Cryptocurrency

[pjclarke]

Mining is the obvious option. Someone posted their experiences with genesis mining here, seemed to be profitable for them.

I bought around $1,200 (£880) of hashpower at Genesis about three and a half months ago.

My stats since then areDuration:114 days
Current value of mined coins: £552
Rate £4.85/day

ROI 62%
Extrapolated breakeven: 31/1/2018
APR:199%

Coinage is mainly BTC with some Ether and Litecoin. The returns have of course come mainly from the rapid rise in the BTC price.

I reinvested a modest amount of mined Litecoin to buy more hashpower, also I got a modest bonus in the form of the Bitcoin Cash fork (if I can ever get the CoPay wallet to register my holding).

I have an open-ended contract which means Genesis will distribute the revenue to me as long as the value of the coins is greater than the mining cost. At the present they are only selling fixed 2-year contracts, but they have bunch of open-ended Bitcoin hashpower coming online at the end of February. They are releasing these contracts in a series of tranches, so far each tranche has sold out before I got round to investing.

Just a sideline, I've acquired most of my stash via bittrex.

[doconline]

They have to pay for the hardware and electricity somehow.

Anyone know what a reasonable mining rig would cost to build / run? I've got solar panels on my house and no one using the power during the day, so power would be subsidised (potentially free). From what I understand the computer doesn't have to be that powerful, it's the graphics card which needs to be a decent spec?

[glebe digital]

Anyone know what a reasonable mining rig would cost to build / run? I've got solar panels on my house and no one using the power during the day, so power would be subsidised (potentially free). From what I understand the computer doesn't have to be that powerful, it's the graphics card which needs to be a decent spec?

TIL it currently takes 27,000 gigawatt hours to mine 1 bitcoin, and rising daily. That's a lot of solar, plus the mining unit tech costs. Hardly seems worth it.

But if you really wanna, get a GeForce GTX 1070 and cook it to oblivion.

[doconline]

TIL it currently takes 27,000 gigawatt hours to mine 1 bitcoin, and rising daily. That's a lot of solar, plus the mining unit tech costs. Hardly seems worth it.

But if you really wanna, get a GeForce GTX 1070 and cook it to oblivion.

Definitely more than my panels pull down

[Agent]

I bought around $1,200 (£880) of hashpower at Genesis about three and a half months ago.

My stats since then areDuration:114 days
Current value of mined coins: £552
Rate £4.85/day

ROI 62%
Extrapolated breakeven: 31/1/2018
APR:199%

Coinage is mainly BTC with some Ether and Litecoin. The returns have of course come mainly from the rapid rise in the BTC price.

I reinvested a modest amount of mined Litecoin to buy more hashpower, also I got a modest bonus in the form of the Bitcoin Cash fork (if I can ever get the CoPay wallet to register my holding).

I have an open-ended contract which means Genesis will distribute the revenue to me as long as the value of the coins is greater than the mining cost. At the present they are only selling fixed 2-year contracts, but they have bunch of open-ended Bitcoin hashpower coming online at the end of February. They are releasing these contracts in a series of tranches, so far each tranche has sold out before I got round to investing.

Just a sideline, I've acquired most of my stash via bittrex.

This is interesting, when you say you paid £880, as a one off or per month / years etc?

[glebe digital]

Definitely more than my panels pull down

Quite!

Also this:
"At the current difficulty, that amount of hashrate (that card) will let you mine a block on average once per 135,000 years. If you use pooled mining, you can get incremental payouts for shares (partial proof of work). You may earn 1 BTC around once per 10,000 years, while paying around $2,000,000 in electricity costs during that time (at 10c/kWh)."

[psychocandy]

This is interesting, when you say you paid £880, as a one off or per month / years etc?

I spent £30 6 months ago - so far **** all.

[scooterscot]

Glad I did not short dash yesterday -

[Hobosapien]

Quite!

Also this:
"At the current difficulty, that amount of hashrate (that card) will let you mine a block on average once per 135,000 years. If you use pooled mining, you can get incremental payouts for shares (partial proof of work). You may earn 1 BTC around once per 10,000 years, while paying around $2,000,000 in electricity costs during that time (at 10c/kWh)."

A solution crippled by it's own ideals.

All the mug punters holding crypto coins, make sure you sell before the inevitable crash, which will come when big business decides to get in on the act but doesn't want to pay the premium of using coins already held by others and of limited supply (by design). Much easier for them to launch their own version, owned by a consortium of all the big players to avoid the fracturing we're already seeing amongst the little players trying to become the global standard.

No way will bitcoin or any other solution limited to having people using minute fractions of a coin will become the global standard. A loaf of bread for 0.000000000000000000000000000001 of a coin? Yep that is really user friendly and bound to catch on. These coins aren't bars of gold, which has never been used as a currency only to underwrite a currency through being physical, so not something cryto coins can or will become.

We've yet to see the true winner. Don't be left holding all these worthless ones when that winner emerges.

[pjclarke]

This is interesting, when you say you paid £880, as a one off or per month / years etc?

That was a one-off payment for an open-ended contract. As I say, they are currently only selling 2-year fixed term contracts, with occasional 'flash sales' of open ended bitcoin mining power.

The return rate will diminish over time as the difficulty of mining a block ramps up; however over the 4 months I've been doing it, there has been no change detectable above the day to day variance.