Quote:
Originally Posted by ulfilias
I'd really like to turn my heaters back on, but....
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I'm running mine regardless. A mining-heater that makes a little money is better than a regular heater that makes none
Quote:
Originally Posted by Regulus
Will the large crypto farms/centres scale-back be positive for the smaller communities, if the large farms are shutting down some operation?
Or is this of no help to crypto miners like yourselves?
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I think one good thing that comes from a dramatic and sudden fall in profitability is that it flushes out inefficient operations and those who are purely in it for the money, which all helps to reduce centralisation. It leaves only those who are committed to the success of cryptocurrencies and those who care less about profit, such as smaller, home operations and those who mine efficiently or at no-cost (by making use of the heat, for example).
And of course the best time to buy is when the price is low, which leads to new money pouring in and new investment from those who have been waiting for the right time to jump in. Meanwhile, most miners either stop mining or stop selling, reducing supply, setting the stage for a strong upward price movement once the whales have decided where the 'bottom' is.
I like the concept of PoW (Proof of Work), aka mining, because it puts real, measurable value into the coins in the form of the energy required to produce them. After all, the fundamental value of all things is energy, so what better way is there to instil value than to provide a mathematically proven cost of production? Certainly the same thing can not be said of 'real' money, which costs very little to produce and is printed at will by governments, continuously diluting its value.
However, I think PoS (Proof of Stake) is a great concept too, in which investors merely need to hold (or "hodl") new coins in their wallets to take part in the 'minting' process and thus earn their share of the rewards. I think ultimately, a hybrid mix of PoW and PoS are the way forward.
Speaking of PoS, here's my experience of running a Linda coin masternode over the last few months ...
For technical reasons (caused by a change in the reward structure and users being slow to update to the latest Linda wallets) the rewards were less than they should be first couple of months, but this month has been on target so far. I've been staking Linda too (in the Qt-based wallet) and my stakes were doing slightly better than the masternode at first but this month the masternode has earned more than staking the same amount would. On average, staking should earn about 50% per annum while a masternode should earn about 60% per annum. I'm using MyStakingWallet to run the masternode, which costs about £8/month. And, for simple staking, I'm just running the official Linda Qt wallet on a server 24/7, which uses very little resources and no additional energy (since the server runs 24/7 anyway). and therefore costs nothing to run.