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Best Way To Mine Bitcoins - Allow Errors!
An anonymous reader writes: A recent paper from the University of Illinois at Urbana-Champaign shows that bitcoin mining profits can be increased considerably if mining hardware is allowed to produce occasional errors. The research shows that mining hardware that allows occasional errors ("approximate mining") can run much faster and take up less area than a conventional miner. Furthermore, the errors that are produced by the miner do no corrupt the blockchain since such errors are easily detected and discarded by the bitcoin network. Mining profits can increase by over 30%.
You can waste less electricity and resources mining a worthless monopoly money. Unfortunately you're still wasting it.
What are your working hours? You have to post an article once and hour while you work?
So, they basically shift part of the workload necessary for mining onto the nework, and thus pay less?
So you flood the blockchain verifiers with bad solutions, increasing everyone else's workload, in order to make more money yourself. Are you from China by any chance?
Approximations can solve problems faster than exact algorithms but with occasional errors? Who would have thought? https://en.wikipedia.org/wiki/...
The best way to "mine" bitcoin is to not mine any in the first place. Bitcoin is DEAD for mining. You not only need ridiculously expensive specialized hardware to even mine it, it will also waste a TON of electricity, which if you live in the US, is more than likely being made with Coal, thus polluting the world... and for what? A virtual currency that really shouldn't even have any value at all, if it weren't for the idiots who decided it was worth something when it really isn't.
At least gold has real economic value in industy (your computer, dental fillings, etc.) and quasi-real/probably-less-dependable economic value is use in things that look pretty that people with excess cash are willing to pay for (jewelry, etc.).
I see a lot more gold jewelry than I do BC jewelry.
Knowledge is how to play a game, intelligence is how to win, wisdom is knowing what game to play.
In the 90s I used to work at Convex Computer (the first mini-super manufacturer) and there was a joke that the founder (Steven Wallach) could create silicon designs that were an order of magnitude faster than anyone else in the business, just as long as you were OK with getting a wrong answer every once in a while.
Just scam them from Martin Shkreli's dumb ass.
Still waiting on Serviscope_minor to wake up to fucking reality and realize that Jessica Price isn't going to fuck him.
That is what is done with writing research papers these days: pay sufficient lip service to the notion of science to get published, and if errors turn up, just ignore them. Increases rate of publications significantly, and that's what people get paid for these days.
John_Chalisque
The research shows that mining hardware that allows occasional errors
All you are doing is making other people do the checking work for you.
This is wasting other people's CPU and bandwidth.
Your mining pool should ban you if you're caught doing this.
Completing 'fake' shares, which ultimately enrich yourself at the cost of the total profits of your pool and other miners.
If the hardware misidentifies a solution as valid, the network will quickly identify that the solution is invalid when the miner broadcasts it. “These are essentially immediately rejected.”
Why broadcast the block straight away? Surely checking if a given solution is valid is quick enough that it could be checked by a different system before being broadcast?
Mine something out of thin air? Shit. Are you a Democrat or something?
Than farming with a botnet using other people's electricity and CPUs.....
Doesn't this sort of defeat the whole purpose of mining bitcoins? After all it is the difficult, time intensive computing that supposedly gives bitcoins their value by validating bitcoin exchanges. If some sleazeball mining consortium deliberately starts allowing errors so they can increase their profits by 30% then that by definition will lower each bitcoins value by 30% as phony transactions must get filtered out by other miners taking up the slack by actually doing the validation.
This would be like the US mint taking a contract to produce a number of $20 bills, and then deliberately printing a certain percentage of counterfeit currency using substandard "non-official" materials to increase their profits and justifying it by saying that banks and merchants will filter out the obvious phonies.
Once other miners figure out what is happening and start deliberately introducing their own "errors" to get some of these extra fraudulent profits the whole system will break down and collapse via out of control inflation.
The problem with Bitcoin is not that is has no value, the problem with it is that it has significantly less utility than legal currencies, can have significant shifts in value, and that things like this "innovation" can affect the value in a way that isn't representative of any economic indicator.
You missed one of the largest problems with Bitcoin: It was designed to be deflationary. Most fiat currencies are designed to be slightly inflationary, which encourages people to spend or invest it (the economy, in a nutshell), rather than hoard it or invest in it on speculation that it might be worth more in the future. Unlike investing in a business, precious metal, or commodity, when you buy Bitcoin you're not putting your faith in peoples' ability to turn a profit, the labor and costs involved in mining and extracting a rare element, or something with intrinsic value. You're simply buying into a cryptocurrency modeled after a pyramid scheme.
To truly picture what's wrong with Bitcoin, think of a new iPhone release. Yeah, some of the people buying them are speculating that they'll be able to sell them for a profit on eBay. Perhaps some of the buyers on eBay are speculating they can re-sell the phones in their bodega cell phone shops. But ultimately, at the end of the line are people who just want to actually buy an iPhone to use it.
Bitcoin's utility is limited by the hassle of exchanging it to and from fiat, its unstable value, and extremely limited merchant acceptance. It's kinda like paying a fee to have someone hold your wallet and randomly add or remove some of your money, and most of the time tell you "no" when you ask if you can spend your money at a merchant. Doesn't look like such a great investment, does it?
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DRM is like antifreeze, to the MPAA/RIAA it's sweet, to the consumers it's poison.
We've seen the results of an occasional error in that work!!!
My ism, it's full of beliefs.
What we should do is encourage the economy and people to become more efficient and competitive. Right now the law creates a lot of monopolies/duopolies/etc (from internet access and cable television service to government schooling). Some of that does involve letting industries and companies go out of business (banks) when more competitive solutions come along (or f**** ups happen). What we should do is eliminate the programs altogether or severely curtail them and then open the markets up to competition. Unfortunately some of the laws which created and/or ensure the monopolies/duopolies need to go in the other direction now as otherwise no newcomers can afford to enter the market. For instance cable providers often have a monopoly position because towns gave them these monopolies in exchange for rolling out service. What we need to do now is create programs to incentives competitors enter these markets. That might be a good thing to have across the board actually- incentivizing startups and companies to enter new markets. Maybe a reduced tax rate or elimination of taxes for a certain amount of time for new entrances to the market.
We need to eliminate not just corporate welfare or social programs even- but all the programs. We should all but eliminate funding of the public education system through taxes for example. We should open up the boarder. That's OK if we're actually creating a competitive situation for Americans. We should eliminate copyright except for where it is actually in the public's interest (ie to ensure competition in the case of free software, that is where the sources are publicly released under copyleft licenses).
We don't need taxpayers to fund the majority of public school students educations to ensure all students receive a good education (ie I'm against voucher programs- we shouldn't be funding private anything with tax dollars). What we need to do is eliminate welfare programs for the middle and upper classes to send there children to school and only lend sufficient amounts of money to cover students educational costs whom can't afford it otherwise. This would both guarantee students get a good education, reduce the cost of education (as it creates competitiveness in the market for schools, etc) and eliminate excess taxation of the masses such that they can't afford to cover there children's education.
Rather than funding health care with public tax dollars or requiring everybody to obtain insurance is we could create a multitude of non-profit health insurance entities. We should eliminate drivers licenses, registration, and auto-insurance, as unnecessary tax generating programs that have no real public value (NH does just find without requiring auto-insurance, and registration is merely a tax generating program, drivers licenses aren't needed for an arrest either if someone is driving dangerously). and reduce or eliminate state and federal police forces. We should have a constitutional protection that guarantees no crime has been committed unless it cane be demonstrated that real and actual harm occurred. Speeding does not harm anyone- but reckless driving that results in an accident has.
This is super obvious...how did this paper get published?