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Making $114 a day mining Bitcoin in Jakarta

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Re: Making $114 a day mining Bitcoin in Jakarta

#31

Post by smsm42 »

bryans wrote: post #27
smsm42 wrote: post #6

Earlier quoted context omitted.

California? Lower tier is 10 cents, next one is 30 cents, and there are 74 and 95 cents ones in peak days.

Could you clarify this? I'm not overly familiar with California's rates, but I've looked at what seem to be the two most prominent providers (PG&E and SCE), and neither of them have rates higher than 35 cents even at their top tiers. And there is no mention of increased rates during peak hours or days (I'm not even entirely sure what would define a peak day).

They have a smart rate program, where they give you small discount on regular rates in exchange for high rates in high-consumption days (they choose them and tell you in advance) between 2pm and 7 pm. That's when you get the crazy rates. But if you avoid consuming too much power in these hours, it still comes out as beneficial for you. Outside of the peak rates, highest rate I see on my bill is tier 4, $0.35114/kWh.

Re: Making $114 a day mining Bitcoin in Jakarta

#32

Post by smsm42 »

edvinbesic wrote: post #19
kbenson wrote: post #15

Earlier quoted context omitted.

Ah, but what does $114 a day buy you in Jakarta? If it pays for your housing and expenses, that's not a bad way to spend an extended beach vacation... Edit: Also, depending on how you want to look at it, the hour value is a bit off. $114/day * 7 days/week / 40 hours/week = $19.95.

Also, it doesn't exclude the option of a day job + the $114 you get "for free" once you've set up the farm.

As far as I understood from the article, this thing is not set up and forget affair, it requires maintenance. I imagine if you leave it and some cooler breaks, it could very well cause a fire or melt down completely.

Re: Making $114 a day mining Bitcoin in Jakarta

#33

Post by nl »

gbin wrote: post #2

Indonesia mainly runs on thermal power, it is kind of sad that those crypto currencies indirectly encourage making profits out of cheap labor and the planet itself. source wikipedia: http://en.m.wikipedia.org/wiki/List_of_power_stations_in_Ind...

Err...

If Indonesia uses thermal power then using the electricity generated from it has little negative environmental impact.

Additionally I'm unclear where anything is "making profits from cheap labor". The miner benefits from the low cost of living in Jakarta, but making that out to be a bad thing is like complaining that housing in Kansas isn't as expensive as New York.

Re: Making $114 a day mining Bitcoin in Jakarta

#34

Post by EdwardDiego »

nl wrote: post #33
gbin wrote: post #2

Indonesia mainly runs on thermal power, it is kind of sad that those crypto currencies indirectly encourage making profits out of cheap labor and the planet itself. source wikipedia: http://en.m.wikipedia.org/wiki/List_of_power_stations_in_Ind...

Err... If Indonesia uses thermal power then using the electricity generated from it has little negative environmental impact. Additionally I'm unclear where anything is "making profits from cheap labor". The miner benefits from the low cost of living in Jakarta, but making that out to be a bad thing is like complaining that housing in Kansas isn't as expensive as New York.

> If Indonesia uses thermal power then using the electricity generated from it has little negative environmental impact.

Thermal as in burning fossil fuels, not geothermal.

Re: Making $114 a day mining Bitcoin in Jakarta

#36

Post by josephagoss »

dobbsbob wrote: post #26

Article title is wrong, these are Litecoins not Bitcoins. This might pay off mining 60LTC per day and hoarding them. The guy who started Litecoin now works for Coinbase, which may adopt Litecoin and will no doubt start a gigantic speculation bubble this Indonesian dude can cash out with http://www.wired.com/wiredenterprise/2013/08/litecoin/

If Litecoin goes up in value, he is far better off just using all that money to buy Litecoins now when they are cheap.

Re: Making $114 a day mining Bitcoin in Jakarta

#37

Post by tlrobinson »

na85 wrote: post #35

This is part of the fundamental flaw of bitcoin. It privileges the wealthy who can afford ever-faster and ever-more-expensive computer hardware.

You don't need to mine in order to use Bitcoin.

Mining is a business, many businesses are capital intensive.

Re: Making $114 a day mining Bitcoin in Jakarta

#38

Post by acomjean »

smokinn wrote: post #16
acchow wrote: post #3

FTA: > Electricity in Jakarta, Indonesia costs three cents per kilowatt hour. That’s 30 cents less than power in the US and Europe. Uh...Power in the US costs 30+ cents/kWh? In which part of the country?? In Ontario, Canada, the price is about 6.7 cents/kWh during the night and peaks at 12.4 cents/kWh in the afternoon. http://www.ontarioenergyboard.ca/OEB/Consumers/Electricity/E...

The article certainly seems wrong. Other than Hawaii which is an obvious outlier (36.61) the most expensive mainland electricity in the US is in California at 16.71. http://www.eia.gov/electricity/monthly/epm_table_grapher.cfm... In the Europe the story is quite similar. The country with the most expensive electricity is Denmark at 29.5 but most vary between 10 and 20 cents. http://www.energy.eu/

It is wrong. The links you provide seem to be more accurate. I write software that deals with monitoring power (powerhouse dynamics). We have customers in a lot of states, and to estimate their costs they have to input the cost per/kWh.

In the US power costs usually between 8-12 cents per kilowatt hour. There are extra costs if your commercial which can add 10-20%.

We've found that power cost, especially commercial power is oddly hard to estimate with "demand charges" and rates varrying with time... There are a few companies compiling this cost data in detail which we'll likely be buying soon.

Re: Making $114 a day mining Bitcoin in Jakarta

#39

Post by ballard »

dobbsbob wrote: post #26

Article title is wrong, these are Litecoins not Bitcoins. This might pay off mining 60LTC per day and hoarding them. The guy who started Litecoin now works for Coinbase, which may adopt Litecoin and will no doubt start a gigantic speculation bubble this Indonesian dude can cash out with http://www.wired.com/wiredenterprise/2013/08/litecoin/

LTC GPU mining makes more sense. Right about when BTC ASICs started to appear, there was a thread in bitcointalk that LTC GPU mining made about 30% more than BTC at the time, so commercial miners were switching over.

Re: Making $114 a day mining Bitcoin in Jakarta

#40

Post by na85 »

tlrobinson wrote: post #37
na85 wrote: post #35

This is part of the fundamental flaw of bitcoin. It privileges the wealthy who can afford ever-faster and ever-more-expensive computer hardware.

You don't need to mine in order to use Bitcoin. Mining is a business, many businesses are capital intensive.

I never said you need to mine, but wealthy people who can afford ASIC miners and the energy they require have a much easier time acquiring BTC.
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