Anyone crypto-currency mining?

[lendaddy]

No doubt many a small/mid size company network admins are rocking these in the server room. Free electricity and connection at the very least.

[Brando]

Originally Posted by lendaddy

No doubt many a small/mid size company network admins are rocking these in the server room. Free electricity and connection at the very least.

My last employer came down on an employee that was caught doing that. Not a miner in the server room, under his desk at his cube. Shortly after the Internet/hardware policy changed. I'm just jealous I didn't think of it first!

[brainz01]

I’ve got an S9 coming in the next week or two. Haven’t mined before, but a friend seems to be pretty passionate about it, so I figured why not see what the fuss is all about. Note that the run [most efficiently] on 240V and put out a lot of waste heat which has to be considered depending on your mining size and location.


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[speeder]

Had dinner last night w some friends including one guy who has been into Bitcoin since 2009. He's the one who opened my eyes to its rise earlier this year before it was all over the news.

Anyways, he and his brother started mining BC back then as well as making moderate investments in it. Maybe a thousand dollars here and there. He's way up in the millions now in BC worth and he told me that he has no plans on selling off. He's a true believer. I brought up the possibility of the big BC players selling them for to take profits and hedge against a crash and he wasn't buying it. Said that it would be against their interests to do so.

We shall see. I'm watching from the sidelines and making 🍿.

[cstreit]

I’m expecting my ASIC machines this week. Hoping to break even in 4-6 months. Once I do that, the question will be do I continue to cash out, or speculate on a rise in value. Not much to lose after that point but electricity costs.

Then the next task will be generating 2300W of Free electricity somehow so the rest of it is free. I’ll need some taxpayer subsidized solar for that since I don’t have a river or tides.

[Holger]

Can someone explain the process from start to end?
So you buy a bit of hardware and set it up on your DSL. What software is it running? Do you set up an account somewhere?
How do you ensure that you get the WHOLE value and nothing is forked to some programmer?
How does the cashout work?

I am not into this sort of virtual mining at all. In fact I dont like where this is going. There is no back up for the value at all. So the money is generated out of the air. That cannot "hold" ...

[dewolf]

Originally Posted by cstreit

I’m expecting my ASIC machines this week. Hoping to break even in 4-6 months. Once I do that, the question will be do I continue to cash out, or speculate on a rise in value. Not much to lose after that point but electricity costs.

Then the next task will be generating 2300W of Free electricity somehow so the rest of it is free. I’ll need some taxpayer subsidized solar for that since I don’t have a river or tides.

Wind and solar. Best of both worlds. Generate power at night with the turbine.

[cstreit]

Originally Posted by Holger

Can someone explain the process from start to end?
So you buy a bit of hardware and set it up on your DSL. What software is it running? Do you set up an account somewhere?
How do you ensure that you get the WHOLE value and nothing is forked to some programmer?
How does the cashout work?

I am not into this sort of virtual mining at all. In fact I dont like where this is going. There is no back up for the value at all. So the money is generated out of the air. That cannot "hold" ...

Holger - There are plenty of good primers and YouTube vids explaining it.

There are parts where crypto-currency actually could be closer to traditional cash. For example - there are a fixed number of units that can generated. Unlike paper money that has an unlimited number that can be printed reducing the value. Most countries currency is no longer on the gold standard - so the value is no different really.

[Holger]

Um, sorry, but this computing power generates a value that can be transfered into real money? They must be kidding?!

[cstreit]

Originally Posted by Holger

Um, sorry, but this computing power generates a value that can be transfered into real money? They must be kidding?!

How is that any different than "designated entity puts a picture on a piece of paper and calls it valuable" ? Especially when they can just make more any time they feel like it and devalue the entire currency?

There's no gold standard anymore so....

Its worth exactly what people will pay for it.

[Holger]

But you can hype it, like it is done right now, that is not so easily done with the normal currency.
And, normal currency is made by a controlled designated entity. Virtual currency has no control. That will lead to its downfall at some point.

Maybe there is no gold standard, but normal currency always has some sort of "backup" to its value.
BitCoin? Not at all.

[cstreit]

There's no governmental managing body. Thats true. Eventually this will happen. There are world governments starting to regulate or, in some cases, create their own. I think we may end up seeing National crypto currencies that can't be mined, controlled by that government.

Currency is bought and sold every day. The big difference is, it is much more stable. Right now crypto is fueled on hype and speculation as you've said.

That said - it is somewhat self-controlled based on its very nature. The math and such...

[Scott R]

Originally Posted by dewolf

Wind and solar. Best of both worlds. Generate power at night with the turbine.

To expensive. Chinese crypto farms consisting of thousands upon thousands of asics running on dirty power is where is it's at.

[cstreit]

Originally Posted by Scott R

To expensive. Chinese crypto farms consisting of thousands upon thousands of asics running on dirty power is where is it's at.

Dirty and free...

[cstreit]

IN the end - I think this will, at most - be a break even hobby for me for a few months. Due to the increasing difficulty rate I no longer see this as being potentially profitable.

That said - it could change and provided its at least close to self-sustaining I might keep going. Right now - I think I'd be in the same profit/risk realm if I just bought a BTC.

What do you think Scott R?

[motion]

Isn't there only something like 25% of the total left for mining? With the escalating interest in mining, doesn't that spell an earlier end for the mining?

[Scott R]

Originally Posted by motion

Isn't there only something like 25% of the total left for mining? With the escalating interest in mining, doesn't that spell an earlier end for the mining?

Then the money is in micro-transactions.

[Scott R]

Originally Posted by cstreit

IN the end - I think this will, at most - be a break even hobby for me for a few months. Due to the increasing difficulty rate I no longer see this as being potentially profitable.

That said - it could change and provided its at least close to self-sustaining I might keep going. Right now - I think I'd be in the same profit/risk realm if I just bought a BTC.

What do you think Scott R?

I think it's a great hobby! Getting I always get older tech on the cheap that people have used for a year or two and I pool mine. Over the last eight or so years I've amassed a pretty good wallet.

[cstreit]

Originally Posted by Scott R

I think it's a great hobby! Getting I always get older tech on the cheap that people have used for a year or two and I pool mine. Over the last eight or so years I've amassed a pretty good wallet.

Have you calculated your profitability?

I'm wondering if it makes sense to pivot to various alt-coins as the market shifts.