Andreas Antonopoulos Demystifies Bitcoin Mining

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  • Andreas Antonopoulos Demystifies Bitcoin Mining

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Comments (84)

  • Johnny Baumbach Reply

    I did not say ETH failed at becoming useful for anything, I said it failed to become a tool for rad decentralization. It will probably be a tool used by big enterprises and banks because of the pro-bailout culture among the miners. I'm also aware about bitcoin mining is highly problematic. Right now I'm mostly interested in Dash and ETC.

  • Vesta Smith Reply

    Thank you. The aim of mining is also to have blank coins without having to pass annoying KYC/AML. The product you buy is a server rental nothing else :) We updated our contract to switch to ETC in case of PoS and we will launch a pure ETC contract and a DASH contract next week. Zcash contracts are on their way. Stay tuned!

  • Vida Simonis Reply

    You can mine Ethereum or Zcash or Dash or Monero or whatever and convert it to Bitcoin. You'll learn, have some fun and maybe earn some profits... Forget about mining Bitcoin directly if you dont have a huge ass budget or dont live in China next to a huuuuuuge free powersource.

  • Fleta Jenkins Reply

    Heck, you can unlock the entire tech tree just from all the science on Minmus without a science station. In my last game I made a mad dash for mining technology, sent a mining vessel, science vessel and return vessel and collected all the science and bam! Tech Tree.

  • Rosella Koepp Reply

    SegWit doesn't have a block size limit, it has a block weight limit SegWit is here, ready and waiting. It has been tested and has support from the most experienced devs and from more full nodes on the network, from the most mining power, from the most Bitcoin companies, from the most popular Bitcoin communities. It means bigger blocks with twice as many transactions. Let's have it now and then think about what's next?

  • Kieran Kerluke Reply

    The default setting seems problematic, but the real issue is emergent consensus, yes. > I doubt miners will risk to fork off a significant amount of the network by mining larger blocks which could lead to the creation of a second Bitcoin network. Aren't the Bitcoin.com and ViaBTC pools already doing that? Or do you think a hard fork increase in the block size limit right now wouldn't result in two chains?

  • Wilson Gleason Reply

    You're probably using genesis cloud mining right? They dont mine monero, they mine dash and exchange it for monero to give you. So you have 115mh/s of some other coin not monero.

  • Ludie Spencer Reply

    The problem is not mining a big block (even Core can be trivially patched to do it). The problem is getting the rest of the network to accept the big block. BU does provide a path for getting Cripple-Coin morphed back into Bitcoin. https://keepingstock.net/decentralizing-the-block-size-limit-1fe8f86730c#.30zbgjxpn

  • Pinkie Hodkiewicz Reply

    nobody at all cares about mining or early mining. bitcoin early mine 1/21 = 5% of max bt. 1.5/19 = 8% of max dash. nobody cares. literally, nobody intelligent cares. most of the popular coins with ico have premines or reserves larger.

  • Rosanna Miller Reply

    Unlimited is the third unsuccessful attempt to cripple Bitcoin by increasing its blocksize limit. (XT was the first, and Classic was the second). ViaBTC is a mining pool which presumably has been paid by the people behind these various failed attempts.

  • Lisandro Quigley Reply

    re: https://github.com/ignopeverell/grin/wiki/fees-mining did you see https://medium.com/@bergealex4/bitcoin-is-unstable-without-the-block-size-size-limit-70db07070a54#.s8j8j6nla

  • Loren Hilpert Reply

    If they own the company, they can do anything. They can create 10 new Witcher games at the same time, turn GOG into Bitcoin mining software, then fire all the developers and turn their office into a cookie factory. The sky's the limit.

  • Oren Reichel Reply

    >To prevent witch-hunting? Like, say, someone doing a public information request for *all* SPD dash cam footage then mining it for lawsuit material?

  • Anibal O'Kon Reply

    >By being uncompetitive. Cannot be simpler heh? So what is outcompeting Bitcoin? >All of those who don't have a silly limit. Which are those? >BTW decentralization is not the important part. It's a mean to an end. Good enough decentralization is good enough. When did I say it wasn't anything other than a means to an end? BTW, the important parts are not "cheap", that's solved easily without mining. >Here right off from the whitepaper you didn't read: Not sure why you think I haven't read it.

  • Cullen Raynor Reply

    "I hear that." *Dash says.* "But for me it's more than mining and resources. Sometimes, I... I guess I just feel like I belong out there, you know?"

  • Francesca Heaney Reply

    Invierte en esta!

  • Joshuah Howell Reply

    > Assuming others doesn't do SPV mining as well. Otherwise they risk being the odd one out. Then they all disconnect from the validating full nodes - you where the merchants, exchanges and users are connected to. > You need to spend money, and the damage is limited because of 1MB block. Same reason why Ethereum temporarily reduces their gas limit. What you are worried about is simply stuck blocks - and the incentives of Bitcoin will work around those.

