Bitcoin Surge
- Thread starter Flash
- Start date
yes but its MY imaginary value
Mining (in the USA in particular) has never been very profitable. Almost always directly investing the money into bitcoins themselves would have been a better strategy.
I don't have any right now. I sold at 1050. Cost basis on that lot, about $590. Yes, it is 2800 right now...but I bought ether at $42 and it is $256 right now
I also owned a lot of bitcoins at $5 and $17. I am not a millionaire so you can make conclusions about my ineptitude.
I don't have any right now. I sold at 1050. Cost basis on that lot, about $590. Yes, it is 2800 right now...but I bought ether at $42 and it is $256 right now
I also owned a lot of bitcoins at $5 and $17. I am not a millionaire so you can make conclusions about my ineptitude.
mining hasn't been profitable since the custom ASICS made specifically for mining were created. Once that happened the ASICS grossly outpaced GPU miners.
This is unique to BTC as most other currencies favor GPU miners, AMD GPUs being the best.
so if you can drop a mill or more on a mining farm and can pay the power bill it can still be profitable its just well out of reach of the common man.
I have 2 R460s mining monero just as a general experiment atm. purely speculative and I have zero expectations, just curious really. according to some of the profit calculators out there, this monero mining should be just barely profitable.
This is unique to BTC as most other currencies favor GPU miners, AMD GPUs being the best.
so if you can drop a mill or more on a mining farm and can pay the power bill it can still be profitable its just well out of reach of the common man.
I have 2 R460s mining monero just as a general experiment atm. purely speculative and I have zero expectations, just curious really. according to some of the profit calculators out there, this monero mining should be just barely profitable.
trust issues. massive lack of faith in every existing government and financial system on the planet ATM.
EU's pending collapse
China's multiple bubbles
US again multiple bubbles
absolute insanity everywhere you look.
given that, it is pretty obvious to me why crypto currency is becoming so popular. the promise of no government interference/control is attractive to people who feel they've been shit on over and over. thats why i keep coming back to the trust issue. this is the genius of the block chain. forget that currency is the only thing currently using this back end but the block chain could replace all government too. it would allow us all to vote on our cell phones and know 100% that all votes were real and cast by real people. you wouldn't need fox news and human error in vote counting etc all that shit could happen instantly.
the genius of providing a framework that allows absolute trust to occur in 100% untrusted space has yet to be truly felt IMO. i believe the block chain is key to many of our systems in the future.
each box had a 1200w psu w 4 7950s... pumping out like 3000 kh/s
had 32 boxes i think for around 128 gpus or ~95000 kh/s
mined prolly ~80 ltc a day for a few months
prolly worst place on planet next to death valley to be doin this cus so god dam hot in phoenix summers
electricity prolly 2800 a month
rent 650 a month
total investment like 100k + million manhours from me and my pal
we made $$$
ill try 2 find the final setup later, but it ended up being the most efficient...
9'x9'x9' sealed box... 6 - 8" vortex extractor fans mounted on top of box sucking hot air hot
5ton ac pumping cold air in from bottom... all 32 rigs sitting side by side on those racks
kept the temps stable even during peak of summer, but holy fuck it was like 95 degrees in the box during the day
was a fucking fun summer ill tell u wat
had 32 boxes i think for around 128 gpus or ~95000 kh/s
mined prolly ~80 ltc a day for a few months
prolly worst place on planet next to death valley to be doin this cus so god dam hot in phoenix summers
electricity prolly 2800 a month
rent 650 a month
total investment like 100k + million manhours from me and my pal
we made $$$
ill try 2 find the final setup later, but it ended up being the most efficient...
9'x9'x9' sealed box... 6 - 8" vortex extractor fans mounted on top of box sucking hot air hot
5ton ac pumping cold air in from bottom... all 32 rigs sitting side by side on those racks
kept the temps stable even during peak of summer, but holy fuck it was like 95 degrees in the box during the day
was a fucking fun summer ill tell u wat
Flash
Veteran XX
Too bad you didn't mine BTC. You'd be rich as fuck.
Flash
Veteran XX
Converting to USD's.
that makes sense, but regional currencies are having major issues (eu), why would a global currency work?
i guess most usage right now is for illegal purchases or for "investing" and sitting on it
you exchange them for goods and services.
because there is no central authority, yet, i know 100% that i can trust you and you can trust me. meaning, you have item X, i want it, and offer you Y which has value to you. Value that you determine to be equal or more valuable than the X you own.
we agree to exchange your X for my Y, we make the deal, we go our separate ways. The physicality of this exchange was the trust. Meaning, i inspected your X this was my buyer be ware due diligence piece. I determine that X is what I need/want and of the quality i demand. you did the same for my Y.
How do you do that without the physicality and without the physical objects? simple, threat of ultimate violence by way of central authority. said central authority is now the trusted third party who is supposed to provide and steward the framework (the game) that allows us all to transact safely and in a trusted manner.
when government summarily fails, and they all have, the people have traditionally moved to a new 'better' system.
the block chain is our newest attempt at this new better system that moves the trust from the central government and their gun toting thugs and moves that to an open source algorithm.
hasn't been true for awhile. well, in places like Argentina and other failed economies technically using BTC instead of the local failed currency is at best grey and most likely not legal but when your choices are failed currency that may lose half its value in your sleep, or BTC ... i mean can you blame them?
BTC and the block chain are NOT attempts to mitigate human irrationality. all markets are susceptible to emotional responses like this.