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<p>Hi</p>
<p>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).</p>
<p>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.<br>
</p>
<p>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.<br>
</p>
<p>Thanks</p>
<p>Darran<br>
</p>
<br>
<div class="moz-cite-prefix">On 23/02/18 10:51, Simeon Pilgrim
wrote:<br>
</div>
<blockquote type="cite"
cite="mid:CALaGXcXBssgDaELOJigy=6ureX0=QdvpaSVvTz4zaz-+7a_OvQ@mail.gmail.com">
<div dir="ltr">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.<br>
<br>
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.<br>
<br>
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. <br>
<br>
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.. </div>
<div class="gmail_extra"><br>
<div class="gmail_quote">On 23 February 2018 at 09:09, Charles
Manning <span dir="ltr"><<a
href="mailto:cdhmanning@gmail.com" target="_blank"
moz-do-not-send="true">cdhmanning@gmail.com</a>></span>
wrote:<br>
<blockquote class="gmail_quote" style="margin:0 0 0
.8ex;border-left:1px #ccc solid;padding-left:1ex">
<div dir="ltr">
<div>
<div>
<div>I heard of some people running miners at their
workplaces.<br>
<br>
</div>
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.<br>
<br>
</div>
Perhaps with the higher bitcoin prices it makes sense on
your own power.<br>
<br>
</div>
According to <a
href="http://fortune.com/2018/01/11/bitcoin-mining-tesla-electricity/"
target="_blank" moz-do-not-send="true">http://fortune.com/2018/01/11/<wbr>bitcoin-mining-tesla-<wbr>electricity/</a>
it is viable, but our electricity costs are a lot higher
than USA.<br>
<br>
<div>
<div><br>
<br>
</div>
</div>
</div>
<div class="HOEnZb">
<div class="h5">
<div class="gmail_extra"><br>
<div class="gmail_quote">On Fri, Feb 23, 2018 at 8:41
AM, Richard Jones <span dir="ltr"><<a
href="mailto:richard.jones.1952@gmail.com"
target="_blank" moz-do-not-send="true">richard.jones.1952@gmail.com</a>></span>
wrote:<br>
<blockquote class="gmail_quote" style="margin:0 0 0
.8ex;border-left:1px #ccc solid;padding-left:1ex">
<div dir="auto">
<div dir="auto"><a
href="http://fortune.com/2018/02/13/bitcoin-mining-monero-price-ad-blocker-salon/"
target="_blank" moz-do-not-send="true">http://fortune.com/2018/02/13/<wbr>bitcoin-mining-monero-price-ad<wbr>-blocker-salon/</a></div>
<div dir="auto"><br>
</div>
<div dir="auto">Maybe crypto mining can make
sense if you use somebody else's electricity.</div>
<span class="m_1579845318516329987HOEnZb"><font
color="#888888">
<div dir="auto"><br>
</div>
<div dir="auto">Richard</div>
</font></span></div>
<div class="m_1579845318516329987HOEnZb">
<div class="m_1579845318516329987h5">
<div class="gmail_extra"><br>
<div class="gmail_quote">On 23 Feb 2018
08:31, "Charles Manning" <<a
href="mailto:cdhmanning@gmail.com"
target="_blank" moz-do-not-send="true">cdhmanning@gmail.com</a>>
wrote:<br type="attribution">
<blockquote class="gmail_quote"
style="margin:0 0 0 .8ex;border-left:1px
#ccc solid;padding-left:1ex">
<div dir="ltr">
<div>
<div>Does it all actually make
sense?<br>
<br>
</div>
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.<br>
<br>
</div>
<div>Has that changed?<br>
<br>
</div>
<br>
<br>
</div>
<div class="gmail_extra"><br>
<div class="gmail_quote">On Wed, Feb
21, 2018 at 10:42 PM, Mark Atherton
<span dir="ltr"><<a
href="mailto:markaren1@xtra.co.nz"
target="_blank"
moz-do-not-send="true">markaren1@xtra.co.nz</a>></span>
wrote:<br>
<blockquote class="gmail_quote"
style="margin:0 0 0
.8ex;border-left:1px #ccc
solid;padding-left:1ex">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.<br>
<br>
Anyone not interested in the
subject can easily ignore or
delete such messages.<br>
<br>
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.<br>
<br>
If the subject causes a continued
overload in traffic, then we can
talk about moving to an alternate
forum.<br>
<br>
In the mean time, let us see how
the subject pans out here.<br>
<br>
Regards, Mark
<div
class="m_1579845318516329987m_-2836603696570329978m_335510917432171350HOEnZb">
<div
class="m_1579845318516329987m_-2836603696570329978m_335510917432171350h5"><br>
<br>
On 21/02/2018 9:43 PM, Peter
Ellens wrote:<br>
<blockquote
class="gmail_quote"
style="margin:0 0 0
.8ex;border-left:1px #ccc
solid;padding-left:1ex">
Just wondering is there is
any interest in a get
together to talk more about
all thing bitcoin and mining
related.<br>
<br>
And maybe a new list, so we
do not annoy those not
interested?<br>
<br>
Thoughts and comments?<br>
</blockquote>
<br>
<br>
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