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1  Other / Beginners & Help / Part II - [GUIDE - Personal Experience] How to get started with Mining Continued on: June 07, 2021, 06:35:59 AM






Part II - [GUIDE - Personal Experience] How to get started with Mining


Okay guys lets get started with this one.
In the Part- I I have covered basic set up for any mining rig which will help you achieve your altcoin mining dream.

As of now, I have set up two mining rigs all by own. That was the motivation for me to create the Part-I thread.
To motivate everyone, I am sharing my mining rig set up in small room. Note that I have not made the room too fancy, it is still under development and lot of work needs to be done.
However, mining rigs are already up and running which will help me cover ROI and expenses.

✓ This guide might help you with the electrical connections, cooling set up, positioning your rigs etc.
✓ If not, it will at least send you some inspirations to make your own.  Cheesy Cheesy




1. Why electricity is important & what are the cautions?

Mining operations is nothing but all about how you use your electricity. Because you are converting electrical energy into your profits! It might sound lame at first but yes, your rigs are hungry for this energy, they use this to power up the GPU's and perform the computational tasks.

Following table shows you different GPU's and power consumptions by them. Later is the description regarding "How much electricity does your Rig will use in total".

____________________________________________________________________________________________________________
|                               Model                                   ||                      Power                            ||                       Efficiency                          |
|                          NVIDIA RTX 3090                           ||                          290W                            ||                         0.42 Mh/w                            |
|                          NVIDIA RTX 3080                           ||                          230W                            ||                         0.43 Mh/w                            |
|                          AMD RX 6800 XT                            ||                          104W                            ||                         0.61 Mh/w                            |
|                          NVIDIA RTX 2080 Ti                        ||                         160W                            ||                         0.36 Mh/w                            |
|                          NVIDIA GTX 1060                           ||                           85W                            ||                         0.26 Mh/w                            |
* Table like this can be created using this tutorial: Tutorial - How to create Table in the BitcoinTalk Forum

From the table above you can easily see what power is required by your GPU, how efficient it is and correlation between the power and efficiency itself.
For example,

NVIDIA RTX 3090 has efficiency of 0.42 Mh/w, and considering it's maximum voltage input of 290 Watt you will get 0.42 x 290 = 121 MH/s of Hashrate.

Your electricity will play important role here because that's what decides how efficiently your card will work.
I mean if your input is less than 290 W then it won't hash that efficiently and you won't get 121 MH/s rate.

If your electricity is unstable then you will get results like the following one:


Image 1: Represents 7 days of Graph for my miner with Sapphire Cards.


Image 2: Represents 2 Hrs of Graph for my miner with Sapphire Cards.

Scale & Descriptions:

......... ---> Watt Graph (Yellow Dotted Line)
_____ ---> Hash Rate (Purple Line)
_____ ---> Temperature (Red Line)
_____ ---> Fan Speed (Blue Line)

So if you look closely the Image 1 and 2 above then you can study the patterns of watts and hash rates moving parallel to each other. The image 1 which is 7 days graph also shows sudden drop instances in hash and watt that one is electricity shut down and rebooting of the rig.

In rest of the graph you will see noisy line all over. This can be seen in detail with the Image 2. This happens due to Unstable Electrical connections. This data is taken from my own rig and the grid here is not that perfect.

However, this is way stable than what I had before setting up the extra Fuse and breakers, PSU apart from the actual electrical line.

GPU will suck electricity based on:

✓ Hashrate at which it is working. This may or may not drop. In my case, the 6 x sapphire card goes from 63 MH/s to 79 MH/s based on which electricity is fluctuated.
✓ Fan Speed: People forget that their fan are also working to cool down the GPU. If your fan is working below 30% speed then your cards won't require much energy. If fan is working at 100% capacity then it will suck more energy.
✓ Fan Speed can be controlled by using your OS's dashboard or BIOS settings. Or now a days it can be easily controlled with overclock settings from the OS dashboard.
✓ The only way to calm your fans is by lowering the temp of rig as whole by means of Air Conditioner or Blowers.

**Image 1 displays the Fan correlation with speed %, degrees, and watt.

2. The Caution

Here comes the image of my farm.

