|
I know someone running a private company in a place I will not disclose, but let's just say it has ideal environment to run a mining operation. They also managed to get a good deal on electricity.
The mining game is simple and very complex at the same time. Calculate the costs of the machines, electricity, and real estate needed to host said machines. Calculate the decay of the machines (for how long they can remain profitable vs newer models before you need to start replacing them, or adding more power).
And now there's a new tangent: being able to serve your power to AI related companies that need this power, so you never waste energy. There's many dynamics at play, which is why most retail attempts will not be able to compete with the pros.
|
|
|
|
IIRC, what you're suggesting is already a reality in Texas. Miners there don't work 24/7/365, but only when the state has a surplus of energy. Yes, it's beginning, but I think it's still a 95-99%-on model. AFAIK those miners only turn off the gears in periods of extreme demand surplus, when they're "ordered" to turn off operations by the electricity distributor, as a condition to benefit from energy credits (Riot case). Anyway, I think soon we'll start to see miners doing the same but voluntarily chosing their on-/off-cycle due to them using the wholesale price (i.e. participating in auctions in the energy exchanges themselves, or with access to a tariff which follows the wholesale price - something already available in several European countries even for retail energy consumers). By the way this method would even stay relatively attractive if the "DAME" mining tax is implemented in the US, as the prices they would pay when they effectively consume would be low, and thus also the tax (Anyway I don't like the tax concept, above all own renewable generation should be always excepted.). A new trend in miners (at least PubCO companies that im tracking) they are moving to HPC services, mostly for companies that use AI. Core Scientific just got a 12 year contract with CoreWeave, so that's a solid source of income. IREN is also planning to announce some clients and they are building infraestructure with HPC on mind. WULF as well. There are others like CleanSpark and Riot that choose to remain pure Bitcoin miners. Im ok with diversification of MW if they can leverage this properly in order to continue to remain profitable even during long bear markets, so when the bull Bitcoin market is back they will have more power ready to mine. We'll see what model turns out the best. |
|
|
|
This whole question is wrong because you are only focusing on a tiny insignificant thing (fees) while there are a million different things that are much more important. For starters in 100 years from now, Bitcoin may not even exist. The cryptography used in Bitcoin is going to will have been obsolete for years by 2140, so by then Bitcoin either will have had significant changes (hard forks) that would fundamentally change it or a more probably thing is alternatives will have been invented that replace Bitcoin.
As for fees, people don't tend to use a payment system that is expensive. If that becomes regular in Bitcoin, it would kill it. That means it stops being used by regular people for payment and it will lose its "hype" and subsequently there won't be any reason for scam attacks such as Ordinals to be using the "bitcoin name".
Disagree. The fee structure is a fundamental pillar on Bitcoin. Without that incentive there is no one to process blocks which contain transactions. As far as the cryptography being compromised, that is a problem that everyone will face eventually. And yes, that may be the first time a hard fork has 100% agreement, I mean that is a clear Schelling point in benefit of all Bitcoin holders. As far as high fees, people will just use 2nd layers. Unless some impossible to imagine alternative is invented that is so good that people want to migrate their money there, Bitcoin could perfectly exist in 100 years. This is a software, it's a digital asset, it's not some physical thing that has to be replaced. It's interesting to think about the far future and see what will happen. I believe BTC is here to stay unless a major discovery is made that like I said, invents something that we cannot even imagine now. |
|
|
|
|
So basically there's some people that theorize about what will happen in 2140+ (to put the extreme scenario in which no further Bitcoin will be generated, but this should be hit in practice way sooner due very low inflation rate) when no longer there will be more BTC issued, so then the question remains to be answered:
How will miners find an incentive to mine blocks if there is no block reward left?
Some people claim that the transaction fees will be enough. Others say that the price will be so high that there will be not enough transaction volume for this to compensate miner activity (then again wouldn't the high fees be enough incentive?).
