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Old 12-07-2017, 11:45 AM
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Originally Posted by TacoBello View Post
I have a brand new gaming rig... well.. I bought it for producing music and has everything besides a proper video card (so not a gaming rig- yet )

I got the newest 8th gen i7 processor the day it came out, 2x 8GB of DDR4, and whatever else hoopla... is it sufficient for me to start mining? When I'm not producing music, the computer just sits there, sometimes over a week at a time. I figure I might as well put it to use, or something, hahaha.

I still don't overly understand the concept of how one begins to mine... I guess some research is in order. But hey, if my computer can make me even just a little bit of extra cash, while it just sits there unused... why not?

Edit: Wow, maybe not. It almost doesn't even seem worth mining, just from my quick scour of the net. Not at my level, anyway.
Originally Posted by losiglow View Post
Yes and No. Yes (possibly) because even though you may not make much, it doesn't hurt to keep the computer mining IF the amount you'll make exceeds the cost you pay for power. The cost per KWH is extremely important. I pay about 12 cents per KWH. I determined that my breakeven point for mining was about $5000/bitcoin. With it as high as it is, it's certainly profitable.

No, because at lower levels, even if price/KWH is low enough compared to Bitcoin price, you may be looking at only making cents per day. However, if you make, say, 50 cents per day, and let the system run every day for 365 days, that's $180 Yeah, that's not much and probably not worth it. But it can be fun anyways. With the hardware I've purchased I'm calculating that I'll make about $8/day AFTER power costs. Hey, that's $240 a month. Problem is, the price of Bitcoin fluctuates so much that it could drop to $0 (or even less after power) or skyrocket to $1000 per month. Who knows. Good thing is, you can hang onto bitcoins until the price is higher before you sell. And like I said, if it tanks, what's the loss? Assuming you don't go out and spend $5000 on some mining rig.....




It's largely due to the REAL money poured into it. If a billion dollars were sunk into poop, the price of poop would suddenly become very high. Everyone would be eating more so they could poop more, then sell it (or use it as currency). Bitcoin is nothing different IMO. Yes, it's a "centralized currency". But like any currency, it's only as good as people are willing to pay for it or accept it as payment. Some countries have had massive inflation where a loaf of break costs $500,000 because their money wasn't worth anything. Although I understand the premise of cryptocurrency (eg. not controlled by government), I personally don't think this bitcoin thing will last. If it does, hey, cool beans. We'll all get paid in cryptocurrency and countries will abandon their own currency. If not, a lot of people will be out a lot of money while others will make a fortune. Just like any other high risk investment.

I think a central universal currency will one day become the norm. But I think it will be many years in the future. We'll have barcodes or something attached to our arm, or everything will be tracked by retinal scan. Sort of like "credits" in futuristic games. Will Bitcoin be that? I doubt it. But who knows. It might very well be the beginning. But hell if I'm going to sink US dollars into it other than spending a bit on some cool gaming hardware.
That is what I was reading. Even if you have a top of the line computer, you can let those miners use it as part of their network (something like that) but it likely will not pay off since you electricity bill will be 100x more than what you'd earn for sharing your computer.
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Old 12-07-2017, 12:05 PM
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^ Correct. Assuming the price of your power vs. price of bitcoin ratio isn't high. It's good now. But there's certainly a chance it won't. There's also a chance it could go higher. That's why, in my opinion, it's a high risk to buy a very large mining setup and/or ASIC system since there's not a lot you can do with them if Bitcoin tanks.
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Old 12-07-2017, 01:09 PM
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So if you already have a powerful enough computer and live in a new home (at least in ca) where solar power is required, that's a win for mining?
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Old 12-07-2017, 01:37 PM
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My mom's house has solar ... hmm.
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Old 12-07-2017, 01:51 PM
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Originally Posted by Mizouse View Post
So if you already have a powerful enough computer and live in a new home (at least in ca) where solar power is required, that's a win for mining?
Ideal set up is low cost of electricity + cold climate. Then just use your mining machine to heat home during the cold months.


https://rt.com/business/408556-s...mining-energy/

Siberians use bitcoin mining to heat homes in winter

2 Nov 2017

The Russian city of Irkutsk in Siberia has seen an increased interest in cryptocurrency mining due to the region’s low energy prices. Local entrepreneurs have come up with an idea how to turn energy from bitcoin mining green.

