Official Mining Thread

[KAC]

So you are saying we should buy it!

[Riptide]

I'd be speculating either way. Nobody has the crystal ball.

All I can say for sure is that I wish I'd sold some of mine when the value was up over 450/coin (xmr) to cover my costs. I was never going to sell all of it. Now it's too late, so it's a sunk cost I can't recover (the rig) unless the value pops up high enough that I'm willing to sell again.

[Leprechaun]

It's more China fud. They wish to annihilate crypto. They have banned crypto 379x already. They hate freedom for their peeps. They rolled out the digital Yuan. Easy to track, tax, and cut off anyone against the govt. Digital currency coming to all countries eventually.

Price of BTC will just keep going up.

[LordHawkwind]

It's more China fud. They wish to annihilate crypto. They have banned crypto 379x already. They hate freedom for their peeps. They rolled out the digital Yuan. Easy to track, tax, and cut off anyone against the govt. Digital currency coming to all countries eventually.

Price of BTC will just keep going up.

China is responsible for 68% of BTC mining. Here in the UK the Bank of England want to see it banned or so highly regulated it's not worth doing. Once one country bans it there are a lot sat on the fence waiting to jump.

Potentially it might just end up as a 'currency' on the dark web and that's it. It becomes much less tradable then.

[SirBaron]

Yeah I see regulation/Banning coming in the semi distant future not globally, but a few places for sure that are deep in the banks pockets.

However some people are so invested in Crypto they will sit on the ship as it sinks.

*not that it's sinking now*

I however will just see how it goes, but if I see trouble I'll gladly jump off.

[Leprechaun]

China just chased a lot of its own hashpower to other countries helping Bitcoin be more decentralized. Canada, Brazil already have Bitcoin, ethereum ETFs. USA rumoured to have up to 5 ETFs approved Oct 18-nov5. Prices would fly! Behind the scenes whales and big hedge funds buying it up like mad. The little guy buying it up too. Companies are buying it up. Visa, MasterCard etc expanding crypto payments slowly. Twitter just yesterday announced tipping with BTC, although Bitcoin maxis gonna be Bitcoin maxis. Countries adopting it, el Salvador as official currency. Paraguay, Argentina,Panama, many others will follow. A few more counties will before year end and going forth. IMF will continue to pay for bad news press as they don't want to lose control of countries slaves to their loans. Many countries in Africa Bitcoin and crypto is off the wall in usage. They're mostly unbanked.

Bitcoin isn't going anywhere. You can't just ban it and make it disappear.. that's impossible. You can only shut down the entire internet but Bitcoin would just be back up once the internet is back.

Not sure why the regular Joe's are fighting crypto except they are misinformed.. this is only bad for governments, great for the people! There will.just be regulation. This is somewhat okay, will bring in more money and more use.

[Leprechaun]

https://99bitcoins.com/bitcoin-obituaries/

[SirBaron]

Mining getting lower, and looks like we're in for a crash, especially if us government doesn't get its **** together and shuts down.

Lambo?

[Leprechaun]

Wen lambo?

They'll wait til 11th hour Oct 18th to sign a deal to print more money. Printer will keep going brrrr.
This is the reason Bitcoin was invented

[Leprechaun]

UPtober has started.

[pax]

This might explain why China banned crypto:

https://www.bbc.com/news/business-58733193

China is struggling with a severe shortage of electricity which has left millions of homes and businesses hit by power cuts.

The country has in the past struggled to balance electricity supplies with demand, which has often left many of China's provinces at risk of power outages.

During times of peak power consumption in the summer and winter the problem becomes particularly acute.

But this year a number of factors have come together to make the issue especially serious.

As the world starts to reopen after the pandemic, demand for Chinese goods is surging and the factories making them need a lot more power.

Rules imposed by Beijing as it attempts to make the country carbon neutral by 2060 have seen coal production slow, even as the country still relies on coal for more than half of its power.

And as electricity demand has risen, the price of coal has been pushed up.

But with the government strictly controlling electricity prices, coal-fired power plants are unwilling to operate at a loss, with many drastically reducing their output instead.

