https://peakd.com/golem/@edicted/golem-and-friends-will-change-crypto-mining-forever
I wrote this one back in March 2018.
Even back then with Steem trading at and above $2 my posts were only paying out $1 or $2 a pop. What a blast from the past. During 2019 the price kept plummeting but my rewards remained stable. It was pretty interesting to see the price crash while my network influence rose as the same rate.
Now with the price of Hive trading at 14 cents, it is not uncommon for me to get a $10 payout on a post. If Hive was still trading around $2 my payouts would easily have a USD value of $140 or more. Pretty crazy when we do the math. The good ol' days could be back in as little as a year. Wish in one hand...
Mining 2.0
This is a term I coined back in the day to signify mining that actually accomplishes a given task rather than just participating in a lottery that consumes a lot of energy. As we can see even back then there were a lot of projects out there that were trying to accomplish this, and they are still around today.
| column1 | column2 |
|---|---|
| Golem | Worldwide supercomputer |
| DeepBrain | Worldwide AI |
| Foldingcoin | Fold proteins |
| Curecoin | Medical research |
| Gridcoin | Scientific research |
The problem with these projects is that they are much easier said than done. The one I was most bullish on was Golem. I haven't looked into it in a while but the dev team is extremely capable. However, decentralized security and validation of work completed is a much more complex task than it looks like on the surface.
For example, I have absolutely zero faith in the Deepbrain Chain project on a fundamental level. Decentralizing AI is a fool's errand once I started actually doing the research and seeing what people on Reddit were saying about the process.
However, on a speculative level, a project like DBC will moon simply because a bunch of newly rich fools are going to throw their money at anything that moves. All you have to do is say "blockchain + AI" and it will get money thrown at it by investors that don't care to understand the technicalities. Who's ready for another round of Greater Fools Theory?
With the advent of Koin mining it got me thinking about this whole mining 2.0 thing again. When are we doing to start mining actual useful data instead of pumping out these lottery tickets? Wouldn't it be more fun to get paid to mine prime numbers, folding proteins, creating pharmaceuticals, etc?
The main point I'd like to make here is that ASIC machine's days might be numbered over the next decade. Generic computing might make a resurgence, increasing the value of CPUs and GPUs that can actually be used to compute the most valuable algorithm on the fly rather than being locked into a single function like ASIC machines are. Or perhaps if that happens ASIC machines will just be built for every function and we'll eventually get back to where we started. Who knows.
In any case, I still need to write a post about these new AMD chips coming out on NOV 5th. I'll get around to it eventually.
Until then: something to think about.
What happens when the primary target (and benchmarks) of new computer hardware stops being gamers & gaming and transitions over to crypto (which also includes gaming :D). The whole game changes when the hardware you buy can be used to mine value. Should be interesting.
I've built a rig and mined Ethereum in the past and when the price dropped I stopped doing that anymore. Also today if I was to start it up probably I would make 20-30 USD a month and is not motivational anymore. Might just take a look if there are better options beside Ethereum to make it work, but hardware seems to fade away earlier than software evolvement.
Posted Using LeoFinance Beta
Imagine playing a game on Hive, and in the game you needed to mine some silver. However, the requirements to mine said silver might actually be pretty difficult. You might need an in-game mining operation in addition to minting your own proofs on chain to collect the silver. Other players need silver as well... so do you use the silver to create your werewolf killing sword or do you sell it to another player for a nice markup? Truly, gaming on the blockchain is going to be insane in ten years.
That is exactly what the Splinterlands land-expansion will be like...
orly, that's news to me.
guess I'll have to check it out.
Have you ever looked at DigiByte?
Kind of...
I know they use 5 different types of mining or something like that.
Still, each one of those algorithms is just a separate lottery... although I say that without actually knowing much about Groestl, Skein, and Qubit mining. Had to look them up just to reference the names.
Digibyte seems like a good project and the tech they make is used by other chains (Digishield).
Wish I had more but I'm not really willing to "diversify" at this stage of the game.
They’ve got a lot of things going on from DigiShield to Digi-ID, with lots in between, but from the mining standpoint, the Odocrypt algo is a unique GPU / FPGA-friendly hashing algorithm made specifically for DigiByte that changes itself every 10 days as an anti-ASIC method. The idea is to make a best effort to make DGB mining available to the everyday person, gamers included (especially included). Odocrypt is one of 5 algos (Sha256, Scrypt, Skein and Qubit are the other 4), with the idea being to not exclude people at the other end of the spectrum. 5 algos also make the network 5 times more secure, so to speak. DigiByte is as solid as the UTXO PoW blockchains get, and I’m more than confident that it will be the blockchain that secures a lot of projects in the future as well, and with the fact that you can still mine it, or perhaps exactly due to that fact …
https://www.dgbwiki.com/index.php?title=DigiByte
I looked into it a while ago but I'm still confused about how much one can earn by mining DigiByte. Are you mining?
Posted Using LeoFinance Beta
I'm no longer mining. I've got a couple of ASICs that work on the Skein and Qubit algos, but they're idle. Not really because they aren't profitable, just that they aren't really all that profitable anymore, and with the difficulty in the stratosphere, seeing pennies come in where there once were big dollars doesn't get me excited. They're temporarily mothballed - you never know when things might change. As far as the GPU mining goes, I did lots of Scrypt in the early days, and then Groestl, which I liked a lot, but was rotated out in favor of Odocrypt. I've never mined Odocrypt, but there are a lot of people who do. I'm pretty out of touch at present, but a good place to start looking for someone who can better answer your question would be here: https://www.dgbwiki.com/index.php?title=DigiByte#DigiByte_Community
*Decentralizing AI is a fool's errand *
I kinda think Singularity Net has more than capable people with Ben Goertzel being one of them. Don't know, seems like that guy knows what's he doing.