Mining crypto

[Cowlife]

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]

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??

 

[Cowlife]

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??

Hopefully make money

 

[teslacoils]

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

 

[Stevethemeat]

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]

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

 

[Cowlife]

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

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

 

[Will Wilson]

or the jeans!

 

[Cowlife]

So do I open a saloon?

 

[farmerm]

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

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

 

[Chris F]

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

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]

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]

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.

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

 

[Cowlife]

Cheers for all the feedback. Is anyone actually mining?

 

[Exfarmer]

Cheers for all the feedback. Is anyone actually mining?

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]

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

 

[Chickenfarmer]

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

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

 

[DaveGrohl]

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]

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.

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]

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.