You may know this, but in case you or others don't, you need not buy an entire bitcoin or any other cryptocurrency.
You may know this, but in case you or others don't, you need not buy an entire bitcoin or any other cryptocurrency.
Sure I can use the video cards for a number of things they first and foremost are video cards.
Internet access yep, gotta have it but then again I have to have it already for a lot of other things I do and would have it even if I didn't mine the crypto.
There are a few different software packages out there that can be used and it depends on what algorithm you are working with. It doesn't really install it's basically an exe and can either be started with a bat script or often has a simple text file with settings. I currently use claymore and ewbf for the cards I have and equihash for the algorithm. I have FULL control over what I want to put my power behind, I can back something that has a low value with the hopes that it will go big or I can deal with something that is already big and try to squeeze out just a little bit. The coin I am working has only been out a year and it was not a fork from something existing but the last I looked it is trading for 488 per. You can run windows or a linux distro to mine with, some of the linux ones are a paid some are free. Most of the paid ones have a management interface that can be accessed from anywhere and they are simple to use so they are good for someone who doesn't understand what exactly they are doing. A good one for people who wouldn't understand a lot is https://simplemining.net/ the cost is two bucks per month
For anyone interested check out https://whattomine.com/ if you want to see what the chances are. For laughs plug in 1 RX 480 and 3 GTX 1080's and see what you come up with. Take the values for equihash and plug them in here https://whattomine.com/coins/166-zec-equihash If you are lazy try these 1940 hashrate, 510 power 3 percent pool fee. Now when my build on the current board is complete that would be closer to 3590 hashrate and 900 power with a 3 percent pool fee. In all honesty it probably costs more in fuel for most people, not including vehicle maintenance to make those amounts than my electricity costs are. Want to really pucker up, put 19 gtx1080's in and see what it does...
Bitcoin itself is very hard to break in to now as you have to drop a bunch of cash on an ASIC which has one purpose and can not be used for anything other than a limited number of algorithm's. It is MUCH cheaper to start with a video card. Most actually use GTX1070's but when I started they were not available but the 1080 was and I had the cash to buy it outright. My mining rig is worth about 1700 right now and I have about 600 cash invested into it and about 5 months worth of electricity which started closer to 15 per month and is now at 30 since I added more cards to it. I have however taken some cash out of it for little things here and there but without adding that in I have about 150 invested in electricity so lets call total investment 750. Even used each gtx1080 is worth at least 400 not including the current motherboard at 50 used, two sticks of ddr4 ram at about 20 each used, a pentium G 4560 at 60 used, the PSU I had already and would keep regardless. So I now have something worth more than my cash investment and it will only continue at this point to increase.
I will say this however, just because a coin is at the top of the list does not mean it will stay there. You also want to find something that has a decent market capacity and volume as it does no good to have five grand available when the volume is very low. This is also not for everyone, if you can't build and manage it yourself then you might be better off buying CD's or mutual funds. I personally will have no issue helping others out if they want to learn a little bit and will help build a mining rig for my standard build fee when setting up a computer which is 10%, that means if the hardware costs 700 to start off with I put it together for 70 bucks. After that you should be able to add your own graphics cards in to upgrade and expand.
Internet access yep, gotta have it but then again I have to have it already for a lot of other things I do and would have it even if I didn't mine the crypto.
There are a few different software packages out there that can be used and it depends on what algorithm you are working with. It doesn't really install it's basically an exe and can either be started with a bat script or often has a simple text file with settings. I currently use claymore and ewbf for the cards I have and equihash for the algorithm. I have FULL control over what I want to put my power behind, I can back something that has a low value with the hopes that it will go big or I can deal with something that is already big and try to squeeze out just a little bit. The coin I am working has only been out a year and it was not a fork from something existing but the last I looked it is trading for 488 per. You can run windows or a linux distro to mine with, some of the linux ones are a paid some are free. Most of the paid ones have a management interface that can be accessed from anywhere and they are simple to use so they are good for someone who doesn't understand what exactly they are doing. A good one for people who wouldn't understand a lot is https://simplemining.net/ the cost is two bucks per month
For anyone interested check out https://whattomine.com/ if you want to see what the chances are. For laughs plug in 1 RX 480 and 3 GTX 1080's and see what you come up with. Take the values for equihash and plug them in here https://whattomine.com/coins/166-zec-equihash If you are lazy try these 1940 hashrate, 510 power 3 percent pool fee. Now when my build on the current board is complete that would be closer to 3590 hashrate and 900 power with a 3 percent pool fee. In all honesty it probably costs more in fuel for most people, not including vehicle maintenance to make those amounts than my electricity costs are. Want to really pucker up, put 19 gtx1080's in and see what it does...