______________________________________________________________________________________________________
Image 3Image 4Image 5


Image 3: Represents the split connects and main line coming directly from the area grid. In here we have main grid, sub-grids and metered grid for separate connections. Since my connection will use power more than 2-4 kw at any given time (including all the devices in room) it was better to acquire separate connection rather than running it on the normal area line.
So the wire thats coming to the Breaker is from metered line which also acts as main breaker. The one shown in the image is extra one for the safety.


Image 4: With my past experience, in which I have burned down the switch boards due to insufficient output and lower rating of the switch boards. So this time I have upgraded to the higher rating electrical board. As seen clearly in the photograph, I am using 16A output switches for the rig connection while the normal one's for monitor and wifi router.


Image 5: It just represents the complete set up of the farm and how I have arranged the rigs, air conditioner and electrical wires have been kept as sticky as to the surfaces so that it won't tangle you in and confuse later. Believe it happens when you are new and just started with the set up.


3. The Rig Settings (For proper cooling): - The small details, big Help!

______________________________________________________________________________________________________
Image 6Image 7Image 8


Image 6: This was very first set up of my rig. I kept both the rigs facing the same side that is just plugged in the whole set up in sequence but never thought it will disturb the cooling patterns of both rigs. The air flow of first rig used to divert all the hot air to next rig and thus it added more degree's in the second one and it used to be hot all the time even when the air conditioner was facing it. So the next task was to divert the hot air to opposite direction away from both rigs.


Image 7: For this, checkout this image 7. You can observe that both are facing outwards and little tilted to above side. This help the cool air to struck on the GPU's and throw the air in outward direction. The change was clearly observed on the panel and both of them have almost same temperature around 30-60 celsius.


Image 8: The air conditioner needs to be positioned in single mode only. If you turn on the swing and try to cool the whole room then it won't work. Since the rig keep generating heat all the time, the conditioning is not that perfect.
So it's always better to stop the swing and keep the blower pointed on rigs. At least this helps cool it down.

In the night time, the temperature is way lower since complete atmospheric temp is also low. So the rigs are very efficient in the night time.


4. Auto Reboots in case of Electrical faults, High Temps:

I am using the auto features from my OS (that is SMOS). The set up is such that on the electrical failure or high voltages, mining rig completely stops the operation and go into sleep mode or pause mode. This cut off the the electrical supply from PSU until the power voltage turns on to the normal stage.

Similarly, if any of the GPU's go beyond the set temperature in my case it's 80-85 degree celsius, then the Rig will put itself into pause mode. This helps the rig to achieve lower temp, and after certain range it resumes the operations.

These safety precautions are amazing and it also reduces your physical presence near the rig. You can operate this remotely.

For this the following Watchdog scripts are used:

Code:
Watchdog options:
      --no_gpu_monitor      Disables the ADL (Windows) or sysfs (Linux) GPU monitor for temperature and
                              fan speed.
      --temp_limit=TEMP     Sets the temperature at which the miner will stop GPUs that are too hot.
                              Default is 85C.
      --temp_resume=TEMP    Sets the temperature below which the miner will resume GPUs that were previously
                              stopped due to temperature exceeding limit.  Default is 60C.
      --watchdog_script(=X) Configures the gpu watchdog to shut down the miner and run the specified platform
                              and exits immediately. The default script is watchdog.bat/watchdog.sh in the
                              current directory, but a different script can be provided as an optional argument,
                              potentially with a absolute or relative path as well.
      --watchdog_test       Tests the configured watchdog script by triggering the same action as a dead gpu
                              after ~20 secs of mining.
      --watchdog_disabled   Forces the watchdog to not execute. Can be used to disable the watchdog in mining os
                              that always run with the watchdog enabled.

More on the coding part in next tutorial.




- I hope you find this tutorial or article very interesting.
- I am not Expert, my tute may not be perfect but you should educate yourself by reading other sources, tutorials etc.
-I am just sharing what I am doing in the hope that all the young people and new comers will get motivated with this and DIY.
-This is out of love of Crypto Space we are in!.
- To the moon.
  Wink
2  Bitcoin / Hardware wallets / Lost Nano Ledger but have pass phrase with me on: June 01, 2021, 05:15:59 PM
Okay guys before you start flooding me with careless guy title, I need real solution on this.

