Crypto currency mining

moltuae · #1 22nd March 2019, 02:41 PM

I've been running most of my rigs over the winter months. Probably not made much more than they cost to run, but at the very least I've effectively had free heating. I've starting to turn some of them off now that the weather is warming up though.

I've received loads of Bitmain coupons too. I'm not planning to purchase any more miners in the near future, especially as we're heading into the summer months now, so I'll probably just let them expire. Bitmain seem to send coupons out whenever there's a dip in sales so no doubt they'll issue more coupons in future.

ainarssems · #2 6th April 2019, 09:05 PM

I had a look if I could use those coupons but only miner available to by was DR5, which I was not that interested in and they only allowed to use $65 coupons on it, not higher value vouchers.

ainarssems · #3 6th April 2019, 09:11 PM

It's been quite time for crypto. I still run my GPUs and 1 L3+ in house 24/7 which means heating rarely comes on. AMD GPUs still do CN heavy and loosing money these days but I have been a bit lazy to switch them over. The rest of L3+s and S9's in garage switch on only during nights when I have free electricity using smart sockets or if they get rented at a much higher price.

ainarssems · #4 6th April 2019, 09:18 PM

I do use purse.io quite a lot to buy stuff on Amazon. I do buy a lot on ebay or Aliexpress as well when it is cheaper there or sometimes if I want same day delivery I still buy direct on Amazon. But for example if I buy something using purse.io worth £40 I do not use my existing BTC but buy £40 worth of BTC on Wirex, spend about £30 worth of it on purse.io to buy it and have about £10 in BTC left over and accumulate it. If BTC price goes to 0 I have paid full price for goods, if it goes back to $20k, I havev had the stuff I bought for free. Also bought some stuff for friends, they get 10% discount, I keep 15%.

moltuae · #5 7th April 2019, 11:01 AM

I think it'd probably be wise to 'HODL' any BTC you have right now rather that use it to buy stuff. The price has almost certainly 'bottomed' following that looooong correction and I think we're on the verge of a new bull run that could reach record highs again within the next 12 months. I continue to follow the news and market closely and there seems to be a strong indication overall of growing adoption and upward pressure, which is only likely to be accelerated by the economic turmoil we're seeing in a growing number of countries.

Mining wise, my rigs are still running as heaters, although I've started turning some of them off (mainly the noisier, less profitable L3s rather than the GPU rigs) now that the weather is getting warmer. Still HODLing though and I will be staking instead of mining through the warmer months.

ainarssems · #6 13th April 2019, 10:07 PM

Quote:

I think it'd probably be wise to 'HODL' any BTC you have right now rather that use it to buy stuff.

I do not spend the BTC I have to buy stuff, instead I buy BTC to buy stuff. Say I want to buy stuff worth £100, I buy £100 worth of BTC on Wirex, then transfer to purse.io then buy the stuff I want with 32% discount, accounting for purse.io fees and spread on Wirex this means I have about £25 worth of BTC left over which I HODL. If BTC value goes to '0' , it will mean I have paid full price for the goods. If BTC goes to $20k and I sell my leftover BTC at that point it will mean I ge my money back and essentially have got the stuff for free.

Last time I spent any crypto I own was about a year ago when I sold couple of LTC when they were $180 to cover electricity costs.

Since then I have switched electricity tariff which offers free nigh time electricity, got the most of miners working on timer only on free night time tariff reducing my energy bill from £700 to £300 per month and have got extra flexible part time job that easily covers electricity bill and other extra expenses (childcare since last September) so don't need to dig in my crypto holdings (or should I say HODLings?)

moltuae · #7 14th April 2019, 09:41 AM

Quote:

Originally Posted by ainarssems

I do not spend the BTC I have to buy stuff, instead I buy BTC to buy stuff.

Same here

I think there's a possibility that the BTC price could fall once more before it eventually hits record highs again but I think the likelihood of it ever going to zero, or even close to it, are pretty slim now. I'd certainly be buying a lot more BTC if it hit even sub-£1K prices, as I'm sure would millions of other people.