[chbot] crypto coins, miners etc
Darran
darran at nzllive.com
Fri Feb 23 07:38:00 GMT 2018
Hi
Simeon is right, most of the big mining is done by organisations in
China or Russia. They are either borrowing power directly from hydro
stations (there are some very good photo essays of these setups) or they
are proper companies (maybe state backed).
Some countries are, or have, setup their own cryto-currencies which I
personally think will be the way crypto is accepted by banks etc. Russia
is setting up the crypto ruble, there is the (unofficial) US Dot and NZD
which are all tied to the local currency. As a retailer, you would not
want to accept Bitcoin if it is worth $16,000 and day and $14,000 the
next. This is where a fixed cryto-currency would get more traction
because of its stability.
I would like to also talk about the blockchain because crypto-currency
is only part of it. The blockchain has a large number of applications if
you are looking for a secure public 'database'/ledger of transactions.
In the UK they are putting land deed information on the blockchain. This
information is already public and being on a blockchain is
security/distributed for ease of keeping the data. There are plans to
put medical records (well the pointers to the records) on a blockchain
to help share the latest records between medical institutes and keep
track of updates.
Thanks
Darran
On 23/02/18 10:51, Simeon Pilgrim wrote:
> 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
> <mailto: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/
> <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
> <mailto:richard.jones.1952 at gmail.com>> wrote:
>
> http://fortune.com/2018/02/13/bitcoin-mining-monero-price-ad-blocker-salon/
> <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
> <mailto: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 <mailto: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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