Bitmining

Do you pay for your own electricity?

>>60980433
No, mom pays for that, so I get it for free.

>>>/biz/

>>60980454
It's probably costing your Mom more than $5 a day just for your electricity.

It's not idle if it's mining is it?

>>60980454
such obvious bait

And here I am just using my DRIP to increase my wealth

>>60980093
>I should have well over $120 by the end of the month. :)
and I will have much more from my job.

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>>60984099
>Comparing active income to passive income
Mate...

someone help me with geth. i shall pay .01 btc to the address you include with your help.

so i downloaded geth 1.6.5, made an account and i keep getting synchronisation failed, dropping peer....
sync failed, block download requested
sync failed, header processing

what the fuck is happening

>took me 60 days to get my first minimum payment with average 27M/h non-stop mining.

I don't know why I should even bother, this feels like pyramid scam.

>>60984480
yup setting up the server, maintaining the server, and handling the money laundering part of things doesn't take any time at all
>it seems like a lot because you do not value your time and you do not pay your electricity bill.

>>60984543
Do you have any firewall rules that might be blocking it?

>>60980093

> on idle

>>60984543
Add me on discord: Dex#0746

>>60984795
i disabled windows firewall, thats pretty much it i think

>>60984825
Wait, are you running geth on Windows?

>>60980093
If you didn't live in your mother's basement you'd probably be losing money at $4 a day. You're basically stealing from her.

>>60984850
y..yes

I make more by selling my man pussy

>>60984879
Then you don't deserve help, desu

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>>60980093
>$4.04 a day

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>>60984778
>yup setting up the server,
~12-36h, max
> maintaining the server,
ssh into server from pc and verify it is still mining/walk into closet and turn on monitor to verify it is still mining
~ 2min/week
> and handling the money laundering
Prob be easier to just pay the taxes on this t.b.h. f.a.m.
>>it seems like a lot because you do not value your time and you do not pay your electricity bill.
>implying I mine coins
Sorry fuccboi, but I don't mine coins, but I'm sure it's not as bad as you make it out to be. I'd agree there are downsides, but your weak ass argument is not one of them.

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Currently waiting for electrician to upgrade 15A circuit to 30A then I can run my other 3 cards. Plan is for 20 1070's in the short term. Currently at 14.

>>60982563
how the fuck?
do you understand anything about anything?

>>60980093
Is my r9 fury good for mining?

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>>60985004

Fake news, everyone knows you literally can't make money mining, that's why all the gpus are sold out

>>60985004
has the DEA come through yet w/ a warrant?

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>>60985027
Single PC mining is a scam.
/g/ poster are either a basement dweller with pentium and Nvidia 970 setup or people who actually got a decent job and doesn't need a second heater in their house.

>>60980093
>I am making $4.04 a day
>Why aren't more people mining?

>>60984957
close to $1500 a year

>>60985086
It will only work if the value of the cryptocurrancy will increase over time so that the $150 per month on electric bills will be worth it.

I bet you could make lots of coin with multiple machines. Could it possibly work with Virtual Machines?

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>>60985455
> Could it possibly work with Virtual Machines?
Anta baka, anon? Your hardware is doing the number crunching. Virtual machines would just make things worse.

>>60980093
>>60980454
>making $4.04
Nice. What coin, what miner software and what care are you (ab)using?

Also, do make sure you're not making $4.04 in profit. You're making more like $2 per day from mining and stealing $2 from your mother.

If you're not a stupid asshole then you should figure out exactly how much your setup uses as how much it costs. Then calculate if it's worth mining and what ROI you get when you factor in the actual costs. If it's profitable then you should go explain to your mother exactly what you are doing and offer to pay for the extra cost.

You'll have a problem if you're not honest about it: the'll see that something is off soon enough and your mother could decide that you're just not allowed to use your computer anymore if the electricity bill is too high.

>>60983833
I doubt it's that much per day - but he should find out.

>>60984480
Mining isn't passive income.

>>60984852
This. Don't steal from your mother's.

>>60985327
When you grow up you'll quickly realize that $1500 per year is absolutely nothing. It really isn't.

>>60985032
Take this question seriously. Sadly, I'm not joking. I have had law enforcement (not US based so not the DEA) show up because of crypto mining. The will act crazy and very uncivilized and bark like dogs and refuse to tell you why they are there and when they realize that there's no cannabis farm anywhere - just loud computers - they will get angry. Admitting that they are making gigantic fools of themselves is just too hard. Don't expect an apology or anything.

>>60985494
>When you grow up you'll quickly realize that $1500 per year is absolutely nothing. It really isn't.
Cool, can you paypal me $1500? My email is [email protected]

> All transactions are investors selling to new investors that hope to sell later to new investors for a profit
Surely this has got to give at some point, right?

>>60985576
But as more people invest in it the more reputable sources start taking bitcoin as payment, and thus more people invest in it, ad infinitum

Keep in mind if no one took the US Dollar as payment it would be useless. It is paper, and is as useful as 1s and 0s in your hard drive.

>>60985576

I find it kind of ironic that most people just use crypto as a form of investment/profit opportunity. The currency aspect of it is a fucking meme. How many crypto holders actually use it to pay for things? I bet less than 2%.