Cryptocurrency mining requires the use of computing power and therefore a certain amount of electricity – the more you mine, the more electric power you need. In Irkutsk, electricity is very cheap, about five times less expensive than in Moscow. To date, over a thousand people are reportedly mining in the region. There is even a cafe where one can pay by cryptocurrency.

Powerful computers used for mining consume a lot of electricity, and they need to be cooled. Irkutsk entrepreneurs Ilya Frolov and Dmitry Tolmachyov started using the heat produced by computer processors to heat homes. They have connected their so-called ‘cryptofarm’ to an underfloor heating system, and the prototype has worked successfully.

“Usually mining machines are cooled by blowers; the heat is then released to the atmosphere. We consider this not rational or ecological,” Frolov told Ruptly video agency, adding “that’s why we’ve implemented a concept where the heat from computing operations is used for peaceful purposes of warming houses.”

According to Frolov, the price of electricity is a critical factor in mining, and while Irkutsk has very low tariffs, it has been dubbed Russia’s informal bitcoin mining capital.

“The profitability of computing calculation at times exceeds the cost of electricity, that’s why it is rational to use it this way,” he said.

The businessmen plan to build around 2,000 ‘cryptohouses’ (80,000 square meters) by 2020. Their total mining capacity is estimated at about 20 MW.

https://finance.yahoo.com/news/bitco...143714695.html

Bitcoin miner: 'I haven't paid for heat in three years'

December 5, 2017

It was roughly 30 ºF outside in Durham, North Carolina, on a recent day in late November, but Rahdi Fakhoury’s 1650-square-foot house was so warm he left a window open a bit. The heater he was using? Two bitcoin mining machines and two Ethereum mining machines.

Fakhoury, 38, is part of a contingent of people who say mining bitcoins at home can be profitable and provide them free heat. As the bitcoin price skyrocketed and hit $11,000 last Wednesday, he woke up in a heated room and found his machines made $60, or 0.0026 bitcoin, while costing just $6 in electricity in a day, according to calculations on whattomine.com.

Like gold, the quantity of bitcoins is finite. Out of a planned supply cap of 21 million bitcoins, 16.7 million have been mined as of November 2017.

Profits and heat from home mining

In this digital gold rush, miners no longer need to travel to California or use shovels to dig into the ground. People like Fakhoury can just put printer-shaped ASIC mining machines in their garages or basements and plug them in; codes running on the machines create new bitcoins by solving complex mathematical computations, which also generates a great deal of heat. (It’s like how your laptop sometimes overheats, but much more so.)

The world’s largest manufacturer of bitcoin mining equipment is Bitmain, based in China. Fakhoury now runs two Bitmain S9 bitcoin mining machines in a five-foot-tall box in his basement, and he plans to add one more when it gets colder. Each machine consumes about 1400 Watts per hour, similar to an average space heater. The average electricity cost in his town is 0.06 per kWh, and last month his electric bill was about $450. It’s $250 more than when he used a heater, but he says the expense has been offset by the proceeds from his mining. (Bitcoin miners are rewarded with a small amount of bitcoin every time they mine a “block” of transactions.)

“I haven’t paid for heat for three years,” Fakhoury says. “I would suggest people put half of their bitcoin investment into mining and half into purchasing the coins. That way you hedge yourself in both directions.”

In 2015, when he first started mining, he initially spent $1,200 on machines. He says it wasn’t profitable yet for him since the price of bitcoin was only around $300. As the price has risen, so have his proceeds. Besides bitcoins, he now also runs graphics cards to mine ether, the token of the Ethereum network, which runs on its own blockchain. Ether is another red-hot cryptocurrency — its value is up more than 5,000% this year.

