Some people that do not access electricity in Kenya will be people that are villagers, Kenya is one of the countries in Africa with good electricity, when the largest electricity producer in Kenya knows that it will be profitable for them and profitable for miners, they came up with the good idea. United States has one of the most expensive electricity in the world and have the largest bitcoin miners, the PPP in US is higher than in Kenya, I think this will be good idea. https://www.statista.com/statistics/263492/electricity-prices-in-selected-countries/Stop looking at average rates, nobody mines at national average prices! Do you think I would still mine at around 30 cents per kwh? Large farms in the US manage to get 2.5-5 cents deals, nobody will set up those huge MW datacenters with 16 cents/kwh , just pick any mining calculator and you'll see nobody makes money at those tariffs. What's interesting is that Kenya is even higher there at 22 cents per kwh which really picked my curiosity.. https://www.the-star.co.ke/business/kenya/2021-10-27-kenyas-electricity-cost-fourth-highest-in-africa-study-shows/https://www.kbc.co.ke/kenya-power-needs-radical-surgery-as-first-step-to-cheaper-electricity/And this might be the nail in the coffin for the mining deal I don't see how the people will accept a state-owned company selling cheap electricity to miners while they are taxed 4 or 5 times more. Behind the curtain deals, maybe, opened offers for everyone, now way! Kengen isn't 100% owned by the government, so the shareholders will probably care more about how much money they can make than supplying the poor with electricity (the government too probably doesn't care), so it really makes no difference if 30% of the people have no electricity or even 70% of them, miners can bring their containers right next to the power source which means no Step-Up/Down transformers, no expensive transmission towers, which means saving billions of dollars.
70% means it's still government-owned, what the government wants they will do. I've seen enough of those energy companies turning from highly profitable to a money pit because they wanted to sell stuff cheap to rank in votes for elections, of course, you're scenario is perfectly fine and I don't doubt it might happen as it did in Georgia but it's still poor planning. When you already have spare capacity the next thing is to try to invest in the infrastructure so you can deliver this, not build more and have more energy you can't sell. I wonder what's the "fee" for an introductory meeting there.  |
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The first thing that comes to my mind when it comes to Africa and crypto mining are the temperatures that are actually very high in most of Africa which I guess raises the price of mining due to the extra cooling of the mining devices.
Yeah, but it's all about the price you get for electricity, throwing air outside is still a fraction of the consumption, 10 cents in Sweden or 5 cents in Arizona and people will choose Arizona, mikeywith is managing to somehow run those damn machines like this Allow me to praise myself, I did not have to shut down a single gear while temps here been ranging between 104F to 116.6F aka 40c to 47c even at night, many schools and businesses did shut down this week because of this,
If it were that friendly to the domestic entrepreneurs, I think Mining in Kenya or Most African Countries would be a thriving business by now, but it isn't. When they talk about crypto Mining, you will hear about Asia (Mostly China). Europe and North America. Africa and South America rarely come up in the
mining conversations,
I have a feeling South America will definitely take the 3rd sport from Europe if it hasn't done so already, Europe has no cheap power while there is a ton in South America. https://bitfarms.com/app/uploads/2021/04/2021-04-19-Bitfarms-Final-Press-Release-Argentina-Expansion.pdf The Company has since signed a significantly enhanced power purchase agreement with a utility-grade private power producer in Argentina pursuant to which Bitfarms is entitled to draw up to 210 MW of electricity at its discretion. The initial term of the contract is eight years. During the first four years, the effective cost of the electricity will be US$0.022 per kWh. there is no way for anything in Europe to compete with stuff like this. Renewable energy is the best as it saves energy cost and consumption. This will mean more miners and less cost for transaction validation and confirmation.
It doesn't work like that, the cost of mining has nothing to do with the fx fee. The only thing the cost of mining determines is the revenue and profit of miners, dictating so how big the hashrate is. The cost of each tx is influenced only by the activity on the network, there are 100tx in the mempool you can get a confirmation with 1 sat, and there are 100MB of more than 10sat/b prepare to wait, quite a bit. |
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The rich getting richer is no surprise. What does surprise me, is that "the poor" also got richer! So during a pandemic that disrupted the worldwide economy, everybody got richer? That can't be! Governments printed more money, which we now pay for through inflation.
