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Making $114 a day mining Bitcoin in Jakarta
41–50 of 54 posts
Re: Making $114 a day mining Bitcoin in Jakarta
#42Earlier quoted context omitted.
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.
Having enough money that you can invest it (in hardware or business processes) to make more money for yourself is an advantage over those people who barely have enough money to live on.
I don't consider this a design flaw in the concept of money itself. The same goes for BTC.
Re: Making $114 a day mining Bitcoin in Jakarta
#43$114 a day is equivalent of $14.25 working 8 hrs/day. I think there are many ways to make $14/hr without investing in expensive equipment (which will also need to be replaced eventually running that hot). Actually, person that is capable of building such thing and keeping it working could probably easily fetch much more than $14/hr.
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Re: Making $114 a day mining Bitcoin in Jakarta
#44FTA: > 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...
I interpreted that as '30 percent less than', closer to power pricing I'm used to in the US. Notably Tiyo Triyanto, the miner quoted in the opening paragraphs, is now mining Litecoin instead of Bitcoin and betting on prices increasing before the ASIC arms race starts for that cryptocurrency.
Well supposedly the difference would be only 5x max for LTC ASIC and be significantly more expensive per equivalent ASIC chip due to the memory requirements compared to BTC ASICs.
Re: Making $114 a day mining Bitcoin in Jakarta
#45This is part of the fundamental flaw of bitcoin. It privileges the wealthy who can afford ever-faster and ever-more-expensive computer hardware.
This is a "fundamental flaw" of ANY capitalist system. The rich can usually make more money than the poor. Bitcoin is no worse than other systems (but better in other aspects, eg decentralization).
Re: Making $114 a day mining Bitcoin in Jakarta
#46FTA: > 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...
Here in Germany it's 0.30 EUR/kWh.
Re: Making $114 a day mining Bitcoin in Jakarta
#47Earlier quoted context omitted.
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.
Pretty sure most ASIC miner guys will come out in the red. Maybe with the exception of the guys making the ASICs.
Re: Making $114 a day mining Bitcoin in Jakarta
#48Earlier quoted context omitted.
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 p…
I know in the Bay Area Commercial rates charged by PG&E
are lower than Residential. Never understood why.
Actually, our electricity in the SF Area is very expensive. I don't know why. One half of our power is from Dams. I think it's 1/2.
Actually, I think they charge us so much is because they know we will pay.
To all the Élon Musk fans, I wonder what your PG&E bill will be?
While I'm on this subject--yea, I'm an electrician, don't heat your house with elecrtic heaters. They will really eat up the kilowatts, and look into Radiant hydronic heating if updating. My bill is 1/4 of what it used to be. You can install yourself, if determined.
Re: Making $114 a day mining Bitcoin in Jakarta
#49Earlier quoted context omitted.
The returns on BTC are atrocious, however, selling shovels to this industry seems wise. He'd make far more money if he wrote an e-book on how to cram 105 GPUs into your apartment to mine BTC.
an illustrated e-book. I would pay to see how an apartment houses 105 GPU
Probably best attempted in somewhere like Siberia rather than Indonesia.
Re: Making $114 a day mining Bitcoin in Jakarta
#50Earlier quoted context omitted.
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 p…
I know in the Bay Area Commercial rates charged by PG&E are lower than Residential. Never understood why. Actually, our electricity in the SF Area is very expensive. I don't know why. One half of our power is from Dams. I think it's 1/2. Actually, I think they charge us so much is because they know we will pay. To all the Élon Musk fans, I wonder what your PG&E bill will be? While I'm on this subject--yea, I'm an ele…
I learned this the expensive, hard way.
I had a studio in Paris that only had electric heat. 2 months after it started getting really cold I got the electric bill, $250. After that I shut off the heater at the breaker, bought a portable heater and a jug (20L) of kerosene for $80. That jug lasted 2 winters.