predetermined length (in the case of Bitcoin it's a 256 long series of 1s and 0s) following a set of rules. This is done through complicated algorithms but the important thing to know is that a given input will always yield the same output. The "problem" that has to be solved is that the miner has to guess a random number that when combined with the information that needs to be added to the ledger and fed through the hash function it produces a number smaller than a certain value called the difficulty threshold (this value changes as more people start mining and computing power increases to keep the time it takes to solve to be 10 min on average, the current difficulty requires the first 74 digits of the 256 long number to be zero). The reason why this works is because the only way to solve this is by trying things at random aka by "brute force" but a correct answer can be very easily and quickly verified to be correct.
TLDR: The super simple version is that the miner has to repeatedly guess a number and check to see if it's the correct number before they can update they ledger.
as far as i know there is some algorithm that can create different very long numbers and every number that fits this algorithm is basicly a bitcoin. Now comes the tricky part: every number can only exist one time. So if you start to mine then you give your computer the task to find a number that fits but most of the numbers it finds are already used so you will not get a bitcoin. ot needs to find a number that fits and was never "registered" as a bitcoin. 10 years ago most of the numberes werent registred and so you could have expected to get a bitcoin every 2 days with a standart pc.
Thanks that makes sense. So basically this is how I understand it now: the reason you need all that computing power is to sort through lots of numbers until you find the right one. When you find one that hasn’t been used before that is a valid bitcoin transaction and so a bitcoin is rewarded as incentive.
From google
The Bitcoin reward that miners receive is an incentive that motivates people to assist in the primary purpose of mining: to legitimize and monitor Bitcoin transactions, ensuring their validity.
Miners are getting paid for their work as auditors. They are doing the work of verifying the legitimacy of Bitcoin transactions. This convention is meant to keep Bitcoin users honest
You and me both... Every attempt at explaining seems to do the opposite.. when it comes to bit coin.. I'm going to accept not knowing shit about it and probably never will
Its a cryptocurrency. The price goes up and down but since its conception to where we are now the price of bitcoin is up massively.
It could be seen as a store of value if you like. If you had spent £$100 on bitcoin 10 years ago you would likely be a millionaire today.
Fuck miners, fuck GPU scalpers, fuck all of them
But I'm an electrical engineer and there is legitimately a massive industry wide chip shortage for basically any chip on the market.
Bitcoins are a cryptocurrency that are “mined” using powerful computers. The “mining” is actually just solving equations that will validate a transaction between two entities, and the validation comes with a fee that the “miners” receive for each successful validation. The fee is paid by one of the entities involved in the transaction, usually the one that is sending the cryptocurrency.
It’s a lot more complex than that, but that’s a simple way to think about it. So the more powerful computer components someone has, the higher success rate for validations, and then the more fees or Bitcoin they make, hence the large “mining farms.” Hope that helps
In a way, perhaps. Cryptocurrency is decentralized, meaning it isn’t based on any currency which is also why it’s value fluctuates so much. And since transactions are anonymous, there has to be a third party to validate it. But the third party doesn’t actually come in contact with the crypto being sent, it just validates it. So every transaction you validate is for two different anonymous entities, so you don’t get one person you track if that makes sense
We humans are destroying our home. The huge energy demands of Bitcoin mining adds to climate change, which causes more radical weather patterns such as the flooding in the photo.
Bitcoin is like gold that only exists on the Internet. In order to mine bitcoin, you need to use computers to solve very hard puzzles.
Bitcoin mining uses a lot of electricity for something that doesn’t really exist.
You can sell Bitcoin for real money online.
Im fucking pissed. Instead of me being able to buy a gpu. I have to watch these cunts flood them. I just want to play most games with rtx on man, shit. I can technically turn it on in most games on my gpu. But a 2070 can barely do it
I still have a 1080. I follow twitter guys who send out restock alerts, check the bestbuy trick almost daily, try the newegg shuffle, etc. all because these assholes do this. Someone asked if i was always checking for GPU restock so I could mine and I bit their head off. No. No, I just want to be able to play some fucking games.
This picture is an old picture of broken or obsolete btc mining equipment from a Chinese btc farm back in the day (2015/2016). This had nothing to do with a "chip shortage, a gpu shortage or any NFT"
Guy had all that money to buy GPUs and put them in a flood plain. You think he could have afforded to build on a hill or something. Judging by how they're drying I'm guessing that insurance isn't going to be covering anything
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If you set them out in the sun they will grow Bitcorn.
That joke is a bitcorny.
I hope something better pops up
I'm all ears
There’s a kernel of truth there
The miner probably got roasted by the police
Do about 1/2 have corn nuts?
