The anti-crypto thread

[BFG10K]

Great news, crypto's collapsing across the board: https://www.techpowerup.com/282380/...ions-in-less-than-24-hours-did-the-bubble-pop

Also China's banned crypto, though individuals can still have it: https://finance.yahoo.com/news/chinese-financial-payment-bodies-barred-122712260.html

The sooner this cancerous parasite is wiped out, the better.

 

[Fritzo]

GPU profitability ranking - WhatToMine

Most profitable GPUs currently on the market and soon to be released.

www.whattomine.com

Still some (small) profits to be had, depending on power costs, on nearly everything above a 1050ti.

$979 card that makes $28 a month. LOL

 

[Heartbreaker]

GPU profitability ranking - WhatToMine

Most profitable GPUs currently on the market and soon to be released.

www.whattomine.com

Still some (small) profits to be had, depending on power costs, on nearly everything above a 1050ti.

Assumes 10c/KWh power, and these appear to be VERY small volume coins, that would get difficulty curve even more wrecked if the Ether GPU fleet turned on them. It's mainly obscurity that is keeping them off the radar.

 

[igor_kavinski]

I have a diversified crypto portfolio

Which ones? Gotta make some dough for the kids who will be born once I become a "buy/sell only" cryptodad

I don't think I will mine, unless the power for that comes from my own solar farm.

 

[IronWing]

Does this mean that CoolCoin will finally be affordable?

 

[Fritzo]

Which ones? Gotta make some dough for the kids who will be born once I become a "buy/sell only" cryptodad

I don't think I will mine, unless the power for that comes from my own solar farm.

I use Coinbase and stack on the coins that give monthly payouts. ADA, XTZ, Solana...they all give 3-5% back per month. Then Ether2 and Bitcoin as cornerstones, and I'll throw in some Litecoin, Avalanch, Filcoin, and a few others. I just treat it like a 401K fund and put in $100/pay buying a different coin from the list each time. Seems to work well.

 

[DrMrLordX]

So did we have any local Ethereum Miners?

I stopped in 2017. Technically Larry was one, no idea what he's mining now. Guess it's whatever Nicehash serves up.

Like I called it earlier, a lot of them will just move elsewhere.

And they'll make no money doing it. Without investors following them, all extra hashrate will do is drive up difficulty and drive down profits. Also if you look at ETC in particular, even though it has doubled in hashrate over the last 24-48 hours, the hashrate is still far below what Ethereum had. Most of those systems are going offline.

Does this mean that CoolCoin will finally be affordable?

Sadly no. The Merge didn't change gas fees for the main chain. You would have to use an L2 solution to make Coolcoin txns affordable.

 

[Lost_in_the_HTTP]

BuckCoin?

U.S. Treasury recommends exploring creation of a digital dollar

MarketWatch|57 minutes ago
The Biden administration is moving one step closer to developing a central bank digital currency, known as the digital dollar, saying it would help ...

 

[VirtualLarry]

Central bank digital currencies differ from existing digital money available to the general public, such as the balance in a bank account, because they would be a direct liability of the Federal Reserve, not a commercial bank.

So... "FedBuck"?

 

[Heartbreaker]

$979 card that makes $28 a month. LOL

Today with more Ether GPUs turning to other coins and wrecking the difficulty curve, using average US 15cent/KWh power price:

RTX 3090 will now make 3 cents/day. So almost a whole $1/month of pure profit!

GPU profitability ranking - WhatToMine

Most profitable GPUs currently on the market and soon to be released.

www.whattomine.com

 

[Heartbreaker]

Follow-up. Right now, with 15 cent electricity, all cards lose money mining, on all coins.

I mentioned this before it happened, that just moving to another coin doesn't work, because Ethereum was the biggest GPU mined coin, and all that hash power would decimate they smaller volume coins.

I lot of miners will simply have to bail out of mining for it to be profitable again, which is what will happen.

Those with lowest electricity cost or the greatest tolerance to lower margins will stay, but other will be bailing and selling cards.

This is the biggest blow against GPU mining since it first started.

 

[nakedfrog]

Follow-up. Right now, with 15 cent electricity, all cards lose money mining, on all coins.

I mentioned this before it happened, that just moving to another coin doesn't work, because Ethereum was the biggest GPU mined coin, and all that hash power would decimate they smaller volume coins.

I lot of miners will simply have to bail out of mining for it to be profitable again, which is what will happen.

Those with lowest electricity cost or the greatest tolerance to lower margins will stay, but other will be bailing and selling cards.

This is the biggest blow against GPU mining since it first started.

 

[BarkingGhostar]

So where/when the mass deals on 3090's? I', expecting $400/each in lots of 3-4 but something is holding out.

 

[SKORPI0]

Today with more Ether GPUs turning to other coins and wrecking the difficulty curve, using average US 15cent/KWh power price:

RTX 3090 will now make 3 cents/day. So almost a whole $1/month of pure profit!

