Cryptocurrency

[Jog On]

“World’s Top Bitcoin Mining-Rig Maker Halts Sales as Clients Flee

Bitmain Technologies Ltd. has suspended sales of machines for spot delivery globally, aiming to prop up local prices after crypto miners fleeing Beijing’s crackdown dumped used mining rigs on the market.

The world’s biggest maker of Bitcoin machines told the local mining community Wednesday it has stopped selling new equipment after prices for top-tier rigs plunged by about 75% since April. By postponing sales, it could help miners exiting the industry get better prices for their machines. Bitmain could also benefit if the reduced supply buoys prices over the longer term for new machines.“

https://www.bloomberg.com/news/artic...&sref=o1Dqf087

“Market” rigged on all levels

There's a surplus of Chinese 2nd hand rigs on the market because China is banning BTC mining.

[DealorNoDeal]

Just a thought. Is bitcoin mining viable in this country?

I was wondering if you could do it over the winter, and use the heat produced by the rig to heat your house. At least this way the electricity wouldn't be wasted.

I guess it depends how much a reasonable rig would cost and how many kWh it would take to mine a decent £amount of BTC.

[Jog On]

Just a thought. Is bitcoin mining viable in this country?

I was wondering if you could do it over the winter, and use the heat produced by the rig to heat your house. At least this way the electricity wouldn't be wasted.

I guess it depends how much a reasonable rig would cost and how many kWh it would take to mine a decent £amount of BTC.

Don't think it's viable without a datacentre these days

[AtW]

Is bitcoin mining viable in this country?

Yes

Source: https://www.bbc.co.uk/news/uk-englan...ngham-57280115

[Jog On]

Yes

Source: https://www.bbc.co.uk/news/uk-englan...ngham-57280115

From the article:

Instead of cannabis plants they found a bank of about 100 computer units.

You'd be better off just buying some instead. Besides, POW mining without renewable energy will probably be heavily carbon taxed before long.

[AtW]

“According to a Bloomberg report, Raees (20) and Ameer (17) Cajee, two South African brothers that founded Africrypt, have disappeared with $3.6 billion worth of Bitcoin. The alleged scam represents the biggest heist in cryptocurrency history, even larger than the $2 billion that recently vanished in Turkey.

Back in April when Bitcoin was skyrocketing, Ameer, the cryptocurrency investment company's CEO, informed Africrypt's investors that the company was reportedly hacked. He told them not to report the occurrence to the authorities or their lawyers, since it would only hamper the recovery process.”

https://www.tomshardware.com/uk/news...illion-bitcoin

20 and 17 year olds were entrusted with 3.6 bln dollars worth of tulipcoins

[AtW]

You'd be better off just buying some instead. Besides, POW mining without renewable energy will probably be heavily carbon taxed before long.

Oh wow the Sage of CUK has spoken, thank you so much for your wisdom

You’ll really hate the Govt when they crash the tulips market proper - it’s going to be great

[DealorNoDeal]

Don't think it's viable without a datacentre these days

The thing is, mining doesn't need to be profitable for it to be cost effective as a heating source.

Virtually 100% of the electricity consumed by a mining rig ends up as heat. They are like fan heaters.

Electricity is currently about 20p per kWh. If you could mine say 10p of bitcoin per kWh*, you would halve the cost of electric home heating during the winter months.

I guess the problem would be the capital outlay of the rig, and how long it would take to recoup that. Also, from what I've read, the yield of a rig reduces over time because of the increasing difficulty of mining, so you may not get 10p of bitcoin/kWh for very long.

* I've no idea if 10p/kWh is realistic

[AtW]

Yeah, they really need a lot of heating around hydro-electric power plans in China - they could use it to boil water and make electricity, thus becoming self-sufficient…

[d000hg]

Heating your home with electricity is also far nicer for the environment so you'd be doing the world a good deed.