Bitcoin's Price Surge Is Making Hobby Mining Profitable Again

Post by [deleted] » Mon, Jul 10, 2017, 4:06 PM UTC

chx wrote: post #19

aqme28 wrote: post #8

>Solis bought a Bitmain Antminer S9 on eBay for $2,400. >As of this weekend, Solis has mined 1.01 BTC, worth a little more than $2,584 in his bitcoin wallet. >Solis said: >"When I bought the miner, the price per bitcoin was around $1,200. I thought I’d break even in one year, but actually it’s been about five months." So he would have been much better off just spending that 1,200 on Bitcoin rather than on a mining ri…

This is hindsight. He would have been best off staying the fuck away . As I mentioned a billion times cryptocurrencies (which are not currencies either) have zero legal real world use cases, currently the two uses are illegal money transfers out of China and hype. It's the worst sort of gambling: you do not even know the odds.

Post by tertius » Mon, Jul 10, 2017, 4:08 PM UTC

seibelj wrote: post #6

drpgq wrote: post #2

Wouldn't there be a big advantage to running a bit coin miner somewhere cold with cheap electricity like Quebec?

I have heard from a trusted source that people in Russia are buying graphics cards by the truckload and building mining farms, and getting free electricity by bribing utilities / government officials. So keep in mind that you are likely competing with Chinese and Russian miners who don't have the same costs.

Post by mparr4 » Mon, Jul 10, 2017, 4:09 PM UTC

flashdance wrote: post #36

bigtunacan wrote: post #18

Earlier quoted context omitted.

Is anyone tracking the electric costs for mining? I would love to see the stats on that. What about using something like solar to power this? Then you would have your upfront costs for the solar panels, but not have recurring electric costs?

I used to track where large bitcoin mines were. Mostly they're concentrated around cheap hydroelectricity, with major mines in Labrador (2c/kwh), Central China (varies, but Solar panels are not effective for bitcoin mining, because hardware needs to run 24/7 (a shitload of batteries are needed) and the upfront cost is high.

Post by [deleted] » Mon, Jul 10, 2017, 4:12 PM UTC

chx wrote: post #19

aqme28 wrote: post #8

>Solis bought a Bitmain Antminer S9 on eBay for $2,400. >As of this weekend, Solis has mined 1.01 BTC, worth a little more than $2,584 in his bitcoin wallet. >Solis said: >"When I bought the miner, the price per bitcoin was around $1,200. I thought I’d break even in one year, but actually it’s been about five months." So he would have been much better off just spending that 1,200 on Bitcoin rather than on a mining ri…

This is hindsight. He would have been best off staying the fuck away . As I mentioned a billion times cryptocurrencies (which are not currencies either) have zero legal real world use cases, currently the two uses are illegal money transfers out of China and hype. It's the worst sort of gambling: you do not even know the odds.

Post by tertius » Mon, Jul 10, 2017, 4:14 PM UTC

sattoshi wrote: post #56

tertius wrote: post #53

Earlier quoted context omitted.

> free through bribery. That's not free...

Flat fee for infinite power. X/Infinity = ~0