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Share Your Experience: Take the 2024 Developer Survey
30 votes
Accepted

Does bitcoin miner heat as much as a heater

A device that consumes N watts of power (and doesn't output electricity or some other form of energy) will eventually produce N joules of heat per second. Thus, if your goal is converting electricity ...
Pieter Wuille's user avatar
25 votes

Why don't miners charge more for high value transactions?

Miners don't charge anyone. Users put aside some amount of satoshis to incentivize a miner to include a transaction in a block, as the miner takes those satoshis if they are successful in mining that ...
Mark H's user avatar
  • 3,334
23 votes
Accepted

Current FPGA Competitiveness

First a bit of perspective on FPGA mining. ‚Äč Around 2011 some miners started switching from GPUs to FPGAs, (Field Programmable Gate Arrays), after the first implementation of Bitcoin mining came out ...
smatthewenglish's user avatar
19 votes

Why would anyone sell a Bitcoin miner instead of just mining themselves?

The difference is that with cloud mining, all you are doing is lending the company money. And you are expecting them, for no rational reason, to pay you back an interest rate higher than they would ...
David Schwartz's user avatar
16 votes
Accepted

Why do leading ASICs manufacturers sell their chips?

I think the simple answer is that a company doesn't have to be a "Bitcoin believer" in order to manufacture Bitcoin mining hardware. The companies that produce ASIC chips also produce other products ...
Jestin's user avatar
  • 8,812
16 votes
Accepted

Is there a logical reason to buy bitcoin for more than it costs to mine it?

Mining: It's a lot of trouble and expensive to set up a proper rig and the return on investment can take a long time when mining. It's not as cheap or profitable to mine the coins as you make it seem. ...
Aubreal's user avatar
  • 308
13 votes
Accepted

Is Lightning Network a risk for Bitcoin security since it reduces miner fees?

The idea that Lightning will reduce the amount of fees going to miners is very common, and we probably won't know for sure until we actually try it. However, I'll try to provide some arguments as to ...
cdecker's user avatar
  • 9,508
12 votes
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Why don't miners charge more for high value transactions?

The biggest counter question is identifying what constitutes high value transactions. Bitcoin works on an Unspent Transaction Outputs (UTXO) based model rather than an account based model. The input ...
Ugam Kamat's user avatar
  • 7,407
12 votes

Does bitcoin miner heat as much as a heater

It may be practical to use a miner to provide some of the heat for your home, bringing some miners into your home during the cooler months and moving them elsewhere during summer. It's pretty much 100%...
Peter Cordes's user avatar
12 votes

Where to find exact number of hashes required to mine most recent block?

You cannot know how many hashes were actually performed for every block, because non-winning hashes aren't published. There is however a simple formula to compute the expected number of hashes a block ...
Pieter Wuille's user avatar
12 votes

How would faster blocks cause mining centralization?

Why faster blocks? This conversation often starts with someone pointing out that shortening the block interval would allow for a quicker first confirmation, reduce variance in mining revenue, and ...
Murch's user avatar
  • 75.7k
11 votes

Bitcoin mining, do you do the work or does the computer?

The extent of human involvement in mining is to get the software and hardware and then run the software on the hardware. No one actually has to sit at a computer and do anything in mining. They don't ...
Ava Chow's user avatar
  • 70.8k
10 votes

Is it possible for a slow computer to beat the world mining Bitcoin?

It is of course possible... however it is incredibly unlikely! Mining with a CPU has not been profitable since the earliest days of bitcoin, the expected time to find a block is likely on the order ...
chytrik's user avatar
  • 18.3k
10 votes

Beginner's question: Why must proof-of-work be useless?

In addition to the technical factors mentioned by MCCCS, it's important to consider economical factors as well. If the problem being solved has value outside of the Bitcoin network, it allows miners ...
Raghav Sood's user avatar
  • 17.1k
10 votes

Why would anyone sell a Bitcoin miner instead of just mining themselves?

There's a couple of reasons I can think of: They might not think mining is profitable and are simply looking to sell hardware and treat BTC miners as a good target market, media attention probably ...
PeterJ's user avatar
  • 201
8 votes

Is there a logical reason to buy bitcoin for more than it costs to mine it?

You are talking about two very different investment options. One is investing cash into a type of commodity that has shown extremely high volatility; the other one is investing low amount of cash, but ...
xiaomy's user avatar
  • 181
8 votes

What is the estimated price of Bitcoin which will push miners to stop mining if its price dropped to uneconomical level ?

When a bitcoin was worth less than $10, miners were mining. When a bitcoin was worth more than $15,000, miners were mining. The key point is that there is no exact price that would make mining ...
chytrik's user avatar
  • 18.3k
7 votes
Accepted

Is it possible for a slow computer to beat the world mining Bitcoin?

It is theoretically possible. Blockchain.com estimates that the hashrate of bitcoin is 13,000,000,000,000,000,000 hashes/second. Any one of those hashes could be "The lucky one" that earns 12.5BTC. ...
Cort Ammon's user avatar
7 votes

Does bitcoin miner heat as much as a heater

Heat Quality Not all heat is the same. The earth maintains a fairly constant average of 10 C near the surface, but you can't boil water with that. So the temperature of your heater makes a big ...
Lawnmower Man's user avatar
6 votes

Can you mine your own transactions yourself?

Theoretically, if you can mine blocks then you can certainly include your own transactions in the block. Practically, you are competing with every other miner on the planet to find the next block. If ...
Greg Hewgill's user avatar
  • 3,421
6 votes

Can you make profit from a miner?

Yes, this is a scam. The scammer has probably asked for your login info, so that he can 'set you up for mining'. In reality, mining does not work like this at all, the scammer simply wants access to ...
chytrik's user avatar
  • 18.3k
6 votes
Accepted

What is fee sniping?

Fee sniping refers to the process of re-mining the last block in the chain to claim the fees of both the transactions mined in this block and the new transactions that came in since it was mined. In ...
Antoine Poinsot's user avatar
5 votes
Accepted

What can be done with old (unprofitable) ASICs?

If your electricity costs are high, unprofitable for you may mean profitable for someone else. Some miners may still use unprofitable ASICs either to support the network (at a smaller loss than with ...
Luke Benton's user avatar
5 votes

Why doesn't the same miner always win?

Every miner is working a on different block. While they share some of the same data, there are several parts of a block which are completely up to the miner to decide, and those differences make the ...
Ava Chow's user avatar
  • 70.8k
5 votes
Accepted

sp20 jackson vs Bitmain Antminer S7 for personal bitcoin mining

You are overlooking a very important part of the costs, that you already mentioned. The energy! Roughly at 13.0 cents per Kw/h your yearly energy costs are: Scenario one: 21 x 1.2Kw x 24h x 365d x $...
jsjc's user avatar
  • 216
5 votes

Why does Bitcoin not have faster downward difficulty adjustments?

Peter Todd has an in-depth answer to this question here: https://petertodd.org/assets/commitments/52ccc4802bd563076cbd25ec4c1ba88152098cb6aa356ba644c9e79a24182da5.txt What attack does the difficulty ...
Vijay Boyapati's user avatar
5 votes
Accepted

Does mining power of different miners add up in mining pools?

Mining is a lottery, not a race. The fastest miner doesn't always win. In general, if you have X% of the hashrate, you will find X% of the blocks. This is because not just all pools, but every every,...
Pieter Wuille's user avatar

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