As the title states, Iím completely startled when I was looking for my nano ledger. The long story short, we had some house shifting stuff going on and in between lost my little hardware wallet.

Obviously I had it stored in safe place (in cupboard) but somehow itís vanished.

I can still see the ETH on the address so no one has access to it yet.



So, I have the pass phrase (all 24 words) written on the card provided by the nano ledger. I also have password obviously.

But the real question is, whether this will help me recover my ETH?

I did research on the forum but found very old threads stating you can buy new hardware wallet and insert these phrase and it will seed the old data???

Is it true?

Or

Do we have new solution to this prob please?
3  Economy / Trading Discussion / Control your trading emotional outburst and get yourself together! on: April 24, 2021, 03:30:41 AM
Hey community, I am writing this stuff just to make everybody calm and get their stuff together!

I am very shocked after seeing the forum full of stress in terms of Trading the bitcoin or other altcoins. When the crypto went down by 25% or more (some alts 50%+) everyone seems to be in pain and are confused right now.

The reason:

1. Many of you lost huge investment
2. Some of them were just entering into the crypto when it was ATH
3. Most of them were doing the regular day trading stuff and lost it all in blink of an eye.
4. Everyone is suffering in the COVID situation and are looking for way out to earn some extra stash here.
5. No-one knows the real reason behind the enormous drop!

Yes, yes, I get that rage of loosing money. I have myself lost more than 50% fiat in the process of trading DOGE, TRX, and little portion of BTC that I earned from the odd jobs after ripping of myself day and night.



Lets Get it Together:

Please understand that the price drop is not planned strategy of whales or rich peoples around the globe. Even the richest did not see this one coming on their way.
The main reason behind the drop are as follows:

1. China mine coal explosion
2. Total blackout of electricity affecting the Bitcoin Mining Operations
3. Drop in Hashrate as much as 24% thus mega effect on blockchain confirmation
4. Most of the transactions are stuck on the blockchain and thus the movement of money has stopped (progressively).

The NETT effect is simple, chaos in between traders, dropped confirmation tending to dropped transactions thus creating the lesser volume over the period.
This made the crypto to go down or basically run with less power than its original one. (layman language)



STOP PANIC:

For these valid reasons we must not be feared of the current situation and just enjoy the dips that we are getting. If you are capable of invetsing more money then this is the time you should do.



OPPORTUNITY

I recall all those people who used to create the threads " I wish the price of BTC was lower than this", " I wish the price will drop soon so that I can buy more".

Now this is your turn where you should invest your money. If it raises one more time then please don't create the chaotic threads regarding the cheap BTC prices opportunity. You have it, you should grab it..
4  Alternate cryptocurrencies / Altcoin Discussion / DOGE is living proof of Influential Power of Rich People! on: April 16, 2021, 03:50:29 AM
Yes, there must be on-going discussion about this already but I could not resist myself after seeing how DOGE is getting influenced by Elon Musk and his tweets. This is really big power that people like Elon hold.

Neither he is coming on TV, or live in some shows or announcing publicly that he is investing nor he is making lucid statements about it.

All he would do is "conspiracy tweets". For example, yesterday's tweet "Doge Barking at the Moon". That's all guys and just after 22 hours it reached its ATH price and currently trading around it.

If he keeps doing 5-10 more tweets every other week then I don't know DOGE could be surfing around 1-2 dollars easily. This is crazy economy I have ever seen in my life.   Cheesy

Are you DOGE holder?
5  Alternate cryptocurrencies / Speculation (Altcoins) / Why WazirX token (WRX) is rising so hot? 123% in 12 hours (!) on: April 02, 2021, 07:40:46 AM
WazirX is an Indian Exchanger for crypto currency assets.

Their token WRX has seen mega rise of 123% at the time writing this post. I mean whats up? Why this much change in so short time, anyone has got idea about it? Also it has not stopped yet, the volume is getting bolder as I am writing; so it's kinda surprising stuff.