GPU profitability ranking - WhatToMine

Most profitable GPUs currently on the market and soon to be released.

www.whattomine.com

NiceHash - Leading Cryptocurrency Platform for Mining and Trading

www.nicehash.com

 

[Heartbreaker]

I'm seeing some miners now suggesting you could keep mining at a loss, hoping for a coin to pop in value.

Seemingly oblivious that it would be cheaper to shut off the mining rig, and just buy the same coin for less money...

 

[VirtualLarry]

I'm seeing some miners now suggesting you could keep mining at a loss, hoping for a coin to pop in value.

Seemingly oblivious that it would be cheaper to shut off the mining rig, and just buy the same coin for less money...

Some of us:
1) Don't pay separately for power.
2) Have electric heat.

So why not heat with mining rigs, and offset the cost of heating with the mining. It's a win-win (compared to spending that much power on "dumb heaters".)

 

[Heartbreaker]

Some of us:
1) Don't pay separately for power.
2) Have electric heat.

So why not heat with mining rigs, and offset the cost of heating with the mining. It's a win-win (compared to spending that much power on "dumb heaters".)

1) There are probably some clauses in rental agreements that prevent running a mining farm in your electricity included apartment.

2) Only works if you actually need the heat, and it gets much worse if you need cooling.

 

[snoopy7548]

I'm seeing some miners now suggesting you could keep mining at a loss, hoping for a coin to pop in value.

Seemingly oblivious that it would be cheaper to shut off the mining rig, and just buy the same coin for less money...

So now they're just wasting energy for the hell of it...

 

[Red Squirrel]

Some of us:
1) Don't pay separately for power.
2) Have electric heat.

So why not heat with mining rigs, and offset the cost of heating with the mining. It's a win-win (compared to spending that much power on "dumb heaters".)

With the recent natural gas hike I'm starting to wonder if I should start mining again. I since parted out my rig but I could do bitcoin and go with some ebay ASICs. Profits may be low, but I may as well pump electricity into something semi useful then get "free" heat out of it.

I suppose a wood stove might be cheaper than buying more computer stuff though. I will also finally get to use the wood that has been sitting in my back yard for several years.

 

[DrMrLordX]

I'm seeing some miners now suggesting you could keep mining at a loss, hoping for a coin to pop in value.

That's dumb. The more miners stop mining, the more profitable it becomes for the people that can afford to keep going.

 

[Red Squirrel]

It's not really a bad idea to keep going if you're already mining. You don't lose anything as long as you don't cash in when it's low.

 

[Heartbreaker]

It's not really a bad idea to keep going if you're already mining. You don't lose anything as long as you don't cash in when it's low.

Unless you are getting free electricity, you are losing money to pay for the power.

Sounds like this guy has hundreds of cards. He's basically shutting down and spending that $1000+ on buying coins directly, instead of the power bills for mining them (except for a couple of garbage coins he is speculative mining with just one or two gpus).

Because when you have negative returns, you get more coins for your money buying them instead of mining them.

 

[Red Squirrel]

Unless you are getting free electricity, you are losing money to pay for the power.

Sounds like this guy has hundreds of cards. He's basically shutting down and spending that $1000+ on buying coins directly, instead of the power bills for mining them (except for a couple of garbage coins he is speculative mining with just one or two gpus).

Because when you have negative returns, you get more coins for your money buying them instead of mining them.

It's unrealized losses. You don't lose anything as long as you don't cash. You sit on the crypto and wait for it to go back up and then cash, then you make money. Use existing money to pay for the power in the meantime. If you're running on super thin margins where you don't have extra money, then chances are you were not very profitable to begin with.

I personally regret stopping to mine since I'd be sitting on like 10 grand at the current prices. I'd probably be up to around 10 ether by now. I was at 2.5 when I stopped and gave it away on Twitter. I was worried about the whole tax aspect as it looked too complicated to deal with but with enough money I could have just hired an accountant to figure it all out.

 

[sdifox]

It's unrealized losses. You don't lose anything as long as you don't cash. You sit on the crypto and wait for it to go back up and then cash, then you make money. Use existing money to pay for the power in the meantime. If you're running on super thin margins where you don't have extra money, then chances are you were not very profitable to begin with.

I personally regret stopping to mine since I'd be sitting on like 10 grand at the current prices. I'd probably be up to around 10 ether by now. I was at 2.5 when I stopped and gave it away on Twitter. I was worried about the whole tax aspect as it looked too complicated to deal with but with enough money I could have just hired an accountant to figure it all out.

Err, pretty sure you have to pay your hydro on time...

 

[Red Squirrel]

Err, pretty sure you have to pay your hydro on time...

Use money you already have. When crypto goes up, you cash in, make money to replace what you spent on hydro originally. Sometimes you have to spend money to make money.

 

[DrMrLordX]

It's unrealized losses. You don't lose anything as long as you don't cash.

You make more money just buying tokens directly instead of mining them at a loss.