When BTC was rallying past $50K many miners were taking profits but later on they stopped selling, then when news of China cracking down came there were reports of some miners selling their coins.

In the end it doesn't really matter. The same amount of coins is released everyday whether there are more or less miners. Thats how difficulty works. Most likely these rigs will just be shipped to another country like Iran and they will be powered back up there. So the same miners will be back however they might have more expenses now since they had to relocate and might sell more BTC as a result however this should be very little.

Transactions and volumes are down in the last month or so. I think this has to do with it being Summer. Generally markets trade sideways in the Summer hence the term "Sell in May and Go away!".

Everything is down, transactions for both ETH and BTC. Trading volumes are down. Open interest is down for derivaties. The futures premiums are completely flat. The amount of search terms for crypto and twitter posts are also down.

Who knows. It might be like 2013, where it peaked in April and then bottomed in July while making a new ATH back in November.

Things are not looking good to be honest and I think we will at the very least retest $30K one more this, and quite possbility break this time. Reason being is that we had good news like El Salvador and Saylor however we still failed to go to $40K.

Mempool for both ETH and BTC is empty. Volumes are low everything. Futures OI is low. NFTs and DEfi hype seems to have died down. And by the looks of things seems all the retail people went back to stocks and are buying AMC and BB again to form a short squeeze.

Or it could just be a slow summer. We might not get any decent action until Fall.

Generally you are not suppose to use your laptop to mine. One reason is poor air circulations and another is that it will heat up the battery and the battery might explode. If you want to mine try and remove the battery and just use power cable.

If you got a gaming laptop then its more robust and you can get away with mining if you keep your temps down. However don't shut it off for an hour or so. If anything you will shorten the life of your laptop because you will give it more heat cycles and its what kills GPUs. Just leave it on 100%.

Yes I had many of those KnC Jupiters. These ASICs actually made a killing for the first owners because they took orders in mid 2013 and they delivered them right before BTC went to like $1100 from $100 or so.

From what I recall they cost like $5000. However if you mined all the way thru middle of 2014 when mining got unprofitable you would of net yourself maybe $20K per ASIC if I recall correctly.

But you are correct, its only for SHA256D which is Bitcoin pretty much. And even with free power you won't make anything. Keep those KnC Jupiters in your museum. Maybe one day they will be worth something.

Didn't ETC change their algo slightly to prevent ASICs. I remember the E3 didn't work, then they released some firmware and it worked again. So maybe the E3 might work but the newer asics probably will run into the same issue. So the ASICs might not be able to switch, only the GPU miners.

However like you said. There won't be enough miner supply to keep everybody happy. The value of ETC is very low compared to ETH and it just can't remain profitable for long.

I remember when ETC switched algos and I tried mining with my old 3GB GPU, it was barely profitable. Then price increased and it became profitable however this is most likely only temporarily.

They are good if you already own the GPU, but if you are going to be paying more than MSRP when they were brand new in 2016 then you are better off buying something else. These RX470/480/570/580 8GB were all like $125 or so a year ago. People weren't buying them. ETH wasn't profitable.

Then when covid happened, and ETH started to go up in value they started to go up to crazy prices. There are people paying more for a used one than they were originally released for. If that is the case you should just buy something else. However, I think unless we start seeing negative profits on 10 kwh power costs, these GPUs are still going to be expensive.

Well you need to just accept the fact that it doesn’t mean it will happen but it’s possible. We were pretty bullish at $60K last month and all it took was 2 tweets from Musk to send us to $30K a few days later.

So keep in mind that there is a lot of panic which can cause us to quickly go down to $15K and stay there. This is similar to what happened in 2017 and people were saying that $10k or lower wasn’t possible and look what happened. We even went below $5k. Was a perfect buying opportunity.

I haven't clicked the link to find out why he chose $13K, seems like an arbitrary number actually. I mean I would understand $20K or $15K but $13K just seems off. However if you go to tradingview and put in "BLX" which is the Bitcoin daily or weekly price index going back to like 2010, and you add a 200 weekly moving average. You will see that its currently at $13K.

Why is this important? Well because this moving average has actually bounced off 4 times in the past. We was the bottom of many bear markets including the 2015, 2018 and Covid crash.

So I get the $13K however the $13K increases every week. So in a few months it can be at $15K.

I don't think the rally was mostly caused by El Salvador, it was a combination of events such as Saylor raising $500M and he will buy BTC sometime next week. What was more bullish was that he got offers for $1.5B actually so there is proof that there is tons of demand for bitcoin. Currently its hard to say where we will be next week. We can go and break the $40K and head to $50K or we might go back down to the $30K and most likely this time it won't hold.

There are many people who are very bearish now which is actually bullish because thats the way the markets work. If you look at the futures there is no more premium and the funding is actually negative now. So the shorts are paying to stay short. So most likely we might get a squeeze and that might end up being the top before it heads back down.

Yes I think its smart to set weekly DCA buys given whatever the price is at. Because due to volatility you can DCA at a better price than just buying everything at $30K. Its quite possible we might go back to the $20K area however I don't think it will be that easy just by buying at $20K and expecting it to take off.

