Topic: Cowman goes digging for bitcoin

[BomberMann650]

How long do you figure your current setup will be viable?

Long enough to pay for its own upgrade.


Turns out the Bitcoin Futures trading exchanges that are opening this December - they won’t actually be buying and selling bitcoin.  Put cash in, take cash out. Kinda mad they would take the bitcoin name to attract people to their market.  What a bad actor.

[chewbacca5000]

How long do you figure your current setup will be viable?

Long enough to pay for its own upgrade.


Turns out the Bitcoin Futures trading exchanges that are opening this December - they won’t actually be buying and selling bitcoin.  Put cash in, take cash out. Kinda mad they would take the bitcoin name to attract people to their market.  What a bad actor.

That is the way futures work.  Cash in / out to hedge against price inflation.  I understand the purpose with commodiites, but have no idea how imaginary money can be seen as a commodity as it is used by so few people.  Corn and Wheat are used daily by all Americans.

[chewbacca5000]

Looks like the bitcoin crash is on!  Coinbase is halting trading which will fuel fear and create another round of selling when it reopens.

Full read here.

https://www.cnbc.com/2017/12/22/coinbase-one-of-the-biggest-bitcoin-marketplaces-says-buying-and-selling-temporarily-disabled-amid-price-rout.html

[BomberMann650]

It’s a christmas sale!

The conspiracies around cnbc, coinbase, and roger ver (previously a mt.gox puppet) are interesting. 

But I’m more interested in the sohc4.net crash and why this thread is missing 2 pages of posts?  Anyone else seeing strange things happening?

[dave500]

a lot of stuff has gone missing,probably quite a few of my brain cells aswell?

[BomberMann650]

a lot of stuff has gone missing,probably quite a few of my brain cells aswell?

Losing brain cells is fine, just sweep a magnet across the shop floor you’ll find em.

[chewbacca5000]

Looks like all the crypto kidies are moving to ripple.  Saying ripple is going to take a bite out of bitcoin.

Bitcoin might be the McDonalds of crypto, but bk, arbys and chick fillet are opening up next door.

Can you minners just switch over to other cryptos?

[Duke McDukiedook]

I'm just a miner for a heart of 'coin...

[BomberMann650]

Ripple is a twice failed experiment that just recently got picked up by some rather large players in the mainstream banking industry.  Bank of Canada and American Express were mentioned on the wikipedia page among others.
Ripple is not mineable.  Its not decentralized.  Sure its cheap, but the only similarity it has with bitcoin is the use of blockchain technology.  Since it is highly tamper-fraud resistant.
Hell, can’t even buy ripple in some places.  The exchanges got overwhelmed in the last couple weeks and aren’t enrolling any more clients.  Others haven’t met regulatory standards, and one might be getting sued.
Rumor has it the Australian banks have shut down accounts attempting to buy/sell crypto.  Merril Lynch placed a “ban” too.  Not that they hold any actual power over individual lives.

Crypto is a clusterfck right now.  All the bandwagon jumpers (myself included) really stormed the arena.  Many people are mad because they clicked some button without reading the prompts and lost their money.  Con artists are having a field day making websites that advertise ‘FREE BITCOIN’ - and dupe people into paying for middleman services.
For anyone that hasn’t explored the dark side of the internet.  It’s easy to be victimized.  And the new breed of video bloggers are just as uneducated and unhelpful.  Blind leading the blind.

I’m still mining away here.  The market turmoil and consumer attention has kinda screwed me up.
LuCi is capable of mining any sha256 algo coin.  But since I can’t access alternative exchange platforms I’m stuck on the main chain of bitcoin.  Turns out washington residents are excluded from several crypto exchanges.  So Coinbase is the only service I can get. 

I’m coming to regret choosing an ASIC for mining.  Not that I’m losing money.  It’s actually proving impossible to acquire more!  The last batch of avalon741’s went on sale dec26 from blokforge.  Their website crashed and glitched.  So only a few people were able to purchase these miners at MSRP of $1250.  Get onto ebay, and there are some getting scalped away for $3000-$4000.
And I’m not gonna be that sucka, hell, At that price I might sell mine as a NOS Sandcast model!

I’m starting to think I’ll need to build a GPU mining rig with GTX 1070 or RX480 video cards.  Thatt would be a better long term solution than getting raped across the coals with ASICS.

[chewbacca5000]

I thought it was all about electricity, and the specialized stuff does not use as much?  Hope you make out good on it.

So are you saying that once you start with a crypto as a minner you get locked in, or is that just the rules where you live?

[Remcod]

Bought redd coins just for the fun of it. Let’s see if it’s money thrown away or early retirement

[chewbacca5000]

Bought redd coins just for the fun of it. Let’s see if it’s money thrown away or early retirement

Better odds than the lottery!

[Remcod]

Doubled in a week: more gain than in 20 years lottery. Let’s see how long I can hold on

[BomberMann650]

I thought it was all about electricity, and the specialized stuff does not use as much?  Hope you make out good on it.

