Crypto currency noob questions

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Forums › Finance and wealth management › Crypto currency noob questions

KrazyKid

1238 posts

Uber Geek

#225615 26-Nov-2017 22:32

I'm just starting to look into bitcoin mining and from memory there is a private forum here on Geekzone for crypto mining.

Love to join it and learn a bit more.

I did a search or two but can't find the post retarding the private forum - if anyone has better google-fu than me or can can invite me into the forum I'd appreciate it.

Cheers

michaelmurfy

meow
13240 posts

Uber Geek

Moderator

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#1908197 27-Nov-2017 00:24

Right here: https://www.geekzone.co.nz/forums.asp?forumid=4&topicid=216588

Flick @solutionz a message.

Michael Murphy | https://murfy.nz
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Fred99

13684 posts

Uber Geek

#1908242 27-Nov-2017 08:40

https://www.businessinsider.com.au/bitcoin-mining-electricity-usage-2017-11?r=US&IR=T

What a waste...

amiga500

1484 posts

Uber Geek
Inactive user

#1908270 27-Nov-2017 09:31

Oh well, it helps to keep the Desktop PC alive, & I doubt whether the makers of high end graphics cards are complaining..

solutionz

589 posts

Ultimate Geek
Inactive user

#1908283 27-Nov-2017 09:48

Fred99:

https://www.businessinsider.com.au/bitcoin-mining-electricity-usage-2017-11?r=US&IR=T

What a waste...

Compare that to the global costs & natural destruction involved in pulling "precious" metals out of the ground, minting, storing them etc in order to facilitate commerce as a store of value (I'm talking as a purely speculative asset rather then any legitimate industrial uses). You're looking at orders of magnitude more than the energy consumption of the Bitcoin network past/present/future without even counting the global banking infrastructure, fiat currency, legacy data-centres etc etc.

"Mining" does not do nothing as some people seem to believe. It secures and facilitates a multi-trillion dollar capital market (by annual trading volume). This has intrinsic value and also has costs.

You wouldn't say the data-centres that power the likes of Google etc are a waste..