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Old May 17, 2021, 12:48 PM   #2011
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Quote:
Originally Posted by Leprechaun View Post
Altcoins still doing well. Set back about 3 weeks. Elon had to retract and let the world know Tesla didn't sell all their Bitcoin. He would of got in trouble over his earlier tweet.
I honestly think he's just enjoying the fact that he can raise or crash a coin just because he mentioned it. The man's IQ is likely through the roof, but he still comes off as petty and immature at times.

I'm playing it safe myself with cheaper but steadily growing coins, and making some money. I'm about 50% over my small, initial investment right now.
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Old May 17, 2021, 01:21 PM   #2012
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It never happened! Although easy to find out if they did, if they really wanted too.
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Old May 17, 2021, 10:25 PM   #2013
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Ponzi or not...

I've got a good stack of USD sitting in my savings account atm, thanks to farming/mining silly alt coins some 6 to 8 years ago.

Still sitting on the main coins..

LTC, BTC, and the like.
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Old May 18, 2021, 12:22 PM   #2014
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As a heads up, Nice Hash no longer allows free withdrawls to Coinbase. Have to wait until you hit 0.001 btc (twice previous amount) and to a regular transaction to your coinbase wallet.
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Old May 18, 2021, 05:38 PM   #2015
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Bitcoin is taking a breather but all the funds are going into big alts. They're pumping like crazy. Also, my Venus and harmony pumped today.
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Old May 18, 2021, 10:46 PM   #2016
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40 Gs. Time to buy BTC?
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Old May 19, 2021, 08:36 AM   #2017
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They were expecting $28 k. But it hit $30,500 and bounced. We shed 8k in less than a minute. I'm assuming peeps shorting, all the stop losses etc started a nice dominoe effect. Bounced back in a minute too. The rich are gonna get richer. Only upside is the gas fees now are through the stratosphere. Went from ~$185 expected today to $795 expected to mine today
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Old May 19, 2021, 10:25 AM   #2018
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SELL SELL SELL!
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Old May 19, 2021, 11:07 AM   #2019
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If it means all chinese miners will suddenly vanish, that's going to leave a huge hole for mining .
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Old May 19, 2021, 11:51 AM   #2020
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All they did was repeat the news from 2017, which they repeated a dozen times. This seems too setup. Elon made a tweet that tesla has diamond hands.

0.0013 BTC in 4hrs. New record here
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Old May 19, 2021, 12:01 PM   #2021
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Ars has a pretty good article that seems to explain the current bust.

https://arstechnica.com/tech-policy/...t-600-billion/
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Old May 19, 2021, 01:36 PM   #2022
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Quote:
Originally Posted by Nascar24 View Post
SELL SELL SELL!
DIE DIE DIE!

And after that print out all remaining coins for the investors no mining required.

This thing is eating up too much silicon and juice.
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Old May 19, 2021, 01:38 PM   #2023
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If Curio was here he'd have banned you for this.
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Old May 19, 2021, 03:44 PM   #2024
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So much for using Bitcoin in China.
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Old May 19, 2021, 09:36 PM   #2025
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Quote:
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If Curio was here he'd have banned you for this.
Yes ,the thread title should be changed to 'The Praise Mining' thread because no hate for or criticism of mining is allowed here.
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Old May 19, 2021, 11:06 PM   #2026
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Plus China is making their own coin soooo. Kill competition in China I guess.
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Old May 19, 2021, 11:26 PM   #2027
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Quote:
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Yes ,the thread title should be changed to 'The Praise Mining' thread because no hate for or criticism of mining is allowed here.
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Old May 20, 2021, 08:44 AM   #2028
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I dunno. Musk literally pump and dumped bitcoin. None of the coins are safe.
They're mostly paired to btc and from what I understand because it dives in value that typically will drag them down with it unless there is really strong upward pressure to counter it.
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Elon had to retract and let the world know Tesla didn't sell all their Bitcoin. He would of got in trouble over his earlier tweet.
Elon's a weirdo. Assuming you believe the overblown hooey about the energy consumption the issue isn't bitcoin it's china and their lack of interest in clean renewables. Something he chose not to discuss.
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The man's IQ is likely through the roof, but he still comes off as petty and immature at times.
I liken him to a modern Howard Hughes.
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Old May 20, 2021, 11:48 AM   #2029
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Quote:
Originally Posted by NIGELG View Post
Yes ,the thread title should be changed to 'The Praise Mining' thread because no hate for or criticism of mining is allowed here.
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Old May 20, 2021, 01:03 PM   #2030
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Tututututu "Are you Bart?". Tututututu
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Old May 20, 2021, 01:35 PM   #2031
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Old May 21, 2021, 07:01 PM   #2032
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How did you get a picture of my place?
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Old May 21, 2021, 09:50 PM   #2033
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I think buying off a mining farm is the best investment.
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Old May 22, 2021, 08:48 PM   #2034
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Quote:
Ethereum moves to kill graphics card mining 'in the upcoming months'
By Jacob Ridley 4 days ago

Ethereum Foundation promises a much less power and GPU hungry cryptocurrency network.

Illuminated mining rigs operate inside racks at the CryptoUniverse cryptocurrency mining farm in Nadvoitsy, Russia, on Thursday, March 18, 2021.

