The Bitcoin/Crypto Thread
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I started to GPU mine Ethereum a few days ago. It pays out in Bitcoin.
Right now I am mining $15 in bitcoin every 18 hours. The electricity cost is about $2 or so. Bitcoin is currently way down from the all time high.
At first I only had one GPU mining. The liquid cooled Nvidia RTX 3090 Hybrid was producing $4/day. I then put the AMD 6900XT to work and I am up to $7.50-$8/day.
Right now I am doing pretty good reaching the 005 ETH level for payout every 18 hours.
I can see the attraction to doing this on a larger scale. lol
@mark said in The Bitcoin/Crypto Thread:
Right now I am mining $15 in bitcoin every 18 hours. The electricity cost is about $2 or so.
What is the cost if you factor in the cost of the graphics card (assuming, say, that you'll use them for one or two years)?
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@mark said in The Bitcoin/Crypto Thread:
Right now I am mining $15 in bitcoin every 18 hours. The electricity cost is about $2 or so.
What is the cost if you factor in the cost of the graphics card (assuming, say, that you'll use them for one or two years)?
@Klaus I use the cards mostly for gaming. Yes, I have to stop mining to play VR Golf and when I want to fly or race.
The cards were quite pricey but at this rate, I will "pay them off" (they are already paid for lol) in under 2 years to pay for the original cost of the cards, unless Bitcoin explodes again.
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unless Bitcoin explodes again.
I don't think you'd gain much with regard to mining profits if Bitcoin explodes. It would then immediately attract more miners, which would in turn raise the difficulty target for finding nounces.
@Klaus said in The Bitcoin/Crypto Thread:
unless Bitcoin explodes again.
I don't think you'd gain much with regard to mining profits if Bitcoin explodes. It would then immediately attract more miners, which would in turn raise the difficulty target for finding nounces.
True but the BC I would own, at the time of the explosion would obviously be worth more. If it hits $65k again I would cash out 50% or so but let some ride. Maybe it will hit $150k! lol
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@Klaus said in The Bitcoin/Crypto Thread:
Well, I'm all for it.
If Bitcoin increases by 100x, I can retire. Is that too much to ask?
No, but it means you have too much of your portfolio wrapped up in bitcoin.
@Horace said in The Bitcoin/Crypto Thread:
@Klaus said in The Bitcoin/Crypto Thread:
Well, I'm all for it.
If Bitcoin increases by 100x, I can retire. Is that too much to ask?
No, but it means you have too much of your portfolio wrapped up in bitcoin.
Maybe I'm just particularly modest in my financial needs for retiring
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@Horace said in The Bitcoin/Crypto Thread:
@Klaus said in The Bitcoin/Crypto Thread:
Well, I'm all for it.
If Bitcoin increases by 100x, I can retire. Is that too much to ask?
No, but it means you have too much of your portfolio wrapped up in bitcoin.
Maybe I'm just particularly modest in my financial needs for retiring
@Klaus said in The Bitcoin/Crypto Thread:
Maybe I'm just particularly modest in my financial needs for retiring
Healthcare cost factors big into Americans’ retirement planning. If you live in a place that has significantly lower healthcare cost (compared to the USA), your financial needs for retiring will very likely be more modest.
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I still dont "get it". LOL
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I stopped mining Monero XMP. It wasn't producing enough even with 36 cores running. If I run the solo miner my CPU gets too hot even with only 8 cores active. I think I need a better CPU cooler. lol Tried to use a pool where a bunch of people are contributing to the process. You earn "shares" for work performed. You only get a payout if you currently have an active "share". The shares only stay active for 12 hours. During that time, if a block is found you get a very small portion (1/2000th) of the block reward. Which works out to about $0.07 per payout. Not worth it as I was only getting a few payouts every other day or so.
So now it's strictly GPU based mining. Still using a pool but it is not the same as the Monero p2Pool. I am seeing $6-$8 per day payouts. I will be looking into an ASIC miner but not 100% sure I want to go down that road.
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I stopped mining Monero XMP. It wasn't producing enough even with 36 cores running. If I run the solo miner my CPU gets too hot even with only 8 cores active. I think I need a better CPU cooler. lol Tried to use a pool where a bunch of people are contributing to the process. You earn "shares" for work performed. You only get a payout if you currently have an active "share". The shares only stay active for 12 hours. During that time, if a block is found you get a very small portion (1/2000th) of the block reward. Which works out to about $0.07 per payout. Not worth it as I was only getting a few payouts every other day or so.
So now it's strictly GPU based mining. Still using a pool but it is not the same as the Monero p2Pool. I am seeing $6-$8 per day payouts. I will be looking into an ASIC miner but not 100% sure I want to go down that road.
@mark I think you are in better shape to be okay if the price falls than this company
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Cryptocurrency’s dollar values are falling along with the stock market indices:
https://www.fastcompany.com/90749588/stocks-and-cryptocurrencies-are-crashing-today-heres-why
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Converting my mined Monero to Bitcoin. In the process of the transaction now. I can then transfer it into my Coinbase account and transfer cash into the bank account. A total of $150 for a couple of weeks of mining. Not too bad IMO. I did get lucky and hit a solo block worth most of that $150. I might try solo mining again. The p2Pool payouts are just not frequent enough for the amount you receive.
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https://www.cnbc.com/2022/05/10/bitcoin-btc-investors-panic-as-terrausd-ust-sinks-below-1-peg.html
The UST coin that's supposed to be pegged to the USD fell to 70 cents, making lots people worry that the issuer of UST may sell a lot of Bitcoins to prop the UST back up.
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https://www.cnbc.com/2022/05/10/bitcoin-btc-investors-panic-as-terrausd-ust-sinks-below-1-peg.html
The UST coin that's supposed to be pegged to the USD fell to 70 cents, making lots people worry that the issuer of UST may sell a lot of Bitcoins to prop the UST back up.
@Axtremus said in The Bitcoin/Crypto Thread:
https://www.cnbc.com/2022/05/10/bitcoin-btc-investors-panic-as-terrausd-ust-sinks-below-1-peg.html
The UST coin that's supposed to be pegged to the USD fell to 70 cents, making lots people worry that the issuer of UST may sell a lot of Bitcoins to prop the UST back up.
It all but collapsed today. And to put it in perspective UST and LUNA had a combined market cap of about $50B.
That's about the same as GM.
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Bought more bitcoin today. Of course, if coinbase goes bankrupt I'll lose all my cash there, but I'd have to imagine the odds of that are small.
@89th I'm mining ETH and getting paid in Bitcoin. It's not a fortune but it is buffering the crash that is happening.
I have very little cash invested in Crypto. It's more of a hobby than an investment strategy.
Although I did pick up more SHIB. I have 40 million of them now. lol
