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#1 2023-10-20 19:36:38

Mine4Me
Member
Registered: 2022-05-01
Posts: 4

Mining improvement suggestion

In our humble opinion, the actual mining requirements and situation is making mining not sustainable without losses, due to the CRP price and the amount of miners.

A solution is not easy, we know that, and it has to be consistent over time, and not a quick solution for a short term, but a long term one. Without knowing all the details of Utopia under the bonnet, we would like to come up with a suggestion calculator that takes into consideration actual CRP price, avg cost of a reliable server running. Total supply and total amount of miners allowed/needed as a maximum to make it not necessarily profitable but sustainable.

The idea behind this solution is to increase the amount of CRP needed to run 1 miner, so the amount of miners would decrease. But that amount of CRP required should be dynamic, as it depends on the price of CRP too. It all works around the idea of making at least 20$ per miner (20$ is the cost minimum to run a reliable server for the mass). I will post a few examples here depending on CRP prices later on, so you can see how it works. This will improve many things:

  1. Mining would be sustainable again, and forever, regardless of CRP price.

  2. New investors might want to join the game, and they will have to buy X amount of CRP in order to run one miner (this will benefit the early adopters of this project).

  3. People can and should still be able to delegate onto others and make mining a community on its own.

  4. People will be forced to hold and not sell if they want to run miners (big investors specially). As time goes on, the amount of CRP needed per miner will get reduced, and the amount of allowed miners will increase exponentially. This allows early adopters at some point to run their own miners with the profits generated on the early stage of the game.

Those are just some advantages of having a dynamic calculation over mining rewards based on price, and amount of miners without touching the basis of the ecosystem where 48 CRP are given away to miners.

Please take a look at few examples for actual CRP price (0.35$ today), CRP at 1$ and even CRP at 5$:
https://ibb.co/1JLLYzk
https://ibb.co/jGtS4vJ
https://ibb.co/CQCcdy1

If the formula needs to be shared, just let us know, although is pretty clear. Let us know what do you think, guys.

Last edited by Mine4Me (2023-10-21 08:46:40)

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#2 2023-10-26 01:16:59

Ubao
Member
Registered: 2023-10-25
Posts: 1

Re: Mining improvement suggestion

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#3 2023-10-26 08:13:57

Mine4Me
Member
Registered: 2022-05-01
Posts: 4

Re: Mining improvement suggestion

Ubao;24244 wrote:

<p><a href="https://ibb.co/1JLLYzk" rel="nofollow">https://ibb.co/1JLLYzk</a><br /><a href="https://ibb.co/jGtS4vJ" rel="nofollow">https://ibb.co/jGtS4vJ</a><br /><a href="https://ibb.co/CQCcdy1" rel="nofollow">https://ibb.co/CQCcdy1</a><br />i can not open anyone</p>

Those are clearnet images, you will have to go to clearnet to see them.

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#4 2023-10-26 10:22:38

Mine4Me
Member
Registered: 2022-05-01
Posts: 4

Re: Mining improvement suggestion

!!!QUICK UPDATE

There is a small mistake on the shared images, the Monthly amount rewards per miner (1 for every 15 min) is 2880, but that does not change much of the situation, it is all interconected so it recalculates

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#5 2024-01-08 19:07:24

KAMSI_UG
Member
Registered: 2022-12-26
Posts: 2,318

Re: Mining improvement suggestion

Implement real-time monitoring capabilities to track mining processes and detect anomalies promptly. This enables quick response to changing patterns or issues, improving the agility of your mining operations.Integrate advanced analytics techniques, such as machine learning algorithms, to extract deeper insights from your mining efforts. This can lead to more accurate predictions and uncover hidden patterns in your data.

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#6 2024-01-08 21:06:56

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,991

Re: Mining improvement suggestion

Ensure the accuracy and completeness of your data sources. Regularly audit and clean your data to minimize errors and enhance the reliability of your mining results.

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#7 2024-01-08 21:16:55

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,991

Re: Mining improvement suggestion

If the bot requires specific permissions to access resources or interact with external services, insufficient or incorrectly configured permissions can impede the setup process. Verify and grant the necessary permissions to avoid setup problems.

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#8 2024-01-13 22:58:26

gap
Member
Registered: 2023-06-14
Posts: 1,518

Re: Mining improvement suggestion

its reward that miners receive is an incentive that motivates people to assist in the primary purpose of mining: to legitimize and monitor Bitcoin transactions, ensuring their validity. Before you invest the time and equipment

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#9 2024-01-21 18:39:01

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,991

Re: Mining improvement suggestion

Mining improvement suggestions typically refer to recommendations for enhancing mining processes, safety measures, environmental practices, or overall efficiency within the mining industry. These suggestions can range from adopting advanced technologies for extraction and exploration to implementing sustainable practices that minimize environmental impact. The goal is to optimize mining operations while addressing challenges and promoting responsible resource extraction.

