[kwlug-disc] Another Humble Bundle: Cryptocurrency

[Andrew Stevanus (KWLUG)]

Slight correction: bitcoin mining is no longer really profitable. It
hasn't been profitable to mine bitcoin on CPUs or GPUs for several years
now. You have to buy ASICs, and even then, the profit margins are
absolutely tiny. People who are making money mining on GPUs are mining
other cryptocurrencies like Ethereum (Ethash PoW) or Monero (CryptoNight
PoW). Bitcoin uses double SHA256, which is a very fast hashing algorithm
and isn't memory-hard, and it's easy to implement in hardware, so this
was basically inevitable.

CrankyOldBugger:
> I saw a similar argument regarding solar panels from a guy in Alberta who
> stated "if I lived in Ontario, these panels would have paid for themselves
> by now".
> 
> So what I understand from you, Ron, is that bitcoin mining is profitable if
> you don't have to pay Ontario electricity rates..
> 
> 
> 
> On Tue, 10 Oct 2017 at 15:41 Ron Singh <ronsingh149 at gmail.com> wrote:
> 
>> I have a friend in Calgary(flat rate of sub.$05/kwh) making $240 with 5 of
>> the RX580 video cards. He is happy  with the warming of his house due to
>> the 780w draw of his rig. Mind you, he had 2800 tied up in hardware for his
>> rig. It will take him about a year to recoup his capital costs and perhaps
>> even more time if anything dies right after the 1 year warranty is over on
>> his vid cards. I check my figures for 120v juice and I came up with an
>> average of 17.7 cents/kwh over a 24 hour period in Waterloo with TOU and
>> Hydro One's "Global Adjustment" extortion factored in.
>>
>> I just don't see any payback doing mining in Ontario, especially with the
>> proof of work demanding more gpu cycles as time goes on.
>>
>> A mining farm in Alberta would be the ticket
>>
>> Thanks,
>>
>> Ron Singh
>> "in transit, via mobile comm device"
>>
>> On Tue, Oct 10, 2017 at 3:19 PM, CrankyOldBugger <
>> crankyoldbugger at gmail.com> wrote:
>>
>>> While I'm very curious about bitcoin and related ecurrencies, I have to
>>> ask... is anyone here making any money off of this?
>>>
>>>
>>> On Tue, 10 Oct 2017 at 14:23 bob+kwlug at softscape.ca <
>>> bob+kwlug at softscape.ca> wrote:
>>>
>>>> I am not affiliated and saddened that simply buying the books does not
>>>> load them into my brain, but if anyone is interested:
>>>>
>>>> https://www.humblebundle.com/books/bitcoin-cryptocurrency-books
>>>>
>>>>
>>>> Bob.
>>>>
>>>>
>>>>
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> 
> 
> 
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