Re: [Discuss] Any miners?

2017-06-16 Thread Neil Schelly 
I have a coworker who makes money mining. His strategy is to mine for
the alternative currencies that are still comparatively easy to mine
than BitCoin. Whatever value he earns there gets exchanged for value
in BitCoin. From what I gather, he makes a decently steady side income
from it, though I haven't really probed for details. I suspect it's in
the range of a few thousand dollars a month profit.
-Neil

On Fri, Jun 16, 2017 at 8:46 PM, Lloyd Kvam  wrote:
> Bitcoin did hit a peak value of $3,000 last week, so that would help the 
> economics.
>
> My impression is that you need some edge in cost of bandwidth, electric 
> power, or
> computer hardware for this to be an attractive business. Just tracking the 
> blockchain
> can use enough resources to be annoying.
>
> An alternative approach would be to bet on bitcoins displacing gold: short 
> gold and
> buy bitcoins. Of course that does not let you play with hardware.
>
> On Fri, 2017-06-16 at 18:12 -0400, Bill Ricker wrote:
>> Bitcoin initially did not require specialized hardware, but as new golden
>> hashes get harder to find, mining costs more in electricity and
>> depreciation without speciality gear (or a huge BITNET running for free).
>> If scarcity drives up BTC value, maybe, but odds of finding one still
>> declining as payoff increases. I haven't checked the calculation lately, it
>> would be a good exercise: what would an AWS VPS mining cluster big enough
>> to average 1 BTC mined per week cost to operate?
>>
>> Which if any of the alt-coins have legit upside is not yet clear, and the
>> most likely of them already requires a cluster and has had its first major
>> scam.
>>
>> / bill
>>
>> On Jun 16, 2017 5:58 PM, "Greg Rundlett (freephile)" 
>> wrote:
>>
>> >
>> > My son is investigating crypto-currency mining and seems to think it's
>> > incredibly lucrative.
>> >
>> > I've not delved into it at all.
>> >
>> > Comments? Anyone actually making money mining?
>> >
>> > From what I've previously gathered, I thought the amount of computational
>> > power, expense and electricity just about squeezed out anybody but those
>> > with super-specialized hardware.
>> >
>> > Greg Rundlett
>> > https://eQuality-Tech.com
>> > https://freephile.org
>> > ___
>> > Discuss mailing list
>> > disc...@blu.org
>> > http://lists.blu.org/mailman/listinfo/discuss
>> >
>> ___
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>> gnhlug-discuss@mail.gnhlug.org
>> http://mail.gnhlug.org/mailman/listinfo/gnhlug-discuss/
> --
> Lloyd Kvam
> 5 Foliage View
> Lebanon, NH 03766
> 802-448-0836
>
>
>
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Re: [Discuss] Any miners?

2017-06-16 Thread Lloyd Kvam 
Bitcoin did hit a peak value of $3,000 last week, so that would help the 
economics.

My impression is that you need some edge in cost of bandwidth, electric power, 
or
computer hardware for this to be an attractive business. Just tracking the 
blockchain
can use enough resources to be annoying.

An alternative approach would be to bet on bitcoins displacing gold: short gold 
and
buy bitcoins. Of course that does not let you play with hardware.

On Fri, 2017-06-16 at 18:12 -0400, Bill Ricker wrote:
> Bitcoin initially did not require specialized hardware, but as new golden
> hashes get harder to find, mining costs more in electricity and
> depreciation without speciality gear (or a huge BITNET running for free).
> If scarcity drives up BTC value, maybe, but odds of finding one still
> declining as payoff increases. I haven't checked the calculation lately, it
> would be a good exercise: what would an AWS VPS mining cluster big enough
> to average 1 BTC mined per week cost to operate?
> 
> Which if any of the alt-coins have legit upside is not yet clear, and the
> most likely of them already requires a cluster and has had its first major
> scam.
> 
> / bill
> 
> On Jun 16, 2017 5:58 PM, "Greg Rundlett (freephile)" 
> wrote:
> 
> > 
> > My son is investigating crypto-currency mining and seems to think it's
> > incredibly lucrative.
> > 
> > I've not delved into it at all.
> > 
> > Comments? Anyone actually making money mining?
> > 
> > From what I've previously gathered, I thought the amount of computational
> > power, expense and electricity just about squeezed out anybody but those
> > with super-specialized hardware.
> > 
> > Greg Rundlett
> > https://eQuality-Tech.com
> > https://freephile.org
> > ___
> > Discuss mailing list
> > disc...@blu.org
> > http://lists.blu.org/mailman/listinfo/discuss
> > 
> ___
> gnhlug-discuss mailing list
> gnhlug-discuss@mail.gnhlug.org
> http://mail.gnhlug.org/mailman/listinfo/gnhlug-discuss/
-- 
Lloyd Kvam
5 Foliage View
Lebanon, NH 03766
802-448-0836



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Re: [Discuss] Any miners?

2017-06-16 Thread Bill Ricker 
Bitcoin initially did not require specialized hardware, but as new golden
hashes get harder to find, mining costs more in electricity and
depreciation without speciality gear (or a huge BITNET running for free).
If scarcity drives up BTC value, maybe, but odds of finding one still
declining as payoff increases. I haven't checked the calculation lately, it
would be a good exercise: what would an AWS VPS mining cluster big enough
to average 1 BTC mined per week cost to operate?

Which if any of the alt-coins have legit upside is not yet clear, and the
most likely of them already requires a cluster and has had its first major
scam.

/ bill

On Jun 16, 2017 5:58 PM, "Greg Rundlett (freephile)" 
wrote:

> My son is investigating crypto-currency mining and seems to think it's
> incredibly lucrative.
>
> I've not delved into it at all.
>
> Comments? Anyone actually making money mining?
>
> From what I've previously gathered, I thought the amount of computational
> power, expense and electricity just about squeezed out anybody but those
> with super-specialized hardware.
>
> Greg Rundlett
> https://eQuality-Tech.com
> https://freephile.org
> ___
> Discuss mailing list
> disc...@blu.org
> http://lists.blu.org/mailman/listinfo/discuss
>
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Re: Any miners?

2017-06-16 Thread Thomas Charron 
  You'll use more electricity then you'll get, at least for Bitcoin.  Some
simple searches and, basic math should set your son strait.

  Thomas

On Jun 16, 2017 6:00 PM, "Greg Rundlett (freephile)" 
wrote:

> My son is investigating crypto-currency mining and seems to think it's
> incredibly lucrative.
>
> I've not delved into it at all.
>
> Comments? Anyone actually making money mining?
>
> From what I've previously gathered, I thought the amount of computational
> power, expense and electricity just about squeezed out anybody but those
> with super-specialized hardware.
>
> Greg Rundlett
> https://eQuality-Tech.com
> https://freephile.org
>
> ___
> gnhlug-discuss mailing list
> gnhlug-discuss@mail.gnhlug.org
> http://mail.gnhlug.org/mailman/listinfo/gnhlug-discuss/
>
>
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Any miners?

2017-06-16 Thread Greg Rundlett (freephile) 
My son is investigating crypto-currency mining and seems to think it's
incredibly lucrative.

I've not delved into it at all.

Comments? Anyone actually making money mining?

>From what I've previously gathered, I thought the amount of computational
power, expense and electricity just about squeezed out anybody but those
with super-specialized hardware.

Greg Rundlett
https://eQuality-Tech.com
https://freephile.org
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