There is also one noticeable thing about this coin, it was around $ 0.08 couple of month ago.

Is it gonna be next BNB kinda coin? Do you guys think it could go boom like BNB exchanger?

6  Other / Beginners & Help / [GUIDE - Personal Experience] How to get started with Mining on: March 30, 2021, 09:32:38 AM
✔ Getting Started with Mining - Newbie Guideline ✔

(!) From Personal Experience: This guide is written in layman language or at least I have tried to simplify it in that fashion. If there exists such articles out there then still you could just use it since it's from my own experience and everyone has different way of setting up things.

This guid could be understandable for those who might not have understood the existing one. So read through and all the comments are welcomed.

This mining is associated with the Altcoins Mining. You can always choose in between Bitcoin and Altcoin however the former one is very hard for me considering the costs of equipment, maintenance and manufacturer support.
**In case of altcoin mining rigs, they are very easy to set, and one can DIY the whole stuff. This is the reason I like it the most. It gives you limitless way of setting up, you can maintain it yourself and there are thousands of channels which provides easy way to overcome the problems if any.

1] The Mining Rig (Hardware):

For altcoin mining the algorithms which are used can be run on the GPU's. Thats is Graphic Card Units. Basically they are used in the gaming but with the disruption of mining and there easy to use algo's one can now use their Hash Power to solve the complex math behind mining. In this your GPU's are solving those transactions and confirming them with the blockchain's nodes. For this purpose you get share from the altcoin which you are mining and are paid in the same coin. For example, ETH mining would give you ETH, RVN mining would give you RVN etc.

Components of Mining Rig:

a) Graphic Card Units (GPU) : The most common used are NVIDIA and AMD cards. You will hear different names like MSI, GIGABYTE, ASUS, PowerCooler, Sapphire etc. too and will often buy from these manufacturers.
Surprisingly if you have not seen any GPU earlier then this is how it look like:


b) Motherboards: This would be a bridge between your components, so one of the vital part while choosing your motherboard. They come in all shape and choices. A normal Motherboard has capacity of 1-2 GPU's however, when it comes to the mining you will have to use whole new upgraded motherboard or special mother boards designed for the Mining Purposes.
They will usually constitute of 6-20 GPU slots! The most commonly used motherboard is 6-GPU capable motherboard. The more the GPU slots the more power it will consume and that will directly affect your mining efficiency too. The calculations are later in the article.


c) Memory / RAM: This is very important when it comes to choosing higher memory cards or lower depending upon your GPU specs. The more the memory the higher the performance. So always go for 8 GB memories. Nothing special about these category, they are the normal RAM's.


d) Solid State Drive (SSD): Well, to load your OS with configuration of algorithms you will need a drive.
With my experience I have skipped using the SSD after I learnt that it's a mandatory requirement. What I mean is, you can always use any bootable device that could be configured!

I am using a 32 GB Pen Drive which makes it very cheap and easy to handle. I have explained this in the Operating System section.


f) Power Supply Unit (PSU): The most important part! When it comes to running a mining rig your electrical supply needs to be controlled properly. Otherwise you could end up burning your rigs and such incidences had happen earlier due to mis-matched PSU's!

Mining rig is all about electricity. Since you will be running GPU's which use 100+ watt of energy and whole rig would be running on 900 watt plus if you have 6 GPU's.  So it's high electrical consumption and if your electricity is not stable enough then it could be problematic.

So a good PSU normally has 1000 watt splitter. If your rig is more than 6 GPU then choose accordingly. For example, 3000 Watt, 2000 Watt PSU's.


e) Cables: Well, you will need few cables with different purposes behind them. Viz., Power chords (PCI's), Risers, PSU power chord, Monitor cable, Connectors.

                                                                        Risers                                   PCI Chords Power                                             Splitter
*Important Note: If you are from the Asian countries then note some of them will have to use Conversion Plugs. They are easily available at local hardware store.



