No the mining isn’t real. There was some popular coin in the past, I think it was called like Einsteinium or something like that. Basically it was fake mining but you got paid rewards anyways. It was pretty popular actually. However in the real world, you just cannot make a coin that is purely based on proof of work using mobile devices.

Reason is security. A phone is very low power and doesn’t really have much computation compared to a high end intel or amd processor. Hence one high end processor can emulate maybe hundreds of phones. And someone can easily rent some AWS servers and do a 51% attack and the coin would be in trouble. Hence why it’s been over 10 years of Bitcoin and there hasn’t been a single POW algo based on mobile devices.

Another reason is safety. If you mined 100% on your phone, you would cause it to overheat and might damage something or heat up the battery and start a fire.

I was also wondering this and thanks for doing the grunt work. However can you calculate how much profit mining would of yield if a miner just mined everyday and sold at the market for US dollars. I think the reason why the other topics are getting heated is because there is a big difference between mining and holding and mining and selling.

Obviously it would be a different story if ETH was at $55 now rather than $550. So if ETH went to $55 it would of obviously been more profitable to mine and sell rather than hold which would of resulted in a huge loss.

I think that $19.9K or whatever the official price was might be the high of the year. The market is getting really choppy and many forget that with the holidays coming up there will be less activity. Most will spend time with family, especially with all the crazy things that happened this year.

The proof in this is news such as Microstrategy buying $500M, another insurance company buys $100M, tether prints, and price fails to rally. It really should be at ATH right now but its not. Also there is lots of deposits into exchanges from miners and large whales.

So I think top is in and best case we dip to $15K before ATH again or lower to like $12K before ATH again. Don't see us going below $10K. If we do get to $10K, will buy as much as I can.

Is it really greedy buying over $500M worth of Bitcoin on debt? Well it seems like it but if you think about it. What else is there to buy really?

Real Estate is a bubble in most places and lots of work to maintain and rent out.
Dollar is tanking every week with all the money printing
Gold doesn't seem to want to appreciate as much as stocks/bitcoin
Stocks are all overpriced with PE rates going forward 10 years.

Hence maybe he is buying bitcoin because there is really nothing left to buy.

Yes this is the post he is referring too. Basically for some reason my rigs stopped on Epoch #381, while for others it should work until #382, strange. It seems that the speeds are "ok" until Epoch #385 which hashes at 82% from full speed, which is around year end. Epoch #390 and on are just not worth it at hashing 50% speed. So I would say you can use it for 3 more weeks and then think about getting 8GB gpus because its going to be highly unprofitable by then.


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Here is the post
https://bitcointalk.org/index.php?topic=5281830.msg55389967#msg55389967

Best time to mine is basically when its unprofitable.

1) You have less stress because if your rigs crash in the middle of the night, you don't really care about setting alerts on your phone and lose sleep. Would you let your rigs crash in the middle of the night during the days when each GPU made $10/day? Probably not. Mining is really stressful when its profitable.

2) Its very difficult buying GPUs when its profitable. You basically need to speed to the Craiglist sellers house to buy the GPU before they up the price or remove listing and mine themselves. Or you got a Limit 1 or Limit 2 quantity at the computer store with a 20% mark-up. This leads to longer ROIs

3) Difficulty is very low because alot of people shut down their gear and moved on. Hashrate now is 295TH/s while when ETH was $100 it was about half this value.

4) You don't need to worry about getting returns if your sell your gear on eBay. During a bull market, many buy their gear on eBay which is the worst time to get screwed. Sell a GPU, 3 months later you might get hit with a return because buyer wants money back because "mining profits are lower". Instead they say its because "Not as described".

Finally got my 4GB back in action again mining ETH. I assumed it would be troublesome and not worth the hassle but that lolminer program really works even with DAG >4GB. The speed I got before was like 29MH/s and now its 28.5MH/s. Power usage is slightly less probably due to the slower hashing speed.

Program seems stable and hasn't crashed yet. Pretty easy to set up, nothing to configure really just use the provided *.sh files and put in your own pool and address. Only thing is certain feature like ttli, or remote monitoring either aren't available or I can't get them to work.

