Bitcoin Thread

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Nailed the top:cool:...well what is currently the top anyway

Sensorei said:
The problem is we have no idea when the market cycle top is coming, and as soon as BTC dumps altcoins will go to hell . The newer, more speculative alts with higher risk/reward will be hit hardest.
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Agreed.

Really depends on goals though. For the people that have been in crypto since forever just sitting in BTC makes sense.

I'm trying to make a million bucks here though. Literally...that's about what I need for a house deposit. I'll jump on BTC when I see a chance, but as a whole it just isn't volatile enough for my purposes.
 
Does anyone mine cryptocurrency? I'm thinking about getting back into it. But having trouble with whether it is ethical or not.
 
saor said:
Ethical how...environmental concerns?
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Yeah, exactly. The energy used by mining and where it comes from. I live in the UK, so my energy comes from more renewable energy sources than in SA. But not 100%. And even so, I'd be increasing the energy demand.

Worth it?

HavocXphere said:
I doubt its viable for bitcoin. Maybe if you have excess solar energy?
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Not bitcoin - ethereum or something like it.
 
Ancalagon said:
Yeah, exactly. The energy used by mining and where it comes from. I live in the UK, so my energy comes from more renewable energy sources than in SA. But not 100%. And even so, I'd be increasing the energy demand.

Worth it?


Not bitcoin - ethereum or something like it.
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Ethereum should be profitable. Don't know what you pay for electricity but you'll need 6 or 8 GB cards.
 
Swa said:
Ethereum should be profitable. Don't know what you pay for electricity but you'll need 6 or 8 GB cards.
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It isn't profitability that I'm worried about. It is whether it is the right thing to do.

I'm thinking of buying a new graphics card and financing the purchase through mining Ethereum. I just don't know whether it is the ethically right thing to do.
 
Ancalagon said:
It isn't profitability that I'm worried about. It is whether it is the right thing to do.

I'm thinking of buying a new graphics card and financing the purchase through mining Ethereum. I just don't know whether it is the ethically right thing to do.
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That is something only you can answer. Personally I don't care because I don't believe in global warming. Even if I did I'm not convinced we can change things on a grand scale.

As for the financing bit keep in mind it's a big strain on hardware and can still take anywhere from 6-12 months to break even mining full time.
 
Swa said:
That is something only you can answer. Personally I don't care because I don't believe in global warming. Even if I did I'm not convinced we can change things on a grand scale.

As for the financing bit keep in mind it's a big strain on hardware and can still take anywhere from 6-12 months to break even mining full time.
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Do you think it would make sense for me to buy a PC and an 8GB card and leave it on for Ethereum mining? I always keep my laptop at home on so electricity cost is not going to make all that difference (I hope?).
 
Ancalagon said:
It isn't profitability that I'm worried about. It is whether it is the right thing to do.

I'm thinking of buying a new graphics card and financing the purchase through mining Ethereum. I just don't know whether it is the ethically right thing to do.
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You want other people to tell you what is right and wrong? That's what CNN is for.
 
The premium on graphics cards now makes it very risky for people who are only just getting into mining now. There just is no reasonably priced stock anywhere worldwide.

I paid around R7000-R8000 for my RX 5700XT's. Second hand they go for R11K now. My RTX 3080's that were R18,500 are R23K+ now, 3070's were R12900 and now R16K. That's if you're lucky enough to find one.

Mining profitability is down quite a bit lately as well. Not only because ETH has gone, but because network demand is very low. When the market cycle has topped payouts will drop even lower. My 720MH/s rig is only making about R800/day now and that would drop to half that. But if BTC doesn't let us down it should get back over R1200/day. Quite a gamble.

That's a R143K rig that would cost R170K if I were to source the parts now.
 
s898 said:
Do you think it would make sense for me to buy a PC and an 8GB card and leave it on for Ethereum mining? I always keep my laptop at home on so electricity cost is not going to make all that difference (I hope?).
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Not if you have to buy the pc as well. Also the electricity use is almost nothing on standby compared to when mining.

HavocXphere said:
Have any of you lost gear before?

Underclocked & added cooling to mine but unsure as to how big the risk is
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Lost quite a few fans. The remainder are hobbling along in single file.

Sensorei said:
The premium on graphics cards now makes it very risky for people who are only just getting into mining now. There just is no reasonably priced stock anywhere worldwide.

I paid around R7000-R8000 for my RX 5700XT's. Second hand they go for R11K now. My RTX 3080's that were R18,500 are R23K+ now, 3070's were R12900 and now R16K. That's if you're lucky enough to find one.

Mining profitability is down quite a bit lately as well. Not only because ETH has gone, but because network demand is very low. When the market cycle has topped payouts will drop even lower. My 720MH/s rig is only making about R800/day now and that would drop to half that. But if BTC doesn't let us down it should get back over R1200/day. Quite a gamble.

That's a R143K rig that would cost R170K if I were to source the parts now.
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Not bad, but if ETH goes down over the next 6 months you'd be out of luck in making it back.
 
Swa said:
Not bad, but if ETH goes down over the next 6 months you'd be out of luck in making it back.
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I'll be paid off in mid June if ETH stays around $1600 and network demand stays where it is. But I am crazy bullish so I'm expecting to be back over $2000 before we know it.

Judging from the demand on Carbonite I could still sell my GPUs for what I paid for them or recoup 80% worst case, so I'm still considerably in profit. Everything in crypto is a risk but that's half the fun.

HavocXphere said:
Have any of you lost gear before?

Underclocked & added cooling to mine but unsure as to how big the risk is
Click to expand...

I just keep my over/underclocks in range and extra fans blasting to make sure my GPU cores are under 50C and memory under 90C. That way I get no invalid or rejected shares and the cards are less stressed than they would be with serious gaming.
 
Is it cheaper to buy Bitcoin from Valr then send it to Binance instead of buying it using a card? Also, does FNB allow crypto purchases on Binance?
 
Sensorei said:
The premium on graphics cards now makes it very risky for people who are only just getting into mining now. There just is no reasonably priced stock anywhere worldwide.

I paid around R7000-R8000 for my RX 5700XT's. Second hand they go for R11K now. My RTX 3080's that were R18,500 are R23K+ now, 3070's were R12900 and now R16K. That's if you're lucky enough to find one.

Mining profitability is down quite a bit lately as well. Not only because ETH has gone, but because network demand is very low. When the market cycle has topped payouts will drop even lower. My 720MH/s rig is only making about R800/day now and that would drop to half that. But if BTC doesn't let us down it should get back over R1200/day. Quite a gamble.

That's a R143K rig that would cost R170K if I were to source the parts now.
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I've decided not to buy a graphics card right now - they are too expensive, and the benefit I'd gain from them don't justify the costs.

I can rather invest the money that I was willing to spend on a card, and buy a card when the prices come down.
 
Technically I could run my gaming PC which has a 6800XT GPU, which at best will make about 2K a month after costs ... but that means 9 months would just cover the cost of my card... nah ... rather game.
 
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