Anyone cryptocurrency mine?

[Gasser64]

Itbit.com says it's not accepting texas. How did you get around that, gasser?

Uh oh. I recommended some shit that doesn't work. Sorry about that. Up until now, I was using Coinbase:

https://www.coinbase.com/

But I was wanting to get away from them because their fees are too high for my liking. I transferred $2500 twice, and it was $36 each time. I asked around about somewhere with cheaper fees, and I was told to start using Itbit as they are much cheaper. But I haven't bought any more bitcoin with dollars since then, so I hadn't even tried to sign up over at itbit yet. It was my intention to sign up with them to either buy more bitcoin when I wanted to, or maybe to use them to transfer gains back to my bank account. I will now go look for another alternative that will accept Texas.

So I started this thread and hopefully we'll get some good alternatives:

https://bitcointalk.org/index.php?topic=2072904.new#new

That is the main crypto forum, shit tons of people on there. Loads of good info, but their search kind of sucks. You're better off using google as a means to search that forum. Just put "bitcointalk" behind whatever you're searching for. Seems to work well.

[Unicorn Jeff]

Itbit.com says it's not accepting texas. How did you get around that, gasser?

[Ratt]

One of my managers in Houston has a couple of mining rigs. One with 2 x 980 Ti cards, and one with 2 x RX 480 cards. He mines a few different currencies, currently, and he said one rig makes him about $5 per day, and the other makes him about $15 per day. His electricity usage for his whole house is around $20 a month, including running the rigs 24x7, so he's still making money on it. I just can't deal with the noise, and don't see myself investing in hundreds of dollars worth of custom cooling loops on top of the cost to build the machines in the first place, so not a good deal for me, but some people may still benefit.

[Darren M]

Thanks gasser!

[Gasser64]

Move money from your bank account to here: (by buying bitcoin from them)

https://www.itbit.com/ - Based in New York

You will then have to move your bitcoin from that site, to an exchange. I'd recommend this one, its more newb friendly. Its the one I'm using for now:

https://bittrex.com/

Once your bitcoin is there, you'll have to search for SEC (Safe Exchange Coin) and go from there. In my experiences, these exchanges aren't really all that intuitive. Once you understand how to buy/sell, it seems pretty easy but you'll probably have to watch a few youtube vids to figure out exactly how to do it.

https://www.youtube.com/watch?v=E4uheFQfhgc

It will take 7 days to get your money from the bank, to the first site where you buy bitcoin. That's the way it is everywhere. Then less than 1 day to get it from there to the exchange. But that's a good thing if you're looking at safex, because I wouldn't buy in right now. Wait for it to stabilize, or see a dip. I doubt it will ever return to 250 sats where it hovered for a good while, but after a week it should go down to a more reasonable price point. You definitely don't want to buy it right now when its so high.

Unless, it never goes back down. If a couple weeks goes by and its still hovering around where it is now, I'd go ahead and buy in cause its probably not going back down. But imo, it is going up from where its at now. Eventually. And now this:



And this:

[Darren M]

Ok, stupid question. How d o I invest in these?

[Gasser64]

They also pay interest to the safex holders. You'll get a portion of the transaction fees that happen on the marketplace. Something like dividends I guess.

https://www.youtube.com/watch?v=bjCYPFnAazY

https://www.youtube.com/watch?v=uEKee_dVJ8U

[Gasser64]

Had someone bought SEC like gasser said a few days ago they would have had a 150% return haha.

I'm real damn happy with my SEC right about now.

Even now, I'd advise you guys get in. You might wait for something of a drop, but that project IS going a lot further than this. I won't get into any of the moral debate about it, but its a silkroad that won't be possible to shut down. If you guys remember that thing. The ceo guy advises against selling drugs on it, and likes to talk a lot more about the privacy and security aspects for buyers and sellers. Hackers and identity thieves need not waste their time. He also appears to be a great marketer. Don't know what it is at this exact minute but it was at 2.5 cents earlier.

Imo its going to 10 cents in the short term. That being 1-4 months. Mid term, say a year from now, maybe a year and a half: Conservatively I'd say it will hit $0.40 or $0.50. But I think that in the end, when all is said and done and the safeX marketplace is well established and has been around for a while, it will hit $1.00.

As for Coval and Reddcoin and the others I listed, I'd only put in about $100. Gonna be longer before those take off.

[jewozzy]

Had someone bought SEC like gasser said a few days ago they would have had a 150% return haha.

[Strychnine]

Cryptocurrency miners are renting entire Boeing 747s just to stay in the game


Jul. 31, 2017, 2:31 AM

In a mining boom, buy the shovels.

It’s one of the oldest investing axioms, and anyone with shares in chipmakers AMD and Nvidia are reaping the rewards right now. As the price of Bitcoin and Ethereum explodes, cryptocurrency miners are in a race to beat each other to the riches, and graphics processors are the tools they need.

They’re now in such short supply, one miner, Marco Streng, chief executive of Genesis Mining, made this extraordinary admission to Quartz:
"We are renting entire airplanes, Boeing 747s, to ship on time. Anything else, like shipping by sea, loses so much opportunity."

