Anyone here actively mining bitcoin_ - page 3 - rc groups bitcoin exchange fees

Anyone here actively mining bitcoin_ – page 3 – rc groups bitcoin exchange fees

By no means am I disagreeing with you, I really would like to understand your point of view. There is no way I am looking to follow in his footsteps but I find it very fascinating the paradigm shift in people’s confidence aka faith in money and what it takes to make it.

GPU mining for BTC is not economically viable. It isn’t really even viable for things like LTC. I mined some LTC (much easier to mine than BTC) with a 1080ti for a short while for grins and it was quickly apparent that I would NEVER EVER EVER recoup the cost of the GPU unless LTC did what BTC has done, which it likely will not.

Furthermore, the video says they are making 7k per month… That is misleading as difficulty levels go up and you can expect that to cut way down each month, roughly 50% IIRC.

Those cards are 800 bucks each…Bitcoin exchange fees he has 52 of them? See a problem? That doesn’t even account for the 500+watts each they are pulling in electricity. Each hour he is burning 26KW… Or $2.60 (at .10 per kwh) 62.00 per day in electricity, 1850 per month …. Ohh and where does all that heat go? He running an AC to keep the room cool?

In short, his mistake was to put so much money into GPU mining…. He would have been much better off going into ASIC…. His ONLY saving grace may be that he can sell the GPU’s to gamers when they are no longer profitable as miners…. To get even 70% of what they cost new he will have to be deceptive and lie about what they were used for as no gamer is going to sped 600 bucks on a card that ran 24 hours strait for months on end mining crypto currency.

In shorter, 1 GPU mining on a pool is not profitable and adding more does not change that.Bitcoin exchange fees

I noticed contained within each block, there is a transaction fee variable that is not being used at present, do you happen to know how that will be implemented in the future?

Thanks in advance.

There are two hypothesis, either the pool of bitcoin will be capped and they will use transaction fees (which mean you will pay a fraction of the transaction to exchange bitcoins), either the bitcoin community will come up with a new version of the protocols allowing more bitcoins generation.

According to me the most important risk for the current mining system is the way it works. Bitcoin mining is very unsustainable. The reward based on proof of work is silly in a world were people pay attention to resources consumption and CO2 production. Other crypto currencies use another sysrem called the proof of stake, where you must own a sufficient quantity of the money to be elected for the reward.Bitcoin exchange fees

Anyways the limitation of the of the quantity of bitcoins will probably not end mining, and additionally it is not certain that this quantity will be limited.

That said, imagine what bitcoins mining will become if china decides bitcoins are illegal….

There are two hypothesis, either the pool of bitcoin will be capped and they will use transaction fees (which mean you will pay a fraction of the transaction to exchange bitcoins), either the bitcoin community will come up with a new version of the protocols allowing more bitcoins generation.

According to me the most important risk for the current mining system is the way it works. Bitcoin mining is very unsustainable. The reward based on proof of work is silly in a world were people pay attention to resources consumption and CO2 production. Other crypto currencies use another sysrem called the proof of stake, where you must own a sufficient quantity of the money to be elected for the reward.Bitcoin exchange fees

Anyways the limitation of the of the quantity of bitcoins will probably not end mining, and additionally it is not certain that this quantity will be limited.

That said, imagine what bitcoins mining will become if china decides bitcoins are illegal….

Thank you, something is surely not right here. The block-chain technology seems to be very sound and have many perspective applications but I don’t believe this is a purely humanitarian effort.

By no means am I disagreeing with you, I really would like to understand your point of view. There is no way I am looking to follow in his footsteps but I find it very fascinating the paradigm shift in people’s confidence aka faith in money and what it takes to make it.

GPU mining for BTC is not economically viable. It isn’t really even viable for things like LTC.Bitcoin exchange fees I mined some LTC (much easier to mine than BTC) with a 1080ti for a short while for grins and it was quickly apparent that I would NEVER EVER EVER recoup the cost of the GPU unless LTC did what BTC has done, which it likely will not.

Furthermore, the video says they are making 7k per month… That is misleading as difficulty levels go up and you can expect that to cut way down each month, roughly 50% IIRC.

Those cards are 800 bucks each… He has 52 of them? See a problem? That doesn’t even account for the 500+watts each they are pulling in electricity. Each hour he is burning 26KW… Or $2.60 (at .10 per kwh) 62.00 per day in electricity, 1850 per month …. Ohh and where does all that heat go? He running an AC to keep the room cool?

In short, his mistake was to put so much money into GPU mining….Bitcoin exchange fees he would have been much better off going into ASIC…. His ONLY saving grace may be that he can sell the GPU’s to gamers when they are no longer profitable as miners…. To get even 70% of what they cost new he will have to be deceptive and lie about what they were used for as no gamer is going to sped 600 bucks on a card that ran 24 hours strait for months on end mining crypto currency.

In shorter, 1 GPU mining on a pool is not profitable and adding more does not change that.

I noticed contained within each block, there is a transaction fee variable that is not being used at present, do you happen to know how that will be implemented in the future?

Thanks in advance.

There are two hypothesis, either the pool of bitcoin will be capped and they will use transaction fees (which mean you will pay a fraction of the transaction to exchange bitcoins), either the bitcoin community will come up with a new version of the protocols allowing more bitcoins generation.Bitcoin exchange fees

According to me the most important risk for the current mining system is the way it works. Bitcoin mining is very unsustainable. The reward based on proof of work is silly in a world were people pay attention to resources consumption and CO2 production. Other crypto currencies use another sysrem called the proof of stake, where you must own a sufficient quantity of the money to be elected for the reward.

Anyways the limitation of the of the quantity of bitcoins will probably not end mining, and additionally it is not certain that this quantity will be limited.

That said, imagine what bitcoins mining will become if china decides bitcoins are illegal….

There are two hypothesis, either the pool of bitcoin will be capped and they will use transaction fees (which mean you will pay a fraction of the transaction to exchange bitcoins), either the bitcoin community will come up with a new version of the protocols allowing more bitcoins generation.Bitcoin exchange fees

According to me the most important risk for the current mining system is the way it works. Bitcoin mining is very unsustainable. The reward based on proof of work is silly in a world were people pay attention to resources consumption and CO2 production. Other crypto currencies use another sysrem called the proof of stake, where you must own a sufficient quantity of the money to be elected for the reward.

Anyways the limitation of the of the quantity of bitcoins will probably not end mining, and additionally it is not certain that this quantity will be limited.

That said, imagine what bitcoins mining will become if china decides bitcoins are illegal….

Thank you, something is surely not right here. The block-chain technology seems to be very sound and have many perspective applications but I don’t believe this is a purely humanitarian effort.Bitcoin exchange fees