  • May Kuhn Reply

    Right, so miners who set limits _below_ than the mining majority are at a slight disadvantage for the reason you mentioned, and miners that set limits _above_ the mining majority are also at a slight disadvantage as per /u/shmazzled / viaBTC example. In other words--and all else being equal--miners want to converge upon the same limit as all the other miners! I think you're starting to understand Bitcoin Unlimited ;)

  • Jeramie Steuber Reply

    It's similar, but actually the reverse -- ViaBTC had to lower their limit, because they wouldn't want to be fooled into mining on top of an invalid block. However if everyone was using bitcoin unlimited, there would be no such thing as in invalid block (for size reasons) and ultimately miners are pressured into accepting *all block sizes*, much to the advantage of the large miners.

  • Delaney Little Reply

    > So voting yes for Bitcoin Unlimited has no negative consequences for a miner and mining pool. this is precisely why all pools should run BU. BU is playing fair and honest b/c it allows those same pools to enforce the 1MB limit if they choose. this way, the pools cover all bases, just in case.

  • Efrain Bosco Reply

    In all honesty this is possible with or without a block limit.. All it is needed to capture bitcoin is centralised mining, you can ask blockstream they know something about it.

  • Claudia Bartell Reply

    I thought the Dash that is on minergate is Dashcoin which is a dead coin and different from the other Dash? Mining the minergate Dash would be useless.

  • Carole Eichmann Reply

    Mining an empty block can only block transactions because bitcoin capacity is limited due to an excessively low blocksize limit.

  • Arlene Rippin Reply

    Masternodes are just payed nodes that makes the network less secure by taking funds from the mining network and route them to nodes. No one has instant payments. It's snake oil to scam investors. Well, that's what Dash is so. A scam

  • Hilda Sauer Reply

    I am mining eth and etc, and sell them on poloniex and buy dash.

  • Felton Pfeffer Reply

    Mirá, si el tipo lo usa como incentivo para bajar de peso, a mi me parece más que bien, y si tiene el tiempo, cada uno lo invierte como quiere.

  • Koby O'Conner Reply

    Me ha pasado y también que se invierte, al bajar el telefono la aplicación está activa y al levantarlo me aparece en modo stand by.

  • Joe Deckow Reply

    Ahora te roban primero y te matan después. Solo se invierte el orden únicamente, el desenlace es el mismo.

  • Elda Swift Reply

    Dash is basically Paypal + Mining - Users . Most of the features they advertise are predicated on a level of liquidity they don't have. So I guess I feel threatened. I guess.

  • Eunice Kilback Reply

    Igual deberías de comprar la casa de una vez y rentarla en lo que te casas no? Invierte hoy, piensa mañana.

  • Dianna VonRueden Reply

    ..."What is X11 Mining At a fundamental level, X11 is a type of mathematical algorithm. The X11 algorithm is used to mine coins such as Litecoin (LTC), Dogecoin (DOGE) and DASH." Chickun and Dogecar use X11? You don't say...

  • Beth Macejkovic Reply

    The fewer miners, the easier it is to mine a Bitcoin, as the probability of divided among the current miners. However, as there is a set limit to the possible number of bitcoins, the amount of bitcoins available to be mined halves every year iirc. So the number of people mining will drop, but since this rate will likely be less than the rate of the available bitcoins reducing, it will never get any easier.

  • Madilyn Bechtelar Reply

    With a small 4 gpu mining rig. Mine eth or etc, sell them and buy dash.

  • Benton Boyle Reply

    > at full capacity already Bitcoin used to have 30+mb blocks. It was reduced to reduce spam a very long time ago. The capacity limit is artificial, and malleable. We are going to experience turbulence increasing it again due to so many more players mining so colluding among them is becoming more difficult.

  • Estell Leffler Reply

    Bitcoin is premined because it was the first and there was literally noone else mining but satoshi as he developed the software. Dash was premined for the sole purpose of enriching the founders.

  • Judge Kirlin Reply

    This same lady claimed that the Bitcoin halving would cause Bitcoin to end due to no miners mining anymore. https://www.youtube.com/watch?v=_NgFIj9dBkQ She's a Dash shill now.

  • Noelia Carroll Reply

    Not sure. I'd ask your question either in the Mining section at http://dash.org/forum, or in the #Mining channel on Slack, found at http://digitalcash.signup.team.

  • Odie Rath Reply

    No that's not what I said. My point is that Bitcoin has a 1mb limit politically enforced through blockstream which is a much bigger threat than any mining pool ATM.

  • Carli Kunde Reply

    Se invierte mas aca porque *votos*

  • Randi Wehner Reply

    Adding to what? There is no mining community. No, there is, Commie Chinese. Why is he not looking into Dash or something more reasonable? Seems out of touch.

