Sprouting Bitbean is 10X more profitable than mining

[plasmodesmata]

No, that's a really good point about running a computer just to keep wallets open for staking. My electricity costs $0.12/kw-hr so running that laptop costs me around $0.10 per day and I can guarantee you it isn't earning anywhere close to that from staking two different POS coins. Fortunately, I use the laptop to monitor my mining rigs as well so it would be running 24/7, anyway.

 

Yeah I think you got my point whereas others didnt!

A modern hardware laptop would be good, but there's bound to be people using old rigs with poor hardware efficiency leaving them on 24/7. I use a power meter at the wall so know from a variety of systems that all the watts add up and counts when mining/staking/zombie use etc.

In the time it took me to mine 5$ worth I sprouted 80$ of Beans. Factoring in electricity consumption my original estimate is no longer accurate, its more like sprouting is 20x more profitable. Beans are still cheap for the nonce I should probably buy some more.

Not sure how long your mining period would be to mine $5 worth, but to make $80 a day from sprouting would translate to owning over $80'000 worth of beans.

That's quite a large amount in its own right. But it's a very small amount compared to what it would have been, had Beancash not lost 95% of its value since the day you started this thread...

Yes the loss in value is alarming but... the whole market is down... and before the loss in value I took everything I originally invested out so I am all in profit no matter what I do.

My main mining rigs are off so for now I'm just using one rx 580. It took 17 days mining bittube to get that 5$. I'm not being aggressive, just trying to generate sats in a passive way for now.

The 95% loss sucks, for sure. At one time I could have sold my Beans for 225k$ but I thought BTC was going to soar to greater heights and let it ride. Beans will recover, the market will recover, we shall see.

[jerry0]

Okay so ppl say you should have at least 100000 beancash in order to sprout.


So say i have 100000 beancash... i dont have that much, would need to buy more. 


So if i leave my wallet on all day for 1 whole month, i would earn 2500 beancash.  So that would mean at the end of the month, my beancash balance would no longer be 100000... but 102500?  Can someone confirm this?


So assuming beancash value does not drop... let say you buy 100000 beancash right now.  Then you sprout them for an entire year... that 100000 beancash would have a balance of 2500x12 months = 30000 so 130000 total bean cash... profit of 30000 beancash?  Thus you made 30% of beancash by just sprouting?



The OP talked about spending 6k on rigs... what in the world is that?  So what he bought... its to sprout the beancash faster or something?  What's wrong with buying a cheap laptop or using an old laptop for this?  Im confused the difference here?


The other thing is ppl talk about electricity costs.  Well if you are sprouting 24/7 on a laptop, does it use a lot more energy than say you downloading files or movies 24/7 on your laptop for a torrent site for example?  Like does sprouting use more electricity?  Example do you use more electricity having your computer turned on 24/7 and having it play a movie the entire time... or having your beancash wallet sprouting?


So sprouting is basically making more beancash?  Im confused at this because there is a set amount of beancash out there like a total max right... like similar to bitcoin?  But the difference is all the beancash is not mined yet? 


So assuming you buy say 500000 beancash now... then sprout every single day for an entire year... you going to make around 150000 beancash?  But are electricity costs a lot if you use your laptop?  What about compared to those mining rigs ppl talk about here? 

[serhanni]

The OP talked about spending 6k on rigs... what in the world is that?  So what he bought... its to sprout the beancash faster or something?  What's wrong with buying a cheap laptop or using an old laptop for this?  Im confused the difference here?
 

He uses the rigs for mining other coins (like eth, xmr, etc.) and sells them for buying more beancash. You can use your old laptop to sprouting (staking)

[jerry0]

The OP talked about spending 6k on rigs... what in the world is that?  So what he bought... its to sprout the beancash faster or something?  What's wrong with buying a cheap laptop or using an old laptop for this?  Im confused the difference here?
 

