Let's talk about Cryptocurrencies

[Wormius]

What is it about Musk that causes his fanboys to furiously post Dogecoin mumbo jumbo whenever he tweets?

[btimbit]

So is the safe bet to dump Doge early on Saturday then? I know nothing about it other than I got a bunch last Wednesday and it's been insane since

[worth]

there is no safe bet with Doge. if you want a safe bet, it's not to invest in it. some people have and will make a ton on it, a lot of people are going to loose a lot of money. not something my risk tolerance will allow me to partake in, but hope you guys can somehow make a ton of cash.

[btimbit]

I'll just sell most and keep in an amount I'm fine losing.

Has been a big week for it though. Wonder if it hits $1

[Jason14h]

https://bitinfocharts.com/top-100-ri...addresses.html

The top 13 wallets hold 45% of Doge....

This is 100% whales manipulating. Those 13 coordinate DOGE to other coins and vice versa.

One wallet has 19 BILLION

[topfiverecords]

Doge is going to a million. Trust me.

[karl262]

Back when doge almost hit 10 cents then corrected down to 4 cents I came very close to YOLOing some Ada. Got the doge wallet and everything...I just couldn't do it.

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[Winsor_Pilates]

Originally Posted by Hemi-Cuda

So what's behind the meteoric rise of dogecoin? I kinda got the initial surge during the Gamespot stock fiasco, kids pumping a joke coin for laughs. But it's gone far too high now for that to still be the case, and the coin still has no actual use case that I'm aware of. So why are people still buying so much of it?

I think what we're learning is there's no logical limits to any of this.
You could say that bolded point about Bitcoin too.
This space really requires you to throw your traditional financial brain out the window and bet on the psychology of these new investors.
Things have their value because people are giving them their value, and it doesn't have to make sense.

[zamler]

Originally Posted by Hemi-Cuda

So what's behind the meteoric rise of dogecoin?

https://postimg.cc/VSjc19qZ

[PsYcNeT]

Decided to use what I had around and have begun plotting/farming a Chia farm using 2x1TB M.2 drives to plot and a 12TB HDD to fill; about 15% full after a day and a half, creeping towards a likely coin "win" within 6 months :V Should be full by next week and I hopefully will get a coin or two before month end.

The network difficulty is spiking by 5-8% per day at the moment, so ground floor seems to be well behind us. On the plus side, pools will likely be spinning up in a month or less so hopefully the plotting effort doesn't go to waste (since it puts stress on the SSDs). Once fully plotted, I can just take the drive and shove it in my NAS and have the low power/cpu plotting software run for the next 10 years and maybe scrape a few coins.

[Kiran403]

Originally Posted by underGRADFlame

Anyone read up on Helium and the people’s network? I’m gonna take the leap and buy a miner. Friend of mine has purchased as well, now just waiting for it to show up.

I'm going to give it a shot too. Just bought a couple of the Bobcat miners so we'll see how it goes. Hopefully it's closer to the 12 week delivery instead of the 20 week timeline hahahaha

[Kiran403]

Originally Posted by PsYcNeT

Decided to use what I had around and have begun plotting/farming a Chia farm using 2x1TB M.2 drives to plot and a 12TB HDD to fill; about 15% full after a day and a half, creeping towards a likely coin "win" within 6 months :V Should be full by next week and I hopefully will get a coin or two before month end.

The network difficulty is spiking by 5-8% per day at the moment, so ground floor seems to be well behind us. On the plus side, pools will likely be spinning up in a month or less so hopefully the plotting effort doesn't go to waste (since it puts stress on the SSDs). Once fully plotted, I can just take the drive and shove it in my NAS and have the low power/cpu plotting software run for the next 10 years and maybe scrape a few coins.

Is this your first mining operation? How do you decide what coins to mine? I'm interested in mining but haven't known anybody actually doing it.

[karl262]

There's a YouTube channel called voskcoin that gives good mining direction. Lots of reviews on current mining equipment and such. I used to operate some rigs and learned lots from this guy.

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[Jason14h]

Bitcoin Cash up 50% today ....

[Kiran403]

Originally Posted by karl262

There's a YouTube channel called voskcoin that gives good mining direction. Lots of reviews on current mining equipment and such. I used to operate some rigs and learned lots from this guy.

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Good to know! I actually watched a couple of his vids on Helium mining and he seemed pretty knowledgeable. I'll check out some of his other stuff.

[1_Flames_Fan]

Good day for crypto gains. No more day trading... Too risky!

