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65 sats \ 0 replies \ @BTCMiner 15 Nov \ on: Native American Bitcoin Mining? bitcoin
“Bitzero is working with us to use our Western Area Power Administration hydroelectric power to reflect the company’s zero carbon mandate,” Fox said. “The additional heat produced from the data center facility will be used for our MHA Nation’s Greenhouse Project currently under construction.”
#33798
First Block mined by the Datum/Ocean Mining
#705749
https://mempool.space/tx/8f7932dfa8632cc5c5e1760299adf442945dbb31573be1d628a7bcd5df26da9b
How awesome! They (Just for Krypto) sponsored the Mining Conference Minnesota over the weekend where Ocean announced DATUM, on Sunday.
Proof-of-work (PoW) mining is what permits bitcoin to be resistant against centralized control.
Mining exists to cement the ordering of transactions.
That's it. That's the entire reason that Bitcoin mining exists.
That means neither any government, nor any mining pools or mining cartels with less than 50% of the hashrate have the ability to change the ordering of the transactions.
In over a dozen years, there has never been a transaction ordering issue outside of a single incident in 2013 when a new release of the software changed the behavior and a chain split occurred (and one person used that opportunity to change the ordering of his transaction such that an exchange got cheated on a confirmed (six confirmations) deposit transaction that no longer existed when the chain split got resolved (i.e., the ordering of the transactions was changed).
While there are shitcoins with PoW mining as well, those are not as resistant, or are unresistant -- due to them requiring a significantly smaller set of resources in order to pull off the double spend attack. Even a determined attacker (e.g., the U.S. gov't) would not be able to pull off a mining attack against bitcoin (at least, not one that would be a surprise when it was executed).
As far as an article on it ... the following explains the double spend problem. But it mentions "mining" exactly zero times:
https://www.babypips.com/crypto/learn/what-problems-did-bitcoin-solve
But try to find a way to solve the double spend problem without PoW mining and you end up with crap like proof-of-stake (e.g., Etherium) which doesn't actually solve the "multi-dimensional problem of decentralised consensus that Bitcoin and its Proof-of-Work-based consensus mechanism solved".
Grandpa probably can't or won't do the research to truly understand why bitcoin mining must exist, but maybe he can understand that if there was a way for bitcoin to work without bitcoin mining and be just as resistant to centralized control, that would have occurred by now. And thus, we embrace bitcoin the way it is -- because there is no alternative.
But most miners aren't set up to power off when the grid needs additional power -- except for some in Texas, and maybe a few others elsewhere. It is technically possible to do, most everywhere, but there is investment and operational costs borne by the miner to make that happen, and essentially no benefit to the miner for doing that -- unless there are agreements in place benefitting the miner for not taking that power.
What is missing is the desire by the producers to take advantage of this opportunity to make use of this "rolling reserve" power source. That may come eventually but the generation plants quite like it being able to charge whatever they want and not have to partner with (i.e., rely on) anybody else to help with the supply.
See the introduction, here:
Running a solar-powered Bitcoin/Lightning Node & Lottery Miner — Introduction
#201134
https://medium.com/@ne0nblack/running-a-solar-powered-bitcoin-lightning-node-lottery-miner-introduction-12005bd06960
The link for this post uses a read-only front-end for Twitter, which can be easier to read for viewing a full Twitter thread. The Tweet that kicked off the thread is:
First Impressions- ePIC UMC Control boards Universal Mining Control (UMC) board from @ePICBlockchain arrived earlier today.Thanks to @ReuvenSoraya for sending these over for testing!Here are some close-up images of the front & back.
What I mean is ...
Can't the site be a bit more forgiving and simply help out the noobs and say something to the effect of:
"Each ball corresponds to one of the 2048 seed words from BIP-39, which is used with any wallet or cold storage device that supports BIP-39."
(or whatever the procedures are to go from shaking this thing to sleeping peacefully because your keys were generated with a exceptional randomness).
I.e., ELI5
The website assumes I know how a set of ball bearings can result in my private key.
I don't know.
The text and photo from the BTCPay shopping cart provided more info:
2048 chrome steel 6.35mm diameter BIP39 balls in a bottle. 32 bags of 64 balls for ease of verification. 0-indexed numbering (0000-2047). Numbers only (words do not fit nicely). 1.25kg approx ball weight (approx 39g/bag). Note: for full entropy, you must replace each ball and reshake before pulling next one -- however, if my math is correct (don't trust me), you only get about an 11% drop in entropy by pulling 23 at once, which is pretty negligible.
So I need 23 values (balls) each of the 2048 (i.e., range from 0 to 2047) and that somehow gives me what I need for a private key? If so, how? I don't compute.
Looks like their site is either getting slashdot effect or something, but I got an error (from their site, not from browser), and when I happened to hit reload it rendered the second time. So if that happens to you, try reloading the page.
I love Mathews's stuff, but he needs to research this topic more before telling others how things work.
No, Core Devs cannot "change a line of code" to prevent U.S.-based miners (by IP address) from attacking.
No, empty block attacks (with 51% or more) would not be letting blocks be mined by any other miners, so it is truly 100% empty for 100% of the blocks, as long as the attacker has 51% of the hashrate.
And there were other head scratchers in this.
You have described an expensive hobby for virtue signalers, not a rational investment.
Solar produces only a small part of each day. The capex spend on a miner is, essentially, only justified when mining close to 24/7.
Here's the Tweet by the author of the article which kicked off the Twitter thread where this article was shared:
I looked at over 100 companies in the #Bitcoin mining space to identify three key trends which are affecting the #energy transition.🧵
This is an article that re-shares an article from OilPrice.com.
More Than Half Of Bitcoin Mining Is Fueled By Sustainable Power
https://oilprice.com/Energy/Energy-General/More-Than-Half-Of-Bitcoin-Mining-Is-Fueled-By-Sustainable-Power.html
The OilPrice.com article was itself sharing an article from ZeroHedge.
The Majority Of Bitcoin Mining Is Fueled By Sustainable Energy
#139932
https://www.zerohedge.com/crypto/majority-bitcoin-mining-fueled-sustainable-energy
And that ZeroHedge article itself was originally on Bitcoin Magazine:
The Majority Of Bitcoin Mining Is Fueled By Sustainable Energy
#139694
https://bitcoinmagazine.com/business/bitcoin-uses-mostly-sustainable-energy
For additional comments on this, see also another post found here on SN where this article which previously shared:
The Majority Of Bitcoin Mining Is Fueled By Sustainable Energy
#139694
https://bitcoinmagazine.com/business/bitcoin-uses-mostly-sustainable-energy
For additional comments on this, see also another post found here on SN where this article which previously shared:
The Majority Of Bitcoin Mining Is Fueled By Sustainable Energy
#139694
https://bitcoinmagazine.com/business/bitcoin-uses-mostly-sustainable-energy
For additional comments, see also another post found here on SN where shared is the article which was originally on Bitcoin Magazine:
The Majority Of Bitcoin Mining Is Fueled By Sustainable Energy
#139694
https://bitcoinmagazine.com/business/bitcoin-uses-mostly-sustainable-energy