Yeah, seems like everyone is ignoring that part and still focusing on the kulaks and the wealth that shouldn't be theirs. But it's pretty understandable if ignore some cases that suffered the most and focus on the whole thing - even low-income Americans spend money on eating out, and transportation, which was a no during the covid - a lot received checks even if they continue working, a lot of lower-paid jobs are actually the ones who kept their employees and even raised wages - rents went down, people fled the cities for cheap suburbs and villages, again more $ and yeah, it can be! The situations like the rich is getting even more richer and poor became more poorer has actually been happening even before the Covid time. .
Read the graph again.. |
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I don't know, but money laundering is not that easy. You move half a million dollars in an "easy to monitor" network like the Ethereum network, and therefore all these services that track currencies will notice your movements.
Secondly, monetizing cryptocurrencies is difficult if you decide to do so without verifying identity, and therefore when you provide them with your data, the issue is a matter of time before you are arrested.
This is true for the BTC chain, not for the NFT thing. First buyers of NFT are not required to verify any identity, nor do you have to know your buyer, and this creates the perfect loophole. You're an NFT trader, you put some for sales, and person x buys them with shady funds you have no clue they are shady, you use those funds to buy some NFT from person y (which in reality is still x) and voila, two legit traders have received funds for their legal business and their art. Second, too many focus on money laundering and are not looking at other forms of tax evasion those NFT are used for. You buy a $300 000 gorilla jpg, and by mistake you sell it for 3000, and here you have your loss which you can claim on your tax files while of course, you bought that gorilla from yourself and the $300 000 are still in your other account. NFTs are art and they have become part of culture of the cryptospace.
NFTs are not art, NFTs are lines of codes that contain a reference to a picture a file or anything else. Your receipt from a painter shop stating you bought painting number x done by y is not art, the painting is the art, and the NFT is the receipt in digital form. |
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Despite his enthusiasm, there have not yet been any reports of miners looking to go to Kenya. Which brings us to the obvious question each miner will ask first: "how much is the fish  kwh?" And the answer for this might be quite in reach since if it were in the low 3-5 range miners would have been already there, if there aren't any it's obvious it wasn't competitive enough. Selling energy directly from the source might help cut a bit of the extra expenses but it's all about the end prices, and lets not forget taxes on both profit and imports. |
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Yes i know the btc might go up yada yada but i might as well put money into btc directly instead of mining hardware which is far less complicated..?
But even if the bitcoin price drops if you have a lower power cost you can still make money while buying bitcoin directly would lead you to a direct loss, right? It's getting the timing best, either by knowledge or by stepping in a lot of poo, That aside, it's not the small guy home miner who is buying thousands of miners, the culprits are huge companies, with cheap electricity prices, enough money to order miners and get discounts for large MOQ, that have favorable taxes in the countries and they can claim a lot write-off, deductions, and far more important, they are paying for all this with investors money, not from their own pocket. Do they file for bankruptcy, yeah, all they need is to find a new job, not like they are losing anything major! With the current pricing of hardware even after the drop, the ROI has gone from <1 year to 5 years on paper
5 years, but not if you do it like the big guys at 3-5 cents S19 Pro, $7700 (spot), 14$ revenue, 3$ in electricity at 3cents/kwh and pool fees, $11 a day, and here you go, less than two years. Let's factor all the mentioned above and yeah, it's a big guys playground right now. why is anyone even purchasing hardware at this point?
Some of the gear that is being installed now and driving the hashrate up has been has been purchased or ordered a year ago: Mara: https://ir.marathondh.com/news-events/press-releases/detail/1251/marathon-digital-holdings-purchases-30000-s19j-pro-bitcoinBased on current delivery schedules, Marathon anticipates all 30,000 newly purchased miners to ship from Bitmain between January 2022 and June 2022. As a result, the Company’s mining operations are expected to consist of more than 133,000 Bitcoin miners, producing approximately 13.3 EH/s once all miners are fully deployed and operational. Or Riot: https://www.globenewswire.com/news-release/2022/05/10/2440292/0/en/Riot-Blockchain-Reports-Record-First-Quarter-2022-Financial-Results-Current-Operational-and-Financial-Highlights.htmlAs of April 30, 2022, the Company had 46,375 miners deployed with an additional 7,240 miners staged for deployment.
By January 2023, Riot anticipates a total self-mining hash rate capacity of approximately 12.8 EH/s, assuming full deployment of approximately 120,150 Antminer ASICs.
