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Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
Hey All, I am trying to get into bitcoin mining (please keep opinions to yourself) and I need to build one or more computers that are built specifically for this. I understand GPU and RAM is expensive right now, but I'd like to get best of the best in terms of what I get out of the computer, it will only be used for Bitcoin Mining The only requirement is that it's on Windows 10, I do not have the license for it, and there is no budget I'm in Los Angeles Thanks all
What are the implications of quantum computing for Bitcoin mining?
I want to preface this by saying I am by no means an expert in either quantum computing or cryptography, but I understand that quantum computers theoretically would have a lot of advantages in terms of decrypting modern cryptographic systems. What are the implications of this for the difficulty of mining bitcoin? I have a lot of hope for Bitcoin as an alternative to current fiat currencies, so I'm very curious what effect the advent of true quantum computers will have on it's functionality.
“Uh… you might want to take a look at this…” one of the scientists at LKIVMISiS called over his supervisor. This was the Moscow-St. Petersburg laboratory. “Mother of God…” the supervisor took off his glasses and crossed himself. Forty-three seconds later: there were no more bitcoins to be mined. “Can we put them back?” asked the scientist. The boss shook his head. He went to the quantum computer’s console and entered in some commands. A slip of paper with a complex code on it printed out. He folded the paper up and walked to the phone. “Da.” He said. One of the two systems in the LKIV lab in Moscow was used to run experimental calculations and number crunching. Late in 2023, after the merging with Belarusian labs, the LKIV scientists decided to attempt to use their older computer for bitcoin mining; to see the speed possible. It went as they expected it to, but still concerned them. It was a major step up from previous tests as it was the first time that quantum computing had been used from this lab for an external reason; i.e. not a problem presented from within the lab. It is a major leap forward. And as the FSB agent arrived at the lab and took the folded paper, it was a nice bonus of 2,458,101 bitcoins to the Kremlin treasury.
Is it true that bitcoin became less and less decentralized as the required computing power for mining increased ?
I have read from one of the crypto communities in reddit about this issue and let me qoute one user's response that got me pondering: "The Bitcoin's Proof-of-Work system is actually a zero-sum game: Only the 'Miner' who was able to solve the recent Hash is being rewarded for his effort, while all the other 'Miners' are at a loss. Since they all invested costly computing power and electricity, and in the end were given nothing in return, they are left at a loss and are more likely to quit from 'Mining' Bitcoin once the losses become unbearable. The problem with this model is that it eventually leads toward centralization. In the end, only the richest and strongest entities, such as governments or corporations, will be able to take part in the expensive task of 'Mining' Bitcoins. That means that just like with the "Survival of the Fittest", in the end, only a small and elitist group of corporations and governments will hold the control over the Bitcoin network (both in terms of reaching consensus and in terms of governing the protocol)."
@AFP: #UPDATE The suspects hacked the computers of hundreds of companies and organizers worldwide to collect identities, hijack systems for ransom, and remotely use computers to mine for cryptocurrency like bitcoin, according to the US charges https://t.co/RftB0KY3RM
The game should have a warehouse ore somewhere where you can store computers for your contracts and bitcoin mining because sometimes you have too many bitcoin systems to wtore in your room at once witch makes it very annoying to replace the GPUs
Never built a computer before, thinking about learning how, is this power supply good for pc building? Originally used for Bitcoin mining, it's pretty powerful, but is it too big and would it make sense in a computer build?
Can a quantum computer be used for bitcoin mining?
This has been bothering me for a while. I'm a newbie in computer science, and I just found out about Grover’s algorithm, which can only be implemented on a quantum computer. Supposedly it can achieve a quadratic speedup over a classical computer, brute-forcing a solution to a n-bit symmetric encryption key in 2^n/2 iterations. This led me to think that, by utilizing a quantum computer or quantum simulator of about 40-qubits that runs Grover's algorithm, is it possible to mine bitcoins this way? The current difficulty of bitcoin mining is about 15,466,098,935,554 (approximately 2^44), which means that it would take about 2^44*2^32=2^76 SHA256 hashes before a valid block header hash is found. However, by implementing Grover's algorithm, we would only need to sort through 2^76/2=2^38 hashes to discover a valid block header hash. A 38-qubit quantum computer should be sufficient in this case - which means the 40-qubit quantum computer should be more than enough to handle bitcoin mining. Therefore - is it possible to use quantum computers to mine bitcoins this way? I'm not too familiar with quantum computers, so please correct me if I missed something....... NOTE: I am NOT asking whether it is possible to use quantum computers to break the ECDSA secp256k1 algorithm, which would effectively allow anyone to steal bitcoins from wallets. I know that this would require much more than 40 qubits, and is definitely not happening in the near-future. Rather, I'm asking about bitcoin mining, which is a much easier problem than trying to break ECDSA secp256k1.
BitFury – BitFury is one of the largest producers of Bitcoin mining hardware and chips. Its hardware is not available for purchase. Bitcoin Mining Equipment. In addition to a Bitcoin mining ASIC, you’ll need some other Bitcoin mining equipment: Power Supply – Bitcoin rigs need special power supplies to funnel and use electricity efficiently. A desktop or custom-built computer designed for mining. You may use your current computer to start, but you won't be able to use the computer while the miner is running. A separate dedicated computer is ideal. Do not use a laptop, gaming console or handheld device to mine. These devices just are not effective enough to generate income. ATX Power Supply 1600w Mining Server Power Supply 1600w Gold PSU Mining 140mm Silent Fan With Mining Machine For 6 GPU Rig Ethereum Bitcoin Miner(160-240v) 3.5 out of 5 stars 22 $110.99 $ 110 . 99 3. Bitcoin Mining Hardware CPU mining. When Bitcoin first started out, there weren’t a lot of miners out there. In fact, Satoshi, the inventor of Bitcoin, and his friend Hal Finney were a couple of the only people mining Bitcoin back at the time with their own personal computers.. Using your CPU (central processing unit—your computer’s brain) was enough for mining Bitcoin back in 2009 ... Mining is the process of using a computer to perform complex calculations on blocks of data which maintain the Bitcoin network. Miners are rewarded for their efforts with a certain amount of ...
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