Bitcoin price suddenly surges to 3-year high

[Mescalamba]

What came of this? When is the vote expected?

Nothing, only ppl from India will have another reason to be angry at their abomination of a government.

News like this has about same impact on BTC price as Musk tweeting. Eg. none.

You would need something seriously important to impact price somehow. Was bit like China banning BTC during previous bull run, after second or third statement nobody gave a f--k.

the pandemic has caused economic problems its also caused massive money creation.. add the two together and you have something that could not be predicted.. lots of people not working but getting more money via stimulus checks than if they were working.. the demand is high but the production is low..

a shortage of goods and no shortage of money leads to inflation.. which is exactly what we are seeing and as long as the stimulus checks keep coming the situation will just get worse..

one of the reason big business is buying into bitcoin is because the dollar is losing its purchasing power.. its all a bit of a f-ck up with no easy answer..

having said that without the stimulus checks there would be societal breakdown.. the poor really would be eating the rich..

trog

World is atm close or at breakpoint anyway. Either rich will liquidate poor, or poor will do the same with rich. I guess there are some possible good (not that horrible) outcomes, but wouldnt bet on that.. Future looks rather dark.

 

[Space Lynx]

Nothing, only ppl from India will have another reason to be angry at their abomination of a government.

News like this has about same impact on BTC price as Musk tweeting. Eg. none.

You would need something seriously important to impact price somehow. Was bit like China banning BTC during previous bull run, after second or third statement nobody gave a f--k.



World is atm close or at breakpoint anyway. Either rich will liquidate poor, or poor will do the same with rich. I guess there are some possible good (not that horrible) outcomes, but wouldnt bet on that.. Future looks rather dark.

I could care less at end of day, but it is sad to see how quickly crypto and fiat are both ok with their environmental impact. There is no time left, I fully expect climate change will cause mass migration by the billions, with a b, within 20 years. Humans tried and failed, a shame indeed, oh well. Time to enjoy some reading or gaming in the mean time.

 

[freeagent]

Just curious, if you make 5 bucks a day, how much power do you consume? Surely more than 5 bucks?

 

[Space Lynx]

Just curious, if you make 5 bucks a day, how much power do you consume? Surely more than 5 bucks?

no, usually when people say they make 5 bucks in a day they are including their wattage use/power bill, so really they are making like 8 a day just off top of my head depending where you live, etc.

also, a lot of people steal power from work, neighbors, friends, parents, etc. they just don't admit it here or to anyone else. it's all rather sad.

 

[trog100]

my current power bill is at least $10 dollars per day but my gross take is around $50 dollars per day which goes into my bitcoin stash.. the real value will be governed by what bitcoin does in the future..

electricity isnt cheap where i live.. i do have to pay the leccy bill while all this is going on.. i am using about 1750 watts 24/7..

i am running about 520 m/sh.. i would run more but the hardware costs are too high and i dont see them coming down..

trog

 

[Zach_01]

my current power bill is at least $10 dollars per day but my gross take is around $50 dollars per day which goes into my bitcoin stash.. the real value will be governed by what bitcoin does in the future..

electricity isnt cheap where i live.. i do have to pay the leccy bill while all this is going on.. i am using about 1750 watts 24/7..

i am running about 520 m/sh.. i would run more but the hardware costs are too high and i dont see them coming down..

trog

Isn't cheap indeed... I would pay half of that for the same wattage.

 

[moproblems99]

also, a lot of people steal power from work, neighbors, friends, parents, etc. they just don't admit it here or to anyone else. it's all rather sad.

That's a big generalization, care to back it up?

 

[Space Lynx]

That's a big generalization, care to back it up?

Common sense. I forgot to add one, university dorm rooms. Thanks for reminding me.

 

[moproblems99]

Hmmmm...common sense? Is Lex your father?

 

[trog100]

current hardware costs to mine eth are very high.. i would say roughly around $2000 per 100 m/sh..

100 m/sh would return maybe $10 dollars per day less power costs.. long term this is still profitable but long term is still a bit of an unknown..

once the returns get high enough power costs just become a small percentage of the gross...

trog

 

[sepheronx]

current hardware costs to mine eth are very high.. i would say roughly around $2000 per 100 m/sh..

100 m/sh would return maybe $10 dollars per day less power costs.. long term this is still profitable but long term is still a bit of an unknown..

once the returns get high enough power costs just become a small percentage of the gross...

trog

Long term is fine too.

I watched a roundtable discussion (the digital kind) between some of the bigger players behind mining and more or less they figured out how much one would make after the ETH update and switching to other cryptocoins. The big one is if Raven does become the main alternative, and it gets to $1 per coin, it would be more profitable to mine that than ETH currently. I know bitsbetrippin is looking at other altcoins as well to see where the profit margin will be. I know Conflux hasn't been mentioned much but that also has opportunity.

