Just What Is This Mining All About, Anyways?

[erixx]

Don't doubt it, just haven't bothered, having this forum At least today I learned that it's not small money that some make.

 

[trog100]

Don't doubt it, just haven't bothered, having this forum At least today I learned that it's not small money that some make.

it takes a big outlay to make big money.. like at todays retail hardware prices i am making maybe $600 dollars per month.. that took an outlay of £4000 UK pounds..

to make the other figure quoted $2400 per month it would take a UK retail outlay of errr.. £16000 UK pounds..

i am telling the whole truth.. some folks (maybe crypto enthusiasts) are just telling part of the truth..

as for it all being well documented.. sorry but that is total bollocks.. its pretty much all out of date.. and the figures quoted are all (optimistically) wrong or just part of the story.. .. he he..

trog

 

[Jetster]

Didn't bitcoins just take a dive?

 

[TheoneandonlyMrK]

Didn't bitcoins just take a dive?

the crypto economy is subject to huge variability ... there's money being made out of all the scare mongering going on, for example JP morgans jamie dimon spouted some rubbish , it dipped , some really interseting documentories not on or about crypto PERFECTLY explain the dips , the banking system are very concerned that their way of seperating fees from us "visa et al etc" might (should )be under threat.

funny because JP morgan made paypal what it is today apparently, i did'nt know that, but that raises the hypocrisy to new levels.

 

[R-T-B]

as for it all being well documented.. sorry but that is total bollocks..

Price, diffilculty, and electric cost should always be known. That is all you need. The "it's out of date" part is because people are bad at math, and so use sketchy online calculators. That doesn't change what is known. My statement is true.

Didn't bitcoins just take a dive?

Yeah, a minor one. They came back nearly as fast, as is typical. Trading at around $4,100 now.

@theoneandonlymrk it was more about China than JPMorgan. Neither ended up mattering though.

 

[yotano211]

I mine and still make money so I'll continue mining what ever coin.

 

[BiggieShady]

Mining is basically using SHA256 to create "signatures" of actual data that cannot be converted back to the original data. Since the information of the original data cannot be known, this makes it very secure. All of the data generated is of the same length, too, whether it be three characters, or 50.

It can be used to verify the integrity of data without knowing the actual data. That's how you can send coins anonymously...

Lots of information about this all over the place, actual a very in-depth subject that almost requires going to school to understand fully, I guess.


I'm probably not making any sense because I don't even understand it fully.

Enjoy!

So close but one essential missconception

Mining is basically using SHA256 to create "signatures" of actual data that cannot be converted back to the original data.

Calculating hash is not computationally expensive, it's cheap to do and it's being done in many iterations down the block chain for verification purposes when initiating transactions. Conversion back, which you said isn't possible is exactly what mining is, brute force hash cracking on the gpu to add another transaction to the block chain (and get mint coin reward) - it's essentially building a verifiable transaction log in backwards fashion and using side effects of crypto hash functions to achieve non-centralism, anonymity along with transparency and control of value along with disabled possibility of creating money out of thin air. System has one huge drawback though, it's horribly energy inefficient in an exponential increasing kind of way and a cost in electricity of adding another transaction to bitcoin chain is stupidly high and drives the value of bitcoin (along with other crypto coins that trade in btc and they behave the same way)

 

[cdawall]

thats about 1/6th of your earnings going into the power bill.. pretty good..

roughly how many cards have you got mining.. on my current earnings. i would need 40 to see earnings like that.. and my power bill would be f-cking huge..

about $650 dollars per month i recon.. but still profitable.. the snag is my dollar earnings per day have dropped by %25 to %30 over the last month.. or my bitcoin earnings have dropped by the same amount.. in my case from 004-ish to 003.-ish per day..

i am getting roughly about a quarter of what you must be getting.. i am mining 10 cards..

i live in the UK and my leccy aint cheap.. it wont take much more of an earnings drop before i am mining for nothing.. he he..

i am doing it just to accumulate some bitcoin.. i think its gonna go up.. but from what i am seeing i should have just bought some of the bloody stuff and not bothered with mining..

i am painting a negative picture cos at the moment i am seeing a negative picture.. even more if you look at the current hardware costs of getting that $2400 dollars per month.. he he..

i recon for those not already owning the hardware and in the mining game.. its kind of f-cked.. how f-cked depends how much you pay for your leccy..

trog

4-6 1080Ti's
9 1060's
5 470/570's
5 1070's
3 1080's

I had some 980Ti's going as well, but power usage was a bit high for the current market. They are all together in a rig that just sits shut off waiting for currency to skyrocket. I will probably toss them onto bitcoin gold when it hits (assuming rumors are true and it uses equihashes algo)

 

[TheoneandonlyMrK]

4-6 1080Ti's
9 1060's
5 470/570's
5 1070's
3 1080's

I had some 980Ti's going as well, but power usage was a bit high for the current market. They are all together in a rig that just sits shut off waiting for currency to skyrocket. I will probably toss them onto bitcoin gold when it hits (assuming rumors are true and it uses equihashes algo)

Are you saying you switched off atm ? Just surprised is all

 

[cdawall]

Are you saying you switched off atm ? Just surprised is all

Only the maxwell based stuff

 

[Super XP]

the crypto economy is subject to huge variability ... there's money being made out of all the scare mongering going on, for example JP morgans jamie dimon spouted some rubbish , it dipped , some really interseting documentories not on or about crypto PERFECTLY explain the dips , the banking system are very concerned that their way of seperating fees from us "visa et al etc" might (should )be under threat.

funny because JP morgan made paypal what it is today apparently, i did'nt know that, but that raises the hypocrisy to new levels.

