Re: Users who spread false/fake/unhelpful information on technical board
⭐ Merited by LoyceV (6)
User: elsoleado
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1. Solochance.com shows probability based on current data. So the actual estimated time would be far longer than 31 years, considering difficulty growth and more efficient ASIC in the future.
2. Cost of 100 NerdQaxe++ is about $50.000, where solo miner usually not willing spend that much of money. Besides, buying few bulky ASIC (such as S21) would be better choice.
1. Just like above post, this one doesn't consider difficulty growth and more efficient ASIC.
2. For example that use solar energy, it doesn't consider total sunny day per year and season that have less sunny day. For example, https://www.currentresults.com/Weather/US/average-annual-state-sunshine.php shows state in US have clear days between 58 to 193 days.
User: konfuzius5278
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* His trust page says "This user recently woke up from a long period of inactivity.".
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1. Off-topic reply, since the topic is about UTXO growth.
2. User @Cricktor explain why it's nonsense and technically wrong.
Lightning isn't perfect but it's working pretty well from my own experience over some years of use. I don't know if and what experience you had with Lightning. In all the years I've been running a Lightning node I've rarely experienced forced closed channels. I never had to initiate a force close myself and can't really recall a force close from my channel partners (if they happened it wasn't a big problem for me; AFAIR the side who executes a force close pays the on-chain channel settling transaction, if I'm not the one I've no transaction fee losses due to a force close).
User: potatotom
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* This is his first post in last 3 months.
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1. Off-topic reply, since the topic is about UTXO growth.
2. Watchtower is meant to prevent scam by broadcasting earlier state of LN channel. It can't stop force closure of LN channel.
3. "<1s settlement worldwide" is misleading, since actual settlement happened when involed LN channel is closed. Besides, it may take 1s or more for the receiver to see transfer on LN.
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If you combine it with solar panels, if you have many years of life left, no debt, and don't mind the noise, you might be able to find a Bitcoin block in 10-20 years, or if you're really unlucky, 31 years.
Of course, you'd have to buy 100 NerdQaxe++ – 4.8 TH/s – 76 Watts, each costing $500 ($5,000 total), not to mention that the solar panels would cost you approximately $10,000 in total (I mean, so you have a net profit).
Now let's test your luck:
Of course, you'd have to buy 100 NerdQaxe++ – 4.8 TH/s – 76 Watts, each costing $500 ($5,000 total), not to mention that the solar panels would cost you approximately $10,000 in total (I mean, so you have a net profit).
Now let's test your luck:
1. Solochance.com shows probability based on current data. So the actual estimated time would be far longer than 31 years, considering difficulty growth and more efficient ASIC in the future.
2. Cost of 100 NerdQaxe++ is about $50.000, where solo miner usually not willing spend that much of money. Besides, buying few bulky ASIC (such as S21) would be better choice.
It will depend entirely on your budget and noise tolerance.
You have three options:
1) Mining with electric power and mining equipment newer than the Antminer S9.
2) Mining with renewable energy (such as solar panels) and older miners (S9, for example).
3) Mining with renewable energy and modern miners.
1) Let's assume you have a huge budget and buy an Antminer S21 XP Hyd (to avoid air conditioning costs for cooling), with a power output of 473Th/s, a consumption of 5676W, and a cost of approximately $16,000 including shipping and taxes. Assuming you live in the US and the cost of electricity is $0.15/kWh, your daily profit would be $2.79. An ROI of at least 3 million years.
2) With an Antminer S9, which costs around $200 on the current market. 14Th/s, 1300 watts, and a hell of a lot of noise. Add to that the fact that you won't find it new, so you'll have to buy it secondhand (average lifespan: 2 years). As for the solar panels, they'd cost around $1,600. $0.69 of profit per day, a tenth of a human's average lifespan just to recover (7 years).
3) Same example as 1, but add $6,700 for the solar panels and all that. You'd get a daily profit of $23.24. $16,000 %2B $6,700 = $22,700, giving you a total of 976 days to recover your investment (a little over 2.5 years, the rest as profit). This is taking into account that you live in a place with a lot of solar radiation.
Currently, it's difficult and expensive to mine Bitcoin. If you still want to mine, here are some tips:
- You can store everything you mine until the price goes up and then sell it. That helps.
- Perform maintenance on the miners once a month if you live in a dusty area, or every three months if you live in a clean environment (needless to say, with the mining equipment turned off).
- Always have a fire extinguisher on hand and don't place cardboard under the miners (I speak from experience).
- Don't even think about solo mining; always look for a pool.
- Always look for mining pools with merged mining, so you can get some extra.
- Try to mine in an isolated location, as the noise from the miners is very loud and can disturb neighbors (even those 5 houses away).
If, despite all this, you're still interested in mining, I can only wish you luck.
Source:
https://www.bitmain.com/
https://whattomine.com/asic
https://www.gogreensolar.com/
You have three options:
1) Mining with electric power and mining equipment newer than the Antminer S9.
2) Mining with renewable energy (such as solar panels) and older miners (S9, for example).
3) Mining with renewable energy and modern miners.
1) Let's assume you have a huge budget and buy an Antminer S21 XP Hyd (to avoid air conditioning costs for cooling), with a power output of 473Th/s, a consumption of 5676W, and a cost of approximately $16,000 including shipping and taxes. Assuming you live in the US and the cost of electricity is $0.15/kWh, your daily profit would be $2.79. An ROI of at least 3 million years.