Home mining is not for everyone

Despite free heat and potential profit, mining bitcoins at home is not for everyone.

For one thing, it’s a difficult process to set up. Noise is also a big issue — the whirring machines bother Fakhoury’s wife, even though the former building worker has added a filter to the box that holds the machines. (Just watch the above video; they’re extremely loud.) In summer days, it could cost too much to cool them down, so he stops running them when it’s hotter than 90 ºF.

And buying the machines, which cost more than $1,000, can be tricky. Bitmain, the leading seller, only accepts bitcoin cash (BCH), a derivative of bitcoin. It takes months to receive your machine, due to recent high demand. If you want it sooner, the equipment is also available on eBay, where it’s marked up by thousands of dollars.

Those who don’t want to mine at home may opt for remote mining, which means they pay a fee for a hosting company to cover maintenance and electricity costs. They can also choose cloud mining by purchasing their own fraction of the mining power of hardware that is owned by a cloud mining services provider. Genesis Mining, for example, runs large-scale mining farms in Iceland and sells mining power through contracts.

Aaron Duell, an IT worker from Allegany, New York, says he did the math and believes mining at home brings him more profit and control than the other options. He just spent $1,700 on his second bitcoin mining machine, which he expects to receive from China in late January. Along with his current machine, which makes about $800 a month in a good month, he plans to use both to heat his garage this winter.

Last edited by AZuser; 12-07-2017 at 01:54 PM.
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Old 12-07-2017, 02:45 PM
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Wtf.... doesn't even seem worth it? $800/month on a good month?

then again you pretty much just leave them on.

Then again after electric costs it's only an extra $400ish
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Old 12-07-2017, 05:15 PM
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but then BTC skyrockets and that $400 turns into $1200
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Old 12-07-2017, 05:30 PM
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It doesn't seem that expensive to start up.. I found a site selling these ASIC computers for 1000-2000 each. and they produce something like 0.21-0.5 BTC per month. Even at .021 BTC, at $15,000/BTC, is a cool $3,150. In a month. For a $1000 rig. Granted, that doesn't take your power consumption into account, but even so, you'll pay what, $250/month to run one of these? You walkaway with almost $1800 after a month, and it really took no effort on your part.

The only question is, how long is one of computers worth keeping around? When newer, faster ones come out, these quickly become obsolete, I imagine.
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Old 12-07-2017, 05:38 PM
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Ohh so you actually get to keep the bitcoin you mine?
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Old 12-07-2017, 05:39 PM
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Also what makes those 1-2K machines so special?

what do they do that I can't just order off Newegg and/or Amazon?
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Old 12-07-2017, 06:19 PM
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I see. Normal CPUs and GPUs don't have enough hashing power to make it profitable.

might only make a penny a month
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Old 12-07-2017, 06:40 PM
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Antminer S9 is the way to go. It’s a completely self-contained mining unit. But you need enough juice to power it. Bitmain.com is the only legit place to get it. I am not making any recommendations though, this is only information.
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Old 12-07-2017, 09:01 PM
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Old 12-08-2017, 09:16 PM
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https://cnbc.com/2017/12/08/with...g-to-work.html
  • Bitcoin futures set to begin trading on the Cboe at 6 p.m. ET on Sunday, and CME will open bitcoin futures trading on Dec. 18.
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Old 12-08-2017, 09:32 PM
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I’m out for now. My uneducated hunch is that it’s going fall on Sunday so I got out while I’m up. We’ll see if it was smart or not
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Old 12-09-2017, 04:41 PM
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Old 12-09-2017, 08:49 PM
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Old 12-10-2017, 08:52 PM
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CBOE site crashed when futures started trading.
https://coindesk.com/bitcoin-fut...bsite-crashes/
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Old 12-11-2017, 02:54 PM
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Originally Posted by Mizouse View Post
I see. Normal CPUs and GPUs don't have enough hashing power to make it profitable.

might only make a penny a month
Yeah dude we should've got in around 2010 when it first started. It's insanely difficult for any one person to mine now it's pretty much impossible due to the increasing difficulty in the algorithm.

