[chbot] crypto coins, miners etc

[Simeon Pilgrim]

I would say "most people are not" but really nobody is mining bitcoin,
companies with 10-100 x 6K usd dedicated bitcoin asic miners are.. and most
of that is done in China with "free" power.

What most people are doing is mining mainstream or fringe alt coins, and
again mostly using GPU's. There are some alt coins with algorithms that are
GPU resistant, thus are CPU friendly, and those tend to what the malware,
ad-ware (saloon) are running, as it adds up. Most people sell the alt coin
for bitcoin or mainstream alt-coins.

The mining is still profitable, aka I am getting ~7-8 nzd/day with power
costs taking ~2nzd/day. But there is a lot of capacity coming on line each
day, which is driving profitability down, as one would expect with greater
supply. I rent my hashing power to others, so get paid in bitcoin, which
was annoying while it was crashing in Jan, as transactions fees where high,
but people where using BTC to buy alt coins (directly or via mining pools)
and thus I was getting good rates, where presently bitcoin is "recovering"
but the alt coins are not (as fast), so BTC has a higher value, but is
being used to buy hashing power for lesser valued alt-coins thus the yield
is much lower.

I spent <2K to buy GPU's to have a play (aka I know it's all a gamble) and
so far am having fun, but not expecting to get my 2K back within 12 months
(the math at Jan 15th looked like it would pay back in 4 months). And if
the market collapses my son and I will end up with better gaming cards then
we presently use..

On 23 February 2018 at 09:09, Charles Manning <cdhmanning at gmail.com> wrote:

> I heard of some people running miners at their workplaces.
>
> But if you're going to steal your work's electricity then why stop there?
> Why not steal the furniture and sell it on trade me? It's all theft.
>
> Perhaps with the higher bitcoin prices it makes sense on your own power.
>
> According to http://fortune.com/2018/01/11/bitcoin-mining-tesla-
> electricity/ it is viable, but our electricity costs are a lot higher
> than USA.
>
>
>
>
> On Fri, Feb 23, 2018 at 8:41 AM, Richard Jones <
> richard.jones.1952 at gmail.com> wrote:
>
>> http://fortune.com/2018/02/13/bitcoin-mining-monero-price-ad
>> -blocker-salon/
>>
>> Maybe crypto mining can make sense if you use somebody else's electricity.
>>
>> Richard
>>
>> On 23 Feb 2018 08:31, "Charles Manning" <cdhmanning at gmail.com> wrote:
>>
>>> Does it all actually make sense?
>>>
>>> Last I heard the energy costs are such that bitcoin mining doesn't even
>>> pay the electricity it takes to mine it. I guess if you are going to run a
>>> heater anyway, it might as well mine for you, but then you'd still do
>>> better putting the money into a heat pump.
>>>
>>> Has that changed?
>>>
>>>
>>>
>>>
>>> On Wed, Feb 21, 2018 at 10:42 PM, Mark Atherton <markaren1 at xtra.co.nz>
>>> wrote:
>>>
>>>> IMHO as long as the subject is correct, (maybe something like
>>>> [CryotoCash]  + relevant extra subject information) then this may be an
>>>> acceptable forum for such discussions.
>>>>
>>>> Anyone not interested in the subject can easily ignore or delete such
>>>> messages.
>>>>
>>>> Also bear in mind that this email-reflector has just under 150
>>>> subscribers, and judging by the amount of interest show in Rudy's talk on
>>>> the subject on Monday (with additional commentary from Darran), there may
>>>> well be quite a few others interested in this subject lurking here.
>>>>
>>>> If the subject causes a continued overload in traffic, then we can talk
>>>> about moving to an alternate forum.
>>>>
>>>> In the mean time, let us see how the subject pans out here.
>>>>
>>>> Regards, Mark
>>>>
>>>>
>>>> On 21/02/2018 9:43 PM, Peter Ellens wrote:
>>>>
>>>>> Just wondering is there is any interest in a get together to talk more
>>>>> about all thing bitcoin and mining related.
>>>>>
>>>>> And maybe a new list, so we do not annoy those not interested?
>>>>>
>>>>> Thoughts and comments?
>>>>>
>>>>
>>>>
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>>>
>>>
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>>
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>
>
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