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  #3361  
Old 24-06-2022, 10:21 AM
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So i can’t download an app and start digging?
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  #3362  
Old 24-06-2022, 10:25 AM
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Originally Posted by Golf Boy View Post
So i canít download an app and start digging?
You need to practice with Minecraft 1st. This will teach you how to spot the rich seams of Bitcoin, the same way Geologists do in the real world to find gold. Good luck.
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  #3363  
Old 24-06-2022, 10:46 AM
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Originally Posted by Isle of Wight View Post
You need to practice with Minecraft 1st. This will teach you how to spot the rich seams of Bitcoin, the same way Geologists do in the real world to find gold. Good luck.
Cheers. Downloaded. They say it takes a lot of energy. Should i get a new battery for the phone?
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  #3364  
Old 24-06-2022, 11:00 AM
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Cheers. Downloaded. They say it takes a lot of energy. Should i get a new battery for the phone?
At this stage this would be an investment too far. Wait until you see the battery declining and needing recharge more frequently, only then buy a new one. To improve things futher you can sellotape the old one to the back of the new one and solder on a link wire. This will then get you a little more power which really helps if you find a seam and you need to do a quick dig before the others arrive.
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  #3365  
Old 24-06-2022, 11:05 AM
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Great stuff. Looking forward to meeting Neil and Friskey for beers in El Salvador.
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  #3366  
Old 24-06-2022, 11:14 AM
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Great stuff. Looking forward to meeting Neil and Friskey for beers in El Salvador.
Beers are on you, when you become a Crypto King.
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  #3367  
Old 24-06-2022, 09:30 PM
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Great stuff. Looking forward to meeting Neil and Friskey for beers in El Salvador.
I think Russ runs a hostel at the bottom of Bitcoin City Volcano.

Friskey won't be there. I think he likes to be nasty to people online rather than actually meet them. I think it is a hobby.
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  #3368  
Old 26-06-2022, 09:15 AM
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Explains his neg rep to me without any contribution or debate to the thread topic. What a sad prick.
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  #3369  
Old 26-06-2022, 09:40 AM
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you can mine bitcoin on a phone? Where do i start digging?
At the end of the rainbow.
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  #3370  
Old 27-06-2022, 08:40 AM
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If you have software to do it yes, but it wouldn't be worth it even if someone was dumb enough to bother to write the software for such a thing (I've no doubts that this has happened though). For mining, graphics cards are used because the GPU chip performs parallel processing on hundreds of cores, the CPU only has 4/8 cores presently at best. It's horses for courses inside the PC.
I think weíre moved past consumer mining of bitcoin, unless youíre getting their electricity for free (or stealing it).

Even with an efficient high end GPU (3080 Ti - costing around £1100-1200), you still need electricity to be less than £0.30/kWh to break even on the energy cost.

Right now to really make money on bitcoin you need to own a wind farm and run the most efficient ASIC miner you can buy. And even then itíll take a year or more to pay off the cost of the miner.
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  #3371  
Old 27-06-2022, 09:43 AM
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But surely if mining new bitcoins is uneconomic then the scarcity will drive up prices. Just like when a lack of new stock issues helps the market to rise. I think there could be one more leg down and then a big rise unless there is s negative regulatory game changer.
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  #3372  
Old 27-06-2022, 10:09 AM
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I think weíre moved past consumer mining of bitcoin, unless youíre getting their electricity for free (or stealing it).

Even with an efficient high end GPU (3080 Ti - costing around £1100-1200), you still need electricity to be less than £0.30/kWh to break even on the energy cost.

Right now to really make money on bitcoin you need to own a wind farm and run the most efficient ASIC miner you can buy. And even then itíll take a year or more to pay off the cost of the miner.
I just don't get it. Why should something that doesn't physically exist require such massive resources to produce? Is there any logic?
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  #3373  
Old 27-06-2022, 10:16 AM
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I just don't get it. Why should something that doesn't physically exist require such massive resources to produce? Is there any logic?
You could apply this to Benteke's goalscoring prowess.
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  #3374  
Old 27-06-2022, 10:26 AM
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But surely if mining new bitcoins is uneconomic then the scarcity will drive up prices. Just like when a lack of new stock issues helps the market to rise. I think there could be one more leg down and then a big rise unless there is s negative regulatory game changer.
There is no real world demand for bitcoin, it has no actual value. The price is not going to rise because supply of new bitcoin ceases.
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  #3375  
Old 27-06-2022, 10:29 AM
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I just don't get it. Why should something that doesn't physically exist require such massive resources to produce? Is there any logic?
Because itís all numbers zeros and ones. Each one has to be unique and in breakable. So to make one you have a very difficult equation to perform. When you get your computer to do 2x2x2 it takes a tiny tiny bit of power to do that. Now magnify that by gazillions and it takes ages, so more electricity and eventually it pops up with a magic bit coin.
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  #3376  
Old 30-06-2022, 10:12 AM
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Meanwhile in the cryptocasino world:

Quote:
Cryptocurrency exchange CoinFlex on Tuesday issued a new token to raise funds in a bid to restart withdrawals for its customers, after one client failed to repay a massive debt.

CoinFlex said it would issue $47 million worth of a digital coin, offering 20% interest, which it’s calling Recovery Value USD, or rvUSD.

It comes after the company paused withdrawals for customers last week citing “extreme market conditions” and “uncertainty involving a counterparty.”

On Monday, CoinFlex published a blogpost with more details about the counterparty. CEO Mark Lamb said in the post that a long-time customer’s account went into “negative equity.” That prompted the company to halt withdrawals.

CoinFlex said in normal circumstances it would automatically liquidate the investor’s position but the trader had a clause in his account that did not allow that to happen. That condition required the individual to “pledge stringent personal guarantees around account equity and margin calls in exchange for not being liquidated,” CoinFlex said.

The company declined to name the investor, but said the individual “is a high-integrity person of significant means, experiencing temporary liquidity issues due to a credit (and price) crunch in crypto markets (and non-crypto markets), with substantial shareholdings in several unicorn private companies and a large portfolio.”
20% interest!
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  #3377  
Old 30-06-2022, 10:21 AM
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I just don't get it. Why should something that doesn't physically exist require such massive resources to produce? Is there any logic?
In theory that mining compute power is actually being used to cryptographically validate blockchain transactions, keeping it secure.

With Bitcoin though thereís a lot more compute power being used than actually needed. Itís recognised as an issue with Bitcoin and other currencies have shifted to alternate methods, where you either provide your coin as collateral or even providing storage for the ledger.

Bitcoin was the first to get out there and has the biggest market value so itís the most attractive to mine, but itís not sustainable.
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  #3378  
Old 30-06-2022, 10:31 AM
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Meanwhile in the cryptocasino world:

20% interest!
Ponzicoin.
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  #3379  
Old 30-06-2022, 10:38 AM
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Big slide in value at around 630 GMT this morning. Now down below $19k.
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  #3380  
Old 30-06-2022, 08:59 PM
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I think weíre moved past consumer mining of bitcoin, unless youíre getting their electricity for free (or stealing it).

Even with an efficient high end GPU (3080 Ti - costing around £1100-1200), you still need electricity to be less than £0.30/kWh to break even on the energy cost.

Right now to really make money on bitcoin you need to own a wind farm and run the most efficient ASIC miner you can buy. And even then itíll take a year or more to pay off the cost of the miner.
I concur, I did say it wouldn't be worth it. Especially now it's under $19k
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