Well what if the fees are not enough, or there are not enough volume tx going on, or anything else? Would non-monetary use cases like Ordinal inscriptions solve the problem? I imagine in the future blocks will contain massive amounts of second layer transactions and it will be a settlement layer 1 network only. The fees will be very high, so maybe between regular transactions + other use cases it will be enough to keep miners working?
I have been trying to decide if ordinals and basically anything but monetary transactions are a massive amount of time and resources, or perhaps they would actually help with the miner incentive structure?
Obviously, the top priority should always be monetary transactions, then if that wasn't enough, the incentive could be filled with non-monetary transactions. Perhaps at the protocol level, make it so that monetary transactions go first, then with less priority process non-monetary transactions. We should consider if ordinals can be saved or not long term, if these use cases could deliver something useful. If they will only bring problems, then perhaps a full frontal attack on them and planning to stop them may be best. But im still open to discuss this before I pick a side.
|
|
|
|
|
Looks like certain pubcos (I will just mention them.. IREN and CORZ) pivoted to AI by repurposing their warehouses as HPC server farms, and they are doing great. What are your thoughts on this? Can a Bitcoin miner be a good Bitcoin miner if they divert from the main purpose to step into other fields? Is this a good play to find profitability in bear markets or in times when there aren't as many fees? So far it's going great for these two. Is this a short lived buy the news pump or is this a good long term play worth having on a portfolio?
As far as private miners, is any of them doing this?
|
|
|
|
|
There's a fast way to check out if a wallet has funds. Open the wallet.dat file with a text editor and simply search for any fields that contain "name", you will eventually find addresses. If those addresses begin with 1 then it should be a bitcoin wallet. Next step, simply go to btc.com/youraddresshere and you will find out if they have any funds. This way you can save yourself having to sync the node to find out. But to be 100% sure I guess you should.
Note that this worked for wallets created even some after some years because I reckon doing this and it worked. Not sure if this works with modern wallet.dat files but should be good for your case being a 2010 file.
|
|
|
|
Best country to cash out less questions asked ?
It's UK. ? Specially London where everything is easy ?
Many people Even drive there without dl license it's quite relax place i heard that USA not easy place to cash out.
Can the Dubai or spain can better? I mean less taxes Also so i Open company and transfer crypto from exchangers
In Spain there are non-kyc bitcoin atms that allow you to cash out up to €1,000 per day. They used to have the option of cashing out up to €10,000 per day for non spanish residents but I don't know wether that has changed. So if you go on holiday you can take advantage of this opportunity to cash out some. All these dodgy ATM companies may claim that they don't require KYC but using a bitcoin ATM implies a lack of privacy where you are basically being kyc'd indirectly if not directly but undisclosed. You are trusting some proprietary software inside the machine to begin with, then you are being recorded by the company which may or not may keep records for an unknown amount of time irrespective of what is advertised. There is also the problem of cameras everywhere which allows for profiling of bitcoin users. Any spot that is advertised as a bitcoin exchange spot is poor opsec by those that visit it. The only way to get cash safely is that you know someone you can trust and exchange it in person. This also has the risk that the person you trust now betrays you eventualy or is compromised and finds you as a bitcoin trading contact. There's always risks implied here. |
|
|
|
|
Plausible denniability would be usable here. Consider that cryptopunks have been trying to make a Bitcoin for decades, it was a dream since the 70's. Previous attempts such as Bitgold were already there and im sure all of these developers would have googled similar terms so that wouldn't uncover satoshi even if he used his real ip, plus those are broad interesting topics in science and mathematics. It's only Bitcoin and satoshi related posts that he had to cover. As long as he did not tie his identity to anything Bitcoin then he should be ok.
|
|
|
|
Best country to cash out less questions asked ?
It's UK. ? Specially London where everything is easy ?
Many people Even drive there without dl license it's quite relax place i heard that USA not easy place to cash out.