2) With an Antminer S9, which costs around $200 on the current market. 14Th/s, 1300 watts, and a hell of a lot of noise. Add to that the fact that you won't find it new, so you'll have to buy it secondhand (average lifespan: 2 years). As for the solar panels, they'd cost around $1,600. $0.69 of profit per day, a tenth of a human's average lifespan just to recover (7 years).
3) Same example as 1, but add $6,700 for the solar panels and all that. You'd get a daily profit of $23.24. $16,000 %2B $6,700 = $22,700, giving you a total of 976 days to recover your investment (a little over 2.5 years, the rest as profit). This is taking into account that you live in a place with a lot of solar radiation.
Currently, it's difficult and expensive to mine Bitcoin. If you still want to mine, here are some tips:
- You can store everything you mine until the price goes up and then sell it. That helps.
- Perform maintenance on the miners once a month if you live in a dusty area, or every three months if you live in a clean environment (needless to say, with the mining equipment turned off).
- Always have a fire extinguisher on hand and don't place cardboard under the miners (I speak from experience).
- Don't even think about solo mining; always look for a pool.
- Always look for mining pools with merged mining, so you can get some extra.
- Try to mine in an isolated location, as the noise from the miners is very loud and can disturb neighbors (even those 5 houses away).
If, despite all this, you're still interested in mining, I can only wish you luck.
Source:
https://www.bitmain.com/
https://whattomine.com/asic
https://www.gogreensolar.com/
1. Just like above post, this one doesn't consider difficulty growth and more efficient ASIC.
2. For example that use solar energy, it doesn't consider total sunny day per year and season that have less sunny day. For example, https://www.currentresults.com/Weather/US/average-annual-state-sunshine.php shows state in US have clear days between 58 to 193 days.
User: konfuzius5278
Additional information (optional):
* His trust page says "This user recently woke up from a long period of inactivity.".
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As we now see, the opposit is the case
The "adoption" of the network not really growing even the press says something different, we have 3 sat per vbyte.
When the coinbase reward drops nearly to zero in 16 years, such times will really be a problem, exspecially when a working L2 is implemented.
Lightning is just a kids game with ridiculous UTXO due to incoming liquidity and forced closed channels.
The "adoption" of the network not really growing even the press says something different, we have 3 sat per vbyte.
When the coinbase reward drops nearly to zero in 16 years, such times will really be a problem, exspecially when a working L2 is implemented.
Lightning is just a kids game with ridiculous UTXO due to incoming liquidity and forced closed channels.
1. Off-topic reply, since the topic is about UTXO growth.
2. User @Cricktor explain why it's nonsense and technically wrong.
When the coinbase reward drops nearly to zero in 16 years, such times will really be a problem, exspecially when a working L2 is implemented.
What are you talking about? In 16 years the coinbase block subsidy is 1/16th of today's, that's far from zero. It may still become a problem but that depends on other parameters.Lightning isn't perfect but it's working pretty well from my own experience over some years of use. I don't know if and what experience you had with Lightning. In all the years I've been running a Lightning node I've rarely experienced forced closed channels. I never had to initiate a force close myself and can't really recall a force close from my channel partners (if they happened it wasn't a big problem for me; AFAIR the side who executes a force close pays the on-chain channel settling transaction, if I'm not the one I've no transaction fee losses due to a force close).
Lightning is just a kids game with ridiculous UTXO due to incoming liquidity and forced closed channels.
Kindly explain this bs sentence. I don't think you know what you're blabbering about.User: potatotom
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* This is his first post in last 3 months.
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Lightning is a workable solution and we're using it all the time and it works well. Yes the force close and channel fee issue needs to be addressed (imho watchtowers should be able to process channel closures as well ... see below)
And the protocol should be changed to have force close to a maximum of agreed fee, not the agreed fee per se.
There's a few things to be tweaked to get rid of those issues (the watchtower channel closure would be a big boon in reducing potential funds loss due to both inaccessible nodes.)
I don't think it would be too difficult to co-sign a close transaction from both nodes that are weeks in the future and distribute them to watchtowers. Then watchtowers should be closing channels if they don't see sign of life for x weeks / months and should be able to also determine on-chain fees at the same time. You will lose a channel to a rogue node at most, but will never open a node with them anyway again so the loss is minimal.
It could be elective too so perhaps both parties need to agree to this.
Other than this, Lightning is spectacular. Who else gives you <1s settlement worldwide basically unlimited volume and you are STILL 100% SELF CUSTODIAL.
And the protocol should be changed to have force close to a maximum of agreed fee, not the agreed fee per se.
There's a few things to be tweaked to get rid of those issues (the watchtower channel closure would be a big boon in reducing potential funds loss due to both inaccessible nodes.)
I don't think it would be too difficult to co-sign a close transaction from both nodes that are weeks in the future and distribute them to watchtowers. Then watchtowers should be closing channels if they don't see sign of life for x weeks / months and should be able to also determine on-chain fees at the same time. You will lose a channel to a rogue node at most, but will never open a node with them anyway again so the loss is minimal.
It could be elective too so perhaps both parties need to agree to this.
Other than this, Lightning is spectacular. Who else gives you <1s settlement worldwide basically unlimited volume and you are STILL 100% SELF CUSTODIAL.
1. Off-topic reply, since the topic is about UTXO growth.
2. Watchtower is meant to prevent scam by broadcasting earlier state of LN channel. It can't stop force closure of LN channel.
3. "<1s settlement worldwide" is misleading, since actual settlement happened when involed LN channel is closed. Besides, it may take 1s or more for the receiver to see transfer on LN.