Hey guys, how much NXT do I actually need to forge some blocks?
I currently have 10, yes ten, no not 10K, and it says that I can generate a block in 22429 days... Is this for real?
Thanks!
I currently have 10, yes ten, no not 10K, and it says that I can generate a block in 22429 days... Is this for real?
Thanks!
Even with 100k nxt you will not make any money forging so get that mentality out of your head from the start and welcome to the beginning of the rest of your life.
I've been trying to learn more about forging (transparent forging) and you raise the exact issue I am looking to resolve as a recent investor. You make it sound like 100,000 NXT is not enough to forge.
I am a miner at heart and like the idea of forging but the more I read about NXT, it seems that only the original stakeholders (or those with a huge number of NXT) are the ones who can successfully forge (gain/accumulate NXT)? How many NXT are needed to forge and what returns could one expect from say 500,000 NXT? Does the chance to forge change over time, i.e. what variables other than my account holdings and online status as a node affect forging success?
This issue has been difficult to get my head around as a recent adopter. I have not forged any NXT since opening my account (20,000 NXT) a few weeks ago and it sounds like from your response that this number is a laughing matter...I will never forge with that amount. Could some one provide some insight or a link to where forging and returns are discussed?
Sorry to say, if you cut away the smoke and mirrors NXT is not a way to make money by mining or forging. NXT makes mining obsolete by making the required infrastructure so cheap that it's going to happen as a low -cost NXT community effort just because we want it to happen.
Here's some words I'm writing for distribution in Texas:
NXT Is Green
Ecological? Financial? BOTH !!!
Bitcoin depends on a small network of mining nodes who support their operations by generating a fixed profit of 3600 bitcoins per day. The available daily operating budget to keep Bitcoin from freezing up is thus $3.6M or less (at $1K/BTC or under) to generate the current 25 million GHash/s needed daily. A representative miner pickaxe is a Butterfly Labs Monarch costing $2000 and using 350W of power to produce 600 GHash/sec. Thus the current Bitcoin mining network has sunk unit infrastructure costs of at least $83 million and (at $0.10/KwH) ongoing electricity costs of at least $35,000 per day.
Both costs are rising faster and faster. Exponential growth of Bitcoins hashrate (see blockchain.info/charts/hashrate) means mining rigs and energy use will skyrocket out of control, sooner rather than later. Bitcoin, and clones like Doge, are thus by their very nature destined to fail.
NXT is the sustainable solution to this problem. By using cooperative transparent forging, not competitive gigahash mining, NXT does not have an exponential forcing function at its core that drives its costs and energy consumption ever higher. A NXT blockchain support network of 1000 Odroid U3 nodes has a one-time unit infrastructure cost of only $60 thousand and uses only $48 per day in electricity forever.