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Merged Bitcoin - Part 3

ChrisBFRPKY said:
Science proves what I'm saying is true. You can't argue with Thermodynamics and energy conversion or transformation, there will always be losses. Belz is likely the only one here that can charge his Tesla without worrying about contributing to global warming.
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Where does science 'prove' what you are saying is true?

More claims?
 
ChrisBFRPKY said:
I think it would be on you to disprove losses in efficiency regarding energy conversion, rather than for me to design a new car... My work is done.
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You are the one claiming it would be more efficient to burn coal in a car than a power station.
You should support it.
 
novaphile said:
Has been tried don't worry.

They were very efficient, but no one wanted a car that took half an hour to get up a head of steam.
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Steam can be raised very quickly in a 'flash' boiler.
Where the problem arises in the increased weight and complexity when you introduce condensers.

Lots of experiments were done, none work very well, if the condensers are large enough to be efficient and reliable then considerable weight and complexity is added.
It didn't work very well even on steam locomotives, the small gains in efficiency were outweighed by the decrease in reliability and increase in weight.

Plus superheated steam in a fragile system is not something you want in a car with you.
 
Belz... said:
55k to 37k in about a week and a half.

It's really a fascinating thing to watch.
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I don't know enough about Bitcoin to know this, anyone have an idea at what point it's no longer profitable to mine this stuff? What price does this have to drop to before people decide it's not worth it to hoard graphics cards and burn through power?

Gamers demand justice. Free the GPUs!
 
Bitcoin falls further as China cracks down on crypto currencies

The price of Bitcoin has fallen below $34,000 (£24,030) for the first time in three months, after China imposed fresh curbs on crypto-currencies.
Beijing on Tuesday banned financial institutions and payment companies from providing services related to cryptocurrency transactions.
It also warned investors against speculative crypto trading.

It follows falls in Bitcoin of over 10% last week after carmaker Tesla said it would no longer accept the currency.

On Monday the crypto-currency was down 22%, a fall of about $6,000 in the last 24 hours.
Meanwhile, other digital coins such as Etheruem and Dogecoin lost as much as 25% and 29% respectively.

https://www.bbc.co.uk/news/business-57169726
 
SuburbanTurkey said:
I don't know enough about Bitcoin to know this, anyone have an idea at what point it's no longer profitable to mine this stuff? What price does this have to drop to before people decide it's not worth it to hoard graphics cards and burn through power?

Gamers demand justice. Free the GPUs!
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Friend of mine who's low-key mining says it's actually twice as profitable as yesterday, even after price correction.
If it's really caused by China banning crypto, Chinese farms will close. That would mean mining outside China will be more profitable.
 
Dr.Sid said:
Friend of mine who's low-key mining says it's actually twice as profitable as yesterday, even after price correction.
If it's really caused by China banning crypto, Chinese farms will close. That would mean mining outside China will be more profitable.
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I don't follow. Does the closing of Chinese mining operations make it easier or cheaper to mine in the rest of the world?
 
SuburbanTurkey said:
I don't follow. Does the closing of Chinese mining operations make it easier or cheaper to mine in the rest of the world?
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Hm. It seems it's not so simple.
To your answer, yes, Bitcoin has self-regulating mechanism to ensure constant speed of ledger updates - it's called bitcoin mining difficulty.
However, Bitcoin difficulty has not changed much today. And profitability went down together with price.
It must be some other coin I guess. That friend of mine is using nicehash.com miner, which is collective mining (most are).
You always get your profits in BTC, but the system is automatically trying different cryptos and mines what's best at the time.
When I was trying it few days back it was mining ETH. But that also dropped in profitability today.
So I don't really know what's causing the profitability. But he's mining at $20 per day on single 3080. He got it for $1000. That puts him on 50 day investment return, which is pretty good.
 
I know you need just one of those graphic cards to play a game but I need twelve of them to generate a bunch of math problems so I can mine a fake currency named after a ten year old internet meme that can be instantly devalued by a single tweet and is also killing the planet.
 
Captain_Swoop said:
I know you need just one of those graphic cards to play a game but I need twelve of them to generate a bunch of math problems so I can mine a fake currency named after a ten year old internet meme that can be instantly devalued by a single tweet and is also killing the planet.
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Progress, 21st Century style!
 
Captain_Swoop said:
I know you need just one of those graphic cards to play a game but I need twelve of them to generate a bunch of math problems so I can mine a fake currency named after a ten year old internet meme that can be instantly devalued by a single tweet and is also killing the planet.
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Excellent summary.




Uh oh.
 
psionl0 on 14th March 2021 said:
Second hurdle: check. Greedy people have been rewarded for their patience. If you bought in at $20K then you can now triple your money.

I was going to suggest $100K as a final mile stone for the truly reckless but this bubble isn't as steep as the previous one so the legendary peak bubble price to pre-bubble price ratio of 20:1 will probably not hold.

Hodling is still the sound investment strategy it always has been but you could cash out now and wait for the crash then buy back in if you wish.
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Well, the crash has happened so potential profits are greater. The price could keep tumbling but bitcoin has survived many a price shock before so those who sold out at 60K shouldn't wait too long if they want to get back in.
 
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