MINING NOT EARNING SO MUCH

Looking over farious forums with one or two cards mining. Many are discovering the power cost is eating up the earnings. Still not many are selling out just yet.

Bitcoin becomes progressively harder to mine. Derivatives vary in difficulty steps but it does not seem to matter which mining client is used they all are earning very limited funds. It is made worse with a vast number of people all attempting to mine for revenue. This has largely dried up as the difficulty rises. Bitcoin is now so bad even ASIC machines cannot handle it anymore.

Exchange prices are all over the dial as a lot of retain speculation on select assets is ongoing. Bitcoin et al have become pawns in a casino. Options to buy and sell make money for the exchanges and these are driving prices wild.

The banning of mining activity in China did not affect the price of bitcoin much. Many expected the move but with mobile devices many can trade in secret.

Iran also banned mining to overcome blackouts. Mining uses so much power it’s hard to imagine. The Burrard Thermal power station is 500MW and mining uses over 100x this much globally. The Burrard facility has 4 large gas fired burners feed from the natural gas feeds from the interior of the province. The burners are very visible from across the Burrard inlet. This is why bitcoin el al are anything but a green technology.

In China there is little oil or natural gas so they use coal. Coal fired plants can make a lot of power but they are not the cleanest technology out there. After acid rain was killing trees galore, regulators forced coal burners to install equipment to reduce the emissions. Fly ash has found a novel solution in concrete.

Coal fired power station
Coal fired power plant

BITCOIN TAPROOT

Taproot makes smart contracts cheaper and smaller, in terms of the space they take up on the blockchain. Killeen says that this enhanced functionality and efficiency presents “mind blowing potential.”  Taproot will switch over to something known as Schnorr signatures, which essentially makes multi-signature transactions unreadable.