Mining crypto

C

Cowlife

Member

• Mar 24, 2021

• #1

Not sure which section to put this in so move if appropriate.

A friend with cheap electric from his renewables is considering buying a Gpu mining rig to mine cryptocurrency.
It's through a crowd in England called Easy Crypto Hunter.

Has anyone any experience of this sort of thing or know the company?

TIA

 

Macsky

Member

Livestock Farmer

Location

Highland

• Mar 24, 2021

• #2

Can someone explain to me, very slowly, in agricultural language, what it is to ‘mine’ cryptocurrency? Get a great big computer, use lots of electricity..........and do what??

 

C

Cowlife

Member

• Mar 24, 2021

• #3

Macsky said:

Can someone explain to me, very slowly, in agricultural language, what it is to ‘mine’ cryptocurrency? Get a great big computer, use lots of electricity..........and do what??

Click to expand...

Hopefully make money

 

teslacoils

Member

Arable Farmer

Location

Lincolnshire

• Mar 24, 2021

• #4

Turn money into nebulous "magic beans" folk ascribe value to on the basis that Elon musk tweets about it.

 

Stevethemeat

Member

• Mar 24, 2021

• #5

It’s a bit like that gold mining program where they shift tons of soil with the biggest machines they can find to produce a test tube of gold dust
Crypto mining shifts tons of data with electricity to produce a test tube of fragments of crypto currency i think margins are like farming sometimes good sometimes bad but the weather always has the last say

 

Will Wilson

Member

✓

Location

Essex

• Mar 25, 2021

• #6

I have been reading about the historic gold rush in America, apart from very few early gold finds by pioneers the real winners were the rights agents, the gold dealers, the shovel makers, the General stores, the shipping companies, the timber merchants the brewers, and the wh*rehouses.

It doesn't sound like he will be any of the above.

Check this one out -

Who Made America? | Innovators | Levi Strauss

 

C

Cowlife

Member

• Mar 25, 2021

• #7

Will Wilson said:

I have been reading about the historic gold rush in America, apart from very few early gold finds by pioneers the real winners were the rights agents, the gold dealers, the shovel makers, the General stores, the shipping companies, the timber merchants the brewers, and the wh*rehouses.

It doesn't sound like he will be any of the above.

Check this one out -

Who Made America? | Innovators | Levi Strauss

Click to expand...

I d always heard that said that the guys selling the shovels made the real money in the gold rush

 

Will Wilson

Member

✓

Location

Essex

• Mar 25, 2021

• #8

or the jeans!

 

C

Cowlife

Member

• Mar 25, 2021

• #9

So do I open a saloon?

 

F

farmerm

Member

Location

Shropshire

• Mar 25, 2021

• #10

Cowlife said:

I d always heard that said that the guys selling the shovels made the real money in the gold rush

Click to expand...

In todays world the equivalent is those selling GPU cards and energy.

 

Chris F

Staff Member

Media

Location

Hammerwich

• Mar 25, 2021

• #11

teslacoils said:

Turn money into nebulous "magic beans" folk ascribe value to on the basis that Elon musk tweets about it.

Click to expand...

That's a pretty accurate description. If you hard started in 2008 - you'd easily be a millionaire now (possibly billionaire). The time has passed for making easy money.

 

Muck Spreader

Member

Livestock Farmer

Location

Limousin

• Mar 25, 2021

• #12

There are only just over 2 million of the 21 million coins left to mine. The experts predict these will take up to 120 years to collect.

 

Chris F

Staff Member

Media

Location

Hammerwich

• Mar 25, 2021

• #13

Muck Spreader said:

There are only just over 2 million of the 21 million coins left to mine. The experts predict these will take up to 120 years to collect.

Click to expand...

Also 1.2 million coins belong to one account. Imagine what happens if those ever flood the market.

 

C

Cowlife

Member

• Mar 25, 2021

• #14

Cheers for all the feedback. Is anyone actually mining?

 

Exfarmer

Member

Location

Bury St Edmunds

• Mar 28, 2021

• #15

Cowlife said:

Cheers for all the feedback. Is anyone actually mining?

Click to expand...

Certainly some on here will be mining, but if you are serious, you need to have a server the size of Ever Green and the power connection to move it.

 

Av Gorritt

Member

Location

NE Ches / SE Lancs

• Apr 22, 2021

• #16

I see Bill gates is forecasting the possible collapse of bitcoin , sooner rather than later too.

 

Chickenfarmer

Member

• Apr 26, 2021

• #17

https://99bitcoins.com/bitcoin-obituaries/

Av Gorritt said:

I see Bill gates is forecasting the possible collapse of bitcoin , sooner rather than later too.

Click to expand...

 

D

DaveGrohl

Member

Mixed Farmer

Location

Cumbria

• Apr 27, 2021

• #18

Has anyone come up with a figure for the CO2 emissions from all this bitcoin mining worldwide? I know they do a lot of it where energy is cheap but that doesn't always mean renewables.

 

Kidds

Member

Horticulture

Location

Near Beeston Castle

• Apr 27, 2021

• #19

DaveGrohl said:

Has anyone come up with a figure for the CO2 emissions from all this bitcoin mining worldwide? I know they do a lot of it where energy is cheap but that doesn't always mean renewables.

Click to expand...

Don't know the exact figures but it is certainly very big.
Iran has regular power cuts attributed to the amount of bitcoin mining taking place there.

 

Donkey Oaty

Member

Location

Aberdeenshire

• Apr 27, 2021

• #20

If you can make it yourself, it can't be worth much.
No. I'm not doing it , but am aware that you can buy units powered by solar panels, set them up in the desert and let them get on with it.