He uses the rigs for mining other coins (like eth, xmr, etc.) and sells them for buying more beancash. You can use your old laptop to sprouting (staking)

Im bit confused with this. So those rigs are to mine other coins... when you say mine... you mean create more coins or something?  Because i thought there is only a max supply of each coin but all those coins are not out yet?  So ppl could mine them and get coins by mining?



Why would he sell those coins to buy more beancash?  Is it because he can make a lot more money with sprouting beancash?



Do you know if one could you use a chromebook to sprout?  So basically if you have a separate computer you don't use... you could just let it turn on 24/7 and sprout your beancash and basically make money this way right?  Thus 100000 beancash you have... turn on computer 24/7... you make about 2500 beancash a month so 30000 beancash a year?  So say you buy beancash at 0.001.  You buy like 1 million of of them so $1000 cost.  Now you sprout them all year.  You earn about 300000 beancash so now 1.3 million beancash in your wallet?  Now assuming beancash price stays at the 0.001 price... then you profited 300000 x 0.001 = $300 on your $1000 investment?


So basically if you buy beancash and sprout it... unless the price drops... you can make money this way?  But a while back i got beancash at 0.01.  The price dropped over 90% already.  So basically that situation you lose money since even had i sprout it... well i lose because of the price drop right?


So what other coins besides beancash can you do this where the price is sort of stable?  Because if its stable, well that mean you can earn passive income then right?

[plasmodesmata]

The OP talked about spending 6k on rigs... what in the world is that?  So what he bought... its to sprout the beancash faster or something?  What's wrong with buying a cheap laptop or using an old laptop for this?  Im confused the difference here?
 

He uses the rigs for mining other coins (like eth, xmr, etc.) and sells them for buying more beancash. You can use your old laptop to sprouting (staking)

Im bit confused with this. So those rigs are to mine other coins... when you say mine... you mean create more coins or something?  Because i thought there is only a max supply of each coin but all those coins are not out yet?  So ppl could mine them and get coins by mining?



Why would he sell those coins to buy more beancash?  Is it because he can make a lot more money with sprouting beancash?



Do you know if one could you use a chromebook to sprout?  So basically if you have a separate computer you don't use... you could just let it turn on 24/7 and sprout your beancash and basically make money this way right?  Thus 100000 beancash you have... turn on computer 24/7... you make about 2500 beancash a month so 30000 beancash a year?  So say you buy beancash at 0.001.  You buy like 1 million of of them so $1000 cost.  Now you sprout them all year.  You earn about 300000 beancash so now 1.3 million beancash in your wallet?  Now assuming beancash price stays at the 0.001 price... then you profited 300000 x 0.001 = $300 on your $1000 investment?


So basically if you buy beancash and sprout it... unless the price drops... you can make money this way?  But a while back i got beancash at 0.01.  The price dropped over 90% already.  So basically that situation you lose money since even had i sprout it... well i lose because of the price drop right?


So what other coins besides beancash can you do this where the price is sort of stable?  Because if its stable, well that mean you can earn passive income then right?

The rigs were mining XMR, you don't need a mining rig to sprout (stake) Beans.

Yes, I sell mined coins for more Beans because I earn more sprouting, its like compounding interest. I'm trying to maximize satoshi generation.

Does a chromebook run windows? if so, then yes you can sprout on it.

Something like that... at last tally I was making 80$ a week on sprouts but I haven't recalculated in a while. so ceteris paribus I'd make ~4000 a year.

The price drop confounds the gains in sprouts.... BUT... I took ALL of my initial investment out already. Which means I am all in profit so as long as I am generating satoshis I don't have to care so much about the price. Investing is not guaranteed.

This is the most passive thing... I refresh a few stale blocks every-once-in-a-while, make sure it's running and it keeps sprouting all over the place. As far as stability the market is moving... but you should check out Alpha Cryptos Proof of Stake experiment on youtube. Beans were a steady champion.

[dragonmike]

I think the moment on you pick staking as an investment option you need to realise this isn't mining. This is investing, you've got market risk.

