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SVTPerformance's Chain of Restaurants
Road Side Pub
Anyone own any Bitcoin here?
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<blockquote data-quote="quad" data-source="post: 16092184" data-attributes="member: 17952"><p>No, the regular people also get paid in whatever currency they are mining. Note that you can't mine Bitcoin with GPUs anymore. Those days are long gone. You could do it 8-10 years ago but now dedicated ASIC devices are required. Some people have a few of them in their homes or businesses but there are very large mining farms that do the majority of transaction confirmations. For this reason Bitcoin has become centralized in a way because the hash rate is concentrated in fewer hands.</p><p></p><p>Ethereum, Zcash and Monero etc. were all ASIC resistant to promote the use of only GPUs and help ensure decentralization. However ASICS were developed for all three. ASIC devices are engineered specifically for the algorithms of each crypto and can hash at much higher rates and use less power per hash than a GPU. To counter this Monero forked and changed the algorithms thereby bricking all the ASIC devices and making them paper weights. There have been pressure to do the same for Ethereum and Zcash. Ethereum developers are considering implementing ProgPoW. There are plans to implement Proof of Stake for Ethereum in the future. Once that is done large scale mining would not be possible anymore and transactions would be confirmed in a different manner.</p><p></p><p><a href="https://www.coindesk.com/momentum-is-building-to-block-ethereum-asics" target="_blank">https://www.coindesk.com/momentum-is-building-to-block-ethereum-asics</a></p></blockquote><p></p>
[QUOTE="quad, post: 16092184, member: 17952"] No, the regular people also get paid in whatever currency they are mining. Note that you can't mine Bitcoin with GPUs anymore. Those days are long gone. You could do it 8-10 years ago but now dedicated ASIC devices are required. Some people have a few of them in their homes or businesses but there are very large mining farms that do the majority of transaction confirmations. For this reason Bitcoin has become centralized in a way because the hash rate is concentrated in fewer hands. Ethereum, Zcash and Monero etc. were all ASIC resistant to promote the use of only GPUs and help ensure decentralization. However ASICS were developed for all three. ASIC devices are engineered specifically for the algorithms of each crypto and can hash at much higher rates and use less power per hash than a GPU. To counter this Monero forked and changed the algorithms thereby bricking all the ASIC devices and making them paper weights. There have been pressure to do the same for Ethereum and Zcash. Ethereum developers are considering implementing ProgPoW. There are plans to implement Proof of Stake for Ethereum in the future. Once that is done large scale mining would not be possible anymore and transactions would be confirmed in a different manner. [URL]https://www.coindesk.com/momentum-is-building-to-block-ethereum-asics[/URL] [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Anyone own any Bitcoin here?
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