Bitcoin price suddenly surges to 3-year high

[moproblems99]

Strange survivor bias fueled logic, every coin was economically insignificant at some point. That still doesn't change the fact that few made it past that and most didn't. It's as if 90% of the S&P500 would go bust every single year and I am supposed to just pretend everything is alright because some companies made it.

I am trying really hard to extract something useful from your arguments but I can't, you're still telling me to basically just ignore every coin/instrument that crashed and burned because they are irrelevant and they are irrelevant due to low market cap.

Phew. Good things banks and countries never fail. I feel so much better now.

 

[RandallFlagg]

You don't need to. If you are talking about the crypto market globally, it's the only sensible metric to use to choose a representative coin. Yes coins fail. But they are largely due to low market cap, economically insignificant.

A lack of experience / knowledge and sophistication of bitcoin investors shows in this.

In the markets, what you are saying would be like saying that the only thing we should look at is Apple stock. Don't look at Intel, don't look at Dell, don't look at AMD, just Apple, because they're the biggest.

Or if you prefer, FOREX, we just look at the USD. We don't care what happens to the Euro, the yen, the sterling and so on...

In the real world, we have this thing called an Advance/Decline line that shows how many parts of a market is sinking and how much is going up. If 90% of a market are going down and only 10% is going up, and you're making a new high, most likely the entire market is about to come down hard. This has to be used with other indicators same as all tools, the joke is that the A/D line has called 30 of the last 10 crashes. Nevertheless, divergence with the AD line is a negative indicator at any point.

Crypto already has established that thus far, it works just like that too, same as every other market in existence.

 

[Vya Domus]

Then how come Tether (stable coin) is so popular?

Beats me to be honest, since it was proven to be more or less a scam. Even their legal team admitted that they're actually lying and not all tokens are backed up by the dollar.

Anyway, tether tokens seem to have been involved in some really dubious transactions, I don't think they are actually that popular with your average investor but rather a tool for a few used to manipulate markets. In fact I'm sure that's the case, since most crypto "investors" seem interested only in stuff like doge and cumrocket and what not.

Phew. Good things banks and countries never fail. I feel so much better now.

Everything fails, all the time. Crypto and fiat are ironically exposed to the same sort of disasters.

 

[Hemmingstamp]

Nicehash calculator says that a 2070 will gain £4.7 a day minus the electric cost. How much do you pay per KW/h?

Hmmm. 14 pence according to to the bills, then I have a service charge. Will have to delve into it further to calculate the total cost though.
What did you enter for KW/h on Nicehash?

 

[Zach_01]

Hmmm. 14 pence according to to the bills, then I have a service charge. Will have to delve into it further to calculate the total cost though.
What did you enter for KW/h on Nicehash?

Didn't know your electricity charges so left it default which is £0.1 per KW/h

2 minutes ago the calculator stated a £4.95 gross income. You have to subtract the power cost from that.

 

[Hemmingstamp]

Didn't know your electricity charges so left it default which is £0.1 per KW/h

2 minutes ago the calculator stated a £4.95 gross income. You have to subtract the power cost from that.

View attachment 199846

View attachment 199847

Thanks. Not bad for a 2070 but I'll have to find the service charge and add that.
I'll come back here once that's done later today and see if it's worth it.

 

[Zach_01]

Thanks. Not bad for a 2070 but I'll have to find the service charge and add that.
I'll come back here once that's done later today and see if it's worth it.

Depending on the power provider you'll have to add also the extra charges.
For example my charge for 1KW/h is €0.0639. But I have to include power grid charges, maintenance charges and of course VAT at the end.
This results to about €0.13 per KW/h total cost.

 

[Hemmingstamp]

Depending on the power provider you'll have to add also the extra charges.
For example my charge for 1KW/h is €0.0639. But I have to include power grid charges, maintenance charges and of course VAT at the end.
This results to about €0.13 per KW/h total cost.

A nice solar array wouldn't go a miss because I can only see electricity costs rising
Bastardo taxation. Thanks for your help

 

[trog100]

Which also crash from time to time, quite badly. And then you have two kinds of people, those who get burned really bad and those who keep holding based on the aforementioned irrational belief that the price is always going to go back up.

its an historically proven belief.. i wouldn't say always for ever but so far it has always gone back up..

trog

 

[RandallFlagg]

Watch the NASDAQ next week. I think if it breaks below 12400, the bull market is over, and everything else will follow - including crypto. I'm pretty sure it's going down hard next week, 12400 is about 1300 points below current level. I think this might start late Monday, or perhaps Tuesday. Same thing will happen to bitcoin in short order.

