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1  Bitcoin / Mining / Bitcoin's Future: What Happens When the Block Reward is Lower Than Fees? on: December 18, 2022, 05:57:12 PM
I was lucky enough to be around Bitcoin mining when the rewards were sky-high and the competition wasn't as fierce. But as time has passed and the difficulty has skyrocketed. It's become almost impossible to turn a profit with mining. I still remember when I first got my S9 and it was bringing in a cool $25-$100 per day, but those days are long gone and the rewards just aren't what they used to be.

I've been thinking a lot about what will happen when the block reward subsidy drops below 2 BTC in a little over 5 years. According to the original white paper, the goal was for fees to eventually overtake the subsidy, but there was no specific timeline given. If the price of Bitcoin is high enough to make up for the lower subsidy with miner fees, it could cost an exorbitant amount to send Bitcoin. This could put pressure toward using centralized services like exchanges and WatchTowers on the Lightning Network for using Bitcoin. If the cost of sending Bitcoin remains low, mining will become more and more reliant on cheap electricity.

It's hard to predict exactly what will happen, but I'm curious to hear what others think. What do you think will happen when the block reward subsidy is 1.5625 BTC in a little over 5 years?
2  Economy / Economics / Monetarist vs. Austrian Economics: is there a difference? on: September 11, 2022, 05:36:41 PM
Being in Bitcoin, many of us have heard people talk about the value of hard, sound, fungible money. Books like the Bitcoin Standard and other thought leaders in the space discuss Austrian Economics vs. Keynesian. I am studying to take the Securities Industry Essentials Exam and came across the following definitions:

Principal Economic Theories
Keynesian: Theorizes that an increase in government expenditures and a decrease in taxes can prevent or repair an economic recession.

  • The government’s role is significant.

Monetarist: Theorizes that controlling the money supply and letting the market work itself out can curb inflation and is essential for a healthy economy.

  • The government’s role is minimal.


Could an Austrian Economist, such as Saifedean Ammous, be called a Monetarist? Are the two terms interchangeable? 
3  Alternate cryptocurrencies / Mining (Altcoins) / Where can I find information on mining Monero - XMR? on: September 02, 2022, 08:12:02 PM
I've searched around and everything seems to be 2020 or earlier. I have come across a few sources here and there, but does anybody have information on how to build a rig and calculate mining ROI for Monero?

Any help appreciated. I'd like to get some estimates on hashrate and power consumption as well and am not coming across it.

thanks
4  Alternate cryptocurrencies / Altcoin Discussion / What are your thoughts on Ethereum Classic (ETC) with the upcoming ETH merge? on: August 21, 2022, 01:59:51 AM
I mined a few ETC back in the day and have always thought it could be a simple alternative to Ethereum's high fees, but there doesn't seem to be much development on it. And I hear some of the devs who were involved in the Segwit2x scheme use it as a sandbox. When I add it to MetaMask, the price doesn't show up. I don't know much about it, except it's the original chain after some hack.

It seems like a low price and low development. But with the merger, the ETH miners are going to move to ETC. This will give it more hashpower and protect it from double spend 51% attacks that have happened in the past. It's an interesting token for me and could be a fertile playground for the next bull market or a dumpster fire like BCH. I am curious what others think of Ethereum Classic. I don't hear it talked about much, anymore.
5  Bitcoin / Bitcoin Technical Support / Can I change Lightning invoice to pay with regular Bitcoin (on-chain)? on: February 23, 2022, 08:40:14 PM
I am trying to pay for my Internet bill in El Salvador on https://sv.mipagoclaro.com/#/.

The problem is they only accept Lightning. I control my keys and have not been able to set up a Lightning node through the Core client.

I believe my options to be:
      1. Setup a Lightning node and add liquidity, connect with others
      2. Install a 3rd party program, but which one allows me to control my keys?
      3. Pay someone I know in Bitcoin to their Chivo wallet and have her pay for me
      4. Use the SWIFT network

or


Is there a way I can convert the BTC Pay Lightning invoice to regular Bitcoin, so I can just send the payment with fiddling around or giving my keys to someone else?

Thank you.
6  Bitcoin / Mining speculation / Has Bitcoin mining ever been so unprofitable? on: March 12, 2018, 09:59:51 PM
I've been mining for a little over a year with my first S9 arriving in Jan 2017.

During this past year, no matter the price, it never dipped below an equivalent of $15 per machine per day.  The last two months, however, the difficulty nearly doubled and daily profits have dipped down to around $8-9. 

