8th Alt coin thread. Or what to do now that asics are all over the place.

[soothaa]

Winter is here, so its all good.  I'm actually adding 15 570s tomorrow.  Got them for about 95$Cad new.  If anyone wanted to get into mining, its a good time because all the gear and accessories are cheap.

Damn what are you paying for power? If it weren't winter my stuff would be off today..

[1714491432]

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[fr4nkthetank]

About 4.5usd/kwh all included.  Only downside is that under -15c I shut off most rigs and heat the house with heating oil.  Its a residential program we have that provides cheap power but you are obligated to switch off electricity when it gets really cold.  We have a lot of base power generation but peak demand in winter is very high because most people heat with electricity.   Some GPUs I sell very cheap or give to friends/family to upgrade their computers after a while.  Im lucky.  I know the profitability sucks, but if I had advice to give it would be to heat the house in winter, keep the bitcoin and sell it in the next "people going crazy" period.  I'm hoping for some kind of difficulty drop in most altcoins that will mitigate the profit drop with large miners giving up and cashing out.

[soothaa]

Here in the US there are many tax advantages for me to keep them running, even if they're running at a slight loss because I can easily heat my entire house.

[QuintLeo]

Took me a while to find this thread. Normally it's somewhere on the first page but now need to go thru a few pages to find it.

I think this thread is a lagging indicator of the markets more or less. During the crypto boom and mining boom especially all of philipma1957 threads had numerous replies all the time and now not very active.

Wonder how many of you guys are still actively mining. I've put my rigs on hold pretty much due to remodeling my place and unless the profitability goes up, probably will keep them offline for a bit.

My old miners like the Antminer S3, Radeon 6990, R9 280X will probably keep in a personal museum.

I'm still mining - but have shut down my last pair of R9-based rigs as they went under water this past week - while my Nvidia-based rigs continue to transition out what they've been doing most of this year into something more profitable.

[QuintLeo]

remember the dip to 200 happened twice before shooting well over 1K.

The whales are lining their pockets.   It's just up to us peons to keep from selling off and holding on.  Remember;  just in a little over a month:  the tax year ends.   I am willing to bet this selloff has something to do with it;  wither that or the xmas season.

I'm more inclined to think that the apparent Bitmain cash crunch is a bigger reason.

Technical Analysis isn't voodoo - but it does tend to be meaningless on something that is immature, as external forces will have a LOT more affect then market forces most of the time.

[fr4nkthetank]

I'm more inclined to think that the apparent Bitmain cash crunch is a bigger reason.

IPO failed

We require a significant amount of capital to fund our operations. We recorded negative
cash flows from operating activities during the Track Record Period. If we cannot obtain
sufficient capital on acceptable terms to fund our operations, our business, financial
condition and prospects may be materially and adversely affected.

why Jihan ? lmao negative cash flows.  Price drop will get a lot worse if Bitmain liquidates everything 0_o

As a result, for the years ended December 31, 2015, 2016 and 2017 and six months
ended June 30, 2018, we recorded net cash used in operating activities of approximately
US$5.6 million, US$96.4 million, US$191.6 million and US$621.8 million, respectively.
Although we believe the cryptocurrencies we hold are highly liquid assets that can be sold in
open market to satisfy our liquidity needs, there is no assurance that we would be able to
dispose of our cryptocurrencies in open market at the price or in the amount we desire.

edit: Did I mention they had 28% of their assets in shitcoins and Bitcoin as of June 2018 ?  
editedit for readability

[TheYankeesWin!]

I'm more inclined to think that the apparent Bitmain cash crunch is a bigger reason.

IPO failed

We require a significant amount of capital to fund our operations. We recorded negative
cash flows from operating activities during the Track Record Period. If we cannot obtain
sufficient capital on acceptable terms to fund our operations, our business, financial
condition and prospects may be materially and adversely affected.

why Jihan ? lmao negative cash flows.  Price drop will get a lot worse if Bitmain liquidates everything 0_o

As a result, for the years ended December 31, 2015, 2016 and 2017 and six months
ended June 30, 2018, we recorded net cash used in operating activities of approximately
US$5.6 million, US$96.4 million, US$191.6 million and US$621.8 million, respectively.
Although we believe the cryptocurrencies we hold are highly liquid assets that can be sold in
open market to satisfy our liquidity needs, there is no assurance that we would be able to
dispose of our cryptocurrencies in open market at the price or in the amount we desire.

edit: Did I mention they had 28% of their assets in shitcoins and Bitcoin as of June 2018 ?  
editedit for readability

A full crash and burn is needed.  I am hoping for under 2k for btc as all most all gear is in trouble .