Hope ya'll are watching that NASDAQ. It's well on its way.

 

[64K]

The NASDAQ stocks were extremely overpriced anyway. It was due for a market correction for years now.

The real market correction isn't going to come right now but it will come soon.

 

[phill]

Thanks again Phill,

I've seen the prices of my GPU's go through the roof and was considering selling at least the 980Ti. It's in mint condition and hasn't been tinkered with only repasted. Still, it's hard to let go. I used to buy from Scan but they haven't had cards in for some time, they didn't even reply to my query.
CCL will drop some returned cards on their clearance page but they are overpriced and usually gone in seconds.

With my very limited knowledge I came across Nicehash and entered my hardware details, the gains were just too low to even consider mining on my hardware.
I would earn around £2.70 a day on the 2070 and a lot less on the 980Ti...Or am I reading it all wrong? I'm in Blighty

I'd consider running things for so long if not I suppose you can always try before you buy? It really does help to tweak the card/s so you maximise the efficiency and the wattage, no point wasting power as that eats into your profits The 2070 I think would be about 30 to 45MH I think?? It's not too bad but definitely one card isn't going to make you rich over night...

I'm guess you'd earn more than that... Try Cryptocompare and try the mining calculator on there.. That might help give you a better bet

 

[Hemmingstamp]

I'd consider running things for so long if not I suppose you can always try before you buy? It really does help to tweak the card/s so you maximise the efficiency and the wattage, no point wasting power as that eats into your profits The 2070 I think would be about 30 to 45MH I think?? It's not too bad but definitely one card isn't going to make you rich over night...

I'm guess you'd earn more than that... Try Cryptocompare and try the mining calculator on there.. That might help give you a better bet

Thanks again Phill!

 

[R-T-B]

In the markets, what you are saying would be like saying that the only thing we should look at is Apple stock.

If Apple Stock was nearly ~50% of the market maybe it'd be comparable. It's more akin to saying look at a global metric for stock market global performance, like we uh... do. But there are admitedly better ways than just picking the biggest coin, my point is there are millions of insignifigant shitcoins that had failure written on them from day 1 and don't affect the market much.

You get that of course. Just a minor nitpick. Crypto performs like any market. My point in a nutshell.

Which also crash from time to time, quite badly.

If you sell when they crash you are doing it wrong.

 

[Space Lynx]

@trog100

How much longer until you recover your 11 grand investment in buying all those gpu's? have you broke net profit yet? I know you sold the older cards to offset some, plus you had buildup already saved. but just wondering

 

[trog100]

@trog100

How much longer until you recover your 11 grand investment in buying all those gpu's? have you broke net profit yet? I know you sold the older cards to offset some, plus you had buildup already saved. but just wondering

if earning stay where they are now maybe three or four months.. but its impossible to say.. things have varied too much..

trog

 

[Space Lynx]

if earning stay where they are now maybe three or four months.. but its impossible to say.. things have varied too much..

trog

I'm sure that won't be an issue at all. Seems steady. 4200 today... so perhaps sooner than you think... with inflation in fiat being so severe and only getting worse by the day, I really think crypto has a strong future now honestly... which for me sucks to admit out loud. LOL


In other news, this is sad... they literally revived a dead coal plant to mine...

Private-equity firm revives zombie fossil-fuel power plant to mine bitcoin

Power plant was left for dead until the cryptocurrency boom came along.

arstechnica.com

The once-abandoned power plant was bought by private equity firm Atlas Holdings and retasked. A significant portion of Greenidge's electricity no longer powers nearby homes or businesses; rather, the plant's smokestacks are increasingly pouring pollutants into the atmosphere in the service of mining bitcoin.

Now, Greenidge is on the verge of ramping up its bitcoin ambitions. By the end of this year, it plans to have 18,000 specialized machines mining bitcoin, and with the recent approval of its data center expansion plans, it will add 10,500 more. When the project is complete, the miners will be using 79 percent of the power plant’s capacity, or 85 MW.

yay more coal..