>>60985644
How many people actually use solid gold coins as currency?

>>60985680

>comparing a precious metal with endless uses to a bunch of fucking numbers

>>60985644
This probably depends on when you got into crypto.

If you have money sitting in your bank account then it makes absolutely zero sense to send that to an exchange and convert it to BTC and use that BTC to buy something from a webshop, that's a lot of steps compared to simply using a credit or debit card.

I got into mining back in 2013 and to me it does make sense to pay for things in BTC and I do it quite frequently for what is essentially the same reason. If a store accepts BTC then I can just open my BTC wallet and send them the amount I need to pay and I'm done. The alternative would be to send BTC to an exchange, sell it for fiat and wait for that fiat to go into my bank account and then spend that fiat using a credit or debit card. That's simply a lot more steps.

>>60985609
Don't expect the amount of places that accept BTC as a form of payment to increase a whole lot. It's a lot of hassle to the point where I don't get why do who do now bother. I guess Bitpay and services that instantly convert your BTC to fiat helps, those who use services like that are basically just accepting another way to get paid in fiat.

The big issues are taxes and upstream suppliers. You can't accept BTC and keep much, if any, of it. Sales tax (or VAT) must be paid in fiat. Upstream suppliers want fiat (you'll need to restock). It really isn't very practical.

>>60985765
>a bunch of fucking numbers
Like the ones in your bank account? It's the same shit. Value is assigned to things arbitrarily all the time. Humans have been doing it for thousands of years with all sorts of useless shit like sea shells and even large stone disks.

Also
>endless uses
Literally the only reason normal people care about gold is because of the prestige that comes with owning real gold jewelry. The color can be replicated, but the rarity gives it a value all of it's own.
Industrial usage adds almost nothing to the value of gold. Take a look at Rhodium prices if you want to see what gold would cost if it stopped being a cultural meme.

>$4.04 a day
>utter bullshit
>you'd need 150 high end Radeons crunching bitcoin to even get a few cents nowadays because of the difficulty
>OP is not some Chinese bitcoin farmer with a god damned warehouse full of hardware

Please, stop being a dickhead, dickhead.

>>60985832
He could be mining shitcoins. $4 a day is pretty easy with a lot of those.

Currently running a 1080ti using nice hash. Running their calculator at .016 kw/h it seems that I'll make anywhere from 8-9 dollars a day, and then .90 on electricity.

So; 7-8 dollars a day for using my computer to mine alt coins. Not bad, I only game for like 1-2 hours a day on average, if that. So I'm just using my MacBook while it mines.

Seriously thinking about buying a 2nd 1080ti for the giggles. Pay itself off in 3 months and then I have a stupidly strong system for CSGO.

>>60980093
>Why aren't more people mining?
I've always had concerns about mining and I still don't understand what it is the users actually do. Do you really just join an entire network of other computers and just use your hardware to make calculations to process transactions? Explain this to me.

it sounds harmless but I'd begin to wonder about just what kind of things I'm taking part in. Literally anything could be happening and I'm not sure I'd be okay with being complicit to some seedy operation. Most people that do this work behind Tor and I remember the reputation that thing had. I honestly wanted nothing to do with it.

>>60985830

You missed the point of my original post. Crypto is touted as the currency of the future, yet the majory of people are using it as a way to make profit and later convert that to FIAT.

When was the last time you bought a new TV with a stock or bond? Never. You cash those out and then take your real money and go buy the TV.

>>60986056

I bought an ASIC and had it running for three weeks before it made $5. Then I forgot about it and haven't touched it since because it was a damned space heater you could feel from the other side of the room.

Now that $5 is worth $80. Living the dream.

I love the idea and use of crypto currency but having more people interested in making money by mining them than actually using them as currency is a problem and is just going to keep making bubbles that will scare people away from using them as they are supposed to be used.

>>60986111
>I bought an ASIC
Did you have to do anything to make it suit your preferences or did it really just go to work as soon as you got the thing? I'm guessing you threw some Linux variant on there.

I'm looking right now and these things look like big dehumidifiers with an RJ45 stuck on them

>>60985644
>>60985791

you do realize drug markets on the deep web use bitcoin as currency right? and it move millions of dollars every day?

>>60986315

Oh, well that legitimizes the whole thing then. Thanks for clearing that up.

>>60986379

of course it doesn't have the same practical use, but is laughable when people say it has no real life use

>>60985765
>>60985830
>Gold
>Precious medal
>Can/has been found/mined on every landmass on Earth
>Actual productive uses for it are dwindling, since better metals/alloys are replacing it
>Not even being used in electronics anymore
>Only priced high because people pay high
Ya'll niggas think diamonds are rare, too.

>>60980093
The ony way to justify this is to invest what you mine, and trade your satoshi income. Mining and leaving it is not profitable enough. Mine and trade though? That couls really, really work.

>>60985012
Are you new? /biz/ has been handling cryptocurrencies far more than /g/ has been talking about it.

>>60986400
we'd be using gold cables if it was as cheap as aluminium. And gold pipes instead of copper pipes.

>>60985327
That's literally nothing after food, electricity, toiletries and you've run out of money in less than 2 months assuming you're not a basement dweller.

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>>60985012
kys newfag