1325 in Nov 2013 turned to 180 in Jan 2015

so 19900 in dec could drop to 2700 in Jan 2019 ,  but I rather see 1600 to 1800.

I am ready for it.

[N0pr3s3n7]

if bitmain decides to quit crypto game , btc is deffinitelly going to zero . I am not talking only because they will dump xxxx btc or xxxx bitcoin cash or whatever shit coin u want to name. I am citting that one of the biggest players around is going out , which basically would mean only 1 thing - no more money to win in crypto for them.

[TheYankeesWin!]

if bitmain decides to quit crypto game , btc is deffinitelly going to zero

best thing is bitmain zeros out and top ten people with bitmain get  punished for that by China.  BTC will survive.

[euclidnw]

Bitmain is not getting to get out of crypto, they just opened a new facility in WA state. Cash problems as they are, they are expanding.

[herrdrone]

Worth reading: https://techcrunch.com/2018/11/20/wtf-is-happening-to-crypto/

Edit: Excellent post from /r/ethereum : https://www.reddit.com/r/ethereum/comments/9yxja2/youve_met_with_a_terrible_fate_havent_you/

[QuintLeo]

Bitmain is not getting to get out of crypto, they just opened a new facility in WA state. Cash problems as they are, they are expanding.

The facility they are opening is in a strange spot though - it's NOT in the land of Super Low Cost Power (which might be going away for most crypto anyway, given the recent pushback by the 3 county PUDs involved) - the rate they'll be paying there is fairly high for a large crypto operation, as it's NOT all that close to major hydropower in large quantities.

If they were running S9s there right now, they'd be LOSING money to do so - and even the T15 wouldn't be highly profitable.

6-7 cent industrial rate as I recall, might be 5.something at best.

[soothaa]

I'd say it was a GOOD thing if Bitmain got out. They're such a toxic terrible company and influence.

[philipma1957]

I'd say it was a GOOD thing if Bitmain got out. They're such a toxic terrible company and influence.

Toxic and terrible is not exactly what is wrong with just them it is mostly  all asic companies they were fucking morons and ate their babies (altcoins)  with all the asics they built.

BY doing this  along with forking btc  they revealed all the weaknesses of BTC

Dilution of btc  from 1 to 3 chains = fucked up

Destroying  all the gpu alts via asics = fucked up.

So the smarter guy now knows  holding  any alt for anytime is high risk.  What does he do he  gets a few buddies  and manipulates whatever coin he pleases.

As of now any coin  can be attacked  big time  making   large drops and nice short money for those in the know.

[philipma1957]

Happy ThanksGiving as always I want to thank my eye surgon  for repairing my cataratcts if it were 1950 I would be pretty much blind.  Instead I will be looking at the parade shortly.

I also want to mention thanks for 2017 and the rise of crypto.

[ATCkit2]

From Canada: Happy ThanksGiving to all our American cousins.

Happy Mining

[philipma1957]

Did my 222 mile round trip  dinner.

Ate a lot of food

Just woke up half asleep  was a fun trip.

Left at 8:45am and got home at 11:55pm.

[fr4nkthetank]

Did my 222 mile round trip  dinner.

Ate a lot of food

Just woke up half asleep  was a fun trip.

Left at 8:45am and got home at 11:55pm.

Doesn't Get more American than that xD Enjoy the weekend all

[JaredKaragen]

Did my 222 mile round trip  dinner.

Ate a lot of food

Just woke up half asleep  was a fun trip.

Left at 8:45am and got home at 11:55pm.

I did the family thing at the parents.   This year was special;  my brother in law had his parents over here visiting from India for Diwali and Thanksgiving. 

Very awesome.

[philipma1957]

purchased a little btc today not much