Bitcoin hash-rate exceeds total computing power of all the world’s computers

Re:Bitcoin hash-rate exceeds total computing power of all th... by betterunix on Wednesday February 05, 2014 @07:51AM (#7183410)

Ah but that's the unfortunate twist. If you can get a gigahash for 30000W with PCs, you would have no incentive to go down to consuming only 1W with an ASIC. You would consume 30000W with ASICs and get 30000 gigahashes.

[EDIT: Corrected the numbers to match what you wrote. It is irrelevant, though -- if you get a gigahash for X watts with PCs, you'll use X watts to get X gigahashes with a 1W/gigahash ASIC.]

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Re:Bitcoin hash-rate exceeds total computing power of all th... by cheald on Wednesday February 05, 2014 @07:58AM (#7183444)

...assuming that you have the resources to purchase 30KW worth of ASICs. A 1W ASIC does not cost 1/300th of a 300W PC.

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Re:Bitcoin hash-rate exceeds total computing power of all th... by betterunix on Wednesday February 05, 2014 @08:11AM (#7183486)

All you are saying is that the transition to 30kW of ASICs will not happen overnight. If you stopped at 1W, you would quickly find that you are making less money than you were before -- your competitors will also switch to ASICs, and will consume more than 1W because they want to make more money.

To put it another way, not going to 30kW of ASICs is equivalent to taking 30kW of PC mining hardware and turning some of it off (in a pre-ASIC world where PCs are the most efficient mining hardware available).

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