2] The Operating System & The Pool Mining Software):

The OS could be anything from the Linux to Windows and most preferred is linux for it's periodic stability. However you can always switch to windows if that one is easy for you. OS entirely depends on what kind of pool software you will be using. However, almost all of them can be installed safely on windows, linux, iOS etc. For example, NiceHash miner, Lolminer, ethOS and more.

There is important note: If you have bought a pre-built mining rig then you have to do nothing for OS part since they will have it covered already.

Quote
If you bought an ASIC or a prebuilt GPU rig, your rig most likely already has mining software installed on it. ASIC mining rigs generally come equipped with a manufacturer-provided operating system (running on the ASICís control board), with a simple graphical user interface. You will work with this operating system from another computer, connected to your local network; youíll use a web browser to navigate to the unitís IP address on the LAN.
Reference Here

Examples of OS:
1) SimpleMining
2) NiceHash
3) ethOS
4) Hive OS
5) Mother of Dragons
6) Braiins OS
7) EasyMiner

If you are doing DIY then it is very easy to install these OS's on your device. I am using SMOS (Simple Mining OS) and believe me, I am from biotechnology field and still was able to load it entirely on flash drive.  Tongue
Just follow their instructions on the website and you are good to go.
Dont forget to add your e-mail ID which is used to identify your rig on the server by nano-pool or any other pool that you are using.

No need to buy SSD in this case. As I stated earlier, 32 GB pen drive/flash drive would be okay. Just convert it into a bootable device as per SMOS instructions and plug it into your motherboard.

The whole process is automatic, once system starts it will automatically get started with mining command.



3] Choosing the Pool

It entirely depends on what coins you are going to mine, what is your hashrate and what is pool's hashrate. It's important that pool is completely alive and not going to be dead or has less miners/active workers.

The most popular is Nanopool. I am using this one since it has easy dashboard and live balance show up, lowest pool fees, and completely transparency of what I am really mining and what I am upto!

Have a look at my one of the mining stats here:


You will get the updates upto the last minute. It shows the current balance for the current cycle. How much Hash rate is being dedicated to this pool and more stats at the bottom. For example, you mining rigs, its ID, accepted share etc.




4] Choosing the GPU

I think this would be most important part of the article. Your profits, your investment is dependent on the GPU that you buy. The market is full of choices and you can have as low as 200 buck GPU to 1500 USD GPU available on the market.

BUT, its always important to see what you can afford, how much ROI time you looking for and also the electricity available in your area!

a) Cost: If you are just starting with the mining then it's better to start with old GPU's but pretty enough to have hashrate above 20-25 MH/s to mine ETH. If not then you can always choose other algorithms to mine!

b) GPU Hashrate & Electricity: The more hash rate (power) the more is electricity required by your mining rigs. For example: With 6 GPU and 100 watt energy consumption each, you will end up 600 Watts for the GPU itself and additional 200-300 for rest of the components. At any given point this rig will consume around 900 watts.

c) The Power Cost: Above factor will contribute to your power cost and which you have to compensate from the mining rig earning itself. Once it is reduced, the rest will be your profit.

So it is always better to check how much you could afford and whether the given hash rate is enough to mining power cost + profits.




5]GPU Information Sites

It is always important to study the GPU. For it's hash rate, power, ROI, efficiency of mining and whether it can be overclocked or not. Overclocking can help increase the hash rate! Read later down below.

Check all the GPU info here: https://www.hashrate.no/

Once you finalise the GPU which is in your budget and calculations go for the following site and check which coins can be mined with that card.

Which coin? Check here: https://whattomine.com/





6]Setting up GPU hash options

a) The Hash Options: Well when it comes to the algorithm we all are noob at the first. So you must checkout this page here: https://www.hashrate.no/options?gpu=nv&coin=1 to see what options can be selected for your GPU.

This will generate an algorithm command for you and will have all the info it for example: algorithm, pool, your wallet address etc.

Example:


You can have N-number of settings on this site based on your GPU, Coin, etc. Choose the one which will profit you most based on your hash rate.

Hash rate and profitability can be estimated from the what to mine site mentioned above.

b) Overclocking GPU: Most of the miners will do this to have more hash rate. However note that this will put your GPU's in aggressive mode. Meaning will consume more power, will run more faster and could heat up very fast!

