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Posted
28 minutes ago, Chips O'Toole said:

I recommend $DerkaDollars coin for a beginner portfolio. 

PM Derka for more information 

Posted (edited)
On 12/9/2023 at 9:53 PM, Thetexashammer said:

He's a politician, so low expectations. They already use the dollar anyway.

However, if Argentina switches to Bitcoin, that would be remarkable. Lightning has to get fully developed first. But taking power away from corrupt governments would do wonders for South America.

Lol the corrupt politicians can use crypto too, it turns out!

 

https://www.wsj.com/world/americas/argentine-presidents-promotion-of-crypto-rocks-his-presidency-c747a0ae

https://apnews.com/article/argentina-milei-cryptocurrency-fraud-charges-3f572a5f294d7c25437a08151798b917

 

Milei is being investigated for launching and immediately rugpulling a cryptocurrency. Our president did the exact same thing and is only gaining power and influence. 

Edited by Captainant
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Posted (edited)

But seriously, where are all the cryptomaxis? Aren't y'all all drowning in fat gainz? Aren't you excited to get blockchain just like Argentina did????

Haha it is kind of amazing that there's a linkage between $MELANIA, $LIBRA, and $ENRON - they're were all launched by the same dude! He even exploited the useful idiots to skim some profits for himself. 

Absolutely incredible face eating by this leopard

Edited by Captainant
  • Like 1
Posted

Just shut down my old gaming rig that was running an NVidia 1080 GPU. Was really “old” but I had for fun set it to mining BTC for the last three years. Used NiceHash and they just moved to Switzerland. With new rules it’s not making “money” anymore because it doesn’t generate enough BTC each month to meet their minimum transfer amount.

Will be cool one day to talk about actually being part of the BTC mining community. Was fun. Will now be able to figure out what electric costs we’re doing.

Also, helped me set up my first Ledger drive. I was able to cash out my BTC before their new rules, basically eliminating one machine “hobby” miners.
 

Will likely save that processor as that’s what turned me on to NVDA and will be a good piece of my crypto history.

Posted
12 minutes ago, Tailgate said:

Just shut down my old gaming rig that was running an NVidia 1080 GPU. Was really “old” but I had for fun set it to mining BTC for the last three years. Used NiceHash and they just moved to Switzerland. With new rules it’s not making “money” anymore because it doesn’t generate enough BTC each month to meet their minimum transfer amount.

Will be cool one day to talk about actually being part of the BTC mining community. Was fun. Will now be able to figure out what electric costs we’re doing.

Also, helped me set up my first Ledger drive. I was able to cash out my BTC before their new rules, basically eliminating one machine “hobby” miners.
 

Will likely save that processor as that’s what turned me on to NVDA and will be a good piece of my crypto history.

Curious how many bitcoin did you mine over that time?

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Posted
14 minutes ago, Anastasis said:

Curious how many bitcoin did you mine over that time?

.0214676 BTC

They took some cut of the mining...but for one unsused rig running in a spare bedroom for 3 years....not too bad...and was fun to watch and check on. I don't think electricty was much and will be curious to track as I see what "normal" is now for the next couple months.

$2,099. USD value as of this morning.

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Posted (edited)
19 minutes ago, Tailgate said:

.0214676 BTC

They took some cut of the mining...but for one unsused rig running in a spare bedroom for 3 years....not too bad...and was fun to watch and check on. I don't think electricty was much and will be curious to track as I see what "normal" is now for the next couple months.

$2,099. USD value as of this morning.

I'd imagine your rig was pulling around 500W total at the wall, maybe 600W, but most mining setups under volt their cards.

So your electric usage per day was around 500watts * 24 hours, or 12,000 W/hr of electricity used per day. Utilities meter in kilowatt-hours, so 12KW/hrs per day

Multiply that by 365 days in a year, and again by 3 years mining, and you end up with 13,140KWhr of electricity used to mine $2099 in BTC. Not sure what your utility rate is, but 13.14 megawatt-hours consumed is a decent spitball estimate of your angry pixie consumption over the 3 year span

 

edit: at current average houston utility rates of $0.13/KWhr that would be just over $1700 in electricity, so you would've made around $400 from the mining over 3 years once you factor out electricity costs

Edited by Captainant
Posted
8 minutes ago, Captainant said:

I'd imagine your rig was pulling around 500W total at the wall, maybe 600W, but most mining setups under volt their cards.

So your electric usage per day was around 500watts * 24 hours, or 12,000 W/hr of electricity used per day. Utilities meter in kilowatt-hours, so 12KW/hrs per day

Multiply that by 365 days in a year, and again by 3 years mining, and you end up with 13,140KWhr of electricity used to mine $2099 in BTC. Not sure what your utility rate is, but 13.14 megawatt-hours consumed is a decent spitball estimate of your angry pixie consumption over the 3 year span

Using Austin energy rates, assuming he’s not hitting the highest tier of usage, this is between about $650 and $1000

Posted (edited)
19 minutes ago, B00M said:

Using Austin energy rates, assuming he’s not hitting the highest tier of usage, this is between about $650 and $1000

I don't think you're doing that math correctly. It looks like you're just using the energy charge. You have to include the power supply adjustment, regulatory charge, and community benefit charge. Even at the lowest energy charge tier of $.04106 per kWh, after accounting for everything else you're total cost per kwh is  $.107 per kWh. That would total $1,416 for 13,140 kWh. But that would also be an impossible rate because there is no way that person isn't exceeding 300 kWh per month. I think the minimum realistic cost is probably the tier 3 energy charge of $.07525 per kWh.  All in that is $.14197 per kWh and would total $1,865.48 for 13,140 kWh. 

