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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
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
On 2/11/2025 at 11:49 AM, CycleTex87 said:

I'm ready to invest in crypto.  I would like to increase my investment by 100X.  Would someone kindly direct me to the up and coming crypto currency that I may invest my life savings into?

$RUGPULL. It’s totally safe, there’s zero risk, and there’s absolutely no way you could lose all your money 

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Posted
26 minutes ago, Captainant said:

Any takers on what's tanking BTC's value? I guess with the rooskies and norks getting friendlier with us there's less need for it now

image.png.8def9dec62595d3ed820e0cfa4ad49cc.png

North Korea stealing $1.5 billion from Bybit last week? 

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Posted
1 hour ago, UTPhil2006 said:

No clue, but Portnoys twitter feed for like 2 weeks straight has been crypto nonsense. Maybe that has the arena in a flux?

He’s been playing meme coins. Not very successfully as everyone of these are pure scammage. 

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Posted

I see MSTR is down a little over 50% in the last 3 months  yet still carries a 50% premium to the net asset value of the BTC it holds. I presume that they still have breathing room on all that debt right now, but I wonder what price BTC needs to drop to before the bottom falls out on MSTR's price? As I understand it, their debt is mostly convertible to shares, but people may start bailing on the shares well ahead of the maturity dates once the reality of massive dilution comes into focus. The right market conditions could start a vicious feedback loop with that stock. I'll enjoy that one more than most. 

Posted
On 2/20/2025 at 6:24 AM, 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.

Crypto layman here.

So as presented to laymen bitcoin mining is solving a mathematical equation to receive a bitcoin, but is it actually solve a portion of an equation to receive a portion of a bitcoin?   Is 0.00000X the smallest increment?

Posted
3 minutes ago, Incredulity said:

Crypto layman here.

So as presented to laymen bitcoin mining is solving a mathematical equation to receive a bitcoin, but is it actually solve a portion of an equation to receive a portion of a bitcoin?   Is 0.00000X the smallest increment?

In the Bitcoin protocol, "mining" is the process of solving for the next block in the chain. Each transaction is packed into a block of transactions as inputs into a hashing algorithm, plus a random pad value. Per the BTC protocol, a block is valid IF and ONLY IF the output from that hash function is under a certain value. There can potentially be multiple solutions to one block, but it's not likely to happen and there's a mechanism to solve the potential for that I'll set aside for brevity. The idea is that the target value is tuned to take approximately 10 minutes to solve at the current network hash rate.

The process of solving for a block is: setting up the hash, adding a random pad to the input, checking it for validity against the current network target value, and then repeating that until a valid pad value is found to produce a small enough output value. This is the work that undergirds proof of work. The current network hash rate is around 800M TH/s.

800,000,000 x 10^12 hashes per second. For 600 seconds.That is 4.8x10^23 discarded computations per "mined" (solved) block added onto the chain.

When the block is minted, the finder gets a baseline block reward (it halves every so often at set milestones of coins created) plus any transaction fees that users add to their transactions to help guarantee they're added to the next block in the chain and they don't get stuck in block validation limbo. 

Blocks have a definitional 1MB size limit, so there is a hard upper limit to the network throughput of the blockchain network.

 

The smallest unit of a BTC is colloquially a "Satoshi" and represents one 100 millionth of a BTC. Thing is, at that size your transaction is probably never getting added to the blockchain unless you're paying a comparatively insane transaction fee ("gas fee")

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Posted (edited)
21 minutes ago, Incredulity said:

Crypto layman here.

So as presented to laymen bitcoin mining is solving a mathematical equation to receive a bitcoin, but is it actually solve a portion of an equation to receive a portion of a bitcoin?   Is 0.00000X the smallest increment?

Whichever individual miner "solves the equation" gets the block reward which is 3.125 BTC currently, plus transaction fees. The odds of individual miners getting it are extremely so almost all of them direct their computing power toward mining pools. These pools share the computational power, and share the rewards. Thus, the fractions of a coin received by Tailgate. 

BTC is divisible down 0.00000001 BTC, or 1 satoshi, or 1 sat.

1 hour ago, Blotto said:

I see MSTR is down a little over 50% in the last 3 months  yet still carries a 50% premium to the net asset value of the BTC it holds. I presume that they still have breathing room on all that debt right now, but I wonder what price BTC needs to drop to before the bottom falls out on MSTR's price? As I understand it, their debt is mostly convertible to shares, but people may start bailing on the shares well ahead of the maturity dates once the reality of massive dilution comes into focus. The right market conditions could start a vicious feedback loop with that stock. I'll enjoy that one more than most. 

the maturities are typically years out. when they've sold them, they do them at least 4 years out, that way the maturity is one whole bitcoin price cycle away and historically a lot of appreciation happens each cycle.

1 hour ago, Nice Guy Eddie said:

I assumed its the lack of action from Trump on bitcoin. 

maybe part of it

2 hours ago, Dahobbs said:

North Korea stealing $1.5 billion from Bybit last week? 

It was a large exchange hack, but those have been happening for a while. Not your keys, not your coins.

 

2 hours ago, Captainant said:

Any takers on what's tanking BTC's value? I guess with the rooskies and norks getting friendlier with us there's less need for it now

image.png.8def9dec62595d3ed820e0cfa4ad49cc.png

I think the most likely geopolitical reason for the dump is the fears around DOGE targeting foreign aid and the Department of Defense. If you see money laundering as a (the?) main use case, then targeting previously untraced waste, fraud and abuse from the largest piggybank on Earth is bearish.

If you throw in Ukraine aid ending then that's another hit. The US and Ukraine and their citizens have long been some of the heaviest owners of cryptocurrency.

Edited by Greg Brady
  • Fuck You 2
Posted

Kids these days.  Back when I was young, to steal that much money you needed to stab a guy.

'The biggest heist in digital history' helps send crypto plunging
Part of today’s reaction appears to be a couple of days late – analysts believe that one of the problems is a hack on Bybit last week, which was the “biggest heist in digital history”.

Last week's 1.5 billion dollar (£1.2 billion) theft of ether, the token which powers the Ethereum blockchain network, from the crypto exchange Bybit, dampened sentiment.

The Dubai-based platform, which allows users to buy and sell crypto with one another, said an attacker gained control of someone's digital wallet containing the funds and transferred them to an unknown blockchain address.

Bybit's chief executive Ben Zhou said at the time that the platform "is solvent even if this hack loss is not recovered, all of clients assets are 1 to 1 backed, we can cover the loss".

https://www.the-independent.com/tech/bitcoin-live-crypto-price-latest-b2704170.html

Posted
On 2/25/2025 at 11:02 AM, Blotto said:

I see MSTR is down a little over 50% in the last 3 months  yet still carries a 50% premium to the net asset value of the BTC it holds. I presume that they still have breathing room on all that debt right now, but I wonder what price BTC needs to drop to before the bottom falls out on MSTR's price? As I understand it, their debt is mostly convertible to shares, but people may start bailing on the shares well ahead of the maturity dates once the reality of massive dilution comes into focus. The right market conditions could start a vicious feedback loop with that stock. I'll enjoy that one more than most. 

I believe MSTR has 8B in debt and currently 49B in BTC.

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