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I've never heard in my life a more silly excuse for failing a KYC check So, allegedly you sent a picture of you holding your wife's id because she is "pregnant" and she can't hold her id in hand, but she could very well take the picture of you holding her id! Are you out of your f&&^& mind? Do you actually think any sane person on this planet would believe this crap? |
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That refers to a brute force attack on your keys alone. No law in this universe will be able to prevent a hard fork if the community is stupid enough to decide on it for whatever reasons that make no sense right now. Satoshi will keep his coins on his own chain but if that is abandoned his coins will have nearly the same value those currently mined on the BSV network have. Stupidity is the only thing in this universe that has no rules or limits, but I seriously doubt I would see something as stupid as this, at least in my lifetime. After that, who cares! Outside of the obvious no answer they can't be taken. I find it amazing the number of people who don't understand the concept of long term things.
I actually have some 30 year bonds that I bought while I was in college. Just sitting there earning interest for the last 2 1/2 decades. What if people decided to do the same with their BTC do you just want to take that?
As I said there is no limit to stupidity, I can perfectly see somebody coming up with an idea of recreating the chain where everyone has to come with his addresses and all KYC details to receive clean coins in a new chain while the ones not claimed by anyone else are presumed lost and destroyed. And trust me, you're going to see people cheering for this as it will give BTC legitimacy or whatever! Just looks at the number of topics like this one where random guys want a piece of satoshis coins, just because they think they deserve! Greed and envy will always manage to ruin a lot of nice things and ideas. |
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Now I have made claims that sound outrageous but no one so far has been able to prove them wrong, for example on how certain kind of posts can influence the price of Bitcoin... well anyone who has been observing will notice this is true with my posts.
One of your claims was that: Well if I'm able to take the price above 40,000 within a week or two then you and other members need to help keep me on the forum by donating any amount you choose.
You proved to be unable to do anything, or at least anything good because since your "intervention" the price dumped from 32k to 26k two days later. Another one of your predictions you claimed to have been accurate is this, which could be considered a bad joke at best. There is going to be strong movement this week, either up or down...
So this👆 price prediction ended up correct and precise. All you need to do is to believe. You may ask, if what I claim are true, why do I not own a business and make money from it, well making money is not part of my role, most of my current jobs are done for free, I don't demand for reward and that is basically how priests are suppose to operate.
And what if what you claim is not true, your prediction is completely wrong and you start making people poor? If you like that priest analogy so much, you would also have to tell people that if they choose the wrong priest and wrong religion they might end in a different hell! I have offered programmers many times to help in the development of the project, but each time I was refused.
Hmm, the world bank creator guy. Looking at how Ucy was bumping your topic with useless gibberish, and you're doing the same here, is this a coincidence or some other thing going on... |
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What you are right about is that the dollar and the euro are now considered a scam in Russia.
So you're saying that if I go to the Russian subforum and offer to buy 1BTC for 35 000$ I will have no takers as everyone there will not be tempted by this "scam" currency? Again, I need to remind you what forum you're posting on! |
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Yep, exactly. The issue isn't total amount of heat but heat density. It's going to take a particular volume flow of air to clear a certain amount of heat from the unit, so if you increase the volume of the unit you decrease the linear flow rate of the required volume of air. Slower air means slower fans means quieter fans.
Yeah, this is what I was aiming at, in my opinion, a "miningheater" would definitely not look like a miner and far more likely as a radiant panel. Rather than trying to cram all of it into some small box that will make a lot of noise you could simply go for wall placements I know hotmine tried something like this: https://bitcointalk.org/index.php?topic=5152874.0from what I understand it was completely passive even at 700w. Large heatsinks, as you said, designed and placed perfectly so that they would release heat on the exterior, not on others, the ability to replace those chips when they get highly inefficient, capacity of turning it to different levels of heat generation as nobody wants a constant 2000W blowing on their wall, and far more important in my view, lower initial cost, which as we speak probably are impossible to realize, I don't think anyone would sell you chips that they can put in a miner and sell for $7000 at a price that would be at under the normal heating bill for 5 years. This helps retain low density and therefore quiet airflow, but it also means a very high initial cost and a larger device that may not be trivial to unobtrusively integrate into a room. I just wonder, has anyone tried to approximate the cost of a complete passive miner, or if it would be possible at all? |
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One may say that it's not a real deal as they will do it via 3rd party service (in this case Flexa) but its a good mews nevertheless and a step in right direction.
We should stop dreaming for a few years of real p2p on-chain transactions between merchants and customers, I really think that this will start growing more and more like the current visa/mastercard payment system but still, there is one small tiny thing I don't like in this, unlike paying through Bitpay for example, the 3rd party requirement is on the customer side.. To pay with Flexa, customers will need to download Gemini or SPEDN app, both of which store digital assets. Customers can then use the app and tap it in-store to make a payment.
