Crypto-Currencies and Bitcoin

[Mr. Orange]

12-24 months is a bit optimistic, (AFAIK) but .... yes .... in the next 5-10 years this form of cryptocurrency would be likely need to be replaced by a quantum equivalent.

Well I've heard from some industry guys I know that say we are close, I also heard that the quantum computer is always "one year away" lol. So who knows. But I do think they are getting a lot closer with it.

 

[KI4MVP]

12-24 months is a bit optimistic, (AFAIK) but .... yes .... in the next 5-10 years this form of cryptocurrency would be likely need to be replaced by a quantum equivalent.

So the plan is to get the very first quantum computer, use it to mine and sell all of the available cyber currency and make as much money as possible before the cyber currency markets all crash?

 

[gourimoko]

So the plan is to get the very first quantum computer, us it to mine and sell all of the available cyber currency and make as much money as possible before the cyber currency markets all crash?

That definitely would be the plan!

 

[RuanuLaw]

That definitely would be the plan!

So on a more serious note, lol, are we saying that the new power of these Quantum computers will render the current crypto operations pointless, and thus the currency behind it will plummet?

 

[natedagg]

Update: found some professionals. Bought some of their used GPU's, now have 6 total rigs instead of 2. About to get 4 more rigs, but have to get a few things in place first.**

**I will update the story once it's complete. At this point, there's too many "what if's" to explain and I am unsure whether it'd be worth the bandwidth to type out.

Exec Summary: Dagger just met some dudes who called him a garage miner , but we are cool and they hooked me up. Now I tripled my stack, and I am not done.

 

[natedagg]

So on a more serious note, lol, are we saying that the new power of these Quantum computers will render the current crypto operations pointless, and thus the currency behind it will plummet?

Yeah I know! None of us have thought of that and it'll totally blindside us...

 

[Nathan S]

That definitely would be the plan!

What're your thoughts on this? I know some people who think quantum computers are just a few years away, and some people who think they're decades away and the first real quantum computers will look nothing like the prototypes people are building today.

 

[natedagg]

ok now I have 4 new rigs which each only have 5 rx 580 8gb GPUs. Anyone got a cheap source of PSU's?

Now hashing ~900/s, which should be about $1788/mo gross for just mining ETH. I still have $ to burn, and as much as I really want more rigs and hashing power, I want to update some electrical equip so I can have cheaper costs and buy larger rigs...

Found a dude coming over tomorrow to help with airflow to my dedicated home mining room. Just have to keep improving every day and it'll all work out.

 

[natedagg]

Omaha! Going to move my rigs to a commercial building in Summit for cheaper electricity. It's technically an apartment that was added to a commercial building, so it's a dedicated space where I will have the only key. The question is do I update the electric there so that I can accommodate bigger rigs that need more amps (and have better IRR), or do I keep with the smaller rigs that don't have the IRR but are likely much easier to sell?

My (current) answer is to start with the smaller rigs there and make sure that the commercial tenant and I are getting along and don't have any unforeseen issues regarding the electricity and internet. In the meantime, I will get some bids for updating the electrical for the apartment, so that if we're getting along, I can crunch the numbers on the bigger rigs.

 

[The Human Q-Tip]

Seems to me that the optimum place to do this would be in a northern (i.e. cooler) climate, with lots of sun. Power the setup with solar where possible, cool with air.

 

[KI4MVP]

Seems to me that the optimum place to do this would be in a northern (i.e. cooler) climate, with lots of sun. Power the setup with solar where possible, cool with air.

perhaps, I thought southern for more hours of daylight and a desert for the lack of clouds. The question is how hot can it run reliably and much extra power it would take to keep things cool if you run it somewhere warm.

 

[ChicagoCavFan]

Ahhh, I now see what you've been up to Nate. This must be the "hobby" you referenced....good stuff man.

 

[natedagg]

Seems to me that the optimum place to do this would be in a northern (i.e. cooler) climate, with lots of sun. Power the setup with solar where possible, cool with air.

Colder is better but 90 degree air is cool enough if you can move enough of it. It's really about power costs, taxes, business incentives, etc. I went to this data center where these dudes are setting up like a legit business, and it was awesome, but then I figured out what they are paying for the space. It's so hefty that I'd rather keep doing my hick mining and building out what I can. I just don't see the need for that level of attention to detail, and who knows, maybe some day I will eat my words. For now, it's on to getting a few more rigs.

I am going to consolidate my cards down to 3 rigs, leaving me with another empty rig that just needs cards (I call these skeleton rigs). I also have another dude building me another skeleton, and this fool has volunteered to build it with me (if you can't tell, I ask a lot of questions). I also just agreed to buy another combo of mobo/gpu/cpu/risers off of CL, and some PSUs are on the way from Amazon, so that's just a frame away from 3 total skeletons.

I got these phone-app controlled power switches too, so that's badass. Sometimes you need to restart a computer that freezes, and you aren't anywhere near it.

So I should hit a point where I just need 18-20 GPUs. I am targeting Nvidia GPUs this time, since I have quite a few AMDs, and they each do better mining different things, at different times.

 

[gourimoko]

What're your thoughts on this? I know some people who think quantum computers are just a few years away, and some people who think they're decades away and the first real quantum computers will look nothing like the prototypes people are building today.

Referring to purely quantum computers for computation (not hybrids that use small sets of qubits mixed with classical computational models), it's an interesting question to ask.

Had you asked me this two years ago, I would've told you we probably 15-20 years out from quantum computers being functional machines that can break relatively strong cryptographically secure communications.

But there have been a flurry of successive improvements in the field, actual machines developed, tested, and demonstrated to the public, basically every 6 months.

We went from a 5-qubit system in 2016 to a 50-qubit system at the Consumer Electronics Show. So in roughly 12 months, they increased the number of qubits available by an order of magnitude. And I'm sure you know that this is not a linear increase in computing power, but an exponential one.

However, with that being said, it's exceptionally difficult to determine the path ahead of us and to really know how far away we are from a 1,000-5,000 complex qubit system that could really do damage. Perhaps it really is only 5 years away? Maybe 10.. Maybe not.

But what we can be sure about is that it is on the horizon.... These won't be computers you can just walk out and buy at Microcenter; but, they will break most commonly used cryptographic systems based around RSA-128/256 and AES-128/192 and likely 256 in short-order.

Bitcoin, in it's present implementation, is likely done for sooner than AES-128 because of how Bitcoin hashes are generated which allows for deterministic attack vectors; i.e., attacking how a person creates their wallet from deterministic data sources like passphrases or random key strokes.

 

[KI4MVP]

Bitcoin, in it's present implementation, is likely done for sooner than AES-128 because of how Bitcoin hashes are generated which allows for deterministic attack vectors; i.e., attacking how a person creates their wallet from deterministic data sources like passphrases or random key strokes.

Random? I thought we were just supposed to type "for my money"?