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  #871  
Old 28th March 2018, 11:56 PM
MatthewH MatthewH is offline
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I've been mining Electroneum since December. CPU mining on some dual Xeon E5 servers I built, the total hashrate is around 2000 H/s. I chose CPU mining as these servers could be repurposed if I decided to stop mining in future whereas high-end GPUs have no use to me.

I was previously converting these straight to Litecoin but I think it's way too late for this to be very profitable. I'm now keeping all mined coins in my Electroneum wallet and see how the price goes in future - they've been down to $0.03/coin for a couple of weeks now. The highest I've seen was around $0.20 for a short time.

I considered mining Bitcoins back in 2010 when it was easy but decided it was a waste of time and donated my CPU cycles to SETI instead. Probably not the best decision looking back!
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Last edited by MatthewH; 29th March 2018 at 12:01 AM.
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  #872  
Old 2nd April 2018, 08:05 PM
Regulus Regulus is offline
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Do you believe that the tax bills around the world will hurt crypto?
We all heard about people mortgaging their house to buy crypto. So how will this play out? How many will have to get out of the crypto market, globally?


At the moment I am reading Peter D. Schiff's book; The real crash, updated version. This guy is among the few that follow the Austrian economics model.

He just posted a podcast that discusses crypto currencies.

timeline
12:35 the party is over, not only in the stock market. It’s really over in the crypto currency market.

17:20 he talks about why this last crash is different

20:00 more people owning crypto are now at a loss, than how many still have a gain

26:35 Schiff talks about people will have tax problems, because they lost so much money and they don’t have enough left. Because they will not be able to pay their tax bills. And how some gambled all their retirement money.

https://schiffgold.com/key-gold-news...-stock-market/


Youtube video showing how he was correct about the 2008 crash, and the experts laughing at his warnings
https://www.youtube.com/watch?v=sgRGBNekFIw
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  #873  
Old 3rd April 2018, 12:06 PM
ulfilias ulfilias is offline
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Quote:
Originally Posted by Regulus View Post
I had a quick look at this and I got a very biased feeling towards it. Everything is terrible so buy MY THING....He may be right and there has been a shake up in the stock markets and I'd trust wall street as far as I could throw them....The whole banking thing with sub-prime reselling where they were bailed out and just got a slap on the wrist was despicable and it doesn't take a genius to see that they'll do it again with different names.....However gold i've always felt was a pretty useless commodity on the whole and a highly manipulated substance (it's not *THAT* rare).

Crypto has a long road and to be honest as an investment strategy has issues....It's not really why it was created, though being a medium of exchange, I can see why it's happening. It's worth a flutter with spare money but anyone betting their house on it is stupid and really hasn't done their research. Sure there are great gains to be main, but equally great losses.
The Dot Com bubble that it's been likened to had quite a few winners amongst the losers and i'm sure crypto will be the same. From the ~1600 current coins there currently are will be maybe ~100 that will go on and do something interesting and no one really has an idea which and only time will tell....
This is why I've said from the start that beer money in a variety is a good plan, because you can write it off if nothing comes of it....However *IF* you are lucky (research has a part in luck here) and you hold the right ones through the storm then you may be able to change your fortunes!

As for tax....well if I make enough to put me in the winning category at some point then it won't be an issue and if not, it's less of an issue!
From the UK point of view, currently you only appear liable when you convert back to fiat, until that point it's all virtual.
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  #874  
Old 3rd April 2018, 03:14 PM
Takemetothepub Takemetothepub is offline
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New Ethash miner from Bitmain. 180MH/s @ 800watts

https://shop.bitmain.com/product/det...3-announcement
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  #875  
Old 3rd April 2018, 03:26 PM
MikkiJayne MikkiJayne is offline
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That really is game over for GPU mining then

Both my rigs are switched off at the moment since they're barely covering their electricity usage doing Eth or Xmr and the weather is warm enough for the cats to no longer need a heater. I'm hoping for a bit of a bump in xmr when the Monero fork happens, but if asics can do eth now there's not even anything to fall back on.

I've been hanging on to the Vegas waiting for the Monero fork, and watching the price of them tumble on ebay - they're <£500 now. Time to cut my losses?
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  #876  
Old 3rd April 2018, 04:09 PM
Regulus Regulus is offline
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Quote:
Originally Posted by ulfilias View Post
I had a quick look at this and I got a very biased feeling towards it. Everything is terrible so buy MY THING....
I do see what you mean. And I agree that gold isn't necessarily a good bet. At least in the short run. It depends on what the central banks will do. Not to mention, what will The Bank for International Settlements (BIS) do?

On the other hand, gold looks good. Why? Well Russia and China have been buying. And now China will offer to pay oil with yuan, which can be traded for gold on the Shanghai exchange.


As for crypto currencies. The past months really hammered it home, that bitcoin is the foundation. The others dropped as well when bitcoin took a dive. Which I find curious.