 

[trog100]

bitcoin took a surprise hit last night.. down from 55K-ish to 52K-ish...

musk announces he is swapping his tesla vehicles for bitcoin.. this should have boosted the bitcoin price but it went down.. he he..

i can only think whales are playing whale games.. there is no other logical reason for the dip...

trog

 

[lexluthermiester]

Hmmmm...common sense? Is Lex your father?

I love the personal jabs. They're funny as hell. Pathetically nitwitted, but funny..

 

[sepheronx]

bitcoin took a surprise hit last night.. down from 55K-ish to 52K-ish...

musk announces he is swapping his tesla vehicles for bitcoin.. this should have boosted the bitcoin price but it went down.. he he..

i can only think whales are playing whale games.. there is no other logical reason for the dip...

trog

I also looked into this and some were mentioning that it's tax time and markets all got hit. So they say that it's about this week every year it ends in the red to only rebound in April.

 

[trog100]

I also looked into this and some were mentioning that it's tax time and markets all got hit. So they say that it's about this week every year it ends in the red to only rebound in April.

yes the stock markets are all in the red.. the US markets havnt opened yet.. they are the ones that matter..

trog

 

[moproblems99]

bitcoin took a surprise hit last night.. down from 55K-ish to 52K-ish...

When will people realize there are no surprises in btc?

 

[dgianstefani]

no, usually when people say they make 5 bucks in a day they are including their wattage use/power bill, so really they are making like 8 a day just off top of my head depending where you live, etc.

also, a lot of people steal power from work, neighbors, friends, parents, etc. they just don't admit it here or to anyone else. it's all rather sad.

Power is like 10-15% of income if using latest gen cards.

Tuned 3080s will use 240w, 3090s 280w with no loss of mining perf. Easy enough to run off solar.

 

[freeagent]

That's not bad, so just like running a game? 350-450w usage? Pretty decent.. I thought it would be like running furmark or something

 

[trog100]

my four year old (200 m/sh) 8 x 1070 rig uses twice the power that my 3080 cards do for the same m/sh.. but at current prices it would cost about £8000 to replace them with more efficient 3060TI cards.. so it aint gonna get done.. he he

there is an 8 x 3060ti rig on UK ebay for £11500 i have looked at it but 11K plus is out of my league..

trog

 

[toilet pepper]

bitcoin took a surprise hit last night.. down from 55K-ish to 52K-ish...

musk announces he is swapping his tesla vehicles for bitcoin.. this should have boosted the bitcoin price but it went down.. he he..

i can only think whales are playing whale games.. there is no other logical reason for the dip...

trog

Some people will call it a Flash Sale.

 

[Colddecked]

Just curious, if you make 5 bucks a day, how much power do you consume? Surely more than 5 bucks?

With my my setup which isn't the most efficient since its not just a mining rig (3800x, 3 570s+5700) using off the top of my head maths, I pay about an extra 1.5 dollars a day in electric costs compared to the time period last year without mining. So about 40 to 50 extra dollars a month in electric compared to last year, and in return have been getting around 400 worth of crypto a month, so a net profit of about 350. I live in an area with 11cent per kWh power, not terribly expensive but not exactly cheap either.

 

[Dinnercore]

Just curious, if you make 5 bucks a day, how much power do you consume? Surely more than 5 bucks?

I think its safe to say I got one of the highest power costs here. I got a contract for 'green' eco-friendly electricity to support renewable energy.

I pay 0,34€ per kWh. My PC (not a mining optimized rig) uses 560W for ~ 152MH/s. This means I pay 4,57€ per day on electricity but I still make a net profit of 11,82€ per day in BTC at the current price (dipped down a little). 16,39€ per day would be the profit if power was free for me, but I actually pay for mine.

Due to the current crypto market situation you can mine with good ROI even where power is most expensive.

 

[ZenZimZaliben]

Some people will call it a Flash Sale.

That's exactly the way I look at it.

 

[Space Lynx]

That's exactly the way I look at it.

I'm more bullish on Bitcoin Cash long term than regular Bitcoin. I think Elon Musk will accept Bitcoin Cash at some point for Tesla too.

Don't care either way since I am not investing, but eh.

 

[trog100]

I'm more bullish on Bitcoin Cash long term than regular Bitcoin. I think Elon Musk will accept Bitcoin Cash at some point for Tesla too.

Don't care either way since I am not investing, but eh.

the important point about musk accepting bitcoin for cars is that he isnt converting the bitcoin back to cash the firms treasury is now in bitcoin.. no fiat..

for day to day cash they will borrow using the bitcoin as collateral.. in short they have a limitless supply of cash money if they need it without having to dip into the bitcoin treasury.. this will keep growing..

as more and more large organizations do this the value of bitcoin goes up.. fiat will still be needed for day to day smaller transactions but the real money (wealth) will be stored as bitcoin..

interesting stuff..

trog