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#10 2024-04-29 21:07:40

Kelechi
Member
Registered: 2022-12-25
Posts: 2,629

Re: Mining improvement suggestion

With SegWit adoption, transactions become more efficient in terms of block space utilization. This efficiency can lead to lower transaction fees for users, making  more accessible and attractive for everyday transactions. Lower fees can also incentivize more users to utilize further increasing transaction volume and mining rewards.

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#11 2024-04-29 21:11:49

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,991

Re: Mining improvement suggestion

Miners can be incentivized to adopt SegWit through various means, such as offering higher mining rewards for SegWit-compatible blocks or implementing soft forks that prioritize SegWit transactions. Additionally, education and outreach efforts can help raise awareness among miners about the benefits of SegWit adoption

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#12 2024-05-05 10:38:50

Kelechi
Member
Registered: 2022-12-25
Posts: 2,629

Re: Mining improvement suggestion

Invest in research and development to discover new mining opportunities, optimize extraction methods, and develop innovative solutions for ore processing, waste management, and resource recovery.

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#13 2024-05-05 10:43:55

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,991

Re: Mining improvement suggestion

Mining improvement,   Foster positive relationships with local communities and stakeholders through transparent communication, job creation initiatives, and responsible resource management practices.

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#14 2024-05-13 20:59:28

Kelechi
Member
Registered: 2022-12-25
Posts: 2,629

Re: Mining improvement suggestion

One suggestion for improving mining efficiency could be the development and adoption of more energy-efficient consensus algorithms. Traditional proof-of-work (PoW) algorithms, like those used in Utopia mining, require vast amounts of energy.

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#15 2024-05-13 21:02:32

Lanistergame2
Member
Registered: 2022-12-25
Posts: 1,991

Re: Mining improvement suggestion

Transitioning to alternative consensus mechanisms, such as proof-of-stake (PoS) or delegated proof-of-stake (DPoS), could significantly reduce energy consumption while still maintaining network security. Additionally, implementing advancements in hardware technology tailored specifically for mining could enhance efficiency and reduce energy consumption further.

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#16 2024-05-14 22:41:42

joanna
Member
Registered: 2023-01-10
Posts: 2,983

Re: Mining improvement suggestion

Lanistergame2;34777 wrote:

Mining improvement,   Foster positive relationships with local communities and stakeholders through transparent communication, job creation initiatives, and responsible resource management practices.

Cryptocurrency mining is an essential process underpinning the functioning and security of decentralized blockchain networks. However, as with any burgeoning technology, there is ample room for improvement particularly when it comes to energy efficiency, boosting financial incentives, enhancing security, and promoting more equitable access to mining opportunities.

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#17 2024-05-14 22:42:39

full
Member
Registered: 2023-01-06
Posts: 1,695

Re: Mining improvement suggestion

joanna;35415 wrote:
Lanistergame2;34777 wrote:

Mining improvement,   Foster positive relationships with local communities and stakeholders through transparent communication, job creation initiatives, and responsible resource management practices.

Cryptocurrency mining is an essential process underpinning the functioning and security of decentralized blockchain networks. However, as with any burgeoning technology, there is ample room for improvement particularly when it comes to energy efficiency, boosting financial incentives, enhancing security, and promoting more equitable access to mining opportunities.

Firstly, the energy consumption involved in crypto mining is a pressing concern. Bitcoin mining, for example, requires a substantial amount of computational power, translating to high energy usage, which poses environmental concerns .

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#18 2024-05-14 22:54:33

level
Member
Registered: 2023-01-19
Posts: 1,543

Re: Mining improvement suggestion

full;35416 wrote:
joanna;35415 wrote:
Lanistergame2;34777 wrote:

Mining improvement,   Foster positive relationships with local communities and stakeholders through transparent communication, job creation initiatives, and responsible resource management practices.

Cryptocurrency mining is an essential process underpinning the functioning and security of decentralized blockchain networks. However, as with any burgeoning technology, there is ample room for improvement particularly when it comes to energy efficiency, boosting financial incentives, enhancing security, and promoting more equitable access to mining opportunities.

Firstly, the energy consumption involved in crypto mining is a pressing concern. Bitcoin mining, for example, requires a substantial amount of computational power, translating to high energy usage, which poses environmental concerns .

It is therefore vital to consider ‘green mining’ solutions such as the use of renewable energy sources. Moreover, crypto mining algorithms could be developed and optimized to utilize less power without compromising the overall network security.

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#19 2024-05-14 22:54:56

IyaJJJ
Member
Registered: 2023-01-25
Posts: 1,806

Re: Mining improvement suggestion

level;35417 wrote:
full;35416 wrote:
joanna;35415 wrote:

Cryptocurrency mining is an essential process underpinning the functioning and security of decentralized blockchain networks. However, as with any burgeoning technology, there is ample room for improvement particularly when it comes to energy efficiency, boosting financial incentives, enhancing security, and promoting more equitable access to mining opportunities.

Firstly, the energy consumption involved in crypto mining is a pressing concern. Bitcoin mining, for example, requires a substantial amount of computational power, translating to high energy usage, which poses environmental concerns .

