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Showing 3 of 3 results by jakoshi
Re: Back after a long delay - curious why mine vs. just buy in 2020?
Hey all,
Not sure anyone here remembers me (it's been years probably since I've been around) but used to have a decent little mine, and even ran a few small group mining efforts ages ago (like over 5 years ago, so eternity in bitcoin time). Sold my miners and cashed out most of my bitcoin and moved on with life.
Then all of a sudden it hit me again... And I went back and bought up some bitcoin. And I went and looked at some miners, and some calculators. And what everything tells me is that it's impossible to buy a miner and mine without losing a ton of money. Granted our electricity rates in the SF Bay Area are stupid high, but even halving them it seems like it's impossible to buy a machine, mine with it and ever break even.
So that led me to the age-old question, why do you choose to mine bitcoin with aging, rapidly depreciating miners vs. just buying bitcoin? For the cost of 1 Antminer I can buy more bitcoin than it will ever mine me...
Honestly not trying to say this in a hostile manner - I'd just love to hear people's reasoning because I'd LOVE an excuse to justify getting back into it
Not sure anyone here remembers me (it's been years probably since I've been around) but used to have a decent little mine, and even ran a few small group mining efforts ages ago (like over 5 years ago, so eternity in bitcoin time). Sold my miners and cashed out most of my bitcoin and moved on with life.
Then all of a sudden it hit me again... And I went back and bought up some bitcoin. And I went and looked at some miners, and some calculators. And what everything tells me is that it's impossible to buy a miner and mine without losing a ton of money. Granted our electricity rates in the SF Bay Area are stupid high, but even halving them it seems like it's impossible to buy a machine, mine with it and ever break even.
So that led me to the age-old question, why do you choose to mine bitcoin with aging, rapidly depreciating miners vs. just buying bitcoin? For the cost of 1 Antminer I can buy more bitcoin than it will ever mine me...
Honestly not trying to say this in a hostile manner - I'd just love to hear people's reasoning because I'd LOVE an excuse to justify getting back into it
Sometimes it is better to just buy. Mining a coin that is not in its infancy will increasingly need renewable energy solutions for it to be worth it. That is one of the many game theory approaches for technological advancement that is at hand. The idea is to get to a point where the energy is self-generating via solar or some other means that mining farms have a net 0 cost to run thus making mining a true universal earned income. Simultaneously as happened with transistors, this market for renewable energy solutions would drive the cost of it down and allow its expansion.
That being said, my intuition is that in less than 10 years mining will happen using quantum computers as will as that sounds.
The election is over, Trump had negative attitude towards bitcoin but what Biden's administration will bring to crypto. The fact that the Fed will continue printing $$ and new stimulus is coming is definitely good for bitcoin.
Never heard that president-elect Biden or someone from his camp made any public statement about bitcoin or crypto-technology, hopefully no tough regulations will be made.
Never heard that president-elect Biden or someone from his camp made any public statement about bitcoin or crypto-technology, hopefully no tough regulations will be made.
His presidency will allow hyperinflation precursors to emplaced. I agree that we will have more stimulus checks and one can assume, for the sake of efficiency, it could happen in an airdrop like manner through a USD stablecoin. Bitcoin obviously indirectly benefits. I doubt Biden ever openly talks about Bitcoin though. Hopefully, I am wrong about that. Although I do think he will be considerate enough to focus on highlighting the downstream effect of Bitcoin -- Distributed/decentralized science through dual-incentive collaborations.
Oldies as president actually is not bad like commonly assumed... They are incentivized the most to work fast on behalf of longevity science if ya catch the gist of what I am getting at +0
In 2008, there was a huge economic catastrophe in the world. Some banks conspired and deliberately caused this economic disaster. This is why many people were financially disadvantaged and lost their trust in the bank. I think Satoshi made bitcoin to save people from this disaster. That is, Satoshi has created a currency where there is no third party. There will be no central bank. No one can control it. Customer to customer transactions can be done. While Bitcoin has no controller, no one will be able to intentionally disrupt its finances. Bitcoin introduced a new horizon to the world's economy and freed people from this economic catastrophe.
So I think this is why Bitcoin was created. Is that the only reason? Or are there more reasons? What is your opinion?
So I think this is why Bitcoin was created. Is that the only reason? Or are there more reasons? What is your opinion?
On the outside Bitcoin is a monetary tool. On the inside Bitcoin is a longevity tool. This description is vague as there is in actuality many layers to Bitcoin’s identity.
Its personality is concision. Its faith is math. Its devotion is love. And it’s mission is unity.
These are the reasons for their spawning.