does anyone have a site where I can learn how crypto or bitcoin
mining is done??-- i know what it is but not how its created
-- any why it uses so much electricity
If you want a TLDR to your question regarding electricity
requirements -
Bitcoin mining is done through solving
extremely complex and difficult cryptographic math
problems that are only capable of being solved by GPUs (graphics
cards). This is because the Bitcoin ledger uses
Proof of Work (PoW),
as opposed to Proof of Stake (which is where I believe ETH coin is
headed). Essentially, the more computing power (GPUs) you have, the
more likely you are to be able to actually
mint a new coin. Therefore, crypto farms will
essentially just stockpile as many GPUs and throw them into as many
systems as they can to maximize their profits. What's important to
understand is that GPUs are by far the most power-hungry component
in any system. Therefore, through needing to use many many GPUs to
even have a sliver of a chance of being able to make any money, you
also need massive amounts of electricity to power said GPUs.
does anyone have a site
Posted by watcdy on 20th of Jan 2022 at 11:39 am
does anyone have a site where I can learn how crypto or bitcoin mining is done??-- i know what it is but not how its created -- any why it uses so much electricity
This video goes extremely in-depth
Posted by petermusic on 20th of Jan 2022 at 12:14 pm
This video goes extremely in-depth into how the blockchain (and subsequently Bitcoin) works - https://www.youtube.com/watch?v=bBC-nXj3Ng4&t=176s&ab_channel=3Blue1Brown
If you want a TLDR to your question regarding electricity requirements -
Bitcoin mining is done through solving extremely complex and difficult cryptographic math problems that are only capable of being solved by GPUs (graphics cards). This is because the Bitcoin ledger uses Proof of Work (PoW), as opposed to Proof of Stake (which is where I believe ETH coin is headed). Essentially, the more computing power (GPUs) you have, the more likely you are to be able to actually mint a new coin. Therefore, crypto farms will essentially just stockpile as many GPUs and throw them into as many systems as they can to maximize their profits. What's important to understand is that GPUs are by far the most power-hungry component in any system. Therefore, through needing to use many many GPUs to even have a sliver of a chance of being able to make any money, you also need massive amounts of electricity to power said GPUs.
Thanks a ton Petermusic -
Posted by watcdy on 20th of Jan 2022 at 12:20 pm
Thanks a ton Petermusic - not an easy topic but show your work is like high school algebra- TLDR aside. I’ll dig into it. Thank you again