But there was a story of a Welsh man who mined 7500 BTC in about 1 week on his cheapo dell laptop back in like 2010/2011, and he forgot about it years later and threw away the HDD that the BTC and now those 7500 BTC is lost forever in some British landfill now......but it was insane to think if we started super early you can basically be worth over ~100M now and mined probably 10,000+ easy back in the day. Apparently he only stopped cause his GF complained his laptop was noisy and getting hot all the time......

Also there is a BTC forum in 2010 that had a guy that tried to sell 10,000 BTC for $50....no one bought it.......SIGH.......

So essentially someone could've EASILY owned over 20,000 BTCs back in 2010 for pretty much nothing...and now at $16,000/BTC, would be worth over 300M.....

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Old 12-11-2017, 03:01 PM
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Damn would've been nice

i kind of knew I should've taken bitcoin more seriously back when I first heard about it.

I also started looking again at mining bitcoin back when people were using USB devices to mine.
i was seriously considering it. But I got lazy as usual
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Old 12-11-2017, 03:06 PM
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Some people are super-savy about what investments might materialize. But for the majority, it's sometimes just luck. In the case of Bitcoin, who would have thought that a digital currency that is completely intangible and not backed by any government or organization would end up being valued so high. Which is another reason I don't invest in it. Mining, that's another story. But more so because I find it fun.

By the way, there are more lucrative crytptocurrencies than Bitcoin. There are a bunch out there that are valued much lower, and easier to mine with a PC, but have also grown in price. I mine Monero.
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Old 12-13-2017, 10:19 AM
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https://themerkle.com/did-someone-ju...r-131-on-gdax/

Cryptocurrency exchanges often display odd behavior that is very difficult to explain. Order delays, failed transactions, and outages are becoming the new normal these days. However, something especially unusual happened on the GDAX exchange yesterday, as several Bitcoin buy orders were executed for the price of US$131. This should not be possible, and we have to hope this was just a visual glitch. If not, someone may have made a lot of good money thanks to the company somehow messing up.

Stocking up on Very Cheap Bitcoin?

Most cryptocurrency exchanges are incapable of handling the current load of trades. That is only to be expected, mind you, as centralized platforms are simply not built to process a lot of orders in quick succession. Even the bigger cryptocurrency exchanges struggle in this regard. Coinbase and GDAX are no strangers to temporary issues and degraded performance, although they seem to handle their business a bit better compared to the rest of the market. That doesn’t mean platforms such as GDAX will not have hiccups along the way, though. More specifically, there have been a few orders for very cheap Bitcoins which were seemingly processed by the platform without any issues. Although everyone is looking to buy Bitcoin cheaply these days, being able to buy at a price of US$131 right now is something out of a dream for most people. Surprisingly, it seems one trader was successful in this regard.All three orders were executed when Bitcoin was trading at a price of US$15,709. Assuming this was neither a visual glitch nor a hoax, the buyer successfully purchased 7.5 Bitcoin at the price of US$131. If those coins were resold immediately, he or she would have made a profit of over US$100,000. It is uncanny how we see these issues every now and again, although they rarely involve such major price differences. We can only hope this was a visual glitch and not actual trades which were executed.Companies like GDAX are not immune to server problems and trading engine issues. However, this would certainly take the cake in that regard, as a US$15,575 price discrepancy per single Bitcoin purchased is easily a new record. The company hasn’t issued any official statement regarding this incident just yet. In most cases, such lucky trades will result in a reversal of funds or simply the freezing of one’s account until the company can determine what happened exactly.For those unaware, no one can effectively dump through the Bitcoin order book with such small orders. If someone wanted to crash the Bitcoin price from over US$15,700 all the way to US$131.66, they would need to control most of the circulating Bitcoin supply. That is not feasible, which makes these sorts of trades all the more strange. A visual glitch is still the most likely explanation for this incident, mind you, but if these were actual trades, GDAX will have a lot to answer for. For the time being, we have to assume this was either a visual glitch or something that simply never happened in the first place. It is evident exchanges can sometimes be tricked into such low-price orders, although it is highly unlikely someone managed to pull this off. Then again, this news comes on the heels of some very odd trading behavior affecting the Coinbase exchange, which makes these trades seem slightly more plausible. There are a lot of different opinions regarding these alleged trades right now; that much is evident. Only time will tell which story is actually true.
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Old 12-17-2017, 02:42 PM
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Back up over $19,000 now.