Bitcoin itself is very hard to break in to now as you have to drop a bunch of cash on an ASIC which has one purpose and can not be used for anything other than a limited number of algorithm's. It is MUCH cheaper to start with a video card. Most actually use GTX1070's but when I started they were not available but the 1080 was and I had the cash to buy it outright. My mining rig is worth about 1700 right now and I have about 600 cash invested into it and about 5 months worth of electricity which started closer to 15 per month and is now at 30 since I added more cards to it. I have however taken some cash out of it for little things here and there but without adding that in I have about 150 invested in electricity so lets call total investment 750. Even used each gtx1080 is worth at least 400 not including the current motherboard at 50 used, two sticks of ddr4 ram at about 20 each used, a pentium G 4560 at 60 used, the PSU I had already and would keep regardless. So I now have something worth more than my cash investment and it will only continue at this point to increase.
I will say this however, just because a coin is at the top of the list does not mean it will stay there. You also want to find something that has a decent market capacity and volume as it does no good to have five grand available when the volume is very low. This is also not for everyone, if you can't build and manage it yourself then you might be better off buying CD's or mutual funds. I personally will have no issue helping others out if they want to learn a little bit and will help build a mining rig for my standard build fee when setting up a computer which is 10%, that means if the hardware costs 700 to start off with I put it together for 70 bucks. After that you should be able to add your own graphics cards in to upgrade and expand.
Feds Moving Quickly To Cash in on Seized Bitcoin, Now Worth $8.4 Million
msmash 2 hours ago 73
A federal judge in Utah has agreed to let the US government sell off a seized cache of over 513 bitcoins (BTC) and 512 Bitcoin Cash (BCH). At current prices, that would yield approximately $8.4 million for the bitcoins and nearly $1 million for the BCH. From a report:In a court filing, prosecutors noted that due to the volatility of the Bitcoin market, both coins risk losing value. Both the BTC and the BCH have already been transferred to government-controlled wallets. The new round of seized digital currency belonged to a Utah man named Aaron Shamo, whom prosecutors say led a multimillion-dollar ring of counterfeit pharmaceuticals, including oxycodone and alprazolam that were sold on Dark Web marketplaces. Shamo was arrested over a year ago -- his trial has not yet been scheduled. On Tuesday, US District Judge Dale Kimball allowed the sale to proceed. Once sold, the money would go to an account held at the Treasury Executive Office for Asset Forfeiture.
msmash 2 hours ago 73
A federal judge in Utah has agreed to let the US government sell off a seized cache of over 513 bitcoins (BTC) and 512 Bitcoin Cash (BCH). At current prices, that would yield approximately $8.4 million for the bitcoins and nearly $1 million for the BCH. From a report:In a court filing, prosecutors noted that due to the volatility of the Bitcoin market, both coins risk losing value. Both the BTC and the BCH have already been transferred to government-controlled wallets. The new round of seized digital currency belonged to a Utah man named Aaron Shamo, whom prosecutors say led a multimillion-dollar ring of counterfeit pharmaceuticals, including oxycodone and alprazolam that were sold on Dark Web marketplaces. Shamo was arrested over a year ago -- his trial has not yet been scheduled. On Tuesday, US District Judge Dale Kimball allowed the sale to proceed. Once sold, the money would go to an account held at the Treasury Executive Office for Asset Forfeiture.
Yep, they are going to be in for a hard awakening if they dump it in one go though. The price will drop quite a bit from when they start to when they finish unless they spread it out over time.
Been a "good" week for the ole Bitcoin, eh?
All of the crypto garbage has dumped.
https://techcrunch.com/2017/12/22/bitcoin-crypto-crashed-hard/
https://techcrunch.com/2017/12/22/bitcoin-crypto-crashed-hard/
It has value as long as there are folks who are willing to speculate in it. I won't say it's worthless or dumb.
My point has always been that it is far too volatile to be a standard, widely accepted form of currency. It's a niche/boutique/hobby currency in my mind. Sure some folks will strike it rich...kinda like some high school athletes make it to the NFL or NBA LOL.
My point has always been that it is far too volatile to be a standard, widely accepted form of currency. It's a niche/boutique/hobby currency in my mind. Sure some folks will strike it rich...kinda like some high school athletes make it to the NFL or NBA LOL.
I think this is EXACTLY what happened. The feds dumped what they held and caused the market to drop which in turn caused other people to freak and dump. It was around 18k when this all started, dropped to around 13K at one point and is currently back to around 15K. Some other stuff dropped as well but has also rebounded, in fact the coin I work with has almost gotten back up to it's pre-FED level and is still higher than it was a month ago.
I see everything being back to normal within a couple weeks to a month.
Don't miss the boat on Ripple (XRP) there's still time to get on board.
