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In the past, the core process of mining was driven by the consumer grade technology available at the user level. As competition picked up, the difficulty surged. Bitcoin has turned towards specialized equipment and techniques.
It is difficult for the profit driven nature to utilize specialized tools at a still relatively early life stage. Accessibility plays a key part in it. This is why there are better alternatives – profit wise to bitcoin at present. So as consumer grade electronics have driven the past, the same way they are fueling the next wave.
Ripple has peaked Ethereum’s market cap, last at $98b on Coinmarketcap. For a coin, its value is driven by its practical nature. Ripple is one of the fastest and highly scalable currencies for cross-border payments. However there needs to be an increase in actual usage for it to justify its value and continue to rise. That is true for every kind of coin.
Practical nature matters as much as affordability. Say what you want, even bitcoin has still not been successful in mass level adoption for trade and currency. Although countries like Sweden seem to be a push. It is still not feasible to be incorporated to cover the smaller transactions, due to high fees. Ripple’s centralized nature also means it cannot be mined, which will turn off many potential adopters.
One of the most popular ways of mining is with a mining rig. Build one yourself or buy a pre-assembled rig, they can be efficient and a safe bet for new and small scale adopters. A surge in the demand for rx480s and ryzen has affected the pc enthusiast market, with prices increasing especially in the used market, or being completely out of stock.
Turns out, bitcoin mining can be profitable by running six rx470s with a sub $50 processor. One only has to minimize the electricity bill. In places like Venezuela, where the government-subsidized electricity is not so dear, mining is turning out to be a rewarding and profitable venture, most importantly accessible to a large part of the young population.
Mining rigs, both in your well ventilated basement or a mining station, are consuming a great amount of energy, presenting a problem that has to be solved. This breakthrough will greatly impact, through emerging technologies, the consumer grade tech, and could perfectly encapsulates the possible symbiosis of the two.
Graphene based film could be a breakthrough in highly desired cooling efficiency, trickling down through application in LEDs, radio frequency equipment and lasers. With ASIC rigs unlikely to see similar velocity of improvements in performance and cooling efficiency, it could turn out to be another push. Maybe GMOs 7mm chip could also chip in. The 21 Bitcoin Computer could bring about the emergence of embedded mining, the direct result of its accessible and feasible nature. Through pooling resources, the average block time can be reduced manifold. The idea is consumer reliant.
The recyclable value is a bonus. Projects are offering mining through 40 Galaxy S5 in SLI. Rigs setup, fed by hydro-electric power plants are here, on the premise of cutting down costs and emissions. One step closer to having the Sun power our large mining stations floating in space. Tesla mining rigs and black mirror-esque mining gyms, anyone? The future is now, and the hash rates climb higher.