Can the Dubai or spain can better? I mean less taxes Also so i Open company and transfer crypto from exchangers
It's seems another similar topic of this Best Crypto friendly country?. Any way, I still want to say that before choosing the best country to withdraw a few million USD Crypto, you need to see if your fund is actually coming from a legitimate source. If the fund comes from an illegal source, then I think that most of the countries where there is good rule of law are the worst countries for you to cash out that fund. And if your fund is from a legitimate source then I would say initially you should choose those countries which have low or no tax on cryptocurrency and at the same time from the government rules and regulations to banks all are crypto-friendly. And if you get them in any first-world country then it will be best. Now if you want you can follow this table below- Such list would be great to have if it included a column that said how strict they are with source of funds. Just because a country has very low taxes doesn't mean is the best. Example, you show up with signature campaign gains from years ago, but you lack some data, it's easy to prove those things. Perhaps you got paid in a casino website that no longer exists, and now you cannot prove this, etc. A country that will give you solutions and will let you use your money would be the most interest part, rather than if you are paying this or that amount. Does anyone have any experience leading with European countries and their private banking sector when it comes to this? There's a ton of money with a ton of legal earned people that wants to cash out some BTC and diversify on real state and so on but since it's so difficult there's no point in cashing out (and thus they miss on getting any taxes from that, the problem is you can't do anything with that BTC so it's all a waste of money for no reason) |
|
|
|
ok but what's with wanting to destroy privacy coins? confiscate them from people and then burn them. that's just kind of like throwing money away.
I guess they want to remove privacy coins from circulation? Which is definitely going to work because there's obviously nothing worse for a coin's value than reducing its supply (/s) The UK has been at the forefront of the anti privacy laws for years. You are guilty by default until you manage to prove otherwise the moment you try to protect your privacy in any way. From downloading Tails to mixing your coins because you don't want to disclose your funds to the parties you are paying. The government is run by idiots that don't understand the concept of basic privacy being needed for your security, so instead they criminalize the whole thing. And yes, the State owns everything, private property is an illusion, they just temporarily let you own stuff. |
|
|
|
|
Yeah, everyone that had an account registered should be receiving these documents. It's annoying since I did not have any funds so im not even interested on the details. I guess they don't want to gamble and just simple are sending these letters even if you never used the exchange but had an account there. These letters have been coming for years now since this happened.
|
|
|
|
|
Looks like the market is removing Ordinals itself. There is no real demand for this to the point it would clutter the blockchain it seems, so it's just a fad. Maybe in the future there are other use cases. For now those that want to play around with tokens are using centralized pretend-decentralized Solana, this is where all the memecoins happen nowadays, since ETH failed to do that themselves since it doesn't scale. Im just hoping no more nonsense is added on BTC. Just leave the money alone.
|
|
|
|
I'm a Tails user. I strongly advise against attempting to download the blockchain onto a USB stick. Relying on such persistent storage for an extended duration is not recommended. In my two years of using Tails, I've encountered USB corruption issues numerous times, and must have reinstalled the OS by more than five times. It's also crucial to upgrade to the latest version promptly, which further complicates using it for this purpose. Btw, is there a problem by sending BTC to a centralized exchange through Tor? in terms of getting the transaction blacklisted or something? Very probable. I doubt you'll even reach the stage where it shows your deposit address. Your IP will likely have been blacklisted by then. Edit: After reading NeuroticFish's response below, I'm uncertain if you're referring solely to broadcasting through Tor while accessing the exchange from the clearnet. I understand that you're accessing the exchange through Tails and consequently via Tor as well. I would be running the OS through an USB but I would have a portable SSD to host the blockchain and keep it updated there. Or I could just install it on the SSD and use it as the OS there. I would be accessing the CEX with clearnet. So when I send to a CEX, I would like to be able to send through clearnet, so it matches the clearnet IP with the broadcast IP. If I send it through my node, then it would go directly into the CEX node, so they would know the IP, or it goes through additional hops? I've read people got transactions blocked from broadcasting through Tor into a CEX. Sometimes I want privacy so I want to run through Tor, sometimes I want a clearnet transaction. If I use Tails, is it possible to send through clearnet? or is it all forced through Tor? You can use clearnet browser if you want to, not sure how this would work with a BTC transaction. |
|
|
|
|
Does anyone know if BTC Core will work properly if installed on Tails USB with Persistent Storage enabled? I saw that the modern versions now allow you to upgrade the Tails OS on the fly while keeping all of your Persistent Storage encrypted volume intact which is great. I remember not using this OS because you needed to wipe the data to upgrade but now it works.
