Cryptocurrencies.. whos in it?

[antus]

"Cryptocurrency miners are renting entire Boeing 747s just to stay in the game"

http://www.businessinsider.com/cryptocu ... 017-7?IR=T

[psyolent]

Did anybody do Ethereum?

I havent ; as the boat sailed ; didn't really think it was feasible unless you had a hardcore ASIC and unless the power costs negated it ; not sure whether it was worthwhile ....

[Tazzi]

yeh i dont trust them either, i dont keep alot of coins online, i load and unload them from my wallets where possible and keep cash to small amounts.

How much power do your rigs draw? A decent stack of GPU's going 24/7 these days might use a few dollars in power a day. But looks like your still coming out ontop.

Im mainly holding onto a few coins for the longer term in wallets, then using some to trade with on and off depending on time, trading with small swings. Then using cash on a day like today to get some bargains.

Easy coming out on top. Each GPU is roughly using $0.8-1 a day in electricity, but each one is making $10+ a day.

Annnd, the current rig is drawing about 700w from memory. I have a 750w power supply, so Im in the upper limit of its usage, but will be moving to a server psu (1500w) when I buy more cards. Alot of people say you shouldnt run it that high, but its a top quality unit, doesnt get hot or have any issues so its been going happily for a month.

Was just talking to my boy about this, he's not happy with the crypto mining community as it's inflating the price of high end GPU's here.

How much power is that in kwh? (i think power might be cheaper here in NZ).

Depends where you look to buy for a GPU. Also the brand of GPU seems to make a big difference. A place which seems to have good prices is https://www.scorptec.com.au/ although thats an aus company. Actually.. Aus seems to be the only place where there is an abundance of GPUs.
At least what Iv been buying hasnt been toooooo far off of the recommended retail price.

Power for me is 0.26c/kwh. Its about double that of the United States, and people say that 0.1kwh is not profitable which is rubbish.

Did anybody do Ethereum?

I havent ; as the boat sailed ; didn't really think it was feasible unless you had a hardcore ASIC and unless the power costs negated it ; not sure whether it was worthwhile ....

Ship sailed before I even looked crypto. People went a bit silly on that, the entire market flooded into just one coin.

Use this site for a rough estimate on what a card makes (Its USD also): whattomine.com

The online calculators are a very rough guide. I seem to do much different to what they say.. but.. the above at least gives a day to day kinda view on what coins are best to mine if looking to mine for a day... and sell that day ect. Not really what Iv done.. but alot do that.

Theres alot of shit on forums saying GPU mining is dead, not profitable or replaced by ASIC. Its only true for bitcoin and litecoin really. Theres hundreds of other coins that can be mined, and are only minable using GPUs.

[antus]

I was talking a work mate about how wasteful cryptocoin mineing is the other day and came up with an alternative idea. It would be good if the coins earnt interest, that is you have one coin and every year each coin appreciates by 5% or whatever. Then there is no mining, and no power wastage. But if you want such a coin, you need to buy in. You cant mine. But then mining is just converting money in the form of hardware and power in to coins at great environmental cost. I guess its just a gimmick.

[The1]

Annnd, the current rig is drawing about 700w from memory. I have a 750w power supply, so Im in the upper limit of its usage, but will be moving to a server psu (1500w) when I buy more cards. Alot of people say you shouldnt run it that high, but its a top quality unit, doesnt get hot or have any issues so its been going happily for a month.

There's a quite alot of psu's out there now that are 90% + Efficient in certain power ranges. I found http://www.jonnyguru.com/ had good review testing.

I was talking a work mate about how wasteful cryptocoin mineing is the other day and came up with an alternative idea. It would be good if the coins earnt interest, that is you have one coin and every year each coin appreciates by 5% or whatever. Then there is no mining, and no power wastage. But if you want such a coin, you need to buy in. You cant mine. But then mining is just converting money in the form of hardware and power in to coins at great environmental cost. I guess its just a gimmick.

Yeh there's several P2P type coins, There is no mining with those. Only way to make money is to buy in. I am currently doing Ripple as the banks are getting involved using it to overhaul the banking transaction system so transactions can be done in seconds not days. I doubt they would be doing all that if it isn't here to stay and also make money and it's P2P so no mining involved.

[immortality]

Power is costing me 22.2c/kwh ATM (varies by season) and with NZ been 90%+ renewable it's not really hurting anybody

[Charlescrown]

Been watching for some time and my opinion is your buying into a money transaction process. Considering the monitory value of the big banks and their might they will eventually take over and all the small fry will loose all they have invested. Bricks and mortar for me. Its been extremely good to me over the years.

[psyolent]

i see they are also putting malware in web pages which runs mining operations without users even knowing....

[immortality]

Been watching for some time and my opinion is your buying into a money transaction process. Considering the monitory value of the big banks and their might they will eventually take over and all the small fry will loose all they have invested. Bricks and mortar for me. Its been extremely good to me over the years.

Some banks are starting to experiment with there own crypto-currencies. There will always be those that want to work outside the conventional system so there will always be a place for something like crypto-currencies or what ever other form it may take in the future.

edit: TBH, I think it's a good thing, banks are to powerful, just look at the last GFC and after the governments bailed out the biggest banks the bosses gave each other huge bonuses.

i see they are also putting malware in web pages which runs mining operations without users even knowing....

Getting desperate to make the extra $...

[pman92]

First heard about bitcoin in 2014 or 2015. Read a bit about it from time to time but never did anything. Finally bought some bitcoin in feb 2017. Turned out to be the perfect time to buy, so far have 1500% return in not even a year.

Im waiting until feb to pull some out with the capital gains tax 50% discount. Then I will simply have profits in.

Best thing I did was not invest more than I was willing to loose. Even though Its currently valued so much more I dont think I would be completely devestated if it all crashed tomorrow.

Ive changed more than half the BTC I started with into altcoins over the year. Some have done alot better, some worse. But on average the have averaged out to pretty much match bitcoins gain.

Also will have some Tezo's if the project ever launches.

Store all mine on a ledger hardware wallet