So I need to have a wallet for this, if KFC will have a partnership with XYZ I would need another wallet? , hope not! Anyhow, excluding the obvious inconvenience if you're not a fan of this wallet, this is a big one, with over 2k stores, 5 billion in revenue, and millions of customers! If they add some kind of promo days for it we could finally have some real usage that will drive others to copy the move. Of course, it could have been better but during these bearish days, this is as good as one could hope for. |
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You didn't highlight the important part: The massive financial assistance package that we can provide Belarus in the case of its democratic transition should be a genuine incentive for the current authorities to change their course.
Basically, Belarus has to prove itself to be a democracy before even smelling that money, how many chances do you think it has with Lukaseshnko still in power? Second, why would he give up power for 3 billion that will help his country, and just like any EU cooperation funds are harder to be diverted and stolen when he could simply take like before whatever he wants. This was just a political move to show we are ready to do something once he is visiting the pet cemetery, so the people would know there will be no complete vacuum, but it matters zero in the actual context. The chances of Belarus changing are the same as North Korea, even if by a god's miracle Lukashenko would have an epiphany in one week there will be another special operation and no more Belarus. So, we could talk about China buying F35 with BTC from the US, it has the same chance of happening. No. EU continuously wants to expand (which is another thing I don't like about EU).
As a guy living in a country that joined the EU half a century after the Netherlands did, and who has benefited immensely from this, can I say that forum Switzerland should do something really naughty with his non-neutral opinions ??   |
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~
Do I understand correctly that you are now blaming the United States and the European Union for imposing sanctions on the import of cash dollars and euros into Russia, thereby limiting the freedom of Russians to buy them? No, as always, you understand completely wrong. You know, my keys my coins! I can deny you at any time to force me to exchange my BTC for ETH! The US and the EU can deny Russia's central bank to use of their currencies because they don't want to let go of their money for garbage! On the other hand, the CB of Russia is telling their people to not try to buy USD or EUR because they are not allowed, despite those rubles being their own money! Think who has the keys in this analogy and understand who the one telling others they are not allowed to use their own money as they wish is here! Besides, this is not the USSR, you can't simply fake everything that happens in that country, I know even guys in telegram channels dedicated to mining are talking about how to get USD on the black market, or use yuans to swap it, so the fiat is there, is just that the government doesn't want you to get it. For a guy who comes from a country that banned even this forum, I'm certainly amazed that you can't understand basic things while you still keep coming here daily, well, less for actually discussing bitcoin and more for Russian propaganda but I do somehow understand the desperation in some, I've seen it numerous times in the last 4 decades. |
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Here are a handful of examples I found with a quick search on the internet: ... A negative correlation means that assets tend to move in the opposite direction.
For its part, bitcoin has been viewed as an asset that isn’t correlated with many others. The crypto asset certainly has a low correlation with stocks, as represented by the S&P 500 index SPX, -0.75% and a pretty low correlation with technology stocks, as represented by the large-capitalization oriented Nasdaq-100 index NDX, -0.74%. Lol, you just picked some random titles and you haven't even read the articles, right? But the intriguing part is that you bolded the -0.75% and -0.74%, for god's sake!!! this is so funny, you actually thought that those were the correlation rates? Those are the daily index changes, the change in the daily value at closing time!!!! Let's get over the above, and ignore the clearly mentioned a correlation, just the paragraph below, and let's dig deeper Up until recently, the correlation was very weak, but the pandemic did increase the correlation.
Yeah, pretty accurate article, This article is more than 2 years old.
But I do agree with you, back in 2003 there was absolutely no correlation to the stock market, and things went like that for years, even in 2009 there was no such thing, the two-year-old article from the time the assets as we all agree had no correlation, is just the icing on the cake. Of course, this graph Wind_FURY posted is also something that is definitely fake, right? OP, that chart is just from first of March to end of May. That's merely 3 months, and not enough data to say that the correlation has truly weakened.
Well, it has indeed weakened for a few days, and that itself is a thing worth mentioning because you can see even on your chart there is basically not much room left before we can say there are more tied together than sp500 and dow. Any fluctuation would mean a breakout of the current trend, for good or for worse and to be honest I would pick either, things are getting a bit boring. |
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That said, $4 billion per month is not a small amount. And more importantly, it is growing at an astounding pace. An increase of more than 10x is astonishingly high. And this comes after several rounds of failed attempts by the Chinese government to elevate the CNY to the position of global trade currency.