[acroig]

I know it's off topic but why does China not build nuclear plants? Wouldn't that solve two problems right away?

[pax]

Totally and I cant see them having these brownouts for years. It certainly wont help availability of such things as GPUs. Its hard to beat nuclear for its massive baseload.

[acroig]

Totally and I cant see them having these brownouts for years. It certainly wont help availability of such things as GPUs. Its hard to beat nuclear for its massive baseload.

They have the tech and the fuel to power the nuclear reactors. There's the issue of nuclear waste disposal but it should pose no problem in their political system. In a few years the air pollution they now suffer from should be gone.

[LordHawkwind]

They have the tech and the fuel to power the nuclear reactors. There's the issue of nuclear waste disposal but it should pose no problem in their political system. In a few years the air pollution they now suffer from should be gone.

This is from Forbes...

"China has 49 nuclear reactors in operation with a capacity of 47.5 GW, third only to the United States and France. And 17 under construction with a capacity of 18.5 GW. 100 more with an anticipated capacity of over 100 GW, are planned by 2035. This will be close to half the world’s nuclear capacity. And they won’t stop there. They should double that again by 2060.

In keeping with its ambitious goal to lead the world in nuclear, China has also established the first national institute dedicated to nuclear research, training and academic exchange. China National Nuclear Corporation recently signed an agreement with Tsinghua University to establish the Nuclear Research Institute. This is a pretty serious nod to the importance of nuclear in China’s future.

Here's the link but it may be behind a paywall. https://www.forbes.com/sites/jamesco...h=2facaf145e0c

[acroig]

Thanks.

[Nascar24]

This sounds like a nuclear catastrophe in the the making!

[KAC]

I am buying a small volcano for all my mining needs.

[Leprechaun]

We're going back up ladies and gents.
Tonga to use BTC as official currency imminent.
Brazil to make BTC legal for transactions imminent.

[KAC]

4 Gs with the new bitch coin rate.

[Leprechaun]

4 Gs with the new bitch coin rate.

You'll be 5G soon

[Leprechaun]

So now T-Rex and other miners can mine 2 coins at once on the LHR cards. This way the cards profit is optimised still.

On a better note, profits on invested projects are going through the roof and we're barely started. This run could go past March next year. Glad I wasn't focused on my games and on this instead. Life has been transformed. If I can double what I have now I'll be retired.

[Riptide]

I just recently sold half of my xmr to pay my equipment off. That is the good news. While I think xmr is a good project with a legit use case I've recently come to grips with a few truths.

1) Just because a project is legit doesn't mean much. Look at all the decent projects that have died in the last few years. And all the ones that are garbage but skyrocket in value. DOGE is a good example. BTC really isn't that great either it actually sort of sucks. Anyone who got rich off most alt coins really just got lucky. It isn't because they are 'smarter' than anyone else or chose a superior project.

2) Privacy coins likely not skyrocket in value because institutional money will not get invested. Banks/investors don't want to touch digital cash because it's not traceable and there is fear over bans and regulations. XMR is a good example. Once a top 10 coin it's slowly tanked in market cap over the last several years. Great dev team, solid project, but bleeding out over time.

3) What I should have done (beyond just buying btc when it was low, duh) was to keep my vega64 rig running and not sold it end of 2018. If I had switched to eth, and mined ever since then, I'd have enough to probably get close to paying my house off.

Because of choices I made I'm out ahead and have paid for my equipment. But I am not anywhere near where I could be had I done things differently.

And now it's too late to really do much about this. I've enjoyed the hobby of mining for sure. I could've lost a ton of money on this and have not even lost a single penny. So it could be worse. But it could have been so, so much better if I'd played my hand right.
I bet on the wrong pony boys. Better luck next race. lol

[KAC]

Earn rate is seriously down now.
However, with current prices I am at 4.4 Gs. This means my both computers are fully paid up (about 2.9 Gs) and 1.5 cards are paid up (out of 3 but technically 1 card was free to me since I bought it with my miles). So really I need another 600 smokes before all my equipment is fully paid up.

