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Anyone actually mining bitcoins or other cryptocurrencies?

 

I was thinking of building myself a day-trading PC... then I started thinking... might has well make it mine crypto at the same time.  

Also I have a heater running 24/7 as I live on the ground floor of a "Vancouver special".... maybe I should just use the heat generated from mining to heat up the room instead, lol.  Make a little money back.  

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6 hours ago, Lancaster said:

Anyone actually mining bitcoins or other cryptocurrencies?

 

I was thinking of building myself a day-trading PC... then I started thinking... might has well make it mine crypto at the same time.  

Also I have a heater running 24/7 as I live on the ground floor of a "Vancouver special".... maybe I should just use the heat generated from mining to heat up the room instead, lol.  Make a little money back.  

I have read a couple of article's that state Bitcoin mining alone could produce CO2 emissions enough in the next few decades to push global temperatures above 2 degrees Celsius.

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1 hour ago, Ilunga said:

I have read a couple of article's that state Bitcoin mining alone could produce CO2 emissions enough in the next few decades to push global temperatures above 2 degrees Celsius.

Cow farts.

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3 hours ago, Ilunga said:

I have read a couple of article's that state Bitcoin mining alone could produce CO2 emissions enough in the next few decades to push global temperatures above 2 degrees Celsius.

I don't know if it can make that much impact but I do believe that 75% of all bitcoins are mined in China.

While China like to portray itself as being progressive in terms of renewable energy... they're still building coal power plants like they're going out of style.  So coal power plants fueling cryptomining... not very eco-friendly.  

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3 hours ago, Lancaster said:

I don't know if it can make that much impact but I do believe that 75% of all bitcoins are mined in China.

While China like to portray itself as being progressive in terms of renewable energy... they're still building coal power plants like they're going out of style.  So coal power plants fueling cryptomining... not very eco-friendly.  

The article I read stated that the main place in China where they mined Bitcoins was powered by generators that run on dirty coal.

And that was the figure that was quoted.

 

I curse myself sometimes for being a computer illiterate individual who cannot post links.

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Not to mention the rig you would need to build to handle mining btc.   The heat that would produce would be unreal.  
 

there’s a site where you can pay a company monthly to mine for you.   They did a tour of that company and they had gear as far as the eye can see, and also wall to wall high powered fans.   

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I don't know anything about bitcoin, but I'm assuming it's becoming more accessible. At least to buy. I work a bottle depot part time and within the last month we got a new machine that dispenses money to customers, but it also performs other functions, one of which allows customers to buy bitcoin from the terminal. I'd assume that sort of thing is becoming more commonplace. 

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4 hours ago, sassbs said:

Not to mention the rig you would need to build to handle mining btc.   The heat that would produce would be unreal.  
 

there’s a site where you can pay a company monthly to mine for you.   They did a tour of that company and they had gear as far as the eye can see, and also wall to wall high powered fans.   

I'm just thinking.... a regular heater already uses like 750-1500w.  A mining rig with like 4 GPU uses about 1200w.  

Maybe a cost effective way to heat a home maybe?

Make money while heating your place, lol.  

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you can't mine bitcoin using a pc or gpus anymore, you need an asic. there's zero chance of you running an asic out of your house at a profit. i run a heavy duty one as a hobby miner, and it's still not profitable

 

you can mine lesser cryptocurrencies though and just hope their value goes up. never done this, but obviously people are still doing it.

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  • 3 weeks later...

Wasn't sure where to post this.  It's not a cybercurrency but it is an investment of sorts, I suppose.  And, like cybercurrencies, I really dont understand it:

 

****************************************************************************************************************************

 

https://www.nbcnews.com/business/business-news/digital-artwork-sells-record-60-million-christie-s-first-nft-n1260544

 

Digital artwork sells for record $69 million at Christie's first NFT auction

 

Christie's auction house sold its first purely digital artwork Thursday for a record $69 million, the highest price paid for an NFT, or nonfungible token.

 

The work, “Everydays: The First 5000 Days,” is by Mike Winkelmann, who goes by the name Beeple. The work is a collage of 5,000 drawings, one created and posted every day for the past 13 and a half years.


Originally created with pen and paper and now mostly illustration software, the sketches run the gamut from an angular line drawing of his first baby to Hillary Clinton and well-known cartoon characters.