If you want to use BTC Core wallet for watch-only to send transactions, will this work properly? has anyone tried?
Btw, is there a problem by sending BTC to a centralized exchange through Tor? in terms of getting the transaction blacklisted or something? I just use Tor by default for common sense privacy, but you never know nowadays.
|
|
|
|
Would it be possible to fix it somehow, or has Google found a way to completely nuke captchas on Tor? I have tried on another sites, I thought it was the forum, but it's the captcha. I can't no longer register an account on Reddit since the captcha does the same, as well as in other forums. I don't want to rely on VPNs so this sucks. If anyone knows a way to bypass it let me know.
There is no way to ''fix'' this since nothing it's broken, this was intentionally made to be hard like this especially with Tor browser. Only way would be if admin replaces g00gle captcha with hCaptcha, that is a bit better version of captcha in my experience, but I am not sure if that works with cloudflare or not. Yeah I know the captcha was always hell with Google, but the thing is, lately it's just ridiculous, it does no longer give you even the chance to click on pictures or something, it's just stuck forever on this loading loop so there's no chance, and no amount of cycling throught the different Tor node circuits is going to give you an IP that isn't flagged with this nonsense, so you are blocked. Basically you cannot create a new account with Tor anymore since you don't have a ccode. As far as alternatives, 4chan uses some sort of captcha system that works with Tor, or at least it loads last time I checked, but they have banned all Tor nodes from posting anyway, but at least the captcha needs to work. |
|
|
|
|
I have a ccode saved in order to bypass the time waste that is filling a captcha, specially with Tor where you have to cycle through endless circuits in order to find one that works, but I was trying to log in in another computer where I didn't have the ccode saved. It was impossible, I couldn't log in until I went to the other computer where I had the ccode saved. When I click on the captcha it just does the loading circular animation indefinitely and does nothing else.
Would it be possible to fix it somehow, or has Google found a way to completely nuke captchas on Tor? I have tried on another sites, I thought it was the forum, but it's the captcha. I can't no longer register an account on Reddit since the captcha does the same, as well as in other forums. I don't want to rely on VPNs so this sucks. If anyone knows a way to bypass it let me know.
|
|
|
|
Should public developers be anonymous?
Can they stay anonymous? I think that's the problem, they are still signing up on a centralized websites like the one owned by Microsoft (ie. Github) and have to push commits there. This can create a lot of challenges for someone who wants to stay truly anonymous. Michael Saylor mentioned some features he is interested in developing on the MicroStrategy World conference. He talked about DID (decentralized ID) running on Bitcoin, I believe using ordinals. So if he is interested, then maybe ordinals aren't completely useless. This way you could host your PGP keys or something like that in a decentralized network instead of depending on some servers that can be seized, compromised or otherwise tampered with. They also mentioned an idea of using LN payments to stop spam email, fake accounts running crypto scams and so on, by using micropayments. |
|
|
|
|
Prices will always fluctuate as demand for something is not constant as well as supply, so these things vary with time beyond your control. You thus have to have assets that will trade higher than the rate your savings deteriorate, that is, that pay an income, like stocks, or that have stricly limited in amount and there is a demand for them (real state, bitcoin). That is all. The rest is in my view just economic theory but that is how it goes in practice. What I mean is that both scenarios are unrealistic thus not relevant for me to wonder about. You cannot guarantee permanently deflation or inflation at 2%.