[Leprechaun]

Monero is phenomenal, including all the other privacy coins. Having said that I never invested in any privacy coins simply because those are the ones the govt will crack down on and force exchanges to delist. IRS offered $750,000 I think to anyone who could crack Monero inner workings.

Are you guys keeping all your mined $$ in BTC? That's super conservative but smart. I degen into other coins. $SOL gave me an 11x so far. 9x on $LUNA. $VRA 8x so far but this one's gonna fly way more. All these coins will do 5-20x+ more by the time this bull run is over. I actually could of put my $20k of GPUs into almost anything decent last year instead. Literally would be a millionaire already. I'm learning

[KAC]

I am not putting real money in coin but seems that is the smarter thing to do then run GPUs all day long.

[Leprechaun]

I'm not worried. Gaming on the blockchain is going to be the next biggest thing. I'll be getting into everything early between now and 2030. $$$$$$$ to be made and I mean trillions$$ in gaming alone will be made.

That's where we get in. Then everyone on rage can have a 6090rtx by then

[Riptide]

So, bit of an update for my meager setup. After selling half my monero to pay the rig off I've quit using my gpus to mine eth and get paid in monero.

Now they're pointed at ethermine and I'm getting paid in eth directly. I picked the worst possible time to do this as far as stacking eth goes since the difficulty is sky high and rewards are not good. At least I should have a little bit of it tucked away once it goes proof of stake. I kept my CPUs on monero so am still getting some of that just not anywhere near what I was.

Also converted my rig over to hiveos. My hash rates are no better than before so no improvement there. I did it mainly just to tinker with it. I like the UI and the remote management. It also seems less finicky and generally more stable vs windows. For just a single rig windows is fine but if you have multiples hive is a huge improvement.

[KAC]

I have no clue what you are talking about Rip but I am sure you are into this shite hard core like.

[Leprechaun]

What is the Monero cpu mining like? Is it even profitable?

[Riptide]

What is the Monero cpu mining like? Is it even profitable?

Barely profitable.

I have a 3600 and a 5950x mining on an algo switching pool (monero ocean) making basically $1.60 total before electricity costs. After electricity I'm still out ahead but it is really not anywhere even in the same neighborhood as gpu mining.

I like monero so still want to continue earning some even if it's basically a pittance.

[Leprechaun]

Monero is great, exactly what we should have and use. Especially since the USA gov't now wants to track all transactions $600+. They don't like freedom, the slippery slope continues.

I'm sure they'll find a way to force all centralized exchanges to not transact in any privacy coins. It might get pushed to decentralized exchanges, but we all know they're the best anyways.

I wish you luck, and hope Monero 10x from here.

[curio]

btc poumpin up teh shet

[KAC]

Over 5Gs now. Means my equipment is fully paid up. Anything now is pure profit.

[Leprechaun]

Bitcoin futures ETF monday.

We're going $200k+ for sure next year and beyond

[Leprechaun]

Over 5Gs now. Means my equipment is fully paid up. Anything now is pure profit.

Nice job sir! Mine paid for themselves roughly 2.2x over. Sadly I'd have been better off buying any decent big cap coin and had a larger ROI than investing in GPUs.

[KAC]

Nice job sir! Mine paid for themselves roughly 2.2x over. Sadly I'd have been better off buying any decent big cap coin and had a larger ROI than investing in GPUs.

Of course but then you wouldn’t have had fun in building the rigs.

[Leprechaun]

Of course but then you wouldn’t have had fun in building the rigs.

Exactly! It's a fun journey when you're mining. Plus I'll keep on mining during the bear market. Stash it away for better days to realize profits.

[Leprechaun]

Eth PoS ---> Now they're expecting coding to be done Feb 2022 and actually implemented June 2022. Difficulty bomb moved from Dec 2021 to June 2022.
Keep mining

[KAC]

Word up bitches. I am not stopping this crap again. Will keep on pumping up the shet till June 2022. Time to order some 3070s and a rig.