So go for these options only if you are okay with them and understand the risk involved. However, with as far as SMOS, they will have safe example given which you can use with one click!

Example from my SMOS dashboard is down below:
This is according to my cards that is RX 570, Sapphire. SMOS will automcatically detect your cards and give settings to overclock. Pretty cool stuff when you start doing it all on your self.


7] Air Conditioner

The most vital part of your set up has to be air conditioner with proper circulation around the room. The reason: You rig will be a hotter than you think. The temperature could be more than 85 degree celsius and eventually it could burn the wires if not taken care of.

So if you are from the colder zone then you have little to worry but still need to have proper circulation.

If you are from the temperate region then you need air conditioner running 24x7 and maintaining the temperature to lower than 18 degrees. This will keep your rig in the region of 60-65 degree celsius. Still hot but okay to work with.

This one should be based on your area (room). In anyways the final goal is to keep your rig colder.

**With overclocking things could get more hotter so make sure that you work the math properly.


In above image you can see that I am able to keep my GPU at 60 to 67 degrees all the time. Even better in the night time since its way too cooler.
I belong to temperate region!

Below is the image of my first ever mining rig that I built myself. It was DIY and its running pretty well until now.


Mining is not a big thing unless you don't start with it!

You can easily have your passive income started with this. Of course there is investment, but ROI's range from 7 months to 12 months. After that you can always have nett profits. So start today and let me know if you build your rig for the first time. Pictures would be motivational gesture!

**Inputs from other experienced members are welcomed to enhance the knowledge**


7  Alternate cryptocurrencies / Mining (Altcoins) / Does everyone receives the Block Reward ? on: March 20, 2021, 05:04:09 AM
When we are mining, let's say ETH do we get the reward for it irrespective of hash rates, number of mining rigs etc?

For example : If I am a solo miner with only single mining rig in place and having hash rate of 144 MH/s then as per the etherscan mining calculator I will get the following results:

Hash rate (MH/s) * 144
Power Consumption (in Watts ) * 900
Cost per kW/h (USD) * 0.10
Network Hash Rate (GH/s) * 457,200.84
Average Block Time (Secs) * 13.1
Price of 1 Ether (USD) * 1800

Comment by calculator as below:

It will take you an average of 481.40 days to find 1 block

So whether it is confirm that my rig will find the block by 482 days and if yes, will I be paid out by the pool for this block reward?

Has anyone solo mined a block here?  Smiley

8  Alternate cryptocurrencies / Mining (Altcoins) / Miner is not Hashing | Started after 1 and half Year | Please Help! on: March 14, 2021, 02:27:39 PM
Hello Guys!

So I had this miner turned off as it is since 1 and half years! Well you can imagine why is that. The lockdown, emergency shifting and bunch of other factors.

Few days ago I have initiated this miner. Got it updated with the command:
Code:
sudo ethos-update && sleep 5 && sudo reboot
. Rig successfully booted.

Then got the miners updated itself for the services and other upgrade with this command:
Code:
sudo update-miners && sudo service ethos-miner-monitor restart

After getting updated to the latest version also the Miners are stubborn and don't hash at all.

The fans are spinning pretty fast as if they are mining!! But screen shows 0 hash.

Also is there anyway ethOS / nanopool has removed my worker from the server? Can that affect it?

9  Alternate cryptocurrencies / Mining (Altcoins) / Repeated burning of Switch board - Whatís wrong? on: March 04, 2021, 11:28:12 AM
Hey guys need your help with the title. I know this is very usual problem with the mining. All the miners heating up a lot and withdrawing intense electricity from the switch board.

But I donít think it has to be repeating itself again and again. I have connected the best 15 ampere socket to my miner PSU.

Is the problem is with socket board or my household electricity ??

The only socket part is burning out and house beaker drops after this.

Mining Rig: RX Sapphire GPU cards. (13 in number)

The hash rate is around 250 MHz.
10  Economy / Speculation / Bitcoin is in Step Cycle | Good opportunity for buying more! on: February 28, 2021, 10:24:23 AM
I am not sure how many of you do your trade analysis and then decide to buy. Recently I have started to look for some indicators which can give me an idea whether to jump in or not.