 

[phill]

It's not so much it's value per coin, but the reward per block... The higher that goes, the faster people will get payouts and have higher payouts which is why @trog100 is seeing a massive increase in his profits

 

[Deleted member 202104]

I'm sure that won't be an issue at all. Seems steady. 4200 today... so perhaps sooner than you think... with inflation in fiat being so severe and only getting worse by the day, I really think crypto has a strong future now honestly... which for me sucks to admit out loud. LOL


In other news, this is sad... they literally revived a dead coal plant to mine...

Private-equity firm revives zombie fossil-fuel power plant to mine bitcoin

Power plant was left for dead until the cryptocurrency boom came along.

arstechnica.com

The once-abandoned power plant was bought by private equity firm Atlas Holdings and retasked. A significant portion of Greenidge's electricity no longer powers nearby homes or businesses; rather, the plant's smokestacks are increasingly pouring pollutants into the atmosphere in the service of mining bitcoin.

Now, Greenidge is on the verge of ramping up its bitcoin ambitions. By the end of this year, it plans to have 18,000 specialized machines mining bitcoin, and with the recent approval of its data center expansion plans, it will add 10,500 more. When the project is complete, the miners will be using 79 percent of the power plant’s capacity, or 85 MW.

yay more coal..

Not that it's really any better with regard to carbon footprint, but the article states the plant was converted from coal to natural gas. Either way, absolutely stomach turning.

All this squandering of natural resources to produce..... nothing.

 

[RandallFlagg]

Not that it's really any better with regard to carbon footprint, but the article states the plant was converted from coal to natural gas. Either way, absolutely stomach turning.

All this squandering of natural resources to produce..... nothing.

Nah, they're producing something. Suckers.

 

[trog100]

It's not so much it's value per coin, but the reward per block... The higher that goes, the faster people will get payouts and have higher payouts which is why @trog100 is seeing a massive increase in his profits

my last three four hourly payouts phil have been 34.. 30.. and 29 dollars phil.. with estimated daily payouts of $160 or so..

something weird is going on..

trog

 

[Vya Domus]

If you sell when they crash you are doing it wrong.

Like I said, lot's of morons everywhere, crypto lowered the barrier of entry to losing your money.

 

[phill]

my last three four hourly payouts phil have been 34.. 30.. and 29 dollars phil.. with estimated daily payouts of $160 or so..

something weird is going on..

trog

The coin dropped and then because of all the transactions, the block reward has grown which means we get more shares than normal and this makes for gaining more coin Even with the price dropped, the amount you'll make will be more

Check here mate - www.cryptocompare.com You'll see a tab at the top for the various coins, just throw in what hashrate/power/power cost you have and it'll give you a profit based on things right now

 

[Space Lynx]

Chia farming can reportedly ruin a 512GB SSD in 40 days

To recap, Chia uses a 'proof of space and time' model instead of 'proof of work' (Bitcoin) or 'proof of stake' (Etherium 2.0), which essentially means farmers---it...

www.techspot.com

I do hope capitalist companies are aware that we have a finite amount of resources for making silicon based objects...

 

[sepheronx]

I'm sure that won't be an issue at all. Seems steady. 4200 today... so perhaps sooner than you think... with inflation in fiat being so severe and only getting worse by the day, I really think crypto has a strong future now honestly... which for me sucks to admit out loud. LOL


In other news, this is sad... they literally revived a dead coal plant to mine...

Private-equity firm revives zombie fossil-fuel power plant to mine bitcoin

Power plant was left for dead until the cryptocurrency boom came along.

arstechnica.com

The once-abandoned power plant was bought by private equity firm Atlas Holdings and retasked. A significant portion of Greenidge's electricity no longer powers nearby homes or businesses; rather, the plant's smokestacks are increasingly pouring pollutants into the atmosphere in the service of mining bitcoin.

Now, Greenidge is on the verge of ramping up its bitcoin ambitions. By the end of this year, it plans to have 18,000 specialized machines mining bitcoin, and with the recent approval of its data center expansion plans, it will add 10,500 more. When the project is complete, the miners will be using 79 percent of the power plant’s capacity, or 85 MW.

yay more coal..

Now I'll be checking with my friend from the Philippines, for a decommissioned powerplant so we can buy it up.

I'll be the real life Mr. Burns

Edit: @trog100 hey, want to move that mining rig and yourself to the Philippines? You can be an investor! lol