The entire Bitcoin network is maintained by people whose shelves look like this: image

Replies (43)

Not really. More like chinese warehouses with ASIC running 24/7 non-stop while burning coal for electricity to mine that fedcoin. You are confusing with monero, which indeed is mined by any laptop. image
My setup is pretty easy. I got a Lenovo M900 Tiny from eBay, add a 2tb drive (i wouldnt go smaller), install Umbrel from a USB drive (the website has good directions), install bitcoin node from the Umbrel store, wait about 3 days for full node to download. That's it for a basic node.
Pal's avatar
Pal 1 year ago
Mine looks similar ;)
Just got my first 2 ASICs, a used pair of S9s to learn with my 12 year old twins about mining and making space heaters for their rooms. (And yes, each kid gets one to mine for them… finally set up Alby wallets for them on my new Alby node this past weekend. We are learning slowly!) 😂😁
Ok here’s my question. I am trying to learn everything I can so let me know where I’m wrong. Miners and nodes are both actively securing the network. The nodes at a much lower energy expense. The nodes also don’t reap any benefits other than adding security to the network. Miners have a much larger energy expense and therefore have the potential to reap a reward. I’ve seen videos and articles about these $150 miners that use very litro energy and have almost zero chance at mining a block but supposedly they do have a chance. That’s my basic understanding so here’s my first question, do those miners actually mine? Is there a chance even if it’s basically zero? If so why wouldn’t I want that verse just running a node. I’ll read everything you send me so let me know what you think. Thanks.
Looks like you have it all right. One of the benefits to a node is connecting your bitcoin and lightning wallets to your "server" instead if someone else's. It's supposed to be more private, I'm not really sure about that. Also you can run your own mempool app, super private people say it's anonymous because you're only searching your copy of the block chain not the public block chain. I guess someone could connect your ip address together with wallets or transactions you check on and say they are yours? I like my privacy and I do use my own mempool to check my transactions but I it's because it's a tool I have, not something I would start for that tool. I hope that makes sense. I started a node just because I like tinkering with stuff and it helps with my mental image of how stuff works. Nodes can use down to about 12 watts on something like a raspberry pi. My m900 uses about 45 watts. I also started with a Nerd Miner, very low power and about 72k hash. They are considered lotto miners because you have a chance to hit the "lottery" every 10 minutes. According to SoloChance.com it has a 1 in 945,027,777,777,778 chance per block. In the 3ish years I've been watching mining one NerdMiner hit and 2 Supra type miners have hit. It is possible just very rare. Big miners usually need 220v outlets (3000w I think) and plenty of air for cooling and are pretty loud. The best low power to hash rate I have found it the Avalon Nano 3. Its 140w and 4T hash. I got it when they were on indigogo for $150, I actually use it to mine bitcoin cash because I have a lot better chance to hit, then I'll exchange it to btc. I was mining to a pool and was making about $0.03 per day, not really worth it so I set to solo mining and am hoping to hit. You probably know btc miners use ASIC chips to mine (or video cards). There are a few coins like Verus and Zephyr that cannot be mined with ASIC chips. I have a computer mining Verus that makes about $0.27 per day. Still not much but it's mostly stuff I had collecting dust. I guess the short answer is mining really isn't worth it unless you're investing thousands in miners and power. Nodes can be handy to run your own wallets and keep a backup of the blockchain. If youre not a tinkering kind of person you might want to save the frustration and not run either one. Hope this helps, I am definitely not an expert, but I'll help if I can.
Sorry, one more I just saw. Miners dont secure tge network, they only try to guess the next block hash (number).
Got some more for you. We know the bitcoin network is the most powerful computer network in the world by far. We also know it can’t be physically broken or hacked. SHA 256 does what it does. It’s a completely secure world wide computer that isn’t controlled by any one person or groups of people. Tech companies are 100% in control of everything you see and do. By using their internet you are giving them access to your entire life. Nothing is safe. With hardware, like a phone, running on a decentralized open source code powered by the most powerful secure computer in the world there is no longer a requirement to enrich them. Why would you use any other social media platform than this? There can definitely be an open sourced decentralized platform like Amazon. Companies like Facebook have no need to exist. People that like to be targeted with propaganda will be upset but eventually they will see what happened to them. Maybe. If you can’t control the algorithm you can’t manipulate your users. If you can’t manipulate your users how can any of these big tech companies stay in business?
I agree, I left all social media several years ago. Honestly, I was never really into social media to begin with. I have been slowly moving away from big tech over the last few years. You can have a phone without it reporting to Google/Apple (Calyx, Graphine, iode). You can have a computer that doesn't report to Microsoft, either never log into Microsoft or use something like Ubuntu. If their isn't an account to like your data to its worthless to them. The problem is getting the general public onboard. Most of my family don't care about privacy, they have nothing to hide. It drives me a bit crazy. I think you're right about having a massive decentralized network/computer that could overshadow Amazon.