[Finance] The cryptocurrency (Bitcoin etc) thread

[Billy the Fish]

Does anyone know if you can still mine bitcoin and how much processor power you need?

At work there's always severs in the weee waste, I reckon I could get my hands on 4 or 5 HP DL360 G6 servers for free. I've always assumed you need a pool of 1000s of processors otherwise everyone would do it?

 

[beorhthelm]

Does anyone know if you can still mine bitcoin and how much processor power you need?

no. you might be able to mine some other coin on CPU the returns depending on power costs. running DL360 will unlikly make it worthwhile, unless you can tweak the power consumption down. (i have a couple of G4, tried and found not economic)

 

[Albion Dan]

Does anyone know if you can still mine bitcoin and how much processor power you need?

At work there's always severs in the weee waste, I reckon I could get my hands on 4 or 5 HP DL360 G6 servers for free. I've always assumed you need a pool of 1000s of processors otherwise everyone would do it?

The cost of mining is now huge, which is another reason why the price is unlikely to ever really drop below £10.5k again.

 

[Albion Dan]

I think there will be a much bigger crash soon and will be a correction and hold around the 15k mark for a while... $100k+ is on the cards over the next year or so though imho.... As you are probably well aware there isn't as infinite supply of btc like many of it's crypto rivals (currently only around 18 million mined BTC to go around a potential 7 billion population) reinforces it's gold standard within the crypto market and has the potential to go up to 1 million+ a coin eventually. From memory the maximum total bitcoin possible is around 64 million with the last coin being mined around 2040.

I have a feeling the mega rich like Elon Musk and co are having a field day pumping and dumping whilst making cash out of thin air off the back of it....Is OK for those who can afford to invest in these hard times, but just creates an even bigger divide between the haves and the have nots... Bitcoin has to be one of the most seductive and frustrating teases in the past decade or so when it comes to money...

Total ever available bitcoin is 21 million. It is estimated that over 4 million have been lost already. I'd love to see it go to £15k but there are so many people waiting to jump in now that it's debatable whether it can go that low. The charts suggest it could got to mid 20's certainly but we are already seeing low 30's getting defended heavily. Alot of debate that with large scale institutional buying now whether it will be allowed to drop that far.

 

[crodonilson]

This story seemed gutting even back then... losing 7.5m worth of bitcoin...

https://www.bbc.co.uk/news/av/technology-25138627

Now Bit coins peak would have been worth £262,500,000. Wonder how this guy feels now. Not seen any recent stories about him.

As if by magic....

Angry Farmer pleads for council help

 

[Billy the Fish]

no. you might be able to mine some other coin on CPU the returns depending on power costs. running DL360 will unlikly make it worthwhile, unless you can tweak the power consumption down. (i have a couple of G4, tried and found not economic)

The cost of mining is now huge, which is another reason why the price is unlikely to ever really drop below £10.5k again.

Managed to find an informative YouTube video, lots of specialist hardware needed to stand a chance now

Fair play to anyone who got in at the start

 

[Billy the Fish]

As if by magic....

Angry Farmer pleads for council help

8 years in the ground, the hardware must be ruined by now especially if it's HDD. No way are disk platters surviving that long out in the elements

 

[Albion Dan]

Managed to find an informative YouTube video, lots of specialist hardware needed to stand a chance now

Fair play to anyone who got in at the start

The tragedy was when it was easy to mine on a pc they were pretty much worthless and the a large amount were spent, lost or discarded. Loads of stories online of people who have what are now multi millions worth but just didn’t take them seriously.

 

[Albion Dan]

If you know, you know. [emoji7]

 

[SK1NT]

The bitcoin phenomena is mad. Who would have thought that something so easy to mine would have made us all multimillionaires in the spaces for a few years. I worked in IT and my colleagues and i were talking about bit coin in the 2008s/2009s and we just snubbed it. Boy do i regret that...

 

[Bozza]

A take on why Bitcoin is unlikely to ever make it as a currency, but may continue to do well as an asset.

https://marker.medium.com/the-bitcoin-dream-is-dead-8b621d2d7dbd

 

[LamieRobertson]

I keep getting this email telling me I’m very rich having invested in Bitcoin....I just can’t remember doing it

 

[Pintos]

Must read for anyone dabbling:

https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3

In short, Tether is manipulating the Bitcoin price and appears to be a massive fraud

 

[beorhthelm]

Must read for anyone dabbling:

https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3

In short, Tether is manipulating the Bitcoin price and appears to be a massive fraud

article raises an eyebrow, but has some basic nonsense in there. Bybit giving away tethers is small marketing budget, and anyone knows much money is made from so many liquidations of poor trades. only interesting observation was the missing funds in the Cayman banking system.

 

[WATFORD zero]

I just think it's excellent that so many people who have made their fortunes from crypto-currencies now use their time philanthropically on various websites, publications and chat forums encouraging and advising others to do the same

 

[Tom Hark Preston Park]

Must read for anyone dabbling:

https://crypto-anonymous-2021.medium.com/the-bit-short-inside-cryptos-doomsday-machine-f8dcf78a64d3

In short, Tether is manipulating the Bitcoin price and appears to be a massive fraud

Massive fraud you say? I find that hard to believe

 

[DJ NOBO]

Is the party now over?

 

[beorhthelm]

Is the party now over?

not much. someones gone to the offie to restock.

 

[Albion Dan]

Is the party now over?

I’ll refer you to my post a couple of weeks back:

Just a word of warning to anyone thinking of jumping into bitcoin who hasn’t got experience. It is due a BIG correction at some point after this parabolic rise. It’s at a big resistance point right now so could start soon. I wouldn’t be surprised to see it come down to mid low $20ks before taking off again for the rest of 2021. It could also continue going batshit mental if it breaks through $44k just make sure that you are managing risk appropriately as it is at a big decision point.

 

[DavidRyder]

I'm a crypto currency virgin, having completely missed the boat. Are there any Bitcoin alternatives that people would recommend for a small investment?