You’re on the right track.  The holy grail of mining tech is the most processing speed, with the least power consumption.  This applies to ASIC and GPU miners.
The most powerful ASIC units are usually 1600 watt appliances.  The Avalon 741 in my vlog (if you saw it before the forum reboot) runs around 1200 watts.  The future avalon 821 will also run at 1200 watts.  Process at 11terahash, and likely retail in excess of $2750 without a PSU.  The $10,000 Baikal Giant miner would outperform any and all asics in the quest for HashPower2Wattage ratios.  But cows can’t afford that!
Whereas, a GPU card mining not bitcoin will draw a measly 120-175watts - and if you can get a good deal on the component.  Starts around $300 per card.  With just enough combined oomph to keep the profitability up.

Which brings up another milestone in the BomberMann Bitcoin Journey.

Spent the bitcoin on newegg.  Bought a pair of gtx1060’s for starter rig.  A hard drive, and a ram chip I’ll have to exchange cause i needed ddr3 and not ddr4.  Whoops.

Shopping on newegg with bitcoin was cool and simple.  Since i have the bitcoin-qt wallet on my laptop.  When I wanted to pay, i selected bitcoin.  I got an email with a link from newegg to their bitpay merchant setup.  I clicked “open in wallet”.  The qt app took over.  I chose my transaction fee (which was ~$55 for 20 minute wait time - wasn’t about to risk messing this order up.)
Bitpay updated the invoice to paid and said THANKS!.
20 minutes later I got a second confirmation.  Should have the gpu’s in a few days!

I should note that paying with bitcoin on newegg is not available for every item they list.  It has to be an item direct from newegg and not their open market merchants.

[BomberMann650]

So are you saying that once you start with a crypto as a minner you get locked in, or is that just the rules where you live?

No not exactly.

The rules in washington state effect crypto currency exchanges.  Not the miners.  The rules have influenced my decisions as a result of access to the broader crypto market that are “Alt-Coins” (Remcod brought up redd coin; for example).  As what ever crypto I mine, needs the abilities to either convert to bitcoin.  Or turn into pocketable cash. 
(For those intances where a 5.5% fiat exchange makes more sense than a $60 high priority network transaction due)

Posting Scarlet Johansen because reasons.

[FuZZie]

Bought a pair of gtx1060’s for starter rig

Those are good cards surprisingly fast for entry level 10 series. My windows laptop has one. Been running it for about 14 months, no issues so far of any kind. Are you going to put a bit of an OC on them?

[BomberMann650]

Bought a pair of gtx1060’s for starter rig

Those are good cards surprisingly fast for entry level 10 series. My windows laptop has one. Been running it for about 14 months, no issues so far of any kind. Are you going to put a bit of an OC on them?

Oldie but a goodie it seems.  The two combined should match the performance of a single 1080.
I’ll have to run some tests when I’m up and running.  Though the prevailing internet wisdom is to reduce the voltage to the cards!  They say it should achieve a stable high speed processing rate, and further increase mining profitability.  Reduced power load would be great cause we only picked out a 750watt psu to run this.

[FuZZie]

 Do some tests then do some math don't just follow "prevailing internet wisdom" and if the 750 is the single rail type you'll be fine.

[BomberMann650]

Do some tests then do some math don't just follow "prevailing internet wisdom" and if the 750 is the single rail type you'll be fine.

Evga 750 gold semi modular.  Not unlike the 850’s powering LuCi - it’s a start.

Been looking into the Claymore dual miner software.  Multilayer processing will enable the rig to simultaneously mine Ethereum and Lbry.

Googled Lbry and found it is really neat!  Usually ignore alt coins but this one has legit potential.
They’re attempting to use blockchain computing to become an independent publishing house (paging hondaman).
The lbry blockchain would store and seed a digital library (hence, lbry) while allowing content creators and miners to be compensated for their works.
It’s a concept that I can get behind.

[chewbacca5000]

What about alchemy?  Hear it is coming on strong!

[BomberMann650]

What about alchemy?  Hear it is coming on strong!

haven't noticed.  does it do anything cool?  besides making its developers rich thru token sales?

[chewbacca5000]

What about alchemy?  Hear it is coming on strong!

haven't noticed.  does it do anything cool?  besides making its developers rich thru token sales?

It is all about the marketing.  Before bitcoin I thought I had seen everything with people in China paying 100 a can of fresh air. 

[BomberMann650]

What about alchemy?  Hear it is coming on strong!

haven't noticed.  does it do anything cool?  besides making its developers rich thru token sales?

It is all about the marketing.  Before bitcoin I thought I had seen everything with people in China paying 100 a can of fresh air.

the can of fresh air was supposedly an awareness stunt.  can't remember which group took the proceeds to combat which problem.

i think as far as cryptos go.  if the developers aren't finding another innovative use for blockchain processing, they're not something to invest in.  just my opinion.  0.02btc ifyaknowwhatimean.

curecoin - doin university research by computing simulated protein folds. 
lbry - storing and dissemenating literature while paying content creators

vs
bitcoin cash - started by some dude who convinced a manufacturing business to accept only his token as payment.  convinced an internet retail giant to host the networking center from the get.  people wanted what manufacturer was making, bought into bitcoin cash, and in 4 months it went from 0 to $3k.
remarkably successful strategy.  sure it took some work.
yet contributes little to the future of blockchain computing.

web retailer blokforge wants to do that with digibyte tokens now. 

[Duke McDukiedook]

Dogecoin FTW!!!!!

[chewbacca5000]

Dogecoin FTW!!!!!

What about SOHC4 coin!  We could make it the only way to buy or sell parts!  Isn't that how paypal became a giant by making it the only processor for Ebay?