Cryptocoin Mining?

[pm]

Well I sold my mining cards, took a small loss on them obviously but still came out on top. Fun little adventure =p Could have ran them for another month but figured I would try and get out before too many GPUs hit the market, plus the stress seeing Bitcoin value drop lately =p

I still feel that a lot of Bitcoin interest will die now that your average joe can't effectively mine them without dedicated ASIC hardware.

I've been mining litecoins since March and it's still pretty profitable for me. People have said that Litecoin mining is finicky to set up - and they have a bit of a point - but once I got things dialed in, I was much happier with the heat, temperature and noise of mining litecoins compared to bitcoins. Because it's more sensitive to memory clocks than core clocks, I could set the core clocks down and undervolt which made for more pleasant mining (I have two 9750's running at ~150W each). And it makes around the same amount of money. I forsee at least some of the bitcoin miners moving over to Litecoins.

Some say that the value of litecoins has collapsed - but they are down around $2.20/each from a peak of $5-ish, while bitcoins are down around $100 from a high $260-ish, so it's comparable.

I just had photovoltaic solar installed on my house last week, so my price for electricity is either hideously high (amortized over one week), or ridiculously low (amortized over 20 years) but either way, I've stopped worrying about my electricity bills at the end of each month.

 

[Zargon]

I thought you were joking at first...

wish I was!

 

[ultimatebob]

looks like bbq coin is the newest

Nah... Feathercoin and Chinacoin both came out after BBQCoin. So did a few other really wacky altcoins that never really caught on.

 

[Zargon]

I hadnt seen it on the list I watch before, so its new to me

its currently the most profitable by about 20% over LTC(compared to BTC being 100%, bbq is 150 and LTC is 130)

 

[Zargon]

Another large wave of Avalons are incoming


And BFL has now shipped all jalapenos ordered on or before 9/4/12

9/5 and 9/6 are shipping now


we should see some serious THs jumps soon

I figure I will have to shut down my GPU miners in a month, atleast from BTC

 

[Keysplayr]

California issues Bitcoin Foundation Cease and Desist order:

http://yro.slashdot.org/story/13/06...utm_source=rss1.0mainlinkanon&utm_medium=feed

and

http://forums.anandtech.com/showpost.php?p=31863952&postcount=621

 

[chimaxi83]

California issues Bitcoin Cease and Desist order:

http://yro.slashdot.org/story/13/06...utm_source=rss1.0mainlinkanon&utm_medium=feed

and

http://forums.anandtech.com/showpost.php?p=31863952&postcount=621

Pat yourself on the back man.

 

[taltamir]

California issues Bitcoin Cease and Desist order:

http://yro.slashdot.org/story/13/06...utm_source=rss1.0mainlinkanon&utm_medium=feed

I specifically predicted the US government coming down on it.

This is interesting development because it happened AFTER the European union recognized it as a real currency and several european banks have started working with it.

So they might as well be claiming that US citizens are not allowed to deal in the Euro either.

 

[Keysplayr]

Pat yourself on the back man.

I thought I had.

 

[NTMBK]

I specifically predicted the US government coming down on it.

California state government != US federal government.

 

[hjalti8]

California issues Bitcoin Cease and Desist order:

http://yro.slashdot.org/story/13/06...utm_source=rss1.0mainlinkanon&utm_medium=feed

and

http://forums.anandtech.com/showpost.php?p=31863952&postcount=621

aaaand Bitcoin Foundation != Bitcoin

 

[Keysplayr]

aaaand Bitcoin Foundation != Bitcoin

Fixed, and changes what?

 

[crashtech]

Fixed, and changes what?

It changes your statement so it is now accurate. Your original statement might lead the casual reader to assume Bitcoin itself was at issue, when it is not. Some exchanges like Coinbase have the proper licensing and are in no jeopardy as yet, though our authoritarian leadership will no doubt "fix" that, given time.