It's not often we dive into updates on specific cryptocurrency algorithms here at PC Gamer, but this one could have a material impact on our humble hobby. While the relationship between Ethereum—the most popular crypto for GPU mining—and PC gaming has been, uh, rocky at the best of times, that could be all about to change.

Ethereum is looking to shift to a proof-of-stake model within months, the Ethereum Foundation has said, and that brings with it some major changes to how the cryptocurrency operates fundamentally.

Today, Ethereum uses proof-of-work to shift transactions and generate new Ether, which is the currency used on the Ethereum network. Proof-of-work requires lots and lots of computational power to operate, much the same way as Bitcoin does, but while Bitcoin is largely powered by application specific integrated circuits (ASICs), Ethereum is powered almost exclusively by graphics cards.

Proof-of-stake will cut the requirement for GPUs. Instead, the very network itself will verify transactions, or blocks, according to their stake in Ethereum. The system remains secure because the wealth of Ether in the world has already been distributed across millions of people.

As a result, Proof-of-stake would cut the requirement for GPU mining, which means less demand for cards and less power sapped from the limited resource that is planet Earth.

"Ethereum will be completing the transition to Proof-of-Stake in the upcoming months," Carl Beekhuizen, Ethereum Foundation, says in a blog post, "which brings a myriad of improvements that have been theorized for years. But now that the Beacon chain has been running for a few months, we can actually dig into the numbers. One area that we’re excited to explore involves new energy-use estimates, as we end the process of expending a country’s worth of energy on consensus."

Beacon Chain is the system by which the Ethereum network will manage a proof-of-stake network. It differs from the mainnet blockchain in use today for proof-of-work. Both effectively aim to produce a secure network for verifying Ether transactions, however.

Ethereum has been eyeing up a Proof-of-Stake concept for years now. I remember talking about it during the last great GPU shortage of 2017/2018, but so far nothing truly game changing has come out of it to alter how Ether is mined. Thus, Ethereum has remained a power-sap of gargantuan proportions. Its power demand has been compared to countries, and is only increasing as the price goes ever higher—it makes you realise all your individual efforts recycling and riding a bike to work are nothing in the face of millions of people trying to make a quick buck.

Really depressing stuff.

Proof-of-stack, if successful, would cut Ethereum's power use by up to 99.95%, the foundation claims.

Racks of graphics cards being used for cryptocurrency mining

But what happens to all the miners when proof-of-stake inevitably happens?

Either miners can pack up shop, sell their GPUs for a quick buck second-hand, and move on with their lives. Or they move to one of the many, many alternative cryptocurrencies out there that are still happily mining away.

There will likely always be cryptocurrencies that use the tried-and-tested proof-of-work approach to get off the ground, which means we'll never quite be free of the cryptocurrency's power and hardware requirements entirely.

But these altcoins still have to prove themselves profitable to see the graphics card river run dry, and in that there's some hope for affordable GPUs sometime in the next few years, even if proof-of-stake may not quite the magic fix-all we're praying for.

https://www.pcgamer.com/ethereum-set...coming-months/
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Old May 22, 2021, 10:01 PM   #2035
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Would be a good way to kill Ether lol.
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Old May 23, 2021, 01:21 AM   #2036
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Ah, there it is. Should bring a flood of used GPU's to the market
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Old May 23, 2021, 02:05 AM   #2037
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This has been known for a long time, and is supposed to be July/August when EIP 1559 appears.
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Old May 24, 2021, 07:59 AM   #2038
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The July update is not POS. Not sure if you were suggesting that or not.

POS just puts the network in the hands of big bag holders/whales. Kind of counter to the spirit of the whole thing in some sense.

Someone at work has a 5700xt reference card, going to trade straight up for my 6700xt. Should get about 5 more MH and reduced power use out of it.
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Old May 24, 2021, 10:02 AM   #2039
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Lots of 24/7 mining 3080's coming to market with China putting the hammer down. According to reports China does 75 percent of the crypto mining.


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Old May 25, 2021, 02:14 PM   #2040
pax
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https://arstechnica.com/tech-policy/...haUUZ778P95bhA

Sounds for real this time tho chinese gov has been railing against crypto for years... The gov really doesnt like losing control of something fundamental like finances. And I think the drop that overflowed the glass is their power grid has taken a major hit.

Quote:
Bitcoin took investors on another rollercoaster ride over the weekend after a top regulator in China announced a crackdown on mining, a new tack in the country’s ongoing fight against the cryptocurrency.

The government will “crack down on bitcoin mining and trading behavior and resolutely prevent the transfer of individual risks to the society,” said the statement, which was issued by the Financial Stability and Development Committee of the State Council, the country’s cabinet equivalent. The committee is chaired by Vice Premier Liu He, who acts as President Xi Jinping’s top representative on economic and financial matters.

“The wording of the statement did not leave much leeway for cryptocurrency mining,” Li Yi, chief research fellow at the Shanghai Academy of Social Sciences, told the South China Morning Post. “When all mining activities are banned in China, it will be a turning point for the fate of bitcoin, as a large chunk of its processing power is taken out of the picture.”

The Chinese government isn’t just worried about financial stability, either. A commentary piece in Xinhua News, the Communist Party’s official media outlet, elaborated on the government’s stance, voicing concerns about bitcoin’s role in money laundering, drug trafficking, and smuggling. It also mentioned bitcoin’s profligate energy use. Last week, China warned financial institutions not to participate in crypto-transactions or related services.
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