Anything JP Morgan says, do the opposite. lol

 

[Super XP]

So close but one essential missconception

Calculating hash is not computationally expensive, it's cheap to do and it's being done in many iterations down the block chain for verification purposes when initiating transactions. Conversion back, which you said isn't possible is exactly what mining is, brute force hash cracking on the gpu to add another transaction to the block chain (and get mint coin reward) - it's essentially building a verifiable transaction log in backwards fashion and using side effects of crypto hash functions to achieve non-centralism, anonymity along with transparency and control of value along with disabled possibility of creating money out of thin air. System has one huge drawback though, it's horribly energy inefficient in an exponential increasing kind of way and a cost in electricity of adding another transaction to bitcoin chain is stupidly high and drives the value of bitcoin (along with other crypto coins that trade in btc and they behave the same way)

Ripple (XRP) vs. Bitcoin. Winner Ripple
XRP can also process much greater volume. Bitcoin can process up to seven transactions per second at the current limit, while XRP today can process over 1,000 transactions per second. That’s a huge difference in scalability as volume of transactions increase and more people start moving their money using digital currency.

According to a tweet on March 31 by Ripple CEO Brad Garlinghouse, XRP takes an average of 3.7 seconds to transact, while Bitcoin averages two hours. That’s on par with the maximum throughput delivered by Visa, the world’s highest volume payment processor.

Here's another quote about Ripple:
– Powerful Technology :
Ripple can process 70,000 transactions per second, which is huge as compared to Bitcoin. Bitcoins can handle up to 7 transactions per second. Ripple’s technology is powerful enough to replace international payment systems such as VISA while reducing the cost and allow instant transfers.
https://www.ripplecoinnews.com/ripple-xrp-price-predictions

 

[R-T-B]

Ripple (XRP) vs. Bitcoin. Winner Ripple
XRP can also process much greater volume. Bitcoin can process up to seven transactions per second at the current limit, while XRP today can process over 1,000 transactions per second. That’s a huge difference in scalability as volume of transactions increase and more people start moving their money using digital currency.

According to a tweet on March 31 by Ripple CEO Brad Garlinghouse, XRP takes an average of 3.7 seconds to transact, while Bitcoin averages two hours. That’s on par with the maximum throughput delivered by Visa, the world’s highest volume payment processor.

Here's another quote about Ripple:
– Powerful Technology :
Ripple can process 70,000 transactions per second, which is huge as compared to Bitcoin. Bitcoins can handle up to 7 transactions per second. Ripple’s technology is powerful enough to replace international payment systems such as VISA while reducing the cost and allow instant transfers.
https://www.ripplecoinnews.com/ripple-xrp-price-predictions

Ripple's been around a long time though and it's value has never actually been that high. Has that changed? Until it gets more recognition it's basically dead in the water I'm afraid.

EDIT: NVM, it appears there's been a huge value spike. Interesting. I may have to invest some.

https://coinmarketcap.com/currencies/ripple/

 

[Ebo]

To me the crypto wave is a fart in a flash light.
Theres absolutely NO basis for it to exist.
Our monery system is based on the value of gold which NO vitural currency is based on, its only based on supply and demand then to fade off. For smart business men that is a golden oppertunity for launch another currency just to make money of you who falls for that which makes an artificial demand for something thats dosent exist in real life, but made only from greed.

 

[R-T-B]

Our monery system is based on the value of gold

Umm, not since a long time, no.

 

[yotano211]

To me the crypto wave is a fart in a flash light.
Theres absolutely NO basis for it to exist.
Our monery system is based on the value of gold which NO vitural currency is based on, its only based on supply and demand then to fade off. For smart business men that is a golden oppertunity for launch another currency just to make money of you who falls for that which makes an artificial demand for something thats dosent exist in real life, but made only from greed.

The USD hasnt been based on gold for some time now. USD is now also based on a form of supply and demand.

 

[Ebo]

every system of money arround the world is based on the price of gold, end of that.

 

[R-T-B]

every system of money arround the world is based on the price of gold, end of that.

Actually, most currencies are more or less bound relative to the dollar or euro, both of which are not related to gold at all anymore and purely on supply and demand.

So yeah, end of that... but not how you say it. If what you said is true, gold would not vary relative to currency values.

https://en.wikipedia.org/wiki/Gold_standard

You may want to read that. In particular the parts about it's end, and how Bitcoin is actually more like a gold standard than modern currencies.