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Old 12-17-2017, 06:45 PM
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I hope this shit hits the fan and crashes to under a dollar
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Old 12-18-2017, 02:56 AM
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It's starting to seem like it can't crash down to a dollar. The demand is too great for it to plummet. And that's all it seems to be based on. Demand.

as volatile as it is, I think it might be long time steady.
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Old 12-18-2017, 09:09 AM
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I sent a very small amount of BTC to Binance to get some XRP on 12/6 and its still sitting as an unconfirmed transaction. Hopefully one day or week it will sort itself out. and I can just move it back to my wallet.
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Old 12-18-2017, 09:10 AM
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^ BTC transactions are very slow, sometimes it can take up to a few days.

If you want to send currency to Binance, use LTC ... I sent it in under ~10 minutes.
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Old 12-18-2017, 03:37 PM
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Originally Posted by TylerT View Post
^ BTC transactions are very slow, sometimes it can take up to a few days.

If you want to send currency to Binance, use LTC ... I sent it in under ~10 minutes.
That's what I for the other two deposits. Much better times!
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Old 12-18-2017, 10:11 PM
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IPO'ed on Wed. 12/13/2017. Opens for trading at $6.05. Closes that day at $5.15.

5 days later....

LFIN : $72.38 : +$50.37 (+228.85%)

WTF?

https://marketwatch.com/story/lo...any-2017-12-18

LongFin stock nearly quintuples after buying a blockchain company

Dec. 18, 2017

Early investors in LongFin Corp, which began trading last week on Nasdaq, were in for a big windfall as the stock surged after buying blockchain technology provider Ziddu.com.

It was a wild ride, however. By noon on Monday, the stock skyrocketed to a high of $142.82, but since retreated to close at $72.38, which still marked a gain of 229% and values the company at more than $4 billion. Last week, its market capitalization was around $265 million.

It’s unclear whether such mania, which echoes the surging but volatile price action in the cryptocurrency world, where bitcoin has surged more than 900% in 2017 to trade above $18,000 and ethereum has risen more than 10-fold to trade near $770. That has stirred interest in the blockchain technology that underpins all cryptocurrencies while also prompting numerous warnings of a potential bubble.

It’s also unclear whether anyone has yet profited from the stock’s jump. Insiders, including executive and early investors usually have lockup periods ranging from 90 to 180 days before they are allowed to sell their stock. LongFin didn’t immediately respond to emails seeking comment.

LongFin describes itself as “a global fintech company providing finance and [foreign exchange] hedging solutions to importers, exporters, small and medium enterprises across the globe powered by artificial intelligence and machine learning.”

LongFin began trading on Nasdaq on Wednesday and closed at $5.15 on its first trading day. By the end of the week it closed at $39, having risen nearly eightfold.

On Monday, LongFin stock shot into the stratosphere, after it announced that it acquired Ziddu.com, a blockchain technology provider that offers microfinance lending. .

LongFin joins a number of small companies that have seen their share prices rise by a factor of ten in weeks of months after announcing affiliation with blockchain technology. Simply adding the word “blockchain” or “bitcoin” to the name of the company has achieved rapid stock price appreciation as well for some of these companies.

Firms such as Riot Blockchain, formerly a biotechnology firm, or HIVE Blockchain Technologies which used to be a gold-mining company, saw their shares rise five to 10-fold over the past several months.

