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DPete27
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Re: Holy Mining Crash Batman

Fri Aug 11, 2017 10:57 am

Yup. I wish I'd have stuck with it. Looks like 24MH/s GPUs will profit $50/month at current pricing. That'd be worth while.....if the value maintains.
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southrncomfortjm
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Re: Holy Mining Crash Batman

Fri Aug 11, 2017 11:55 am

DPete27 wrote:
Yup. I wish I'd have stuck with it. Looks like 24MH/s GPUs will profit $50/month at current pricing. That'd be worth while.....if the value maintains.


Did you end up selling your card then?

Yeah, I generate a $30 amazon gift card about every two weeks, though I'm using my laptop too. Laptop will be sold soon since I have a Switch for portable gaming and it only produces about $ 0.35 a day.

Profits were much higher back in June though when Eth mining wasn't as hard. I was originally making about $90 a month.
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whm1974
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Re: Holy Mining Crash Batman

Fri Aug 11, 2017 2:08 pm

southrncomfortjm wrote:
Well so much for that crash. BTC is now up to about $3560 (almost doubling in a few weeks) while Eth is sitting at $300.

Good gods, I thought there was light at the end of tunnel... :o
 
JustAnEngineer
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Re: Holy Mining Crash Batman

Sun Oct 01, 2017 8:29 am

https://www.engadget.com/2017/10/01/sec ... offerings/
Mariella Moon wrote:
The U.S. Securities and Exchange Commission has accused Maksim Zaslavskiy of defrauding investors by selling virtual currencies backed by assets that don't exist.
Bubbles always seem to bring fraudsters with them.
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just brew it!
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Re: Holy Mining Crash Batman

Sun Oct 01, 2017 12:04 pm

JustAnEngineer wrote:
https://www.engadget.com/2017/10/01/sec-charges-initial-coin-offerings/
Mariella Moon wrote:
The U.S. Securities and Exchange Commission has accused Maksim Zaslavskiy of defrauding investors by selling virtual currencies backed by assets that don't exist.

Bubbles always seem to bring fraudsters with them.

Makes sense. I'm sure it's easier to con people into investing in scams when there's a bubble.
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Captain Ned
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Re: Holy Mining Crash Batman

Sun Oct 01, 2017 3:33 pm

just brew it! wrote:
Makes sense. I'm sure it's easier to con people into investing in scams when there's a bubble.

Can I interest you in this rare tulip?
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ozzuneoj
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Re: Holy Mining Crash Batman

Sun Oct 01, 2017 4:37 pm

I sometimes wonder if I would have made any money investing in four Radeon 7970s to drop into one of my old Supermicro Socket 771 systems several years ago (I had two of the systems... I could have had 8 GPUs going). I was pretty sure it was a good idea but I never went through with it because of the risk, and the fact that it is basically gambling with video cards, electricity and time to hopefully get a big payout. If it felt like more of a "legitimate" business, I'd probably just do it, but it seems like the whole cryptocoin industry has no legitimate organizations backing it and is always one scam or one regulatory crack down away from costing its users millions of dollars.
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Captain Ned
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Re: Holy Mining Crash Batman

Sun Oct 01, 2017 4:44 pm

If you had successfully minted coins back then you would be a very profitable camper now. Not so much at the time, but the run-up would have more than paid for your costs with inflation included.

Anyone who's made money in BTC made it by minting when it was still feasible on home rigs and holding the BTC until now.
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ozzuneoj
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Re: Holy Mining Crash Batman

Sun Oct 01, 2017 4:49 pm

Captain Ned wrote:
If you had successfully minted coins back then you would be a very profitable camper now. Not so much at the time, but the run-up would have more than paid for your costs with inflation included.

Anyone who's made money in BTC made it by minting when it was still feasible on home rigs and holding the BTC until now.

I think at the time it was already not worth it to mine BTC with GPUs, as Litecoin and others were popular. This was probably 2013-2014. I was late to the party at that point.

Oh well, at least I've avoided being burned and ruining tons of time and resources.

It is still tempting, but unless there is some other coin that actually has some chance of being profitable left (Ethereum seems like a very bad idea to get into at this point, due to difficulty), I can't see getting into it now. If I had a way to get the actual GPUs to do the mining, I have considered mining through the 6 months of winter to come, for some additional heat in our attic living space, as opposed to using electric radiator heaters. :)

Are there any coins worth mining that show any signs of becoming more valuable?
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DPete27
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Re: Holy Mining Crash Batman

Thu Oct 12, 2017 10:36 pm

ozzuneoj wrote:
Are there any coins worth mining that show any signs of becoming more valuable?

If someone can answer that with certainty, I'd advise you to go buy such a coin right away. Nothing wrong with mining, but there are (and have been) opportunities in crypto that you could make 2x / 3x / 10x / 20x gains by buying in early or at the right time on a coin before you'd even make $50 mining (assuming you aren't running a mining farm, which I assume you're not hence the question). Nothing wrong with mining, but your accumulation via mining may be too slow with the crypto market like it is now. Sure, mining is somewhat of a "no risk" situation (excluding electricity and wear-and-tear costs) if your coin goes belly up, but crypto is easier than ever to invest in these days.
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