Edited by Dahobbs
  • Like 1
Posted

Appreciate the math wiz on the board. I did this for fun and not to “make money.” I will be holding this and all my BTC for a very long time. 

I’m one of the believers on this board.

I’ll pull out this Ledger drive once or twice a year and likely keep smiling.

\m/

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Posted
3 hours ago, Dahobbs said:

I don't think you're doing that math correctly. It looks like you're just using the energy charge. You have to include the power supply adjustment, regulatory charge, and community benefit charge. Even at the lowest energy charge tier of $.04106 per kWh, after accounting for everything else you're total cost per kwh is  $.107 per kWh. That would total $1,416 for 13,140 kWh. But that would also be an impossible rate because there is no way that person isn't exceeding 300 kWh per month. I think the minimum realistic cost is probably the tier 3 energy charge of $.07525 per kWh.  All in that is $.14197 per kWh and would total $1,865.48 for 13,140 kWh. 

Thank you for correcting my quick and dirty math that wasn’t adequately mathing 🤘

it’s interesting that it’s essentially a break even proposition for a single rig in a residence even at the current ~$100k/BTC price. I guess the farms are doing it more efficiently and/or get lower energy rates that make it profitable?

Posted
18 minutes ago, B00M said:

Thank you for correcting my quick and dirty math that wasn’t adequately mathing 🤘

it’s interesting that it’s essentially a break even proposition for a single rig in a residence even at the current ~$100k/BTC price. I guess the farms are doing it more efficiently and/or get lower energy rates that make it profitable?

I think @Captainant may be over estimating the energy use. I'm not sure I believe that the rig would be going near all out at 500w 24/7. But also you have to keep in mind that the required energy use per bitcoin has gone up over time because of the design of the system. There is also an increase in efficiency with the more GPU cores you have available.  

Posted
26 minutes ago, B00M said:

Thank you for correcting my quick and dirty math that wasn’t adequately mathing 🤘

it’s interesting that it’s essentially a break even proposition for a single rig in a residence even at the current ~$100k/BTC price. I guess the farms are doing it more efficiently and/or get lower energy rates that make it profitable?

The state of Texas subsidizes their operations, and pays them whenever the cost of electricity is too high for them to profit (this is when they are paid to shut down for energy demand). Otherwise, they tend to seek the areas with weakest zoning laws and cheapest power.

5 minutes ago, Dahobbs said:

I think @Captainant may be over estimating the energy use. I'm not sure I believe that the rig would be going near all out at 500w 24/7. But also you have to keep in mind that the required energy use per bitcoin has gone up over time because of the design of the system. There is also an increase in efficiency with the more GPU cores you have available.  

Definitely a shot in the dark, but 500W at the wall for total system power with a 100% utlized 1080 doesn't feel off. But you're exactly right on the required energy per coin and transaction is definitionally going to continue to increase exponentially

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Posted
15 hours ago, Captainant said:

But seriously, where are all the cryptomaxis? Aren't y'all all drowning in fat gainz? Aren't you excited to get blockchain just like Argentina did????

Haha it is kind of amazing that there's a linkage between $MELANIA, $LIBRA, and $ENRON - they're were all launched by the same dude! He even exploited the useful idiots to skim some profits for himself. 

Absolutely incredible face eating by this leopard

Seems like a lot of the crypto people get banned around here. Quit LARPing as if you want their opinion.

Crypto broadly speaking is a waste of time. The bitcoin maxis have it right. The only use case proven for cryptocurrency is the store and transfer of value via bitcoin. Essentially everything else is based off of scamming, or hopes and dreams.

But every cycle there's new scammers and scams. It's human nature.

5 hours ago, Tailgate said:

.0214676 BTC

They took some cut of the mining...but for one unsused rig running in a spare bedroom for 3 years....not too bad...and was fun to watch and check on. I don't think electricty was much and will be curious to track as I see what "normal" is now for the next couple months.

$2,099. USD value as of this morning.

Congrats on the mining and on setting up your cold storage. Well done! 

 

1 hour ago, Captainant said:

The state of Texas subsidizes their operations, and pays them whenever the cost of electricity is too high for them to profit (this is when they are paid to shut down for energy demand). Otherwise, they tend to seek the areas with weakest zoning laws and cheapest power.

Despite the cost, bitcoin miners provide a service that is in demand whether you approve of it or not.

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Posted
20 minutes ago, Sinnergy said:

Seems like a lot of the crypto people get banned around here. Quit LARPing as if you want their opinion.

GRUhorn, you're the only cryptoperson getting banned with any sort of regularity lol. It's impressive how you just won't quit

21 minutes ago, Sinnergy said:

Crypto broadly speaking is a waste of time. The bitcoin maxis have it right. The only use case proven for cryptocurrency is the store and transfer of value via bitcoin. Essentially everything else is based off of scamming, or hopes and dreams.

You missing the irony of a bitcoin maxi going off and scamming with his own cryptocoin is an equally impressive display of cognitive dissonance.

Posted
3 hours ago, Captainant said:

You missing the irony of a bitcoin maxi going off and scamming with his own cryptocoin is an equally impressive display of cognitive dissonance.

Which Bitcoin maxi are you talking about?

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