 

The winning bidder owns the work in the form of a unique string of code, called a nonfungible token. The piece has no physical presence and will be "delivered directly from Beeple to the buyer, accompanied by a unique NFT encrypted with the artist’s unforgeable signature and uniquely identified on the blockchain," Christie's said.

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not into NFTs. find the entire thing so confusing with a future so uncertain that i'm more inclined to think it's just like the real art world -- which is to say, probably just a bunch of money laundering going on

 

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14 hours ago, GLASSJAW said:

not into NFTs. find the entire thing so confusing with a future so uncertain that i'm more inclined to think it's just like the real art world -- which is to say, probably just a bunch of money laundering going on

 

 

That's what my view if art and collectables have generally been because I dont care for them lol

 

All NFT's are is basically a digital signature of authenticity. I dont personally get it, but is obvious that the next generation is heading in that direction. Everything is digital. Art will be too. 

 

 

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And some more news from the cybercurrency front that leaves me shaking my head and feeling confused and old:

 

https://markets.businessinsider.com/currencies/news/ethereum-ether-eth-miners-protests-changes-destroy-coins-crypto-2021-3-1030172884

 

Ethereum upgrade that will destroy coins sparks anger among miners - with some planning to fight back

 

The planned upgrade to the Ethereum network that will start to destroy ether coins has angered many of the cryptocurrency's miners, with some trying to organize a form of strike to demonstrate their opposition.

 

 

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2 hours ago, UnkNuk said:

And some more news from the cybercurrency front that leaves me shaking my head and feeling confused and old:

 

https://markets.businessinsider.com/currencies/news/ethereum-ether-eth-miners-protests-changes-destroy-coins-crypto-2021-3-1030172884

 

Ethereum upgrade that will destroy coins sparks anger among miners - with some planning to fight back

 

The planned upgrade to the Ethereum network that will start to destroy ether coins has angered many of the cryptocurrency's miners, with some trying to organize a form of strike to demonstrate their opposition.

 

 

very simply put:

-ethereum operates on gas (fees). 

-in order to make a transaction of eth from one person to the next, you need to pay gas to incentivize the network to verify the transaction.

-the incentive is a small denomination of eth 

-currently the ethereum network is so jammed with activity that gas prices have gone way too high because people want their transactions verified quickly and therefore pay high incentives to get the verification

-this is not sustainable, especially when it comes to small transactions which have smaller fees and therefore get pushed to the back of the line

 

the new protocol upgrade is an attempt to finally decrease gas fees as an attempt to finally stop network congestion and make the network more user friendly

 

miners are unhappy because they're the ones who verify the network. in other words, the gas fees you're paying above are the exact same ones they're benefiting from. in other words, ethereum is proposing to cut their profits by making the network more user friendly

 

its understandable why miners are cranky, but it's inevitably because ethereum has been planning to get away from that form of mining for years now

 

side note: the burning of coins is a great thing for the price of ethereum, generally speaking, as it will create more scarcity. miners are not upset about that, it's just an added part of the protocol update

 

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I got some NBA top shot moments but don't have any crypto wallets to withdraw money.  What would be the best options to start one of these things?

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On 3/11/2021 at 5:57 PM, UnkNuk said:

Wasn't sure where to post this.  It's not a cybercurrency but it is an investment of sorts, I suppose.  And, like cybercurrencies, I really dont understand it:

 

****************************************************************************************************************************

 

https://www.nbcnews.com/business/business-news/digital-artwork-sells-record-60-million-christie-s-first-nft-n1260544

 

Digital artwork sells for record $69 million at Christie's first NFT auction

 

Christie's auction house sold its first purely digital artwork Thursday for a record $69 million, the highest price paid for an NFT, or nonfungible token.

 

The work, “Everydays: The First 5000 Days,” is by Mike Winkelmann, who goes by the name Beeple. The work is a collage of 5,000 drawings, one created and posted every day for the past 13 and a half years.


Originally created with pen and paper and now mostly illustration software, the sketches run the gamut from an angular line drawing of his first baby to Hillary Clinton and well-known cartoon characters.

 

The winning bidder owns the work in the form of a unique string of code, called a nonfungible token. The piece has no physical presence and will be "delivered directly from Beeple to the buyer, accompanied by a unique NFT encrypted with the artist’s unforgeable signature and uniquely identified on the blockchain," Christie's said.

Some of his drawings are just weird and make no sense, the fact that two guys paid 69m is crazy.

Although they paid in some crypto currency and that thing goes up and down like a roller coaster.

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