This is what I clearly should be doing now

[Patrick]

$60/ day for 1200 Sol/s. 1 GPU Mining Rig - 1200 sol/s - ZEC Zcash mining contract - 24 Hours | eBay

I think I have about 10x that. If anyone wants to spend $500/ day I am happy to rent out my GPU rigs for mining ha! Heck I will even discount that to $13K / month.

 

[nephri]

is it not risky to provide passwords to a tiers ?

 

[poutnik]

I really don't understand how anyone could buy that. If you enter the 1200 Sol/s in a profit calculator, you get $17.47 per day (at the time of writing). Even if you enter 1300 Sol/s it's still bellow $20 - how anyone could buy that for $60 is a mystery to me.

 

[BThunderW]

You mine based on the assumption that the coin will appreciate in value in the future.

I really don't understand how anyone could buy that. If you enter the 1200 Sol/s in a profit calculator, you get $17.47 (at the time of writing). Even if you enter 1300 Sol/s it's still bellow $20 - how anyone could buy that is a mistery to me.

 

[BThunderW]

Mining has definitely spurred secondary economy for mining contracts, custom mining rigs, etc

 

[poutnik]

Yes, I understand that, but even playing games of faith has it's limits

 

[PigLover]

You mine based on the assumption that the coin will appreciate in value in the future.

Isn't it easier to play that assumption by just buying/holding coin? There's even ways to leverage it up if you want to. I understand that mining is more "fun" or otherwise "more satisfying" than pure trading practices. But if a bet on appreciation is what is motivating the activity then trading is more likely to be successful - and more likely to be successful in a big way.

 

[Patrick]

Just being clear, I would not be a buyer for 1200 Sol/s for $60. I am a very willing seller at that price though.

 

[PigLover]

$60/ day for 1200 Sol/s. 1 GPU Mining Rig - 1200 sol/s - ZEC Zcash mining contract - 24 Hours | eBay

I think I have about 10x that. If anyone wants to spend $500/ day I am happy to rent out my GPU rigs for mining ha! Heck I will even discount that to $13K / month.

My wife does tours for schools in the Sacramento/Gold country. One of the key lessons she tries to teach is that the only people who really profited from the Gold Rush had names like Huntington, Brannon, Wells, Straus, Stanford, Crocker and Hopkins. These are names well known to history - people who sold mining equipment (Brannon, Straus), built transportation (Huntington, Stanford, Hopkins) or facilitated finance (Wells, Crocker, Fargo). And they all built dynastic level fortunes doing it.

Funny how nobody remembers the names of the miners...

 

[nthu9280]

My wife does tours for schools in the Sacramento/Gold country. One of the key lessons she tries to teach is that the only people who really profited from the Gold Rush had names like Huntington, Brannon, Wells, Straus, Stanford, Crocker and Hopkins. These are names well known to history - people who sold mining equipment (Brannon, Straus), built transportation (Huntington, Stanford, Hopkins) or facilitated finance (Wells, Crocker, Fargo). And they all built dynastic level fortunes doing it.

Funny how nobody remembers the names of the miners...

Still true to this day.

Sent from my Nexus 6 using Tapatalk

 

[nthu9280]

My wife does tours for schools in the Sacramento/Gold country. One of the key lessons she tries to teach is that the only people who really profited from the Gold Rush had names like Huntington, Brannon, Wells, Straus, Stanford, Crocker and Hopkins. These are names well known to history - people who sold mining equipment (Brannon, Straus), built transportation (Huntington, Stanford, Hopkins) or facilitated finance (Wells, Crocker, Fargo). And they all built dynastic level fortunes doing it.

Funny how nobody remembers the names of the miners...

Still true to this day.

Sent from my Nexus 6 using Tapatalk

 

[BThunderW]

The big advantage of mining vs investing is that even if your mining coin fails to take off, you still have your hardware and can point your miners at another coin or sell it to recoup some costs. With investing, once the money is gone, it's gone.

 

[poutnik]

Exactly.

 

[Klee]

My wife does tours for schools in the Sacramento/Gold country. One of the key lessons she tries to teach is that the only people who really profited from the Gold Rush had names like Huntington, Brannon, Wells, Straus, Stanford, Crocker and Hopkins. These are names well known to history - people who sold mining equipment (Brannon, Straus), built transportation (Huntington, Stanford, Hopkins) or facilitated finance (Wells, Crocker, Fargo). And they all built dynastic level fortunes doing it.

Funny how nobody remembers the names of the miners...

It's not the same.

It would be the same if 150 years ago the gold was spread evenly over the entire world and accessible to everyone who wanted to find it and you could mine anywhere you wanted with no worries of jumping someones claim, and getting shot at, and everybody had almost the same equipment with thousands of general stores trying to sell almost identical pans, shovels, donkey's ect.

 

[PigLover]

Actually its very much the same thing - and its that sense of belief that keeps it going. Same thing that helps Vegas keep the lights bright.

Some of those who mine might make a little money. A very few might do pretty well, most will at best break even or be slightly below the line. But the ones who are certain to do well are the ones who sell the means of mining. It used to be picks and pans and sluices. Today its CPUs and GPUs and the colo's that house them. You can do the math and design your approach make it a bit "safer", but safety cuts both the risk and the reward.

IF you believe that crypto currency will continue to appreciate (inflate?) then there are safer methods with higher reward potential that require nothing more than financial transactions. Less work, more certainty, more reward. Of course both mining and trading are subject to the risk of loss if the market value goes the wrong way.

The more things change, as they say. Or just acknowledge that Solomon was right.

 

[Patrick]

@PigLover I am with you except in one narrow case: if you are using mining for spare capacity of an existing server base.

The vast majority of my mining to date was using the spare power on nights/ weekends when the lab had a ton of spare power. When the difference is essentially a $0 incremental cost of utilizing existing install base, then it is "profitable." That is fairly different than buying gear for the sole purpose of mining. I do think there are many people/ organizations with this excess capacity.

There is a lot of mining gear that is essentially unusable for anything else. For example, the crazy PCIe x1 risers. After seeing bitcoin crash years ago, mining only gear is very dangerous. For example, years ago the AMD 5830 was today's RX470. Prices went crazy, the market changed, and they were not profitable to mine on and nobody wanted to game with them since they were not great compared to modern gear.

 

[PigLover]

Oh - I don't think there is anything wrong with mining. In fact I spend some time doing it myself (as in the wet/muddy kind out at the American River). But just like 'real' prospecting it best to keep perspective. It's mainly for amusement.

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[Patrick]

In fact I spend some time doing it myself (as in the wet/muddy kind out at the American River).

Now that sounds fun!