|
|
|
|
Para mí, en cualquiera de los escenarios/países, es probable que el mayor problema sea, tal y como indica takuma sato, el argumentar la bondad del origen de los fondos. No creo que a nadie por aquí le parezcan ilegales, pero ante cualquier validador del país que sea, decirle que el origen son unas campañas de firmas de un foro de las cuales se tiene, a lo sumo, evidencias en forma de Google Docs + TXs de ingresos, puede que no sea sencillo de dar por bueno. Máximo si a ello le añadimos, por ejemplo, que parte de ellos pueden estar originados en negocios ya inexistentes o inclusos cerrados e intervenidos por autoridades. A todo ello, no nos olvidemos de que hay varios momentos impositivos, al contrario del mantra que se repetía hace unos años donde se aseveraba con frecuencia que sólo se paga al vender: - Al recibir fondos de una campaña supone tener que declarar los fondos de alguna manera (probablemente como ingresos del trabajo). - Cuando el valor del patrimonio global (agregando distintos conceptos donde se incluirían las criptomonedas) supera cierto umbral – ya para patrimonios de cierto peso. - Al vender y/o permutar. Es decir, respecto de la residencia fiscal vigente, habría que tener claro si se ha cumplido con lo anterior respecto de los bitcoins acumulados, o en su defecto, estar seguro de que ha prescrito y de que, y lo digo en inglés por ser más elocuente, "it won’t come back and bite you in the ass later on".Hoy por hoy, uno diría que probablemente sea El Salvador el país más receptivo a poder conformar una huida tributaria, pero a todo esto, falta saber la letra pequeña asociada tanto en el país vigente del cual uno se despide hipotéticamente en términos fiscales, como del destinatario. Por ejemplo, vimos hace poco que en El Salvador existía hasta hace poco un KYC para TXs superiores a 200$ (ahora va a cambiar), y como este caso puede haber otros aspectos que no trascienden al mero lector de noticias. Otra cosa es darse un cambio de vida del estilo, que podría ser algo contranatural según para quién. Luego le seguiría quizás el estudio de Andorra y Alemania, pero entrando a fondo con algún asesor tras estudiar el terreno de juego para ver cómo pinta. Teniendo en cuenta a su vez que la legislación tiende cada vez más a incluir cambios como la próxima implementación MiCa. Sobre lo resaltado en negrita, acabamos de ver las noticias de Roger Ver detenido en España, por que le acusan de no haber pagado impuestos de hace como 10 años. El IRS es absurdo el tema, de que te persigue por todo el mundo. Pero tengo entendio que Roger Ver ya no tiene nacionalidad de USA, si no de St Kitts, entonces no se por razon el IRS Aun insiste. Quiza al ser una cantidad ingente (50M) no ha prescrito. Sobre las permutas, lo suyo seria esperar a que prescribiese todo movimiento, y a partir de ahi ver. Esta claro que hay 2 opciones: O esperar una amnistia, que puede ir con letra pequeña o no ocurrir, o tomar accion y intentar dar el paso. Pero como bien dices hay que mirarlo bien. Es evidente que quien participa en campañas de firmas solo es una actividad legal de marketing, el problema es pasar los fondos a un banco y que hacienda no se monte peliculas al respecto. Esto imagino que depende del pais. |
|
|
|
|
Debes cambiar la residencia fiscal cumpliendo con los requisitos para ser residente fiscal, ya sea residencia activa o pasiva que suele ser muy diferente en algunos lugares. Luego presentar la baja en la hacienda de tu pais (no se de donde eres). Necesitaras poder pasar los fondos a un banco, y ahi empiezan los problemas. Un banco te aceptara fondos que vengan de Coinbase con documentos de compra y venta mucho mas facil que fondos que provengan de campañas de firmas por ejemplo, que es lo que se lleva comentando durante bastante tiempo, que hacer con esos fondos. Necesitaras poder probar al banco que los fondos no le daran problemas. Tambien necesitaras que la hacienda donde se haga la operacion este conforme y cumplir bien con el timing de todo.
|
|
|
|
|
Show Posts