A rapid rise in stocks such as LongFin is reminiscent of internet frenzy of the late 1990s, when companies, seemingly without a viable business models went public, making their founders paper millionaires.
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Old 12-19-2017, 07:28 AM
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All because it has the word 'blockchain' in it
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Old 12-20-2017, 10:27 AM
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wow, finally stumbled into the Off topic section of azine. lol, once i saw a crypto thread i had to post. I have been totally addicted to the alt coins investing. The stockmarket at this point is too boring based on the "luck"/gains so far.
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Old 12-20-2017, 10:37 AM
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Originally Posted by 2snail View Post
wow, finally stumbled into the Off topic section of azine. lol, once i saw a crypto thread i had to post. I have been totally addicted to the alt coins investing. The stockmarket at this point is too boring based on the "luck"/gains so far.
Yeah, it's fun and interesting IMO. Like I said, I'm not willing to dump actual dollars into investing in crypto, but I'm currently mining Monero @ about 0.04 per day with my gaming rig. I've got about 0.5 right now, which is around $200-$175 depending on the day. It's cost me $6.80 in electricity using three AMD RX 580's and making my basement nice and toasty in the winter. It's only around $450 a month minus costs of electricity which is about $18 @ 10.7 cents per KW. But the electricity costs are offset by the heating. Wouldn't be as worth it in the summer......

I'm thinking of picking up some additional cards and linking them up with risers. For now, I just have the three cards connected directly to PCIx16's on my motherboard. I'm not about to buy hardware that would otherwise be worthless if the market tanked.
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Old 12-20-2017, 10:55 AM
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im running one GTX 1080 ti. I bought it last weekend hah. My gaming pc needed a refresh. It was using a 660ti back from 2009. Besides that its a decent rig for my gaming needs. I am mining grs at the moment. Debating switching to VTC but that profitabiltiy has dropped a good amount.
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Old 12-20-2017, 11:09 AM
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Yeah, it's sometimes difficult to determine profitability. Especially considering hardware efficiency with the currency. I keep thinking of changing to ETH but sticking to XMR (monero) for the time being. One thing's for sure, unless you're paying big money for power, it's almost always profitable. Albeit, only a few bucks here and there unless you have a $1000+ rig. Luckily power is cheap in Utah. We have a ton of coal and natural gas plants. We export power to Nevada and California.

By no means am I quitting my day job but mining can be fun. I'm currently in the process of tweaking my cards little by little to get the best performance. It's kind of like a challenge to see how high I can get my hashrate without crashing the cards I can't play hardcore games with the cards tied up so I've gone back to playing my old school games from back in the 90's using dosbox. Needless to say, they don't use a lot of resources.

The thing I don't completely understand are all the ad's I've seen in the area for people selling their mining rigs. Most are super expensive of course, with like, 6-20 cards lined up with risers and killer PSU's. No way I'd invest in that personally. But if I had one, I don't think I'd sell it. Especially right now.
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Old 12-21-2017, 10:01 PM
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Buy the dip

https://cnbc.com/2017/12/21/bitc...-12-hours.html

Bitcoin falls by more than $2,000 in 12 hours

Published 14 Mins Ago

Bitcoin plunged Thursday evening New York time, falling by more than $2,000 in the last 12 hours.

The digital currency plunged more than 17 percent to a low of $13,077.94 according to CoinDesk, down from $15,830 less than 12 hours ago.

CoinDesk's bitcoin price index tracks the price of bitcoin on Bitstamp, Coinbase, itBit and Bitfinex.
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Old 12-22-2017, 01:10 PM
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Old 12-22-2017, 01:57 PM
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I got out last night. A few days ago my $1500 original investment was at just over 4K, it dropped to around $3K in a few days, so I'm still up but I should've gotten out Monday night
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Old 12-22-2017, 01:58 PM
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BTC value vs BTC Google Search interest

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Old 12-22-2017, 01:59 PM
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When BCH came to Coinbase everything got fucked up
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Old 12-22-2017, 03:12 PM
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and I got back IN this morning!
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