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Originally Posted by Leafy
(Post 1115250)
"So you funded a NASCAR with fake money based on a dog the internet thinks is funny?" :bowrofl:"I mean... yea that's about the size of it." |
Its so absurd, but seems to be working.
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Just noticed today that Dell Business now accepts Bitcoin.
https://www.miataturbo.net/attachmen...1&d=1405709350 |
Found this interesting:
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Happened across this chart earlier:
https://www.miataturbo.net/attachmen...1&d=1424108902 Was thinking about all those folks who bought in during the hype of 2011-2013. Shame that there's no market in which a person can short Bitcoin. |
Tulips were a big thing from1634 until 1637.
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Originally Posted by Joe Perez
(Post 1206598)
Happened across this chart earlier:
https://www.miataturbo.net/attachmen...1&d=1424108902 Was thinking about all those folks who bought in during the hype of 2011-2013. Shame that there's no market in which a person can short Bitcoin. I know RickP still has a large amount of them stashed away in case they go back up above some certain point. |
Originally Posted by shuiend
(Post 1206938)
I am still mining BTC and getting more and more.
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Originally Posted by mgeoffriau
(Post 1206939)
Have you compared your mining rate vs your energy cost?
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Just for kicks, I decided to run an experiment yesterday.
Here at the TV station, one of the small render farms has been sitting unused for about a week since the room it used to service is being relocated. Each of these ten machines contains a quad-core i7 running at 2.7 Ghz: https://www.miataturbo.net/attachmen...1&d=1424287850 I downloaded some random mining software onto them, created a wallet, and let the machines run for 24 hours. At the end of that time, they had produced exactly 0.00000000 bitcoins. |
Originally Posted by Joe Perez
(Post 1207316)
Just for kicks, I decided to run an experiment yesterday.
Here at the TV station, one of the small render farms has been sitting unused for about a week since the room it used to service is being relocated. Each of these ten machines contains a quad-core i7 running at 2.7 Ghz: https://www.miataturbo.net/attachmen...1&d=1424287850 I downloaded some random mining software onto them, created a wallet, and let the machines run for 24 hours. At the end of that time, they had produced exactly 0.00000000 bitcoins. Edit: Based on your deleted post Joe, I use a cheap single usb asic miner that I picked up off eBay. I mine in a pool, would have to go home and check which pool. I have not honestly touched the setup in any way shape or form in over a year. I check it every couple of weeks to make sure it is still running then leave it be. |
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Originally Posted by shuiend
(Post 1207320)
Anyone in the mining business could have told you that is how much you would produce. Using x86 to mine with has not been profitable in years.
Originally Posted by shuiend
(Post 1207320)
Edit: Based on your deleted post Joe, I use a cheap single usb asic miner that I picked up off eBay. I mine in a pool, would have to go home and check which pool. I have not honestly touched the setup in any way shape or form in over a year. I check it every couple of weeks to make sure it is still running then leave it be.
When I first read your post that you were still actively mining BTC, my reaction was incredulity, as I was, TBH, unaware of the existence of low cost ASIC-miners-on-a-USB-stick at the consumer level. All of the FPGA / ASIC - based mining hardware I'd seen previously was packaged in the form of large clusters: https://www.miataturbo.net/attachmen...ine=1424291708 https://www.miataturbo.net/attachmen...ine=1424291708 https://www.miataturbo.net/attachmen...ine=1424291708 While I haven't been passionately obsessing over the subject, I still make it a point to peruse the bitcoin-related headlines from time to time, and from what I can tell, reality seems to be aligning itself with the majority-consensus predictions and observations; that bitcoin (and its various imitators) continue mostly to exhibit characteristics consistent with a speculative commodity rather than a store of value or a medium of exchange. The differentiating characteristic being that unlike most commodities which are commonly speculated upon (wheat, oil, Dutch tulip bulbs, etc.), bitcoin has a utility value of approximately zero. |
When the value of a new block drops to near zero its going to become really interesting.
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Originally Posted by Leafy
(Post 1207331)
When the value of a new block drops to near zero its going to become really interesting.
Of course, the profitability of mining has already begun to decline in real terms (decreased yield per block, artificially increased difficulty per hash, and the steadily declining value of BTC against both transactional currencies and store-of-value commodities), and yet large-scale POS transactions have not begun to occur, nor are they likely ever to. |
Yeah every 4 years the reward for creating a new block is halved per the model. I think its going to kind of end up being like the economy of a mining bomb town. Everyone rushed in and got them selves some skills as a miner and then the gold ran out. Except now instead of a bunch of disgruntled minors we'll have a bunch of people, many of whom already lived on the fringe of the internet, who have extremely powerful encryption breaking computers.
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Shows how little you truly know. The hardware currently used to mine bitcoin is so specialized that it's entirely useless for anything else. Lars is already mining a ghost town if he's using USB anything. Guys like him and I will keep the network going when it's no longer profitable since we already do so now.
Nobody is cracking anything, well, my wall of 25KW of GPU power might have, but it's long gone. |
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