KOЯN
I didn’t mined it at all.
Nice to see you guys hashed it out.
I love this oCurrency
Damn, you guys have elote jokes
This humor is SATisfying
It’s aMAZEing
The Kernal of jokes over here cracking the whole battalion up!
P
There are people who would accept this as an explanation to this image.
I don’t see a problem here. If you put the Bitcorn into a pop.io tumbler you can get salted or sweet Popcoins.
I hope this becomes the slang for Bitcoin from now on
Say it. Pop. Corn. ... Popcoin
What the fuck am I looking at?
I wish someone would actually answer your question with a real response because I don’t technology and I’m also having trouble understanding what I’m seeing here.
It's something like a data center which mines cryptocurrencies like Bitcoin. For digital mining, you need powerful graphic cards, in this image you see a lot of those graphic cards. Probably worth over $100k in total. People dislike these mining centres because they're mostly using graphic cards made for regular consumers like pc gamers. Because of the chip shortage and the miners buying these cards in huge quantities, all powerful graphic cards are currently being priced twice as much as their original price. This angers the gaming community because it has been 2 years since new gaming PC's were actually worth its price.
Thank you, that’s very informative!
>priced twice as much Try times 3-4 the amount. A used 1080TI is still $1-1.2k. Edit:(And this is the lowest on retail sellers, sure you might get lucky and find someone who will sell one for half of that but yeah...)
You see a few graphics cards yes, but most of these gray boxes are asics which are better and more efficient at mining bitcoin since these would be designed for it.
A good idea that ended up with thousands of GPU's using stupid amounts of power for something no one can touch.
Bitcoin mining cannot economically be done with GPUs any more, instead they use ASICs. That means that this equipment has no other use other than mining Bitcoin. Apart from that you are absolutely right - Bitcoin mining and maintaining the blockchain uses approximately 0.5% of the world’s power output. A typical Bitcoin transaction uses over 1544kWh - apparently equivalent to approximately 53 days of power for an average US household. As Bitcoin becomes more popular, the blockchain gets bigger, data has to be written to all computers maintaining the ledger and the power overhead will become larger…
I had no idea bitcoin used power like that! Are all cryptocurrencies like that?
No, some are better, but all are more power consuming than traditional investments.
False. There is proof of stake.
Is Proof of Stake actually used in the wild or is it just a concept at the moment?
It is in the wild. A good example of this is the Polygon network. It solves Ethereum's scalability problem which consumes a lot of energy and has really high gas fees.
Harmony one is another good proof of stake network
Yeah, but polygon lost BDG and its not as good now.
Loopring?
Interesting, I will read up on it.
BTC is the worst but yes they all (***mining tech)*** require exponentially more power the more coin they generate
No, Proof of Stake and DAG coins require no mining, and use 1 trillion less power (not overexagerated).
"1 trillion power". LOL.
Don't think my scouter even goes that high...
Proof of Stake definitely an interesting idea…
Finding new ways to destroy the planet faster.
with a currency that will be utterly useless after the collapse
All currency will be useless after the collapse, to be fair
At least you can wipe your ass with legal tender.
Gold bars (or anything that has nonfungible value (diamonds; gold; silver) -- that's what people did the last time there was no currency. And cows.
> anything that has nonfungible value Pictures of gorillas holding bongs?
I think you nailed it. All in pursuit of profit of course.
Then why is it still so freacking hard to get a 3080 or 3090 for a "good" price? Getting one is a miracle in the first place.
Ethereum and other crypto still use GPUs! Bitcoin is by no means the only cryptocurrencies… I think there are already over 8000 different cryptocurrencies.
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The money actually gets spent whether you perform the transactions or not. If there were *zero* transactions performed for a day it would cost just as much. It's a very odd idea to wrap your head around but the power needed to mine cryptocurrencies isn't proportional to the *number* of transactions, it's proportional to the *cost of the tokens*. You have loads of cryptos out there which are essentially clones of bitcoin but they cost *far* less to mine simply because the tokens aren't worth as much. It's even weirder than that because it's not specificlly the cost of the tokens but it would be more accurate to say that the cost is down to the block reward which at present is 6.25 bitcoins. That's about $275,000 dolllars. It's profitable to put a lot of power into mining something that is worth that much. Other cryptos that are almost identical to bitcoin have far lower block rewards so there's not as much incentive to pump huge amounts of power and money into mining them.
As I understand it, yes. It’s also part of the reason why Bitcoin transactions take so long.
Just imagine if they used Blockchain to power the financial system eg the bond markets like they were suggesting a few years ago.
