Practical lecture 3 Flashcards
1
Q
What is mining?
A
competitive bookkeeping
2
Q
Why is it that solo mining is not recommended anymore?
A
As the industry has become so sophisticated
3
Q
What was nakamoto’s idea for mining?
A
That anyone could do it with just a CPU PC
4
Q
Why is solo mining not feasible now?
A
As new computers are too fast, impossible to compete
5
Q
What is the minors economic problem?
A
Balancing cost: capital cost (hardware), operating cost
(energy), real estate cost, and personnel cost (IT/maint.)
