Re: Bitcoin
Posted: Sat Dec 21, 2013 5:32 pm
Apparently most people and media still think you're paid just for mining and not only when you're the one who completes a block, which faster hardware(around terahash now) increases probability of.
I think mining with a mesh of CPU miners(20M/Hx) has about US state lottery odds(typically around 1:250m-1:480m) chance at completing a block now.. The data isn't there to accurately calculate it, but given node counts and pool throughput, and current block rigor, this should be close or even courteous..
Funny thing is: bitcoin mining shares concepts with lotteries. The only attractive aspect of it is that a 5k USD ASIC gives you a major edge; like a large lottery pool of rich investors does..
Given ASICs are pretty much capped and you can't manufacture a faster solution, you will very soon see the bitcoin market cap, and it'll just be wealthy people who cluster ASIC networks making the money and as others have said you'll need scientific notation or new units just to do basic transactions cause the whole unit of currency wasn't properly designed and now it's worth hundreds and sometimes thousands of the currency units everyone needs to convert to to make bitcoin usable..
I think mining with a mesh of CPU miners(20M/Hx) has about US state lottery odds(typically around 1:250m-1:480m) chance at completing a block now.. The data isn't there to accurately calculate it, but given node counts and pool throughput, and current block rigor, this should be close or even courteous..
Funny thing is: bitcoin mining shares concepts with lotteries. The only attractive aspect of it is that a 5k USD ASIC gives you a major edge; like a large lottery pool of rich investors does..
Given ASICs are pretty much capped and you can't manufacture a faster solution, you will very soon see the bitcoin market cap, and it'll just be wealthy people who cluster ASIC networks making the money and as others have said you'll need scientific notation or new units just to do basic transactions cause the whole unit of currency wasn't properly designed and now it's worth hundreds and sometimes thousands of the currency units everyone needs to convert to to make bitcoin usable..