Author Topic: BBH#15 Cryptocurrency Mining Explained - John Lee Quigley  (Read 2455 times)

Offline Rohan

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BBH#15 Cryptocurrency Mining Explained - John Lee Quigley
« on: October 07, 2019, 02:58:40 pm »

The most recent research released by CoinShares shows that the large mining farms are mining bitcoin where the costs of production are above $5,600. With Bitcoin prices over $10,000, that's a highly profitable business because it brings over a $5,000 profit per coin. We asked John Lee Quigley, a founder of Adaptive Analysis, to tell us more about cryptocurrency mining. On this episode of Blockchain Beyond Hype, he talks about mining farms and pools, and renewable energy powering them. He also argues why Proof of Work is by far the most secure consensus mechanism and why bitcoin mining is still sustainable despite the massive energy costs.

Read the full interview here: https://blogchainzoo.com/cryptocurrency-mining-explained/

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- John Lee Quigley, Founder of Adaptive Analysis
First heard of bitcoin in 2015. After the initial skepticism, a bit of further research resulted in him falling down the rabbit hole. With a background in finance, he has been pursuing a career in the crypto industry since 2018, when he started his cryptocurrency content strategy and research agency Adaptive Analysis.
Design is not just what it looks like and feels like. Design is how it works.

Offline Xander

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Free energy for mining crypto?
« Reply #1 on: October 10, 2019, 03:22:08 pm »
I have recently heard a story that a farmer children (ages 19-27) made a barn under some high power lines on their own property and they were able to steal electricity by having an induction coil under the roof and also rumors of copper rods within the ground linked to batteries which fueled a cryptocurrency mining farm project, they were caught when the electric company noticed the drain in power. I have also seen pictures of fluorescent bulbs placed under the a high voltage power line with one end in the ground and are lit up by the induced energy. I think it's ridiculous that they are taxing us so much for energy, even if you have self sustained energy, you must pay a tax on the energy you produce! Reminds me of what happened in Waco Texas (If im not mistaken with the location)

It's sad that nobody cares about the amount of EMF emitted from the electronics these days! It's far to expensive to protect yourself from all of it, and the demand for energy is only getting larger and larger. What would this world be like if we used the innovations Tesla made and many other famous scientists! How could this possibly effect the cryptocurrency industry and the future of mining coins?!

Is it true that over 30% of the energy of energy companies produce is lost due to the simple laws of physics?
Where about in China has really cheap electricity fee?

Offline bzpython

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Re: BBH#15 Cryptocurrency Mining Explained - John Lee Quigley
« Reply #2 on: October 14, 2019, 09:48:29 am »
I have recently heard a story that a farmer children (ages 19-27) made a barn under some high power lines on their own property and they were able to steal electricity by having an induction coil under the roof and also rumors of copper rods within the ground linked to batteries which fueled a cryptocurrency mining farm project, they were caught when the electric company noticed the drain in power. I have also seen pictures of fluorescent bulbs placed under the a high voltage power line with one end in the ground and are lit up by the induced energy. I think it's ridiculous that they are taxing us so much for energy, even if you have self sustained energy, you must pay a tax on the energy you produce! Reminds me of what happened in Waco Texas (If im not mistaken with the location)

It's sad that nobody cares about the amount of EMF emitted from the electronics these days! It's far to expensive to protect yourself from all of it, and the demand for energy is only getting larger and larger. What would this world be like if we used the innovations Tesla made and many other famous scientists! How could this possibly effect the cryptocurrency industry and the future of mining coins?!

Is it true that over 30% of the energy of energy companies produce is lost due to the simple laws of physics?
Where about in China has really cheap electricity fee?


Aye, I certainly know the Waco incident, as I'm from Texas myself lol.

Good question about Tesla. If I end up with more free time in my life, I'd love to follow some of his experiments and see what he was working on. I know that his Wardenclyffe project was widely misunderstood.

The aim of the project was to make free energy available to the entire world. Modern critics say that A) free energy is impossible, and B) amplitude of energy transmitted by a tower will fall off with the distance squared. But Telsa's idea was never to generate free electricity and broadcast it from the tower. He wanted to use the tower to send electromagnetic pulses at the resonant frequency of the earth's Ionosphere, which is massively electrically charged because it is constantly being bombarded by solar radiation. He thought, if an electromagnetic standing wave could be set up in the Ionosphere, then any device on earth could tune itself to the same frequency and draw power directly from the Ionosphere. Something like solar power, but extremely more energetic, because the solar power available on the ground is filtered through the entire atmosphere.

I don't know the exact numbers, but it seems very plausible to me that so much of modern energy generation is lost in waste. Everything that comes out of the generator as heat or sound is wasted energy, so when you see how hot and loud your car engine is for example, you immediately have an idea of how much of that energy is being lost. Certainly seems there is room for improvement lol.