Well congratulation, i seem to understand you will be splitting half and half with him. 12.5BTC could buy a lot of Sidehack sticks/pods  |
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BTC @ 414 USD THIS is why I never turned off my S3's even when they were just making pennies a day, those pennies just behaved like bunnies. Looks like some sold were a ta under 400. But we hit a high of around 416.62 today. So will be interesting where we end up in a few hours. I just want over 400 and I'm happy  for the moment. 230 to 400 is a huge jump is a pretty small period of time. With 370-420~ right now, even my S1 are good income and seeing how hard it is to get any more miner currently, i'm pretty happy i got them. I'm just worried at what will happen to the difficulty, if we're looking at a series of +5-7% for a few retarget, this double return from miner won't last very long. |
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So EU declares bitcoin as a currency, not a commodity. So it is VAT free.
Should bitcoin also be free from capital gains tax as it is a currency?
No. If you earn 30k BTC and of that 10k is profit per year, then your Bitcoin income should be taxed at 10k. Sure tax free sound good but the government need their tax income if we want them to not beat down on BTC. |
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Hey mate, welcome to the forum and to the Bitcoin world! Mining is pretty much dead for us ordinary people. The best thing to do is to forget about it completely.
You should learn, read and research Bitcoin and find yourself some spot in this ecosystem. There are many things to do, but you need to understand the technology first.
We are here to help you, with all of the questions that you might have!
Cheers!
With the BTC price as it is now, its even profitable to mine now at exorbitant electricity costs for people with S5's. So Calling it dead and recommending someone to just forget about all of it seem like a bit short on a proper recommendation. |
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Please evaluate and provide feedback:
Bitmain AntMiner S7 - $2415
Power supply - ? (please provide cost for wall outlet)
2000 kWh: 6.3 cents
What is the estimated time to pay this off if btc averages $350 over the next year?
2000 kWh is 6.3 cents ? Something does not add up. That would mean you pay nearly nothing per hour since a S7 is 28.8 kWh per day. With this nearly free electricity it would take 7 months to ROI. Not sure why you're paying 2415$ instead of 1700$ per. |
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OK just checked and you are right, after 4 Minutes or so after loss of Internet an S5 does stop hashing. However I will still just cut the power when I want to shut down, because there is no more heat being generated by the ASIC's when power is cut and Life is too short. Let's see what others have to say? Rich I'm pretty sure your chips won't heat up if you just flip the switch, so yeah just flip the switch. Its sensible to "properly" power down a computer to prevent lost of data and some shutdown protocols. But for miners i just flip the switch. I very much doubt there is enough power held in the miner to cause any damage as it dissipate. |
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There was much hype about the Fed raising interest rates in 2015, but we are still there, at the lowest possible level (wtf, it is even no longer the lowest possible limit). Bitcoin halving in July, 2016, is talked about as much, but will it really happen?
I ain't sure
of course it will happen miners can't just change the protocol, blocks would be rejected by other miners and nodes (nodes aren't necessarily miners) Miners can absolutely change the protocol, with consensus, which will absolutely not happen. The nodes are indeed not necessarily with any hashrate but they also have no voice power. The blockchain follow the hashrate, the nodes are just a tool for broadcasting. |
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I will sell them in the exchanges and crush the prices so that everyone may buy cheap coins once again.
Wow, the Robin Hood of bitcoin everyone. I'm pretty sure people are doing that as we speak, just that except others buying cheap coins, they buy cheap coins. Rinse and repeat. Yeah was pretty impressive watching the price go to 400USD and then crash 10% momentarily. Make me worry that this price raise is just a big market manipulation for something like the Chinese and that the price won't hold up there. |
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Interesting rumors on imminent introduction of antminer S7 'lite" hashing at 3.5 Th
Speculate on price...
My take: ~3.5 BTC initially ($1000), eventually down to 3 BTC.