You don't even realize how small that amount is. I'm pretty sure you think this is some sort of balance for the good exports or imports, no it's not, otherwise, you wouldn't have it at half a billion a month while Chinese Russian exchanges were 10 billion a month in goods. Those are fx, if you don't like the comparison with the largest trade block in the world, btw I do have to say I like you finally admit Russia is a tiny drop that doesn't matter, then go and look at the fx options on some other markets, choose the yen yuan pair for example or look at the overall moex exchange data, you will see that 300million is day is nothing! China and Australia have a swap agreement, again this is a swap agreement, so it means guaranteed fixed! rates agreed by both parties of 30 billion a year! But even if you buy cash dollars and euros, the question is why?
Things like the freedom of doing whatever I want with my money, or stuff like that? Oh, I forget, as previously said, this is rubletalk not bitcointalk! My mistake! |
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Ok, so I read the text ten times and I don't see any paragraph quoting either a FED spokesperson or from BOA or anything that is not a personal opinion and 3 words paragraphs extracted from god knows what context. Not to mention that this is a piece of news written by a collaborator, basically somebody who writes articles on quotas. Bank of America analysts said in a note they are essentially "rooting against the home team"
the Federal Reserve appears to agree
Nicholas Colas, co-founder of DataTrek, wrote in a newsletter
In Colas's view, the only way to get stabilize inflation is to use the monetary policy hammer to hit stock price
“Chair Powell mentioned the ratio several times at last Wednesday’s press conference,” said Colas, who said job postings need to drop from 11.5 million to around 8 million to get to normalcy. So any other sources than two analysts from obscure companies and trimmed down paragraphs? From the same author, a few months ago... https://finance.yahoo.com/news/jobs-report-decent-but-should-be-so-much-better-161026392.htmlJust lol... Please don't turn this into zerohedge |
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In Russia, you can buy non-cash dollars and euros in a bank or on a currency exchange, the question is why?
What about cash, like in any normal country, from Mexico to Japan from Nigeria to Bangladesh? Oh wait, I just said normal! Even if you transfer them to the West through a bank that is not under sanctions and is not disconnected from Swift, and pay for some European or American goods, you will have logistical problems with delivery.
But, but UnionPay! Oh, again, I forgot, China said a big no thank you! https://www.rbc.ru/newspaper/2022/04/21/625ffd519a7947196d66f36cTherefore, dollars and euros in Russia are not particularly in demand now, and the ruble is growing.
Of course, that's why you're banning people from buying them.. Remember those times when one soviet ruble was 1.35 dollars and 0.10 on the black market? Tell me one difference between those times and now! |
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Historical correlation? I don't see it.
I follow the S&P which is the benchmark for the US stock market for many years and I have been following Bitcoin for a few years now as well. In some cases they move together, like markets in general, but I don't see the long term correlation. In the graph you show, I see that it is only 3 months.
Remember the April covid scare? The start of the Russian invasion? Bitcoin did exactly the opposite everyone thought it should do, it went down with the markets! How much I communicate with various people, read analytical excerpts, look at various metrics daily, no one has yet denied the correlation of Bitcoin with traditional markets, except for you. You are probably the only one I have met on various platforms who is sure that there is no correlation and Bitcoin is a completely independent asset.
Replace the stock markets with the Teheran stock exchange, that will do the trick, once there is nothing American in the equation he will stop denying it, as long as there will be any trace of stars and stripes in the equation the will be no objectivity either. That aside, let's see how much decoupling we're going to have, it started on the 27 if I'm not mistaken when the markets went down, but we had Memorial day, a full weekend, so we're going to need probably a full week of continuous trade for both of them....auch,$%$$ I just looked at the price, I'm really curious how it will look in 7 days if it goes below 30k a |
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been registered previously in the UK, Portugal, Armenia, Russia and Japan.
Bruh.... I'm making fun of my cousin cause his car is made in Germany and was registered in Poland, Slovakia, and the Czech Republic only to go back but this . $10k? You must be joking, it's a 30year old van that goes for 3k euros in Europe at that mileage, you can order this one from Japan directly for example https://www.sbtjapan.com/used-cars/mitsubishi/delica-space-gear/YN1112/?d_country=85¤cy=25k with shipping. 2.8L Diesel, selector, automatic transmission.
And the driving wheel is on the.... ..what side? |
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