Only issue is that this program will be good maybe for another month or 2 and then the speed will just be way too slow. I think by March or April it will hash at like 50% of the normal speed. But till then might as well use it. Hope the overall hashrate lowers even more with 4GB cards shutting down and E3 going offline.

I am using Ubuntu. And I don't set the core/clock/voltage with software. They are hard-coded into the bios. So the core engine clock, memory clock, and the voltage are all identical. But the system is for some reason using too much wattage and one of the GPUs quickly crashes after 5 mins or so.

The speed is almost the same as PhoenixMiner, maybe 0.50MH/s or so slower per GPU but overall the speed is good enough but is there a way to throttle the GPUs so they don't overheat, or at least a way to lower the intensity? Also how do you disable some GPUs in the terminal? Is it possible what about in the config file?

Decided to try out this miner since DAG #381 no longer worked with phoenixMiner. Was pretty easy to set up however I am wondering if it has some features such as Claymore and Phoenix.

One featured I liked was the -ttli, where it throttles a GPU if it goes over a certain temperature. If it doesn't have this is there a way to reduce the intensity of a GPU?

Another question is why it uses more power than Phoenix/Claymore using the same voltage and clocks? My rig used 700 Watts and now it uses 800 Watts.

Well woke up today and my 4GB old rig was down. Decided to reboot it, and it fails when loading the DAG. Apparently #381 is the last dag that works for 4GB under Linux/Ubuntu. So I guess this was the end of the road for the 4GB cards. Bought them in Summer 2016 so they lasted many many years. Only issue I had was dead fans.

Maybe or maybe not I will try that lolminer however I don't think its worth the hassle anymore. Unless the hashrate is reduced alot and the slower speed is caught up with the lower difficulty. Will keep checking https://etherscan.io/chart/hashrate and see how the next couple of days will go.

If you check a pool hashrate, https://ethermine.org/statistics  it looks like there was a dip but it quickly went up again, only loss was 1TH/s of hashrate.

It seems this is like 2017 again where people are buying crypto on their credit cards, lines of credit or mortgaging their house to buy BTC. Except this time its the institutions that are doing this. Isn't this similar to what MicroStrategy is trying to do. They want debt to buy more bitcoins, over $550M worth. I guess this is mostly due to the fact that the interest rates are low, inflation is high and everybody is dumping the dollar.

So its all fine and dandy until there is a massive correction. However I am pretty sure most instituions with debt can easily wait it out unlike the 2017 crypto investors who had 20% APR credit cards due and also huge capital gain taxes to pay. So I would say its overall bullish. Lots of bullish news this week but BTC still fails to break ATH. Not the signals I was hoping for.

I think there are buyers but the buyers are high leveraged traders using derivatives and they got tight stop losses or they are over-leveraged and a 2-5% move can liquidate their entire account. This is observed because usually when this happens there is a massive price decline followed by a huge volume spike and usually right after it resumes its original intended move.

There can be also spot buyers who are nervous and want to buy either at $19K or $18K but they don't want BTC to go back down to $10K so they buy and use a stop loss. So the people that bought at $19K probably got stopped at $18K and so forth. However the institutions are buying up all these bitcoins which are sold under panic.

Anyone know if GPG is included in the Live CD of the Ubuntu OS? Was going to switch over to a keystore however did some searching for linux based encryption software and GPG is included as a standalone app in certain Ubuntu releases?

From what I can tell all you do is type "gpg -c SEED.txt" and enter a strong password. To decrypt just type "gpg SEED.txt.gpg" and should ask for password before it decrypt. Wondering if anyone had any issues using gpg in the past to encrypt their documents and seeds. Are failure points I can run into? Is there an encryption option I can select such as 128bit vs. 256bit? or is it just some standard ?

I've owned the Radeon 6990 before. Its basically a monster of a GPU. Its dual GPU and I think that beast can pull 600 Watts or so. The guy I bought it from mined actual BTC with that GPU and I've mined LTC, X11, ETH, ZEC, and XMR. That GPU basically refuses to die. Runs pretty much at 90C day and night. Blower fan running at 80% for maybe half a decade and still has good fan bearings.