So much for this theory BITMAIN just posted two new batches 4 and 5 of the S7 and I don't see a S7 lite. so is this theory hogwash ? This one could go either way, however rumoured release date was the 10th. Rich We do not know how accurate his info is. I thought accurate at first. But his latest leak on price on S7 in bulk does not add up since it's cheaper to buy S7 as a regular customer then what he claims a 1 PH customer gets. So I'm losing faith in the info that was leaked. I very much hope the fact come through because i could really use a S7 lite right now. Right now buying a full S7 is a bit iffy considering how much money you're putting in limbo for a minimum of 1 month, since the shipping is not due for one month. =/ |
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nope, I don't think so. Both of them are different currencies, a currency won't fall down that easily
BTC becoming the global inter currency doesn't mean FIAT will "fall down" it just mean that it will become the go to. Governments will always want their FIAT and it is necsesary to the currency way the Economy and Debt system work. |
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Is there an upgrade kit to s4+?
Do you think there will be an upgrade to newer chips in the future like they did with the s2?
No, it was canceled and they even skipped the S6. The closest to the S6 was the S4+/S5+. No official word of if there will be a S6 eventually but the upgrade kit for S4 were canceled for some reason. They skipped it for good. We will not be seeing a S6. I think Dogie was one to inform us of that (I could be wrong I'm not 100 percent on that). But it's hard to tell if they will do a S8, or they might do another + edition. S7+ and hook 3 together. And there is already the rumor of the new S7 with lower specs coming out this month, it has not been confirmed by bitmain. I read the messages received from Bitmain, directly replied to will there be a S6? And the answer was "We will be releasing the S7 next, nothing about a S6 currently." The question is pretty much will they ever make a U rack form factor miner ever again. Would probably be easy for them to slap 9 hash boards in a rack form factor, but they were putting a high importance on "using less materials and making the miner lighter". So i guess time will tell. But TLDR; No s4+ upgrade kit, no words on a next gen rack mount miner. |
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In short, i have a S5 that i got half working (got it cheap), then second blade is dead and the FAN2 has no reading
I could put a new working blade in the controller, but would such history warrant against doing this? It seem like the controller is not working as well as it should, i'm just wondering if doing this could damage the new blade?
I don't know to much about the s5's But if it is anything like the s3 replacing the controller will not damage the other board. If the controller is already faulty might as well change it out for a working one. I don't have a replacement and its mining fine, but the Fan2 has no reading no matter what, and its previous second board died. So i'm wondering about replacing the mining board, not the controller. |
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Hi guys I received my first bitcoin as a birthday present in October this year. But now I need to know how mining works and how I can earn more bitcoins so I can start trading? Anyone out there that can give me a quick training session to get started? I will greatly appreciate any assistance! Thank you and have an awesome day Well this is asked a lot and the process is pretty simple; Where you want to mine (in what). What does your electricity rate cost. What is your budget for purchasing miners. What is your outdoor temperature range over the course of a year? |
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they are too much for me, i would organize the biggest raffle ever with 100k bitcoin total for a giveaway, 1 for every user, but to avoid abusing he should identify himself with a video and his username(he can cover his face for privacy)
i would simply keep the majority, and spend very little
I think a video with the face covered doesn't prove his identity (videos can be easily manipulated) it's very hard to manipulate a video without no one disovering it, and i have no other idea in mind, to avoid abusing, it seems impossible You want to limit to one person per entry by limiting to one identity per. One way or another they need to use something related to their identity which is private information. The only way to go about this is use a mediator, a 3rd party that will verify the unique identity using something like a driving card license and only tell you who has a valid entry. |
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The Chairman of the Financial Supervisory Commission (FSC) has declared Bitcoin to be illegal in Taiwan, following a recent high-profile kidnapping accident involving ransom demands made in Bitcoin. What do you think about this? They banned bitcoin because 1 kidnapping case, while there are many kidnapping case with their fiat, or is it just a reason to ban bitcoin in taiwan. Bitcoin adoption is taiwan is really good, and shows big potential. But now bitcoin has been banned  https://www.cryptocoinsnews.com/bitcoin-declared-illegal-in-taiwan/This is absurd. Must be another hidden reason that bitcoin is declared as illegal. It is crazy to think that the gangsters will stop their illegal activity because of this action of the Taiwan Authorities. I think that for sure it is a way to deviate the attention of the people from the fact happened. I cannot find another reasonable justification. Maybe they think that asking bitcoin the kidnappers will have more possibility to hide their money but this cannot be possible. Every transaction it is showed in blockchain and, if followed, can be monitored and blocked and founded the owner. Even if is used the tor browser. Otherwise how was possible everything happened with Ross Ulbricht. The Authorities find him and him's bitcoins. Sound to me like they are using whatever they could get as an public excuse to fight Bitcoin. Sound obvious to me they want to attack Bitcoin because they lose control over a portion of their citizen's economy. Any Country that want to exploit their citizens will try to fight or ban Bitcoin. |
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Just wondering what you guys would do if 1,000,000 randomly appeared in your Bitcoin wallet and you could spend it on what ever you wanted.