This doesn't happen in the currency market. When pound lost value, others didn't dive alongside.
NOK (Norwegian krone) lost more than 20% as well earlier. But SEK didn't take a dive. So they were equal around New Year. (Very bad for me )


So why are the crypto coins so interrelated? It doesn't make sense to me.
If I had made a guess before this happened. I would have guessed ethereum would increase in value compared to bitcoin. Never would I have guessed it would crash as well.
So I have learned something I didn't know about crypto.

I can't compare bitcoin to the US dollar either, when the crypto coin market behaves this way.

edit: This market behaves, like I would expect the STOCK market to behave
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Last edited by Regulus; 3rd April 2018 at 04:32 PM.
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  #877  
Old 3rd April 2018, 04:14 PM
ainarssems ainarssems is offline
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Quote:
New Ethash miner from Bitmain. 180MH/s @ 800watts
It's the same hashrate/power consumption as 6 RX 570 or GTX1070 cards so not big deal. It's considerably cheaper and probably easier to deploy in large numbers but only shipping second half of July and you cannot use them for anything else like you can with GPU's and Eth could fork to make them unusable. Probably a bit too loud for home deployment as well.
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Last edited by ainarssems; 3rd April 2018 at 04:20 PM.
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  #878  
Old 5th April 2018, 11:18 AM
ulfilias ulfilias is offline
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Quote:
Originally Posted by Regulus View Post
I do see what you mean. And I agree that gold isn't necessarily a good bet. At least in the short run. It depends on what the central banks will do. Not to mention, what will The Bank for International Settlements (BIS) do?
The banks *HATE* crypto and with good reason, it makes them eventually obsolete and loosens their monopolistic control - And they are going to fight tooth and nail to try an derail Crypto. They're starting by focusing on the blockchain and how they can use it under a closed system and thus appease the new tech, but it's limited and short sighted. I've also heard that Child Porn links have been found in the Bitcoin chain, thus making it highly illegal on a technicality....Sneaky!

However Crypto now that Pandora's box has been opened can't / won't easily go back into oblivion in the same way that the early days of the internet wouldn't when there was a lot of FUD there. Even if one country attempts to ban it, they have to shut down the whole net pretty much to do it!

Quote:
As for crypto currencies. The past months really hammered it home, that bitcoin is the foundation. The others dropped as well when bitcoin took a dive. Which I find curious.
I can certainly see where you are coming from here and it does appear to be that way. However the whole market has been effected by various FUD about legislation and various other things.

Bitcoin however has been the main media focus as it's a Name and people have heard of Bitcoin, even if they've not played with any cryptos. It's a bit like google or hoover and synonymous with the whole shebang.


Quote:
edit: This market behaves, like I would expect the STOCK market to behave
To be fair Crypto isn't *JUST* an investment, it happens to act similar to one in virtual losses and gains, but the underlying concept is *MUCH* bigger and we are currently in the era of an emerging new tech market. Bitcoin may be the Alta Vista, Ask Jeeves or Google of that or the Live Journal, Myspace or Facebook....Only time will tell, which of the Cryptos will succeed in a few years time.....Some of them will for sure, but it'll be a rollercoaster for a few years yet!
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  #879  
Old 5th April 2018, 11:28 AM
ulfilias ulfilias is offline
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Quote:
Originally Posted by ainarssems View Post
It's the same hashrate/power consumption as 6 RX 570 or GTX1070 cards so not big deal. It's considerably cheaper and probably easier to deploy in large numbers but only shipping second half of July and you cannot use them for anything else like you can with GPU's and Eth could fork to make them unusable. Probably a bit too loud for home deployment as well.
Looks interesting but very risky.....Then again my S7's and S9 are struggling to make much and even ebay prices have dropped. My 4xGTX970 can easily be switched to do something else and graphics cards haven't plummeted like those prices. A couple of months back you'd be £3k for a S9 and they now look like £1k....Who knows next week or month. Mid January i had ~£2k in crypto and ~4k in hardware. Now I'm maybe £700 and at best ~£2k in hardware and that's excluding a few months of electricity.....However i've got bits of lots of crypto and they could easily take off again, so

As for the new miners.....I'm not sure how much i'm willing to add to my crypto empire. Giving up, nope....I can see it's the right road, but there's trouble ahead with the Asics breaking the intended model
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  #880  
Old 6th April 2018, 10:56 AM
MikkiJayne MikkiJayne is offline
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The Monero hard fork happened last night and bizarrely the network hashrate has gone up by 25%

Difficulty has followed suit, pay rate on Nicehash has stayed about the same for both Cryptonight and CryptonightV7 although more miners are on V7 now. It makes no sense to me at all. I was expecting the network rate to drop as all the asics would be stuck on the old version

Its still not worth turning the rigs back on
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