Asus release of new "Mining GPUs" will only increase PoW energy costs
Going the power-hungry way
Asus announced their release of two new Graphics cards, mainly towards mining etherium. Their cards, Mining RX-470 and Mining P106 has a design that makes them suitable for operations that require high usage, such as mathematical mining required by PoW cryptos.
Even though it's not pitched as solely for mining, it's intent isn't hard to miss. As Etherium rises in price and Bitcoin no longer, since a long time, something you mine on a GPU these cards will be in high demand from mining farms. The demand is high with many stores and manufacturers running low or even out of stock on other cards, it's a high profit opportunity for ASUS.
Low energy alternatives
As coinmarkets grow the demand to make some money from being a verifier of the chain increases. With high prices even so. But the demand for electricity for doing these operations are intense. With coins like Bitcoin using roughly the same amount as a minor country it's starting to look ridiculous. As etherium is going the same way something needs to be changed.
There are today chains that utilize the PoS and Delegated PoS systems.
One of them are Graphene that powers the BitShares open DEX systems and our own very familiar Steem that makes the Steemit page run.
The other is Gridcoin Research, a coin that goes a different path with PoS, with a system that is aiming to change the world for the better by awarding coins for work done on the distribute work platform BOINC.
What do you think?
Is Proof of Work the soon to be extinct dodo or will it rise as the phoenix from the ashes?
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What I think a lot of people dont know is that while they are mining Etherium or other PoW coins on their GPU, they could be profitably using their CPU to mine #gridcoin.
I dont understand how profit focussed miners can miss this.
Or just use their GPUs for GPU projects on Gridcoin as well 😇
But yes, they are missing out on a very good CPU mining profit source by ignoring Gridcoin.
I think that the primary reason that Gridcoin is missed from POW miner's focus is that GRC isn't included in profitability/mining calculator websites.
That could very much be true.
Sounds like there is a "why every mining calculator you have seen is wrong" article in there somewhere
I think The MasterNode/SuperNode, aka Privileged Nodes, aka Decentralized Distributed Block Creation, will replace PoW and PoS, both of which are young experiments in blockchain technology and are too messy to maintain in their current state.
Distributed processing, however, will not disappear any time soon -- the demand for processing power is increasing exponentially and the current supply is stagnant. Gridcoin definitely has a novel approach for securing the distributed processing market -- one that allows for the adoption of graphene and smart contracts and other protocols as they are created as opposed to assets which utilize centralized processing shares such as golem, iex, and sonm.
This is exctly the reason why Vitalik states that he wants to do Proof of stake, it apprently uses so little energy that its more efficient
because at the moment miners around the world spend over 1 million dollars a DAY on electric costs with proof of work, its crazy
Indeed it does. PoS doesn't use any mathematical calculations to find the best stakehash.
to rise as the phoenix it needs to be burnt firstly :)
which is not the case, check Coinmarketcap who rules the cryptoworld - PoW coins
Maybe PoW system is not the most effective one (eg the less nodes/delegates, the faster the network is), but it is definitely the most egalitarian one from the social PoV , that's why it prevails on the open markets, in the community of free people, I believe :)
I did write that to make you react and needed to comment you know ;)
PoW might indeed be the way most coins are running, but does that mean it's the best way?
I still think it's the way since it was the first, and that PoS is a better way to battle the usage of energy and at the same time secure the network.
I see the benefit in PoW as well; and I'm sure some other new way will be invented by someone soon as well. Only time will tell.
yes, but people & their social relation are way more important.
That's why most prefer to pay additional costs of democracy & decentralisation, instead of taking benefits of centralised societies and top-down planned economies.
You can just earn a buck of dollar after paying off the electric bill.In a month,do you think can earn hundred bucks?
Are you having a stroke?
Resteem
Proof of Work is on top. Period. It doesn't need to rise.
Also, there are simply rebadged cards without video ports, to make them a little cheaper to produce. This release of cards does nothing to increase PoW energy costs. If nothing else, it makes them a little less wasteful by not adding parts that will never be used.
@theorginalkage it's very true, they are rebadged and cheaper to make without the displayports. What I mean with that they will increase the energy cost of PoW is the overall usage when more people join in with these cards. In my opinion PoW is a wasteful use of the processing power it requires. That's why I believe PoS/DPoS is a better solution.
Sure, PoW is currently the way most main coins are working with, but does that mean it's the best and not just because they are the first way it was done?
PoS or any other less power usage way may rise up above PoW soon, who knows? :)
I believe that PoW is a better choice for coins which need strong verification around transactions.
I would not want to commit to something worth tens of thousands of dollars or more to a Proof of Stake currency
This is hard topic, probaly most people will go where the money is