  • Zoie Emmerich Reply

    They even ripped on Bitcoin for its transaction limit and China's control of mining! FUCKING...LOL!! Truly epic.

  • Jacinto Ernser Reply

    Bitcoin is no longer decentralized, and preserving the 1 MB limit will not fix that. The total hashpower and difficulty will inevitably increase until the big miners with very cheap electricity are barely profitable, and all other miners are unprofitable and are driven out of business. Non-mining relay nodes to not help bitcoin; they only break its (already weak) security model.

  • Tressa Carter Reply

    Solo mining is not profitable I am afraid. You can try buying small amounts of Dash each month instead.

  • Taya Braun Reply

    Ok thanks for explaining that some, that link appears to be a really good resource. I know about the blockchain but not a lot about how it works exactly. Same with blocks, but I understand even less about the. I hear they are pretty involved and difficult to explain without someone having the understanding of the basic framework and underlying concepts behind them. Why is the Bitcoin network at its capacity limit? Is there not enough mining going on for all the transactions happening?

  • Brett Wiegand Reply

    1. Best wallets for DASH can be found on https://www.dash.org/downloads/ (Core and Electrum) 2. ASIC Mining hardware are on https://dashpay.atlassian.net/wiki/x/CQD7Ag Have fun :)

  • Myriam Gottlieb Reply

    Y como se invierte en acciones desde Mexico? Es algo que siempre he queridos saber pero nunca me habia atrevido a preguntar.

  • Victor Mills Reply

    > i've never heard a good argument as to why, given no limit, the miners won't enforce one themselves Miner incentives does not necessarily align with user incentives. And different miners will prefer different limits. A miner imposed limit would turn into a weapon that some miners would use to eliminate competition, and in turn centralize Bitcoin mining even more.

  • Jacinto Tillman Reply

    Ok but so does mining, but thats not the currency itself. I'm not sure how Dash pays dividends.

  • Noemie Torphy Reply

    well in theory bitcoin adoption by then will have skyrocketed, (*cough* block size limit *cough*) and transaction fees will form a large enough incentive for people to keep mining.

  • Otho Bechtelar Reply

    mierda me olvide la valija. Eso claramente invierte las probabilidades. P(Europeo UNION Yankee | Mac y valija) = 1

  • Arlene Jenkins Reply

    It is interesting to debate these points, but we are not going back below 3000 mining difficulty, where the variable emmission rate occurs. Dash will be stuck at the minimum block reward ...forever. ;)

  • Jammie Leffler Reply

    Incentivized nodes will eventually lead to centralization of nodes, just like mining. Dash is an example where number nodes appears to be healthy but in reality it is owned by small number of people.

  • Yazmin Daniel Reply

    Por suerte, cuando se trata de plata, se (medio como que casi ) invierte la carga de prueba. Minimo por evasion cae.

  • Harmon Mraz Reply

    So you're saying that the Dash guy tried to get others involved in the early mining but when nobody joined him and he mined anyway, that was basically why he has so much Dash right now?

  • Cordelia Cummerata Reply

    Un pequeño consejo: invierte en un buen micrófono para que no parezca que haces los videos en el baño.

  • Annabel Hamill Reply

    so its that mean ethereum cannot be mining? even etc?. but other crypto coins (dash ltc for example and others) can be mining so i guess if i buy r9 380 i still can mine other coins right?

  • Earnest Beahan Reply

    > ármate un paquete de acciones o invierte en índices como el IPC (MEXBOL). ¿ Cómo hace uno esto ?

  • Forrest Reichert Reply

    Uy mano, ahorra dinerito, observa el mercado, invierte bien y ya ni vas a tener que trabajar...

  • Laney Auer Reply

    Se supone que el banco la invierte esa guita, lo que me pregunto es que carajo pasa si el banco se funde

  • Ivah Ankunding Reply

    All very waffly. If more people use Bitcoin and the number of nodes go up but it's a smaller proportion of users that run nodes, is that more decentralization or less? Forget mining for a minute because as far as I can see, mining centralization is in no way addressed by either side of the block size limit position.

  • Raven Sanford Reply

    Pagamos una exageracion de servicios basicos porque hace años que no se invierte en ellos

  • Elsie Bauch Reply

    Aqua, sprint, multijump. Rocket jump and air dash for asteroid mining (you can air endlessly).

  • Jerad Leffler Reply

    >decentralized mining, ample low cost transactions, and permissionless improvement Those are not economic assumptions. The economic assumption I am referring to is the max coin limit reached via programmatic inflation. The fork can not have a claim to the legacy of Bitcoin if it violates the max coin limit.

  • Stefanie Wiza Reply

    use his dash...I rarely see people using his dash to escape. I play a front line Toby...shielding the team when they need it. Sniping and mining people in the face. jump+dash to escape.