Everybody will want to buy bitcoin at $20K because its the ultimate support since it was the top in 2017. So most likely what will happen is we will either go to like $22K and go up or go to $20K, stay there for a few days or weeks and then it'll break and head lower into like $15-18K setting off a bunch of stops and we will likely bottom somewhere there.

The 200 Weekly moving average has been a good indicator actually. Predicted the low in 2015,2018 and 2020. And it currently sits at $13K but every week its value increases.

I think the reason for the drop is due to China banning mining isn't it? Or was that already reversed?

Bitcoins hashrate also went down and I am pretty sure a large portion of ETH hashrate is also in China. If the mining is banned there due to climate reasons then most likely the equipment will be shipped elsewhere and the hashrate will return in a month or so.

So its too early to tell but I don't think the drop is due to the price going down. Because even with expensive power there are still profits to be made mining ETH. Miners aren't shutting down yet.

Before I voted I assumed most people would vote bearish. The sentiment here and everywhere is that many people are bearish on bitcoin. And this is why in the short term its bullish, however medium term its most likely bearish.

I think if we go back to $50K one more time, most people will become bullish again and think $64K will break and $100K will be the next spot. However most likely what will happen most whales and institutions and that Saylor guy will all exit their positions at $50K and then we might be bearish again because everyone is bullish.

Basically do the complete opposite of the market sentiment. This is one reason why its very difficult to earn a living as a day trader.

Being here since 2013 and lived thru 2 different bear markets I can tell you this. The bottom will be when you least expect it to be. It will most likely be trading somewhere for months and many people will give up on bitcoin and that will be the bottom.

I remember in 2015 and 2019 people kept asking me "Is bitcoin still a thing? and that is when its the perfect time to buy. Whether its at $20K or $13K or $8K. Most likely it won't be the low price that will shake out most people it will be the timeframe. Most people won't want to wait a year or so for bitcoin to bottom and they will just go and buy stocks instead like GME or AMC.

Now is not the time to short. The time to short was back when we were >$50K or so or when ETH was >$3500 or so. With the El Salvador news and everything I think we might go to the ~$50K area one more time and that's when most people will exit just in case $64K was the top, if it wasn't the top and we go higher most people will rebuy higher >$64K rather than risk it going back down to like $15K.

If you look at the 2012,2014,2017 tops, usually the market gives you an out at the 0.50 and 0.618 fibinocci level from the ATH to the low before the bounce. Plus there are tons of people who are bag holding at $56K and $48K, so either of those might be the higher low before we rest the $30K area again.

Well ETH was actually suppose to go POS back in Summer of 2016. Now 5 years later and still no POS. One thing that ETH dev team is great at is missing deadlines. So there is no concrete answer when it will go POS.

You bigger issue is that ETH sustains its >$2500 price and that the difficult stops growing. Apparently there are many high tech ETH ASICs out there and it will keep increasing the hashrate for the near future, not good for GPU miners.

POS is your last worry right now.

This isn't 2014 anymore where you could scan the ANN section of bitcointalk and instamine some 0day coins and later get to dump them on Poloniex/Crypsty with 3-10x more profit than mining LTC or BTC directly.

Its very rare for a POW coin to get released, and even if it is released its difficult to get it on an exchange. And even if it gets on an exchange unless its a large one like Binance it won't hold much value.

You are just going to be wasting electricity mining these coins.

Even if they accepted crypto again they wouldn’t get much more sales since they are accepting Bitcoin. I am pretty sure if someone wants a Tesla bad enough they can just cash out and buy it for cash.

I remember back in 2017 when crypto was getting mainstream there were a few of those small used car lots or buy here pay here places who places Bitcoin accepted logos.

A buddy of mine actually had BTC and was in the market for a new car. When he tried to buy it the price went up like 10% because of the extra transaction and conversion feee. Basically passed on the deal because he could sell it with his exchange for like 0.25% at the time.

So nobody actually buys cars with Bitcoin.

What is confusing about his posts is that one day he is in love with Bitcoin and the next day he is breaking up with it. Then the day after he changes his avatar to Bitcoin again and confusing everybody. One thing I am sure is that he can’t legally on a public service say in advance whether Tesla sold its holdings or not since it’s a public company traded on the stock market.

Tesla stock price is dependent on whether they hold the bitcoins or not since it represents a portion of its balance sheet. So if he says anything it might trigger insider trading and what not.

However if I recall he holds some BTC personally that he bought with his own money. So those he can do as he wishes.

I guess its dependant on software then. But the last software I used with Win10 was Claymore and that definately wouldn't of worked with 2 GB of ram. He designed the DAG so it would load the DAG directly onto the GPU without having to be stored on the hard drive or ram however it wouldn't load with less than 4GB of memory. Ubuntu didn't have this issue.

I haven't used the newer software like lolminer or phoenix with Win10, only under Ubuntu where I didn't get this issue. Either way. DDR3 is still very cheap. There are tons of people getting rid of 4GB sticks or less. Most motherboards usually have 4 slots for memory so you can even get away with using 4x 1gb. The biggest issue is sourcing a GPU these days.