It is therefore vital to consider ‘green mining’ solutions such as the use of renewable energy sources. Moreover, crypto mining algorithms could be developed and optimized to utilize less power without compromising the overall network security.

Accessibility to crypto mining is another improvement area, as currently, the crypto mining landscape is increasingly dominated by large-scale mining farms.

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#20 2024-05-14 23:00:55

thrive
Member
Registered: 2023-01-04
Posts: 2,285

Re: Mining improvement suggestion

IyaJJJ;35418 wrote:
level;35417 wrote:
full;35416 wrote:

Firstly, the energy consumption involved in crypto mining is a pressing concern. Bitcoin mining, for example, requires a substantial amount of computational power, translating to high energy usage, which poses environmental concerns .

It is therefore vital to consider ‘green mining’ solutions such as the use of renewable energy sources. Moreover, crypto mining algorithms could be developed and optimized to utilize less power without compromising the overall network security.

Accessibility to crypto mining is another improvement area, as currently, the crypto mining landscape is increasingly dominated by large-scale mining farms.

It sidelines smaller, individual miners due to the high upfront capital required for efficient mining equipment and continual energy costs.

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#21 2024-05-14 23:01:15

Vastextension
Member
Registered: 2022-11-19
Posts: 2,260

Re: Mining improvement suggestion

thrive;35419 wrote:
IyaJJJ;35418 wrote:
level;35417 wrote:

It is therefore vital to consider ‘green mining’ solutions such as the use of renewable energy sources. Moreover, crypto mining algorithms could be developed and optimized to utilize less power without compromising the overall network security.

Accessibility to crypto mining is another improvement area, as currently, the crypto mining landscape is increasingly dominated by large-scale mining farms.

It sidelines smaller, individual miners due to the high upfront capital required for efficient mining equipment and continual energy costs.

Thus, protocols could be adapted to be more ‘democratic’ and favor smaller miners, thereby creating a fairer mining environment.

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#22 2024-05-14 23:02:01

joanna
Member
Registered: 2023-01-10
Posts: 2,983

Re: Mining improvement suggestion

Vastextension;35420 wrote:
thrive;35419 wrote:
IyaJJJ;35418 wrote:

Accessibility to crypto mining is another improvement area, as currently, the crypto mining landscape is increasingly dominated by large-scale mining farms.

It sidelines smaller, individual miners due to the high upfront capital required for efficient mining equipment and continual energy costs.

Thus, protocols could be adapted to be more ‘democratic’ and favor smaller miners, thereby creating a fairer mining environment.

This could be achieved by introducing or further developing Proof of Stake or Delegated Proof of Stake consensus mechanisms over the energy-intensive Proof of Work systems.

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#23 2024-05-14 23:02:17

full
Member
Registered: 2023-01-06
Posts: 1,695

Re: Mining improvement suggestion

joanna;35421 wrote:
Vastextension;35420 wrote:
thrive;35419 wrote:

It sidelines smaller, individual miners due to the high upfront capital required for efficient mining equipment and continual energy costs.

Thus, protocols could be adapted to be more ‘democratic’ and favor smaller miners, thereby creating a fairer mining environment.

This could be achieved by introducing or further developing Proof of Stake or Delegated Proof of Stake consensus mechanisms over the energy-intensive Proof of Work systems.

There is also a need for continuously advancing security measures. Although blockchain networks are designed to be secure, their security largely depends on the decentralization level of their nodes.

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#24 2024-05-14 23:02:33

level
Member
Registered: 2023-01-19
Posts: 1,543

Re: Mining improvement suggestion

full;35422 wrote:
joanna;35421 wrote:
Vastextension;35420 wrote:

Thus, protocols could be adapted to be more ‘democratic’ and favor smaller miners, thereby creating a fairer mining environment.

This could be achieved by introducing or further developing Proof of Stake or Delegated Proof of Stake consensus mechanisms over the energy-intensive Proof of Work systems.

There is also a need for continuously advancing security measures. Although blockchain networks are designed to be secure, their security largely depends on the decentralization level of their nodes.

Concentration of crypto mining power - known as a 51% attack - can potentially manipulate blockchain records. Therefore, improved network monitoring and early alerts could be installed to prevent these attacks while encouraging further decentralization of mining nodes.

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#25 2024-05-14 23:02:58

IyaJJJ
Member
Registered: 2023-01-25
Posts: 1,806

Re: Mining improvement suggestion

level;35423 wrote:
full;35422 wrote:
joanna;35421 wrote:

This could be achieved by introducing or further developing Proof of Stake or Delegated Proof of Stake consensus mechanisms over the energy-intensive Proof of Work systems.

There is also a need for continuously advancing security measures. Although blockchain networks are designed to be secure, their security largely depends on the decentralization level of their nodes.

Concentration of crypto mining power - known as a 51% attack - can potentially manipulate blockchain records. Therefore, improved network monitoring and early alerts could be installed to prevent these attacks while encouraging further decentralization of mining nodes.

Economic incentives for crypto miners are essential to keep the network functional and efficient. Currently, most miners' rewards come from block rewards, which are halved approximately every four years in ‘halving events.’

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