 

[philipma1957]

It changes your statement so it is now accurate. Your original statement might lead the casual reader to assume Bitcoin itself was at issue, when it is not. Some exchanges like Coinbase have the proper licensing and are in no jeopardy as yet, though our authoritarian leadership will no doubt "fix" that, given time.

yea i am thinking that rather they regulate it the usa will out law it.

 

[Grooveriding]

Maybe PRISM is not able to break into the Bitcoin network and engage full privacy violation/illegal monitoring mode. So they'll just outlaw it altogether for Americans. :whiste:

 

[Keysplayr]

It changes your statement so it is now accurate. Your original statement might lead the casual reader to assume Bitcoin itself was at issue, when it is not. Some exchanges like Coinbase have the proper licensing and are in no jeopardy as yet, though our authoritarian leadership will no doubt "fix" that, given time.

So Bitcoin does not have the proper licensing and are in jeopardy then?

 

[crashtech]

That's an inanity, like asking if gold has a license. Gold doesn't need a license from the likes of you.

 

[ultimatebob]

California issues Bitcoin Foundation Cease and Desist order:

http://yro.slashdot.org/story/13/06...utm_source=rss1.0mainlinkanon&utm_medium=feed

and

http://forums.anandtech.com/showpost.php?p=31863952&postcount=621

I don't think that the Bitcoin Foundation runs any currency exchanges, unlicensed or otherwise. They just write the software that runs the peer to peer network. Of course, California is well known for making stupid laws and then trying to fix them later. I think that their lawmakers spend too much time in the sun... or maybe it's the weed

If they really want an impact, they should be going after the likes of Mt Gox or BTC-E.

 

[hyrule4927]

That's an inanity, like asking if gold has a license. Gold doesn't need a license from the likes of you.

He's just here to troll.

 

[bononos]

So Bitcoin does not have the proper licensing and are in jeopardy then?

Yes I'm quite sure the govt and states are cracking down on virtual currencies for not conforming to money laundering laws.

But you should open a new thread for your doom and gloom 'this will not end well' posts or get a shiny new AMD card and mine away in the last days while its still profitable.

 

[wbynum]

California issues Bitcoin Foundation Cease and Desist order:

http://yro.slashdot.org/story/13/06...utm_source=rss1.0mainlinkanon&utm_medium=feed

and

http://forums.anandtech.com/showpost.php?p=31863952&postcount=621

Your just a regular Nostradamus. I'm guessing those that mined away for the two years (i.e. since you made your prediction) are pretty dang happy today.

I'm not laughing. Class act.

I mean pyramid schemes don't end well. And that is basically what this is.

Have you at least figured out Bitcoin is not a pyramid scheme yet?

 

[philipma1957]

yeah I started in aug 2012 and made a few bucks. but with asics and coin liquidity being reduced it does look like it will end for my gpu farm very soon.

My problem is I want to do full reporting of it and the usa has not made a single f'ing tax decision on it. Since I mine I want to treat it as a mining operation which is better for deducting the cost of the gear. There are no laws or decisions made in federal tax court.

I paid in some tax money and did an extension which gives me until Oct to file. I am going to file as if I was running a gold mine as my position is a bit coin mine is a gold mine of sorts. It should be interesting for my 2013 return. my 2012 return is a loss due to equipment purchased my 2013 will show profit. I will also need to file that I had a foreign bank account. I am looking forward to this. I figure I will be one of the few people reporting it honestly in the USA.
My reasons are simple enough I did not make that much and I would prefer BTC to become more legit. then underground.

 

[MrK6]

AMD GPU Mining isn't even that profitable anymore, so it wouldn't matter what laws change. Those of us that made our $10,000's pulled out awhile ago.

 

[taltamir]

California state government != US federal government.

I said the US government not the US federal government.
The US government is comprised of the federal, state, and local governments. The federal is comprised of the judiciary, legislative, and executive branches.

 

[taltamir]

That's an inanity, like asking if gold has a license. Gold doesn't need a license from the likes of you.

The US government shut down a private company that sold gold and silver coins or notes backed by gold and silver that they stored. They argued that they were producing Counterfeit money, and seized all the gold they had stored.