  • Tremaine McLaughlin Reply

    You can always get good info by joining the #mining group on Dash's high-traffic Slack group. Here's the invite link: http://digitalcash.signup.team

  • Justina Zieme Reply

    Si la deuda se invierte, si. Endeudarse no es malo si se gasta la plata bien y a tasas razonables

  • Brooks Conroy Reply

    You can also find something akin to live support in the #mining Slack channel for Dash. Invite is http://digitalcash.signup.team

  • Dana Blick Reply

    Fair enough. But a "massive" blocksize also massively suffers from orphaning, which means miners are incentivized to keep the blocks small enough to prevent that, as they would otherwise risk losing all their mining rewards. This was actually one argument used by the bitcoin unlimited people to completely abandon thr limit, as miners would bfind their own limit. The question is how large is that limit, and would it make up for the increased block time. But still a valid point.

  • Creola Olson Reply

    I have speculated multiple times that this was the plan all along. That the limit was used to decentralise mining by killing them off slowly. Except, if the price keeps rising regardless of the problems we face, that still doesn't work. That only turns Bitcoin into a dangerous bubble. If you look at alt-coins, and how they fund themselves, and then look at Bitcoin where most money goes to miners. That would sting. I'm also certain that the Ethereum/DAO attacker is a Core supporter.

  • Sven Jaskolski Reply

    Definitivamente aborta e invierte tu tiempo viendo otra cosa. No va a mejorar.

  • Nina Howell Reply

    As I said in another post, I think that: 1) Starting a new blockchain from scratch is better (this should be another coin, bitcoin-like: same rules, fork friendly and with no block size limit). 2) PoW could still be SHA(SHA(x)) just with a different, (incompatible) header, so current miners will not be able to do 51% attacks, but it will be easy to produce high performance ASICs. 3) Implementing bleeding edge improvements (like xthin blocks, header first mining, and so on).

  • Monique Herzog Reply

    **Author**: _TommyEconomics_ **Content**: >Ethereum has shown 2 chains can exist. >I could easily see a Bitcoin classic branching off, or heck even 8mb limit, or dynamic blocksize limit. >Here's the thing though, it needs big miners eventually, but a major mining pool could give it's users the choice. Even a small mining pool. >And then bam it's done, more mining pools will have to give a choice or lose their customers. >And so it begins...

  • Kimberly Dicki Reply

    You can also find something akin to live support in the #mining Slack channel for Dash. Invite is http://digitalcash.join.team

  • Jacinto Gerlach Reply

    there's still dash, ETC (which isn't moving to POS) and others. GPU mining hardware can be repurposed, unlike ASICs

  • Berenice Kunze Reply

    sorry no idea myself - i would post here : https://www.dash.org/forum/topic/mining.3/

  • Briana Pfeffer Reply

    Hey sewso you said something really important right there. For me, this has never been specifically about how large should the block size limit be. For me, it's about smart software development, redundancy, and antifragility: **Having the code be the specification is not a good thing. Having only one implementation which is used for mining, isn't a good thing.** Bitcoin Core is the most fragile part of Bitcoin ATM and it needs to be broken up into pieces.

  • Daphney Wunsch Reply

    Even though I'm not a fan of ASICs, I don't think there should be much effort put into fixing what isn't broken. Don't get me wrong, I mean broken in the sense of something like destroying Bitcoin's growth opportunities (the 1MB limit). Going with a new mining algo means that there will be zero chance of overtaking Bitcoin Core, as we'll be creating an insecure and lagging network rather than competing for most secure network to date.

  • Lisandro Kiehn Reply

    > They have unilateral control over the transaction set and chain they are mining on. this is exactly right. so you need to account for the possibility (likely) that they will act rationally and limit the size of their blocks and likewise set minfees that are reasonable and limits the risks of orphaning (which they've done for most of Bitcoin's history).

  • Franco Bosco Reply

    He is helping to build a better bitcoin. One way is through developing multiple forums. Another is by creating a new mining operation to support clients that will raise the blocksize limit and increase capacity for every type of transaction.

  • Lila Morar Reply

    what I think about bitcoin block size: for a deflationary emission its perfect, I would probably bump the limit to 2mb but seeing mining is required to secure the coin once the supply runs out ideally you want large fees to keep mining going on

  • Josiah Mertz Reply

    **Author**: _Steffira_ **Content**: >There is one thing about bitcoin that I dont't get. What happens wenn the mining limit is nearly reached? Who providers the cpu power to run the system?

  • Carmella Shanahan Reply

    Endeudarse es lo mismo que decir que se invierte?

  • Jefferey Schuppe Reply

    invierte en una pinchi compu gamer bien vergas

  • Jarvis Goodwin Reply

    If you`re looking for a hashrate and hardware, avoid GPU now as there are ASICs for X11. Check here: https://www.dash.org/forum/topic/mining.3/