I'm considering expanding into a warehouse, as I live in an area with relatively cheap electricity available in the countryside and can maybe get ahead of the game ... but is it worth it?  BITMAIN and others have very large facilities of 300,000+ S9s;  I called the electric company and BITMAIN is paying around 4.3c kW/h.  The public electric company has a moratorium on any new mining farms and are, likely, going to increase the upfront costs.  I was pointed to this document from WA: http://www.chelanpud.org/docs/default-source/default-document-library/bitcoin_information_final.pdf

I know there are some people who were around in 2014 when the new miners weren't being delivered and price was so low people were turning off their miners.  Can anybody tell me what that was like? Has the profit ever been this low?  I'd appreciate any insights.

Best.



 
7  Economy / Service Discussion / Adode does not accept Bitcoin payments on: July 03, 2017, 04:52:18 PM
I have recently unbanked myself and Adobe does not accept BTC.  I can use my BitPay card, but that's just ridiculous.  I offered them $600 in Bitcoin for a year and they said, "Bitcoin is not money. Let me explain to you about money.  Can I use money from Russia in the United States."  I told him, "yes, if it's in Bitcoin."

They don't accept Bitcoin.  It would be helpful if they did.

If anybody wants to advocate for Adobe to accept Bitcoin, which I think we should really focus on getting as many big companies as possible to accept it with S.1271, here is there phone number.  Simply ask them how to make a payment with Bitcoin and that you would like to pay:

+1.800.585.0774
8  Economy / Service Discussion / Looking for colocation ASIC miner hosting on: July 01, 2017, 07:46:36 AM
I have one S9, currently, and an incoming L3+ that I would like to send to a host.  

This has worked well in the past and the individual I use for my other units is full.  

Does anybody have a lead or know somebody reputable or have negative experiences to share?

The ideal situation would be:
  • month-to-month
  • pay in BTC or PayPal
  • VPN access
  • positive reputation

I appreciate hearing your thoughts on the subject and potentially introducing me to someone.  I can't have these in the house.  

Thanks
9  Alternate cryptocurrencies / Service Discussion (Altcoins) / Coinbase: Discussion on Buying Litecoin on: April 20, 2017, 02:40:42 AM
I have seen discussion here and there about Coinbase offering a new Altcoin. One option has been Monero and another is Litecoin.  I'm pretty new to LTC (e.g., I did not buy at $50, but $5).  I heard Coinbase was considering this and came across this thread:

https://community.coinbase.com/t/litecoin-in-coinbase/13388/

I know there is a backstory with LTC, but do not know it.  What are your thoughts on Litecoin and Coinbase accepting it?

Thanks for your contributions.  Grin

10  Alternate cryptocurrencies / Mining (Altcoins) / 504 Mh/s 800W Antminer L3+ Litecoin miner ??? on: April 11, 2017, 06:17:33 AM
Is this for real:

http://www.ebay.com/itm/Brand-New-800W-Antminer-L3-Scrypt-Litecoin-504-Mh-s-Miner-2017-/162468397993?hash=item25d3df03a9:g:QBQAAOSwpP9Y7Gx4

What a bargain  Cheesy

11  Bitcoin / Mining support / I need quiet in my house! Sound control techniques for S9 miners? on: February 27, 2017, 11:49:20 PM
Howdy all,

This is a common problem without common solutions.  These S9s are crazy loud and I only have one with another to start on Wednesday! 

The only way to make a profit, which is ultimately how you sustain the BTC network, is to run the most efficient machines.  I currently run an S9-13.5 TH/s and the sound is driving me bonkers! 

What are some ways to keep muffle the sound? 

I've thought about sound control room dividers, acoustic absorption panels and building a little server room type box with an in/out that may be quieter.  I only have two ... maybe three in the future. 

How do you quiet the noise from traveling like a train throughout the house?

Thanks.
12  Bitcoin / Bitcoin Discussion / Watch the world currencies flow into BTC in realtime on: February 18, 2017, 05:01:13 PM
I came across this cool site and thought I would share it with you:http://fiatleak.com/

It shows money going into BTC live into each county and currency. This is pertinent with the current geopolitical climate with China, India, trade policy discussions and such. 

Do you know cool analysis sites?

Enjoy!
13  Bitcoin / Mining support / How do you power an Antminer S9 in USA / Canada with 110v? on: February 13, 2017, 05:14:48 AM
Huh Huh Huh

I bought one of the BITMAIN psu units and realized it's for 220v and I do not want to hire an electrician.

I've looked at the ATX power supplies like EVGA 1600 series, but have also seen / heard server power supplies work.  Is this true?   

What do you think is the best way to power the Antminer S9 using 110v? 


¡Mucho gracias!
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