Crypto currency mining

[ainarssems]

If you missed it Bitmain has introduced liquid cooled S9 working at higher hashrate. It's considerably more expensive even before you take into account extra cost for ancillaries. https://shop.bitmain.com/product/det...5628412QI605C6

I suppose it's much more residential friendly with the lower noise from fans or you may be even be able to plug it in your existing central heating system.

In the other developments DPW has introduced new SHA256 miner on 10nM node made by Sanmsung about 25% more efficient than S9, available in September, cost unknown so far. https://superminer.com/products/

[ulfilias]

Hi There,

I'll go with disappointing. They had so much potential at the beginning of the year. With the slight rise recently I've probably about a grand of crypto for an investment of 3-4 with the electricity costs. I knew it was a gamble and didn't put more in than I could afford to lose, so i'm ok, but i've 3 probably almost worthless ascic miners. I did get a lower gas bill, but a much higher electricity one, so maybe offset a little

I still believe that in time crypto will hold true, but the confidence has been quite heavily shaken by the media assault on the new tech. Probably because the banking sector is very controlling and has a lot of power.
It ain't dead by any means but as investment goes it is somewhat lacking, then again it wasn't conceived as investment but facilitating a solution to a monetarial trust problem across the internet and it still meets those goals!

Lee

[MikkiJayne]

Originally Posted by ulfilias

facilitating a solution to a monetarial trust problem across the internet and it still meets those goals!

Except it doesn't. Still the best way to make money from crypto is to steal it, and its untraceable so there's no way to recover it. How do you trust a trading partner on the internet when there is no oversight of the transaction? Sure, it writes an immutable ledger of the transaction to the blockchain, but that's worthless when you can't trace where the funds actually went.

The only way to gain mainstream adoption is to have an intermediary who both parties trust (similar to Paypal), who then takes their cut of the transaction but also then has control of the system. You also have players like Bitmain who are able to manipulate the market as they see fit with huge mining resources and their other dirty tricks which is no different to banks and billionaires.

Paypal has solved the internet's monetarial trust problem IMO. Cryptocurrency has created a whole new set of problems, but while it's still (barely) profitable, I'll still play the game.

[ainarssems]

Except it doesn't. Still the best way to make money from crypto is to steal it, and its untraceable so there's no way to recover it.

Most of crypto currencies are traceable, all transactions are on public ledger accessible to anyone and only can be anonymous until you want to spend them either buying something or exchanging to fiat. Even so called private transactions with Monero, Dash or Zcash which are supposed to be anonymous and traceable are not that private. There is no doubt other more private versions will emerge or existing coins will get upgrade but the days of hiding behind BTC transactions are long gone. If you stole BTC it will be very hard to convert it into goods or other forms of payment these days.

Hi There,

I'll go with disappointing. They had so much potential at the beginning of the year. With the slight rise recently I've probably about a grand of crypto for an investment of 3-4 with the electricity costs. I knew it was a gamble and didn't put more in than I could afford to lose, so i'm ok, but i've 3 probably almost worthless ascic miners. I did get a lower gas bill, but a much higher electricity one, so maybe offset a little

I still believe that in time crypto will hold true, but the confidence has been quite heavily shaken by the media assault on the new tech. Probably because the banking sector is very controlling and has a lot of power.
It ain't dead by any means but as investment goes it is somewhat lacking, then again it wasn't conceived as investment but facilitating a solution to a monetarial trust problem across the internet and it still meets those goals!

There have been several ups and downs inn cryptocurrency, it's just a case if you want to abandon it now or are you fanatic supporter. Most of my friends that wanted a quick buck have gotten out of it now and sold their equipment, mostly at a loss. I am still going, GPUs still make a bit more than it costs in electricity and ASICs are running on WiFi sockets with timers to use the cheap night rate and if they get rented out at a much higher price then 24/7.

Also discovered that my electricity meter is running on internal timer which is 19 hrs behind instead of telesync so have been loosing a bit there .

Anyway my cheap electricity tariff runs out 23/10/2018 and since I am already running most of my mining hardaware only at the night rate I have chosen a new deal with Ebico, Night Owl V2 which is a bit higher rate on days than the cheapest available and a lot higher in standing charge but free on night rate and allows me to use up to 60% on night rate. If I keep it 60% night 40% days and only run my mining hardware to match that split it will actually work out cheaper in average at about 8p/kWh instead of 10p/kWh now if I run it 24/7. Still no competition compared to some cheap Mongolian or Canadian energy @ $0.04.

[MikkiJayne]

I might have to have a look in to that electricity deal

2 crypto rigs, a server, and a 3D printer mean I'm barely breaking even on the electricity vs earnings, but I haven't had to turn the heating on since the weather turned. I was spending on average £100 a month on heating oil - I haven't bought any this year! So, I shall keep going and see what happens when it gets cold.

[ainarssems]

I know some of us just like to hoddl crypto we earn but if you are like me than at least part of crypto is getting converted to fiat to pay for the electricity bills and you obviously loose some value on exchange rates. So wouldn't it be wonderful if you could buy everyday stuff on Amazon with your earned crypto and just use the money you did not spend buying that stuff to pay electricity bills saving on exchange rates. What if I said you could even save 5-30% on listed prices as well.

Let me introduce you to https://purse.io/?_r=eHU0vF Please note this is referral link and I will earn $5 for anybody that signs up and places order. If you don't want me to be rewarded just search for purse.io

How it works is you find what you like on Amazon, add it to your wishlist, import wishlist to purse.io and choose how much discount you want. Default discount is 5% and your order gets processed straight away. Minimum order is $25. If you are not in rush, want a bigger discount and don't mind waiting a bit you can choose up to 33%(15% on first order) discount. There is no fee if you go with default 5% discount but for larger discounts there is a fee payable to purse.io ( about 15-20% of your savings if you choose 33% discount in reality it will be about 27-28% after paying fee). Then you transfer BTC or BCH to your account, slightly more than required to have a little buffer for changing values and wait for somebody with amazon gift card to choose your order and get the goods ordered from Amazon for you. After you receive order from amazon you mark it as received on purse.io and BTC/BCH gets released to person who ordered stuff for you.

I have only used it once so far, chose max 15% for the first order, somebody picked it on the first day and I received stuff from Amazon couple of days later so all well so far and will definitely be using it again.

You could even buy BTC/BCH with fiat to get discount on purse.io, probably not worth it for default 5% discount but definitely worth a try if you go for bigger discounts although I don't know if or how fast will the order get fulfilled if you go for the max discount but my first order with 15% discount got processed on the first day.

[moltuae]

I've had that one bookmarked for a while but haven't tried it yet. Sounds useful

I'm more of a 'Hodlr' though. I've spent very little of my cryptocurrencies. In fact I like to buy more when I can, in addition to my mining earnings, which I also 'hodl'. I believe all fiat is ultimately on a path to zero. Inflation, government manipulation and corruption make state-run currencies unsustainable in the long-term. Cryptocurrencies are the future.

I have used this (UK-based) site a couple of times to buy gift cards however: https://giftoff.com/gift-cards

A couple more that I've bookmarked but yet to try:
https://www.cryptodechange.com/
https://wegift.io/coinbase/