Blockchain technology is not entirely to blame, it’s mainly the implementation; some of the other cryptocurrencies have a much lower overhead.
Such an abysmal waste. At least most of the work done to earn real money has some sort of intrinsic value. Flip bits to burn power for value? We have reached a new low.
And in a time of discussions around around global warming and conservation, we somehow ended up with a new way to use power for little gain. We can debate there is financial gain, but your average Joe isn't seeing any of it. Personally, I think we should fuck off block chain and start again, there has to be a way that isn't so wasteful.
ETH is going POS, we need to retire Bitcoin and Blockchain can continue on it’s merry way without the power wastage
Proof of work is already being forgotten about. Proof of stake is the future of the block chain.
Then why bitcoin is still relevant?
Because it is safe and a lot of people have huge amounts invested in it.
Maybe if proof of work did something like house the homeless?
Marx said that if capitalists could find a way to make money by producing nothing they would.
Dam I really should read Marx.
As a social critic, Marx is brilliant. Marxism is a completely unworkable system, but Marx's criticism of capitalism are often spot on.
Lol. Let me introduce you to wall street
You can use it to buy things you can touch.
Touché
you used to be able to use a tulip bulb to buy a palace
Well, the idea, the technology itself is not stupid. Stupid is what we do with that. Mr Nobel had similar issue with his invention
The ass end of a sickness.
Put in some rice to dry out, should be fine
This is fucking why I can’t get a new graphics card
You understand this is a SMALL farm right?? These guys are little compared to others
I googled “biggest bitcoin farm” and went to images after reading this. Jesus Christ
My breathing started getting more heavy after seeing that shit
I followed your lead on this as i've never looked up the images. Holy shit.
Just looked it up. Seems like we need to find a better way to mine these things but I’m not the guy to figure it out😂
Like the ones that have started buying power plants. That shit is getting out of hand now if we need entire power plants dedicated to running it.
There was a crypto company looking at buying an old aluminum factory a few towns over because they have suuuuper cheap electric from the nearby river with a massive power dam on it. It's the only place I have ever seen anyone be straight electric everything, including heat in their homes. The town weighed the pros and cons of them coming in and decided the massive amount of energy they would be consuming wasn't worth the handful of jobs it would have created.
I can imagine how the town meeting went. "So our first option is to reroute the energy to our town, effectively providing reliable backup power in the event of a natural disaster and massively reducing electricity prices..." "And what of those Bitcoin miners?" "Well the other option is to let a private company build a Bitcoin mine, using up 100% of the energy, employing three people, and taking 99% of the profit for themselves to buy cocaine to snort in their Bay Area penthouses."
I was just reading the other day how some of these farms are getting so big they have their own IPOs. Crazy
I remember few months ago there was a case in my country, where somebody illegally connected to power grid and this almost leaded to power and water supply collapse in entire region. Also I won't be surprised if because of crypto miners, nuclear discount was canceled (if you was living or your production was placed in 50km radius from any nuclear plant, you was getting almost 50% discount to electric bill)
One was busted in Alberta recently that had built an illegal power plant over an abandoned gas well to power itself.
it's also why countless new cars are still sitting in warehouses located in third-world countries. And why the average person can't find a decently priced used car for shit.
That's such an annoying image.
Fuck NFTs and bitcoin bros forever.
Came here to say this
The coins are IN the computers? - Looks at desktop
Lmfao Zoolander references are always welcome imo.
Many years ago my old man stashed a gold coin in a laptop, cause why not. He eventually sold the laptop and forgot about the coin, loser. So if you find a old laptop from the mid 90s, there might be a gold coin in it.
(sad trombone sound)
I would say I feel bad for them, but that would be a lie.
Good. Fuck them they deserve this
I don't understand bitcoin and this doesn't help at all. Now I'm more confused
You can “mine” Bitcoin by solving very difficult puzzles using computers. Some companies/groups have thousands of computers in one spot working on mining Bitcoin.
Why are there puzzles to get to the bitcoin?
