If it’s costing so little in places like the Ukraine then why aren’t Westerners flocking there & renting an apartment for 12 months to mine?
How much money could you realistically make?
I was in Kiev last summer & the city centre apartments were ok & really cheap.
Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 10130. (Read 26731399 times)
June 29, 2019, 10:08:24 AM
June 29, 2019, 09:51:43 AM
I have roach on ignore but would be happy to counter his misinformation in this instance. Bitcoin (per coin on average) costs anywhere between $1,300 and $37,400 to mine depending on where you are in the world. As you can see, mining is prohibitively expensive in much of the world (this is based on today's prices):
https://coinrate.com/cryptocurrency-mining-prices-and-profitability-by-country-in-realtime
And yes, not anybody can just start up their own mining operation to get "cheap coins." Most mining farms operate in the red for months or years before turning a profit -- they are invested in the long haul and weather unprofitable periods on the bet that the price of BTC will continue to increase in the future.
Besides, roach should know as well as anybody that the market dictates prices. This is what gives BTC - like any traded good in the world - its premium.
aside from other valid arguments, this picture cannot be right, and even if it is for whole countries, at least in US, there are much-much cheaper regions where you can mine for much less.
With S9, you mine at break even right now at about 15.56c/Kwh.
https://www.cryptocompare.com/mining/calculator/btc?HashingPower=13.5&HashingUnit=TH%2Fs&PowerConsumption=1350&CostPerkWh=0.156&MiningPoolFee=1
US average is 12c, so you do the math (my calc (12/15.56)X12000=$9254/btc mining breakeven cost after recouping fixed cost for S9 at the average US electricity cost).
Besides, we are talking about a machine that is a three year old tech. Newer machines have at least twice as better profitability, but they are still rare.
That said, miners also need to recoup their fixed cost (machines), so as far as P/L, the numbers are probably higher.
For example, current S9 (on ebay) will recoup it's cost (at 12c) in about 10 mo, but more realistically, later, due to difficulty increase.
June 29, 2019, 09:46:43 AM
Who wants to move to Venezuela for a year and get their mine on 
I’d consider it if I was single & a couple of us went into business together.
I’d consider it if I was single & a couple of us went into business together.
The US has an embargo against Venezuela, so I wouldn't be able to go into such a venture. Unless I was planning on not returning to the US until the embargo is lifted. Plus, I'm not certain that I would want to live for a moment under a corrupt socialist government. I know scoring that cheap corn is enticing, but there are limits.
June 29, 2019, 09:45:23 AM
Who wants to move to Venezuela for a year and get their mine on
I’d consider it if I was single & a couple of us went into business together.
They mine bitcoin in Iran already in their mosques due to the free electricity they have so why not? I’d consider it if I was single & a couple of us went into business together.
Well someone must be paying the bill anyway. So, it's not free at all.
June 29, 2019, 09:44:07 AM
Who wants to move to Venezuela for a year and get their mine on
I’d consider it if I was single & a couple of us went into business together.
Safety first. I heard the situation there is very hostile, not sure how bad it is. I’d consider it if I was single & a couple of us went into business together.
June 29, 2019, 09:43:05 AM
Who wants to move to Venezuela for a year and get their mine on
I’d consider it if I was single & a couple of us went into business together.
They mine bitcoin in Iran already within their mosques due to the free electricity they have so why not? I’d consider it if I was single & a couple of us went into business together.
They get over $260,000 worth of bitcoins and it all goes towards their place of worship.
https://cointelegraph.com/news/iran-bitcoin-miners-set-up-shop-in-mosques-amid-govt-crackdown
https://www.express.co.uk/news/world/1146669/iran-mosques-bitcoin-safe-houses-hiding
June 29, 2019, 09:36:44 AM
Who wants to move to Venezuela for a year and get their mine on
I’d consider it if I was single & a couple of us went into business together.
I’d consider it if I was single & a couple of us went into business together.
June 29, 2019, 09:30:43 AM
I have roach on ignore but would be happy to counter his misinformation in this instance. Bitcoin (per coin on average) costs anywhere between $1,300 and $37,400 to mine depending on where you are in the world. As you can see, mining is prohibitively expensive in much of the world (this is based on today's prices):
https://coinrate.com/cryptocurrency-mining-prices-and-profitability-by-country-in-realtime
And yes, not anybody can just start up their own mining operation to get "cheap coins." Most mining farms operate in the red for months or years before turning a profit -- they are invested in the long haul and weather unprofitable periods on the bet that the price of BTC will continue to increase in the future.
Besides, roach should know as well as anybody that the market dictates prices. This is what gives BTC - like any traded good in the world - its premium.