 

[FordGT90Concept]

In particular the parts about it's end, and how Bitcoin is actually more like a gold standard than modern currencies.

Gold has relatively constant discovery rate where BTC gets exponentially worse over time. Gold also has intrinsic value where BTC's only intrinsic value is whatever it cost in terms of other currencies (electricity and hardware) to get it. Both combined, BTC is like a person on a trampoline where the traditional fiat currencies are the trampoline itself and gold is the ground on which the trampoline rests. BTC cannot substitute for gold.

Think of a world without internet (e.g. systemic cutting of undersea cables). BTC doesn't work; fiat currencies still do. So does gold. Turning BTC into a tangible currency is also a non-starter (most transactions occur in the hundredths of a BTC or less). And BTC gets dragged down the more transactions are in the network.

Fiat currencies are here to stay. The jury is still out on cryptocurrencies.

 

[Super XP]

Ripple's been around a long time though and it's value has never actually been that high. Has that changed? Until it gets more recognition it's basically dead in the water I'm afraid.

EDIT: NVM, it appears there's been a huge value spike. Interesting. I may have to invest some.

https://coinmarketcap.com/currencies/ripple/

Here you go.
https://www.ripplecoinnews.com/5-reasons-to-buy-ripple-xrp-coin

-SWELL conference which will be held in16-18 October at Toronto. Ben Bernanke

 

[Super XP]

Gold has relatively constant discovery rate where BTC gets exponentially worse over time. Gold also has intrinsic value where BTC's only intrinsic value is whatever it cost in terms of other currencies (electricity and hardware) to get it. Both combined, BTC is like a person on a trampoline where the traditional fiat currencies are the trampoline itself and gold is the ground on which the trampoline rests. BTC cannot substitute for gold.

Think of a world without internet (e.g. systemic cutting of undersea cables). BTC doesn't work; fiat currencies still do. So does gold. Turning BTC into a tangible currency is also a non-starter (most transactions occur in the hundredths of a BTC or less). And BTC gets dragged down the more transactions are in the network.

Fiat currencies are here to stay. The jury is still out on cryptocurrencies.

I agree, and Crypto currencies are very volatile. GOLD is something you can hold. Solid. But eventually in the (near/distant) future, Digital Currencies will be the king of currencies. Paper cash will be the thing of the past. It will be a time where Governments. Won't have control. IMO of course.

But for now Fiat, Gold and Silver are King.

 

[R-T-B]

Gold has relatively constant discovery rate where BTC gets exponentially worse over time.

Thus far. Wait until we deplete most of the gold in easily accesible surface soils.

 

[FordGT90Concept]

But eventually in the (near/distant) future, Digital Currencies will be the king of currencies. Paper cash will be the thing of the past.

Most "cash" is "digital" already. Your average bank holds accounts that far exceed the value they possess in legal tender. The legal tender is a currency unto itself that is traded with the federal reserve. Federal reserve produces legal tender as banks demand it and they destroy more than they produce when demand for legal tender falls off. Banks can run into a situation where someone tries to withdrawal more money than they have legal tender available for. FDIC was (partially) created to prevent that from happening.

It will be a time where Governments. Won't have control. IMO of course.

Governments already don't have control over physical commodities like gold and silver. They may tax the trade of them but the value ascribed to them will exist even in the absence of governance.

Thus far. Wait until we deplete most of the gold in easily accesible surface soils.

Doesn't really matter any more. I don't think there's any gold standard currencies out there today. Even the GBP is fiat now. Gold is just too damn valuable to let it collect dust in a vault.

 

[dozenfury]

my nicehash miner has just done an update.. since the update its started to mine cryptonight using the cpu as well as my gpus..

i am not sure how this effects profits or if its a bad thing or not.. ????

trog

Nicehash will check your cpu against current rates and will use it if it adds mining value. It's not a bad thing since every bit helps, but it's not going to return nearly as much as your GPU. We're talking maybe 40-50 cents a day for a newer cpu. You can de-select to use it if you'd like.

GPU mining is still profitable for sure, but I still think we're passed the gravy days of the rush. The time to get into it was a couple years ago for GPU mining (and years back for ASIC mining). A person might be able to start now, but unless you already have hw that is mining capable sitting around gathering dust, it's unlikely to be able to go out today and invest money in a mining rig and break even. Of course you never know if cryptocoin prices will rocket up again though. But at this point so many people are doing it that the difficulty is cranking up at a high rate every month, which eats away at profits. There are calculators out there that will help you see a graph of profit potential that will help to explain that picture in a clearer way. Last time I ran the numbers a person buying a new card now to mine with would be lucky to ever break even. But I started a couple years ago and have done pretty ok.

 

[trog100]

i had to revert back (with some difficulty) to the earlier version of nicehash to get rid of the cpu mining.. it hogged 100 % cpu power and stopped the mining cards from working properly on my 8 card mining rig..

it worked okay on my 7700K powered desktop rig only using about 50% cpu power to produce next to f-ck all..

sooo in my case its a 100% f-ck up.. he he..

trog