Well, I have always bought bitcoin whether it is at ATH or whether itís devaluated.

Technical analysis gives more clear indication whether to invest and if yes then at what extent!!

Just check three days average down below and you can step cycle has started for the bitcoin era. With each step bitcoin will gain another level of ATH price. Current ladder is perfect to enter into market and make your mega move.

Note: The graph is in BTC/INR price. However, ratio remains the same. Smiley

Image size reduced
Thanks @logfiles



11  Other / Meta / Is this a bug? My profile shows post count as "leet" instead of numbers! on: February 13, 2021, 01:17:39 PM
As you guys read the title, I am seeing weird post count that is "leet".
Take a look at the following screenshot. I don't why it is showing that way since I have not made any changes in my profile recently?

Have you guys also seeing or saw something like this before?

If yes, how to reset it back to normal numbers?

My profile link: so98nn






Edit:

Surprisingly its back to normal now.  Cheesy

But for the knowledge what's the "leet" thing?
12  Economy / Economics / Reserve Bank of India - Most confused financial entity right now! on: February 11, 2021, 11:27:59 AM
So with the new budget 2021, RBI has put forth an agenda (one more time) to ban the crypto currency across India. They wonít be allowing to use the crypto either for corporates or individual level. All the banks will be warned soon with the following guidelines.

Why confused?

Statistically they have already published such guidelines back in 2018. After this market crashed a bit and major exchanger like Zebpay was closed.

With Musk putting and publishing his actions with bitcoin (to buy TessaTesla with bitcoin) Indian government looks completely distorted with their decisions.

A draft of these guidelines states all the above junks.

Moreover, RBI to launch their own crypto currency which will be centralised one. So what the heck is that? Why they donít understand we donít want centralisation in the first place and thatís why we are using the bitcoin. LOLZ

Reference: RBI to ban crypto currency use
13  Bitcoin / Bitcoin Discussion / Bitcoin transactions can be reversed if . . .! on: February 06, 2021, 01:49:23 PM
Just came across one of the article [1] which states that a bitcoin transaction can be reversed if you have got 51% hash power from the entire mining network.

It seems to me a false information but wanna know is it really possible to do so?

At least I know one thing for sure when a transaction is broadcasted it gets embedded into nodes, to create a block. As the different miners keep confirming the transaction itís confidence increases and it sticks around ďpermanentlyĒ.

So why this article claims reversal is possible?


Reference:
[1] How does mining works
14  Economy / Economics / Vaccination Started in India | Impact over Indian Economy & World? on: January 16, 2021, 07:46:08 AM
With the initiative of COVID-19 vaccination which started today (16th Jan 2021) we have entered whole new era of pandemic. Indians have finally made it through successful vaccination campaign and 0.12 million dosage are already dispatched throughout local region.

This will help break the chain of COVID-19 in India and people here can initiate the routine life.  Itís wonderful to see that they have already began their normal life before vaccination. However with the vaccine out schools, colleges and other populated institutes will be powered up with enormous speed.

The most basic thing is now operational at fullest. 

What do you guys think about India and itís economy ? Whether they will have advantage over other nations in grabbing more economic throughput due to vaccination??
15  Economy / Services / Pencil Carving Artwork | Personalised Gift | Custom Iconic Art | BTC Accepted on: January 01, 2021, 04:06:19 AM


          














WINNING SUBMISSION ON DUELBITS ART CONTEST!

     


WINNING SUBMISSION ON ROOBET ART CONTEST!

     











-
     

     

     

     

     
16  Economy / Economics / New Year | New Resolutions - How you gonna manage your finances - 2021 ? on: December 31, 2020, 03:50:22 AM
We all know how this year was, mostly all the negative words would come out of our mouth! That's because many people lost their job, got sick and got entangled into pandemic disturbance. Whether you are a doctor, surgeon, mechanical engineer or artist, all of them struggled one way other.

This was real loss emotionally as well as financially.



The 2021 is one day away (for some time zones 2 days).