I checked the web page. They need to update their statistics. It appears that they are using figures for the S9, which uses 100 J/TH. The S15 uses 57J/TH and the S17 uses 56 J/TH. So it appears the costs need to be adjusted down by almost half. Still expensive to mine a BTC in most places though. From what I can tell, it also does not factor in additional costs, like cooling costs and depreciation of mining equipment. https://coinrate.com/cryptocurrency-mining-prices-and-profitability-by-country-in-realtime
And yes, not anybody can just start up their own mining operation to get "cheap coins." Most mining farms operate in the red for months or years before turning a profit -- they are invested in the long haul and weather unprofitable periods on the bet that the price of BTC will continue to increase in the future.
Besides, roach should know as well as anybody that the market dictates prices. This is what gives BTC - like any traded good in the world - its premium.
June 29, 2019, 09:26:00 AM
Good old times
June 29, 2019, 09:03:30 AM
"You throw another document in my courtroom you will be in handcuffs so fast your head will spin" -- Judge Reinhart (talking to Craig Wright)
https://twitter.com/CarolinaBolado/status/1144664316496535553
Is this real?
LOL https://twitter.com/CarolinaBolado/status/1144664316496535553
Is this real?
Seems like the entire court is upset with Craig's stupidity.
June 29, 2019, 09:01:57 AM
June 29, 2019, 09:01:06 AM
"You throw another document in my courtroom you will be in handcuffs so fast your head will spin" -- Judge Reinhart (talking to Craig Wright)
https://twitter.com/CarolinaBolado/status/1144664316496535553
Is this real?
https://twitter.com/CarolinaBolado/status/1144664316496535553
Is this real?
June 29, 2019, 08:58:59 AM
7. Bitcoin still not dead
June 29, 2019, 08:57:17 AM
Is bitcoin dead?
It will be if CZ doesn't learn wtf it is.
.@binance will actively block any stolen funds coming our way. The key is fast reporting (victim) and real-time blocking (exchanges). To this end, we developed an anti-fraud system just for this. Will make it available to all real soon, free of charge. #SAFU
No blacklists, thanks all the same, CZ.
How about this:
Quote
While I am against theft, my fear is systems like this become chokepoints to kill fungibility. Today it is "block theft", tomorrow it is "block coins which touched anyone we don't like", next is "block anyone who didn't pay taxes in ". Needs careful design.
https://twitter.com/octal/status/1144217898195591173Do we really need someone to control our moves? That's not the whole idea of Bitcoin.
June 29, 2019, 08:52:27 AM
Quote
‘Oh no I missed the pump’
‘Doenst buy the dip’
‘Oh no I missed the pump’
‘Doesnt buy the dip’
‘Oh no I missed the pump’
‘Doenst buy the dip’
‘Oh no I missed the pump’
‘Doesnt buy the dip’
‘Oh no I missed the pump’
‘Doenst buy the dip’
‘Oh no I missed the pump’
‘Doenst buy the dip’
‘Oh no I missed the pump’
‘Doesnt buy the dip’
‘Oh no I missed the pump’
‘Doenst buy the dip’
‘Oh no I missed the pump’
‘Doesnt buy the dip’
‘Oh no I missed the pump’
‘Doenst buy the dip’
‘Oh no I missed the pump’
https://twitter.com/YORK780/status/1135448809146912768
June 29, 2019, 08:38:35 AM
Is bitcoin dead?
It will be if CZ doesn't learn wtf it is.
.@binance will actively block any stolen funds coming our way. The key is fast reporting (victim) and real-time blocking (exchanges). To this end, we developed an anti-fraud system just for this. Will make it available to all real soon, free of charge. #SAFU
No blacklists, thanks all the same, CZ.
RIP Binance, it was good while it lasted.
June 29, 2019, 08:30:49 AM
Good afternoon WO.
Observing @ $12,000
Observing @ $12,000
June 29, 2019, 08:13:43 AM
@ V8
Only 4470 unconfirmed transactions as I type this. Opportunity to consolidate small amounts, cheap fees
Only 4470 unconfirmed transactions as I type this. Opportunity to consolidate small amounts, cheap fees
Don't worry, Roger will just find something else to moan about
June 29, 2019, 08:11:25 AM
Is bitcoin dead?
Let me check...
No.
And it's over 12100.
Would be nice to get above 12500 and confirm upwards movement
Well, I don’t know if I’d prefer that but I wouldn’t mind necessarily. I don’t feel like that’s where we’re going though.
June 29, 2019, 08:10:39 AM
This week in crypto:
1. Cash App adds Bitcoin deposits
2. LedgerX physical BTC futures ok
3. Henry Kravis backs crypto fund
4. Gemini opens Chicago office
5. Amun launches Bitwise 10 ETP
6. Samourai Wallet releases CoinJoin
7. Bitcoin still not dead
The virus is spreading🔥
https://twitter.com/apompliano/status/1144950904677781506?s=21
1. Cash App adds Bitcoin deposits
2. LedgerX physical BTC futures ok
3. Henry Kravis backs crypto fund
4. Gemini opens Chicago office
5. Amun launches Bitwise 10 ETP
6. Samourai Wallet releases CoinJoin
7. Bitcoin still not dead
The virus is spreading🔥
https://twitter.com/apompliano/status/1144950904677781506?s=21
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