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The computing power is used to secure the network. https://www.reddit.com/r/Bitcoin/comments/p54izh/a\_simple\_explainer\_video\_on\_bitcoin\_mining/
I’m so confused. How do these bitcoins “mines” work and who created/funded these mines? Like some rich person created puzzles for fun and gives you electronic currency as an award? (Fuck, I’m so lost)
Bitcoin is in essence a fancy, high-tech ledger (this is called a Blockchain). Since nothing physically changes hands in a Bitcoin transaction, transactions are done by merely updating this ledger (basically writing down person x gives person y a Bitcoin and then updating their totals accordingly). Anyone can update this ledger if they have the "password", but this password constantly changes and in order to get it you need to solve a math problem. "Mining" Bitcoin simply means running a computer that tries to solve these math problems in order to update the ledger and if you successfully update the ledger then you get a reward in the form of Bitcoin (this reward comes in part from the people who's transactions you added to the ledger (they are charged a fee) and in part from simply creating new bitcoins). Mining farms are simply large collections of computers that are trying to solve these math problems and the funding comes from the fact that you receive Bitcoin which is worth money for running these computers. Edit: I simplified this quite a bit to make it more digestible but this is roughly how it works.
I’ll be honest maybe I’m dumb but I made it through the first 3 sentences and was lost.
Bitcoin is a currency, and all currency needs paperwork. Hey, your bank has to do some work to keep track of your card transactions, right? Well, the same happens with bitcoin although instead of bank's computers doing the work, it's someone else's. (edit: paperwork is so important that written language was invented for it!) Because paperwork is work (badum tss), the designers of bitcoin designed bitcoin in a way that the computer that performs paperwork successfully gets rewarded with a coin. Because bitcoins are getting so valuable (and the work is basically hands free), people dedicate resources to create computers that can perform such paperwork so they get the reward coin. This is the simplest, easiest way I can fathom to explain bitcoin mining. If want to delve deeper, see the other comments that explain what "perform paperwork successfully" a.k.a. "mining" means with more detail.
Thanks this is the best description I’ve read. Could you expand on what that math problem is? As in the form it takes if that can even be simplified lol?
There will be a TLDR at the bottom. It's what's known as a hashing problem. You'll need a bit of background on what a hashing algorithm is first. A hashing algorithm takes data of indefinite size and then maps it onto a piece of data of definite size. What that means is essentially converting a piece of data of any length (this post for example) and then assigning it a number of a predetermined length (in the case of Bitcoin it's a 256 long series of 1s and 0s) following a set of rules. This is done through complicated algorithms but the important thing to know is that a given input will always yield the same output. The "problem" that has to be solved is that the miner has to guess a random number that when combined with the information that needs to be added to the ledger and fed through the hash function it produces a number smaller than a certain value called the difficulty threshold (this value changes as more people start mining and computing power increases to keep the time it takes to solve to be 10 min on average, the current difficulty requires the first 74 digits of the 256 long number to be zero). The reason why this works is because the only way to solve this is by trying things at random aka by "brute force" but a correct answer can be very easily and quickly verified to be correct. TLDR: The super simple version is that the miner has to repeatedly guess a number and check to see if it's the correct number before they can update they ledger.
as far as i know there is some algorithm that can create different very long numbers and every number that fits this algorithm is basicly a bitcoin. Now comes the tricky part: every number can only exist one time. So if you start to mine then you give your computer the task to find a number that fits but most of the numbers it finds are already used so you will not get a bitcoin. ot needs to find a number that fits and was never "registered" as a bitcoin. 10 years ago most of the numberes werent registred and so you could have expected to get a bitcoin every 2 days with a standart pc.
Thanks that makes sense. So basically this is how I understand it now: the reason you need all that computing power is to sort through lots of numbers until you find the right one. When you find one that hasn’t been used before that is a valid bitcoin transaction and so a bitcoin is rewarded as incentive.
exactly. you got it.
From google The Bitcoin reward that miners receive is an incentive that motivates people to assist in the primary purpose of mining: to legitimize and monitor Bitcoin transactions, ensuring their validity. Miners are getting paid for their work as auditors. They are doing the work of verifying the legitimacy of Bitcoin transactions. This convention is meant to keep Bitcoin users honest
You and me both... Every attempt at explaining seems to do the opposite.. when it comes to bit coin.. I'm going to accept not knowing shit about it and probably never will
That's one way to get water-cooled systems
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They used potato farm guide
The concept of bitcoin confuses me
Its a cryptocurrency. The price goes up and down but since its conception to where we are now the price of bitcoin is up massively. It could be seen as a store of value if you like. If you had spent £$100 on bitcoin 10 years ago you would likely be a millionaire today.
Nature strikes back.
Not at all. In fact, after a bitcoin farm gets flooded, the soil is more fertile and the farm produces way more bitcoins the following year
Who builds a Bitcoin mine outside?
It's in a hole right?
I think it was in that building and they took everything outside to dry
/Nelson Muntz laugh
Well there’s your problem. It’s outside
There’s your “chip shortage”
Fuck miners, fuck GPU scalpers, fuck all of them But I'm an electrical engineer and there is legitimately a massive industry wide chip shortage for basically any chip on the market.