That GPU and Radeon 7990, are actually limited production GPUs. They are rare and hold decent value. If yours is in mint shape you should hold it for another year or so and some collector will buy it on eBay. Currently the 7990 is going for $200 or so. Which makes no sense since its basically 2 of the Radeon 7970 (R9 280X) gpus which an overclocked RX 480 can pretty much beat.

The rest of those GPUs however are nothing special and you won't get much coin out of them.

There are miners out there that basically mine and as soon as they get a pool payout sent to their exchange wallet, they market sell whatever that figure is. I don't know how accurate this is,
https://bitinfocharts.com/comparison/ethereum-mining_profitability.html

But it shows you the profitability per USD/day for every 1MH/s of hash. Now if you use Jan 2018 as a start point and yesterday as an end point, you can see that the average for the past 2 years is like 0.027 USD/day per 1MH/s. So an RX 480 which hashes at 30MH/s made an average of $0.81 per day for the last 2 year, if power is $0.10 or so, thats a net profit of $0.50/day.

There were many weeks or months where if you had to pay for power, you were pretty much making almost nothing. So after 2 years at $0.50/day is around $365 per RX 480. If they retailed for $200, you net $165 and now you can resell them for $80 so a net profit of $245.

The real money was made however in hodl'ng those ETHs and selling at the peak last week at $600 however.

Giving you a bunch of merits since you took the time to post a detailed calculations. I always wonder which ASICs were a good investment and which were not. Was always curious about the E3. I guess the biggest fear of the E3 at the time was not the difficulty but the fear of the eth devs changing the algo.

I remember that most people ROI'd on the Antminer S1, while many never ROI'd on the S2,S3,S4 then the S5 and S7 were pretty profitable. S9 and on I never really took the time to make the calculations. I also know that most Scrypt ASICs such as the KnC Cube Titans and Antminer L3 (or whatever its called) was also pretty profitable.

Thanks for the detailed calculation.

Yes these prediction are crazy, especially when they are 2 decades apart. There are people who got reasonable targets like $25K or $30K in the next year or so. And then there are those that are expecting $500K this time next Christmas. Seems people are getting way too bullish again.

Look at what happened when we almost broke $20K, we came close but didn't break and went back down. Look like now we might get a retest of that $16700 area. Similar to what happened in Nov 2018 and Mar 2020, people were basically calling for triple digit bitcoin which didn't happen either. Seems you gotta do the opposite of what most people are expecting to happen.

Getting drunk and screaming out your private seeds at the top of a building is most likely not going to happen. People under the influence don't do things they normally wouldn't do, it just makes them do things they are normally scared to do, like walking up and talking to some girl.

But keep in mind that if someone is physically there with you, there are ways they can easily get the private keys out of you. I don't think most thieves would go thru the trouble of truth serum or try and get your drunk. This is why you should keep it to yourself if you are a bitcoin investor. Because if you drive around with a BTC sticker on your Ferrari then don't be surprised if one day you get jumped.

Still works? Strange seems that there is conflicting info, a few days ago there were 2 people who claimed that their E3 stopped mining on the last DAG. I figured there would be tens of thousands of these units go offline and we should see a hashrate reduction. However looking at,
https://etherscan.io/chart/hashrate

Looks like the hashrate is about to hit a record high again. So obviously it doesn't seem they the E3 have died...yet

Just wondering did you ever ROI on your E3? I was going to order one but the first batch sold out and the later batch was basically double the price. I am wondering if I ever would of ROI if I invested in the E3.

Yes I used to follow MUSIC alot back in the 2017 days. They're issue early on was the high block reward which was like 314 MUSIC per block. Later they did some dev share where a portion of every mined block went to the developers and it seems that now, there is almost no miner reward. I tried mining this a few days back and the miner reward seems to be 0 but you only get paid the mining fees. Makes no sense what so ever. And yes anyone can do a 51% attack however this coin currently sits at 2 sats with only 1 exchange.

I also heard that they are moving away from their own MUSIC blockchain into an ERC20 token. This makes more sense because its not smart having your own blockchain and expect miners to mine it for free. This is not like ETH or BTC where the transaction fees are a large portion of the miner reward. The miner reward from fees are almost 0. Hence no reason to mine at all.