With the new year, only our calender is changing but "Pandemic" worsens with all new mutations. It means more challenges to manage our finances over the time.

I just want to know how different people from different countries are going to look forward to their finances?



For example, I have made resolution that I am going to contribute few % of my salary directly into the bitcoin purchases and will continue this for next year no matter what the condition is.

My reason is, I see huge up surges in the upcoming years considering bitcoin is getting stronger economically.

Whats your plan?
17  Economy / Trading Discussion / Trading Trend is Changing | Adopt YourSelf ! on: December 30, 2020, 04:14:33 AM
Trading will be very different than what it was earlier.

This change is very slow, but it is going to be there for sure. With the time one has to adopt to this change if you want to be at "Top"place.


What is changing ?


Well, the most visible and on-going change is the BTC price & market cap. Over one month period bitcoin has shown impossible things turning upside down. The price has tippled in just  30-45 days! Whole new era for traders is now open to all.

You are getting added security of the funds with this huge market cap. Your traders could go from short term to long terms for better rakebacks!


Institutional investors with billions of dollars on hold


Companies like grayscale, mtgox, block one, microstrategy are holding more than 10k btc through their clients. This becomes your backbone while trading because you know very well your fund are not going anywhere and bitcoin price is not getting dropping any sooner than the current timeline.

At least you get to have security of current price for way longer than previous years trades. This make sure you can trade @ current price swiftly.

Reference: Companies Holding more than 10K BTC


Only 12% supply remaining


At the current speed though there are many decades remaining to mine the leftover bitcoins (with increased difficulty) we are sure of one thing that even 1% mined after this will have huge impact on the bitcoin price due to supply-demand ratio. This ratio will have many fold change because bitcoin price is high and 1% bitcoins would be huge in terms of USD value.



Adopt yourself accordingly


So this is why, you should leave the old habits including FOMO, panic sells, quick returns, getting rich in one day stuff.
You have to be very systematic these days. If you play with plan then you can make plenty of difference in your current asset or portfolio.

 
18  Bitcoin / Bitcoin Discussion / It is pointless if the BTC fees increases along with rise in BTC price! on: December 27, 2020, 08:35:13 AM
The title is applicable to small transactions and not the big fish category (ex. 1000k, 10k or more)

I have observed many times whenever there is rise in the price it will proportionally increase the fees as well. BTC becomes useless if I want transfer my coffee bill worth $5 or lets say lunch of $50 bucks if I have to pay more than 10-15 USD for single transaction.

It feels like I am literally overpaying for the little transactions.


The problem is it's unfair system if we want to make quick payments for daily usage.

For those who are just here to earn money and play in thousands and thousands bucks won't feel it at all.



When do you guys think the fee structure will be harmonised at all the time points and price ranges?
19  Alternate cryptocurrencies / Altcoin Discussion / Can anyone please shed some light on TowerBee Project? on: August 31, 2020, 03:58:04 PM
Its been ages since launch of this project, it's ICO, bounties and their self exchange and what not (!)

There are no marginal movements in the price of coin. Neither admins are replying in the telegram group. I mean why their exchanger is still alive that is the question. If they are run out of business or have screwed things up then isn't that they will shut their exchanger also since they have to pay for the domains and stuff?

So is it still alive? Any admin of that project on this forum, please respond guys.  Roll Eyes

Links:
https://www.towerx.co/TBEETH/

Or

https://towerbee.com/

20  Bitcoin / Bitcoin Technical Support / A doubt regarding Timelock feature on: August 04, 2020, 04:07:40 PM
With nLocktime field, we can restrict transaction to be relayed or broadcasted after either 'n' number of blocks are mined or specific time has been elapsed. If we try to relay transaction before nLocktime has elapsed, transaction will be marked invalid and won't be broadcasted further by the first full-node which will receive the transaction, right?

But when we lock UTXO with CHECKLOCKTIMEVERIFY, we have to set nLocktime of a transaction in which UTXO will be referenced as input greater than the CLTV locktime of the UTXO, right?

My question is, can we relay the above transaction immediately? OR we have to wait for nLocktime to elapse due to the reason mentioned in first line?
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