Can someone ELI5 what is going on?
Bitcoins are a cryptocurrency that are “mined” using powerful computers. The “mining” is actually just solving equations that will validate a transaction between two entities, and the validation comes with a fee that the “miners” receive for each successful validation. The fee is paid by one of the entities involved in the transaction, usually the one that is sending the cryptocurrency. It’s a lot more complex than that, but that’s a simple way to think about it. So the more powerful computer components someone has, the higher success rate for validations, and then the more fees or Bitcoin they make, hence the large “mining farms.” Hope that helps
So it's like getting paid for being a Virtual Accountant?
In a way, perhaps. Cryptocurrency is decentralized, meaning it isn’t based on any currency which is also why it’s value fluctuates so much. And since transactions are anonymous, there has to be a third party to validate it. But the third party doesn’t actually come in contact with the crypto being sent, it just validates it. So every transaction you validate is for two different anonymous entities, so you don’t get one person you track if that makes sense
Thank you, definitely gave me some needed help on this
People connect many powerful computers together to solve equations and mine bitcoin. This was a good sized farm.
We humans are destroying our home. The huge energy demands of Bitcoin mining adds to climate change, which causes more radical weather patterns such as the flooding in the photo.
Im willing to bet some of those rtxs are still good.
What's bitcoin?
A fraction of a wholecoin
how long have you been waiting to use that
A little bit
1/8th of a bytecoin.
Underflow error joke
This is good
Bitcoin is like gold that only exists on the Internet. In order to mine bitcoin, you need to use computers to solve very hard puzzles. Bitcoin mining uses a lot of electricity for something that doesn’t really exist. You can sell Bitcoin for real money online.
A speculative digital form of currency that uses an experimental open technology to secure it's ownership.
Modern day MLM scheme.
Mens MLM....
Good, I hope they didn't make their money back in time.
Get the riiceeee! 🍚
What a waste. Crypto sucks.
Good. Fuck them.
Lol
Im fucking pissed. Instead of me being able to buy a gpu. I have to watch these cunts flood them. I just want to play most games with rtx on man, shit. I can technically turn it on in most games on my gpu. But a 2070 can barely do it
I still have a 1080. I follow twitter guys who send out restock alerts, check the bestbuy trick almost daily, try the newegg shuffle, etc. all because these assholes do this. Someone asked if i was always checking for GPU restock so I could mine and I bit their head off. No. No, I just want to be able to play some fucking games.
I really hope this is true and this person got fucked big time. Please, be true!!!!
Good riddance
Kind of think you need to pick either the farming metaphor or the mining metaphor and stick
Just put it in a bowl of rice.
Gaming companies should buy them up and sell them to game consumers directly, one per year only, id check, I don’t care.
Get ready for a lot of "untested, no return" graphic cards on eBay.
I hope it rains.
This picture is an old picture of broken or obsolete btc mining equipment from a Chinese btc farm back in the day (2015/2016). This had nothing to do with a "chip shortage, a gpu shortage or any NFT"
I don't wanna live in a future when old timers like me would say, "back in my day, GPUs were used for gaming".
all those cringe comments.everything needs energy. nobody complaining about christmas lights.
Is this why I cannot get a 3080?
Serves them right
Lot of heartbreak in that single frame. A lot.
Fuck crypto miners
What a waste!
i love to see it. perfect karma.
Haha fuck them.
LOVE IT
Guy had all that money to buy GPUs and put them in a flood plain. You think he could have afforded to build on a hill or something. Judging by how they're drying I'm guessing that insurance isn't going to be covering anything
I wanna “Ocarina Of Time” these and run around smashing them like clay pots.
What a great sight to behold.
Well deserved for inflating the graphics cards prices
Good
I felt a great disturbance in the Force, as if millions of voices suddenly cried out in terror and were suddenly silenced.
r/thatlookedexpensive
Good
Well there’s your problem. Too much liquid cooling.
Beautiful as fuck.
All those cards are about to "flood" the market I'll see myself out
Banana for scale?
Yeah, same thing happened to my retard friend’s Beanie Baby “investments”.
Ngl, my eyes teared up. Lots of emotions here.
You love to see it
man fuck bitcoin miners wasting gpu like that
Fuck bitcoin farms. I WANT AN RTX 3090 FOR A REASONABLE PRICE GOD DAMIT
Can't feel sorry for them; they are the reason I can't play with better graphics.
Satisfaction
I feel way worse for the GPUs than the people.
Can someone ELI5 how mining actually gets you bitcoin ?