[PsYcNeT]

Originally Posted by Kiran403

Is this your first mining operation? How do you decide what coins to mine? I'm interested in mining but haven't known anybody actually doing it.

I've been mining ETH, XMR and hosting Storj for ~2 years variously (the 12TB HDD was actually going to be used on a second Storj node I was about to spin up). I also have a Pi node running but I'm not convinced Pi is real yet :V

Eth and XMR are very easy to mine. Just get a wallet (or mine directly into Binance to save on gas like I do), edit configs/BATs and you're good. Storj takes some effort to set up but it isn't bad (had to relearn Linux to make a stable server, Ubuntu is good), and Chia takes like 5 minutes if you already have the parts.

Chia's network growth is incredible right now, and if pools don't spin up soon, solo miners are going to be crowded out. It's probably not worth it at this point unless you have 100+ TB of storage available and the M.2 power to fill them.

[PsYcNeT]

Also I will note that all forms of mining are gated by your hardware (GPU for ETH, CPU for XMR, HDD and SSD space for Chia/Storj), and they will put a lot of stress on the physical components (fans/coolers, TBW for drives). I was actually really sad at how poorly the EVGA XC3 3080 cooled the VRAM, and upgraded to the Hybrid cooler just to make my brain feel okay with continuing to mine ETH, since ETH is very VRAM heavy.

[Fuzz]

Curious, have you tracked all your expenditures, including power, and compared them to profits? Would you share what the profits are? % of costs, or however you feel comfortable? Just wondering how mcuh the average person can make not going overboard.

[PsYcNeT]

Originally Posted by Fuzz

Curious, have you tracked all your expenditures, including power, and compared them to profits? Would you share what the profits are? % of costs, or however you feel comfortable? Just wondering how mcuh the average person can make not going overboard.

I was on/off casual up until Feb this year (when viability really took off) and scaling variates based off network difficulty. I think I mined around 3 ETH in 2020 total (hard to go back and track trades and whatnot; suffice to say I wish I had held most of it as ETH) with casual overnight mining on a 2080 and 1080, and about 1 XMR on a 6700k + 3570k.

I suppose what is important to you is *current* viability. Note that I usually have my miners down in the evenings and twice on weekends when I do actual computer stuff. Overall, I'm running ~21-22 hours on Weekdays and ~20-21 hours on weekends. We'll use an energy use average of 21 hours daily.

XMR

I have a 5900x @ ~130w and a 6700k @ 80w .

Generally make about .1 XMR every 18-20 days depending on difficulty fluctuations (.1 XMR = $40 USD currently), with an average hashrate of ~15KH (12.5KH 5900x / 2.5KH 6700k). XMR works best on very large thread chips and is debatably worth doing on older chips overall.

210w @ 21 hours daily usage is about 4.41 kWh/day, which at Alberta's stupid low energy prices (my rate is .0597), is about .26c a day, which makes 20 days of XMR mining worth 40 USD - 5.20 CDN = $35.74 USD every 20 days or $53.61 USD a month.

ETH

Network difficulty has been increasing *exponentially* the last few weeks for ETH. What took me 5 days to mine a month ago, took me 7.5 days to mine 2 weeks ago, took me 9.5 days to mine this week. This makes sense, because the price of ETH has been going up almost in tandem, and more video cards are being released into the hands of farms.

I have a 3080 @ ~230w, a 2080 @ ~180w, and a 1080 @ ~150w. Power usage in these cases are capped using power limit and voltage settings for each card, as all three can hit much higher power #s, but these aren't conducive to ETH mining.

3080 gets about 95MH/s, 2080 gets 42.5MH/s, and 1080 gets 36MH/s, collectively sits at about ~165-173MH/s average throughout the day. There are a variety of factors that affect your output every day, it's just part of ETH life.

Ultimately, @ 21 hours of mining each day, I'm currently averaging ~.0055 ETH per day. At these same hashes, 2 months ago, I was averaging .0085 to .0105 per day. That's how harsh difficulty has gone up.

Assuming difficulty remains static (unlikely), .0055 ETH per day = .165 ETH per month, which at the current price of ~3500 = $577.50 USD. As noted, this is a similar output to what I've been making the last few months in actual cash payouts, though I was earning 50%-90% more ETH.

At 560 watts, this equals about 11.76kWh/per day or $21.37 CDN a month. My takeaway is worth about $560 USD a month.

I'll write up Storj and Chia (as I understand it) later. This took a while!