Entire airplanes.

That echoes the rush, sparked by Bitcoin’s price rise in late 2013, for $10,000 mining rigs that would now be on the scrapheap, worthless up against today’s machines. But there’s a lot more at stake now. Ethereum, while trading at $240 compared to Bitcoin’s $3,400, is more readily available. As much as 36,000 units a day can be mined ($8.6 million), and at one stage in June, the price hit $400.

But even as the price of Ethereum rises, the hardware and power supply costs remain relatively stable. So demand for processing units is soaring, and time, for miners, is money. Lots of money. "You risk the opportunity to mine for the days you are delayed," Streng told Quartz. "If you are deploying 10 days later, you are losing 10 days of mining — that is the cost."

Both AMD and Nvidia feature as stocks millennials invest most heavily in on Robinhood, the app that lets you trade stocks without paying fees. For AMD, the rush to mine Ethereum has provided an unexpected boon. "Relative to cryptocurrency, we have seen some elevated demand," CEO Lisa Su said in the company’s earnings call following another beat last week. "But it’s important to say we didn’t have cryptocurrency in our forecast, and we’re not looking at it as a long-term growth driver. "But we’ll certainly continue to watch the developments around the blockchain technologies as they go forward."

http://www.businessinsider.com/cryptocurrency-miners-rent-boeing-747s-2017-7

[Darren M]

Great info. Studying blockchain at the moment. Keep it coming!

[Gasser64]

Dont do it, the difficulty is always getting harder. You would be better set spending the money on the currency instead of the hardware.

This. Been doing a lot of reading on it, and your hardware is basically outdated for mining after 6-8 months. You're constantly upgrading just to keep up. To make enough money mining to equate to working a minimum wage job all month, you need a dedicated building with good cooling and wired up for a larger power draw. Which then kills the profits.

I've decided to just let other people mine, and invest/trade the coins instead. There are huge mining companies now, in china and other places where electricity is cheap. They've got thousands of those expensive mining machines, and they are the ones that have raised the difficulty way up.

Just put something like $500 into 5 different cheap currencies, and wait a few years. This market is only going to see more and more money coming into it in the next 5 years. But pick coins with a future, not scamcoins or shitcoins. Pick ones that solve a problem, and that have a good idea and a good dev team. I've been doing a lot of researching lately, and I've invested in the following:

Reddcoin (not connected in any way to reddit, and not to be confused with redcoin) This one seeks to put a little button on all existing social media platforms. Facebook, youtube, instagram, blogs... even forums like this one. If someone helps you out, you can hit the button and send them a little bit of reddcoin if you want. Or, you can offer up reddcoin to someone just to help you out with something. You can send 'em however much you desire. Helps content creators get paid for their efforts.

Coval (AKA Circuits of Value) Aims to give indie musicians a way to get their stuff out there and receive some form of payment for their music, in the form of the Coval coin)

Safe Exchange coin - I really like this one. Untraceable marketplace. Its nobodys business who buys and sells what. I can see this one being a good one for firearms exchange. And helping to protect our rights to privacy when trading guns.

Siacoin - Seeks to compete with Google drive and other such cloud services. But it will use participants unused hard drive space instead. Encrypted and spread across 20 different hard drives, so nobody can hack it and nobody could ever see your data cause they'd only have a small piece of the puzzle. They'd never be able to assemble it to view it. I haven't fully checked into all the pricing, but it seems that Sia wants to offer the same data storage service that google offers for $400, for $4.

Basic Attention Token - Has already created the Brave web browser, which you can download on PC and android. It clamps down on ads, and only sends you ones that you've selected or have displayed an interest in. Then when you click on an ad, you get paid Basic Attention Tokens for doing so. Your ad data can't be sold off to the highest bidder anymore. Its encrypted and nobody knows who you are or what ads you clicked.

They all appear to have a future, and are not simply one of the vast supply of useless coins that do nothing.

[abecx]

Have the opportunity to pick up a huge system from a friend getting out of it, with what he makes per day now would equate to about a 5 month payout. Just sounds like multiple jets taking off at once....but i have an air conditioned sunroom could put it in.

Just curious if anyone ever has or still does this, and if so what currency do you do?

Dont do it, the difficulty is always getting harder. You would be better set spending the money on the currency instead of the hardware.

[Ratt]

I was using a reference, RX480 and made 81 cents in 3 weeks at about 12hrs a day. For me, the heat generation and crashing the pc due to driver instability, weren't worth it. If it wasn't on my only pc that used for work and everything else I do, I might do it again.

I was mining regular bitcoin, not ehterium(sp) that just tanked.

Yeah. There are a lot of considerations to make when it comes to mining, not the least of which is how much you are paying for electricity. You absolutely spent more on electricity running the card full-bore for 12 hours than the 81 cents you made.

[Tx Redneck]

I was using a reference, RX480 and made 81 cents in 3 weeks at about 12hrs a day. For me, the heat generation and crashing the pc due to driver instability, weren't worth it. If it wasn't on my only pc that used for work and everything else I do, I might do it again.

I was mining regular bitcoin, not ehterium(sp) that just tanked.