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  #961  
Old 25th November 2018, 12:08 PM
Regulus Regulus is offline
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Location: Varmland, Karlstad region, Sweden
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The Crypto space is making headlines in Norway again.
This time the discussion isn't focusing on the value.

Data centres have a lower electricity tax, which attracts large companies.
But now Norway has decided that data centres that also mine crypto currencies will no longer be eligble to the lower tax. Which are causing the companies to cancel planned centres. Among the companies are Bitmain.

Electricity tax levels for data centres in Scandinavia.
- Denmark: 0,5 re/kWh
- Finland: 6,5 re/kWh
- Sweden: 0,5 re/kWh
- Norway: 0,48 re/kWh

The new regulation will have the data centres that mine cryptos paying 16,58 re/kWh from 1 January 2019, in Norway.
The Norwegian government expects to earn 10 million NOK from the increased tax level (roughly 1 million).

Cryptovaults have several centres already in Norway.
Canadian Hive Blockchain is planning to build a huge data centre in the northern Norway.
According to e24.no, new data centres may use as much electricity as half of the country's power usage.

For the last couple of years, the price for electricity was low on Nord Pool market. Around 30 re/kWh I would say. This year the prices has been steadily climbing, and around 50 re/kWh I would say. Plus taxes and other cost.

A major US crypto mining firm, Giga Watt has filed for bankruptcy on 19 November
https://cointelegraph.com/news/crypt...hington-county


Will the large crypto farms/centres scale-back be positive for the smaller communities, if the large farms are shutting down some operation?
Or is this of no help to crypto miners like yourselves?
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  #962  
Old 26th November 2018, 10:44 AM
ulfilias ulfilias is offline
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When the bottom falls out of the market and you're waiting for things to get stable again and the bottom falls out again!!!

Not quite sure what the cause of the latest crash is, but damn!

I'd really like to turn my heaters back on, but....
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  #963  
Old 26th November 2018, 03:34 PM
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moltuae moltuae is offline
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Quote:
Originally Posted by ulfilias View Post
I'd really like to turn my heaters back on, but....
I'm running mine regardless. A mining-heater that makes a little money is better than a regular heater that makes none

Quote:
Originally Posted by Regulus View Post
Will the large crypto farms/centres scale-back be positive for the smaller communities, if the large farms are shutting down some operation?
Or is this of no help to crypto miners like yourselves?
I think one good thing that comes from a dramatic and sudden fall in profitability is that it flushes out inefficient operations and those who are purely in it for the money, which all helps to reduce centralisation. It leaves only those who are committed to the success of cryptocurrencies and those who care less about profit, such as smaller, home operations and those who mine efficiently or at no-cost (by making use of the heat, for example).

And of course the best time to buy is when the price is low, which leads to new money pouring in and new investment from those who have been waiting for the right time to jump in. Meanwhile, most miners either stop mining or stop selling, reducing supply, setting the stage for a strong upward price movement once the whales have decided where the 'bottom' is.

I like the concept of PoW (Proof of Work), aka mining, because it puts real, measurable value into the coins in the form of the energy required to produce them. After all, the fundamental value of all things is energy, so what better way is there to instil value than to provide a mathematically proven cost of production? Certainly the same thing can not be said of 'real' money, which costs very little to produce and is printed at will by governments, continuously diluting its value.

However, I think PoS (Proof of Stake) is a great concept too, in which investors merely need to hold (or "hodl") new coins in their wallets to take part in the 'minting' process and thus earn their share of the rewards. I think ultimately, a hybrid mix of PoW and PoS are the way forward.

Speaking of PoS, here's my experience of running a Linda coin masternode over the last few months ...

For technical reasons (caused by a change in the reward structure and users being slow to update to the latest Linda wallets) the rewards were less than they should be first couple of months, but this month has been on target so far. I've been staking Linda too (in the Qt-based wallet) and my stakes were doing slightly better than the masternode at first but this month the masternode has earned more than staking the same amount would. On average, staking should earn about 50% per annum while a masternode should earn about 60% per annum. I'm using MyStakingWallet to run the masternode, which costs about 8/month. And, for simple staking, I'm just running the official Linda Qt wallet on a server 24/7, which uses very little resources and no additional energy (since the server runs 24/7 anyway). and therefore costs nothing to run.

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Last edited by moltuae; 26th November 2018 at 03:38 PM.
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