So you should diversify your staking portfolio. Personally I went into a few coins just for that reason. Picked NPXS, BEAN, Linda (now Metrix) and VEIL. All of which have earned very nice staking interest... But of course, partially offset by general market moves.

[plasmodesmata]

I think the moment on you pick staking as an investment option you need to realise this isn't mining. This is investing, you've got market risk.

So you should diversify your staking portfolio. Personally I went into a few coins just for that reason. Picked NPXS, BEAN, Linda (now Metrix) and VEIL. All of which have earned very nice staking interest... But of course, partially offset by general market moves.

Isn't that true of mining as well? It's a significant investment to buy mining equipment. Look at what happens to folks buying on the second or third round from Bitmain. Like that D3 antminer, they got an expensive heater brick.

[dragonmike]

I think the moment on you pick staking as an investment option you need to realise this isn't mining. This is investing, you've got market risk.

So you should diversify your staking portfolio. Personally I went into a few coins just for that reason. Picked NPXS, BEAN, Linda (now Metrix) and VEIL. All of which have earned very nice staking interest... But of course, partially offset by general market moves.

Isn't that true of mining as well? It's a significant investment to buy mining equipment. Look at what happens to folks buying on the second or third round from Bitmain. Like that D3 antminer, they got an expensive heater brick.

...which is why I don't buy ASICs.
GPUs are computer hardware that keep resell value over the years, regardless of their mining profitability. Buying a coin, you risk 100% of your capital. Hardware is not the same at all.

With GPU rigs you can still make money every day whilst the price of the coins go down. Not so if you invest in the coins outright.

[plasmodesmata]

True GPU still make some money but they depreciate in value as well. Just look on eBay and compare to the Eth mining boom prices... I'm just saying that even considering the market drop I'm making more through sprouting Beans (one CPU) than I could make mining with 12 GPUs.

[plasmodesmata]

Still sprouting strong !!!

[jerry0]

Where are you all buying/selling beancash now?

[antminerguruguy]

I have 2 6 rx580 mining rigs. I also have about 4M Bitbeans on a dedicated "Bean Machine"
Initial investment in Bitbean: about 2000$ (April last year)
Initial investment in rigs: about 6000$
I use my mining payouts to buy Beans: 4000-5000 Beans each week worth.
I sprout 40,000-60,000 Beans each week.
Why isn't everyone doing this?

I've never heard of it.  Can you inbox me details on how to get started? Thanks

Its pretty easy. I bought my first beans on POSW but you can buy some on Bittrex or Bleutrade.
Download the wallet on www.bitbean.org/downloads if on windows its version 1.1.2.2rc
After download it needs to synchronize with the network, this can take a few days unless you can get a snapshot from someone.
after its fully synchronized transfer Beans from exchange wallet to your PC and let them sit. depending on how many you buy it can help if you send them in the amount of blocks that would optimize sprouting. Example: you have 100k beans, send ten 10,000 Bean blocks, if a million then ten 100k blocks. You can also adjust this in Bean control.

We have a community chat on matter most, PM your email and I can invite you.

I'd previously been curious about BitBean / Bean Cash before I started mining.  Might take a gander at it now that you say they can be bought on POSW just to see what it can do.   Didn't realize that.    Can I buy them with POSW or did you still buy them with BTC?  Any feedback would be appreciated.   I don't see how I can do this in my POSWallet.

Oh its been a really long time since I was on POSW, I was just saying thats where I first found i tand noticed in was increasing faster than POSW. Now you can buy from Bittrex of Bleutrade. Stay away from Cryptopia, too many problems.

Well my wallet is synced how often is sprouting and why isn't it sprouting.  Do I need to go to sprout lake ha ha I wouldn't do that do anyone.  Any way I have 74,000 or so beans is that not enough to sprout?  How do I enable sprouting or maybe someone can send me the .0022 bitcoin back this is kind of cruel I think if I have to wait a month to get out of this it seems its all rather cruel.  Can someone give me some support or advice?  How do I sprout?  I have the windows wallet fully synced.