send 999,000BTC to a cold wallet and use 1000BTC to slowly convert to fiat or spend raw and enjoy the luxuries Something like that. Mining Bitcoin at home at this point would feel pointless. But i think i would still start a Data center and start up other ventures, probably start a ASIC business for small miners. Build animal shelters and buy tons of sushi. |
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I think you guys are getting me wrong. I am going to Canada with work anyway but i plan to bring the S3 home with me to Ireland and continue mining here. I just think it will be a lot cheaper to buy them over there and bring them home with me.
Ah my bad, i was under the impression the electricity cost over there was prohibitive. If you come back with new belongings you will have to pay to import them to your home. What is the price for them in Ireland? I find the S3 here pretty overpriced for their returns. |
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This is for research for my thesis so turning a profit is not of huge importance to me although it would be nice.
Most likely you will take a loss in Europe electricity prices seem very high normally. So I would not count on a profit. Ok i will do. I will be in canada for few weeks with work in a few weeks. Would the price over there be a lot cheaper plus i will have free electricity for the few weeks i am there.
It's a good place to try it out compared to Europe. But you won't make profit in a matter of weeks most likely. Normally they are priced high enough were talking monts, not weeks to hit any profit. For hardware prices though Canada would be much better There is still a vat in Canada although it's smaller then most of Europe. Are you planning on flying from Canada with the mine back home? I would guess they ask about bringing items of value so they can tax on flight back. But I know some might not be honest. Just seems like a lot to get a miner. You could leave it in Canada. There is at least one data center there. Likely more then I know. The tax you pay on border is really not comparable and it only apply to certain things at certain value. It does not apply to personal belongings, and a S3 is far from a high value item. You can carry an expensive laptop no problems. And that S3, just ship it to me from inside Canada when you're leaving, i'll buy it.  |
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there should be a decentralized customer care for bitcoin, seeing how many new people have issues, this is another problem with bitcoin, no support, besides this forum, but i'm not sure everyone know about it
Op just need to tell us what he is talking about. If it was indeed a Bitcoin transaction, he should have a copy of the message from the other user requesting money to be sent at a specific address. And then with the transaction ID we can verify what is going on. We are the customer care |
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On currently available miners, 50% jump isn't a lot - especially as fast as diff has been climbing since the S5+ showed up.
Great for those of us that already have working miners, not much help if you don't already have the hardware in place and running as it has very little effect on chance of RoI for those that don't have very cheap electric.
Bitmain pricing tendancies, and lack of recent S7 availability, doesn't help any.
there is a reduction of 5.1% on the earning for one s5(it was 0.098 remember our dialogue about it?), now this si 0.093, not a big change, but the price is now 366, when it was 230, this is near 60% in other words, the price is increasing so fast that diff can't keep with it, this is the perfect opportunity for some casual miners to jump in for a quick buck and sell their gear if the price would stop climbing Correct but it would be unwise to go crazy at it and recommend to anyone to dive right in. The price went up sharply before and it then went down sharply later on, several time. Its good to keep in mind that the price will drop again at some point. No idea when it will start and where it will end, but it would be unwise to do a big investment if you will only get a return if the prices stay at this level. |
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