The only good thing that came out of my 4-6 months of mining coins was I had 4 AMD GPUs I could put on E@H. Along with the Nvidia gaming GPUs in the house I do 200k-240k dialy. I cannot run E@H during the hot summer months so I got to get while I can get.
I have always loved this project and the science and am glad I bought the 4 AMDs even though the mining was a bunch of crap, for me anyway. Timing is everything. Mine was bad.
The only good thing that came out of my 4-6 months of mining coins was I had 4 AMD GPUs I could put on E@H. Along with the Nvidia gaming GPUs in the house I do 200k-240k dialy. I cannot run E@H during the hot summer months so I got to get while I can get.
I have always loved this project and the science and am glad I bought the 4 AMDs even though the mining was a bunch of crap, for me anyway. Timing is everything. Mine was bad.
Like doing good science anyway.
Cheers!
Several years ago I too mined for myself, I actually got 2 bitcoins out of it, at the rate of about 10 US dollars it wasn't worth it so I too quit. Now though one bitcoin is worth in the 500 to 600 dollar range, it fluctuates, it could be worth it again.
Now though one bitcoin is worth in the 500 to 600 dollar range, it fluctuates, it could be worth it again.
No, because it has become much harder to get one. Well, the USB ASICs may still yield some money for some time.. not sure for how much longer, though.
Quote:
To be honest cpu or gpu crunching isn't 'cost efficient' for anyone but the projects either, we users do all the works and spend all the money, on electricity and hardware, and the projects get free results. YES I am aware that the projects can spend HUGE amounts supporting us, but I was talking just about the crunching of the units.
Yes, we are paying to crunch. But the result is science, unless we choose a bad project. But for any coin the sole purpose is the brute-force encoding of money transactions. Really, what's the benefit of that and why do we need to spend so much energy on it? Absolutely no knowledge is gained in running this workload.
Quote:
I think that's why BU has grown in popularity as it has gone along, people are spending their own money to crunch anyway, why not send some of it back to the projects to then support the workunits, which can support even more users. The one thing I don't know though is if there has been a slowdown in the workunit crunching as a result of BU's popularity.
My point is that in this case it would be far more efficient to donate the money directly which one would otherwise spend on coin-mining (because with *coins you quickly get less back than you invest). This would have the added side-effect that your hardware would still be free to perform actual science.
Now though one bitcoin is worth in the 500 to 600 dollar range, it fluctuates, it could be worth it again.
No, because it has become much harder to get one. Well, the USB ASICs may still yield some money for some time.. not sure for how much longer, though.
Quote:
To be honest cpu or gpu crunching isn't 'cost efficient' for anyone but the projects either, we users do all the works and spend all the money, on electricity and hardware, and the projects get free results. YES I am aware that the projects can spend HUGE amounts supporting us, but I was talking just about the crunching of the units.
Yes, we are paying to crunch. But the result is science, unless we choose a bad project. But for any coin the sole purpose is the brute-force encoding of money transactions. Really, what's the benefit of that and why do we need to spend so much energy on it? Absolutely no knowledge is gained in running this workload.
Quote:
I think that's why BU has grown in popularity as it has gone along, people are spending their own money to crunch anyway, why not send some of it back to the projects to then support the workunits, which can support even more users. The one thing I don't know though is if there has been a slowdown in the workunit crunching as a result of BU's popularity.
My point is that in this case it would be far more efficient to donate the money directly which one would otherwise spend on coin-mining (because with *coins you quickly get less back than you invest). This would have the added side-effect that your hardware would still be free to perform actual science.
FWIW : My meager understanding of the bitcoin mining. It has become an arms race much akin to trees in a forest having advantages if growing taller to get more light and also shade the shorter ones. In the end a bunch of really tall trees wind up getting the same sunlight as a bunch of really short trees. But the taller ones had to be far more profligate in spending resources. It's a breaking-away-from-the-pack-to-gain-advantage competition thingy, but alas is mostly a short-lived asymmetry.
I recall an economist saying the ultimate value of a bitcoin is zero. While that is true for absolutely everything ie. entropic heat death of the universe many billion years hence, I think he was referring to the shorter term. :-)
As with all things monetary, value depends far more upon common belief than mechanism. That is a very punishing lesson to learn if ignored, or if you like :
In a gold rush, sell spades!
Cheers, Mike.
I have made this letter longer than usual because I lack the time to make it shorter ...
... and my other CPU is a Ryzen 5950X :-) Blaise Pascal
The only good thing that came
)
The only good thing that came out of my 4-6 months of mining coins was I had 4 AMD GPUs I could put on E@H. Along with the Nvidia gaming GPUs in the house I do 200k-240k dialy. I cannot run E@H during the hot summer months so I got to get while I can get.
I have always loved this project and the science and am glad I bought the 4 AMDs even though the mining was a bunch of crap, for me anyway. Timing is everything. Mine was bad.
Like doing good science anyway.
Cheers!
RE: The only good thing
)
Several years ago I too mined for myself, I actually got 2 bitcoins out of it, at the rate of about 10 US dollars it wasn't worth it so I too quit. Now though one bitcoin is worth in the 500 to 600 dollar range, it fluctuates, it could be worth it again.
RE: Now though one bitcoin
)
No, because it has become much harder to get one. Well, the USB ASICs may still yield some money for some time.. not sure for how much longer, though.
Yes, we are paying to crunch. But the result is science, unless we choose a bad project. But for any coin the sole purpose is the brute-force encoding of money transactions. Really, what's the benefit of that and why do we need to spend so much energy on it? Absolutely no knowledge is gained in running this workload.
My point is that in this case it would be far more efficient to donate the money directly which one would otherwise spend on coin-mining (because with *coins you quickly get less back than you invest). This would have the added side-effect that your hardware would still be free to perform actual science.
MrS
Scanning for our furry friends since Jan 2002
RE: RE: Now though one
)
This sums it up from my experience.
Cheers!
FWIW : My meager
)
FWIW : My meager understanding of the bitcoin mining. It has become an arms race much akin to trees in a forest having advantages if growing taller to get more light and also shade the shorter ones. In the end a bunch of really tall trees wind up getting the same sunlight as a bunch of really short trees. But the taller ones had to be far more profligate in spending resources. It's a breaking-away-from-the-pack-to-gain-advantage competition thingy, but alas is mostly a short-lived asymmetry.
I recall an economist saying the ultimate value of a bitcoin is zero. While that is true for absolutely everything ie. entropic heat death of the universe many billion years hence, I think he was referring to the shorter term. :-)
As with all things monetary, value depends far more upon common belief than mechanism. That is a very punishing lesson to learn if ignored, or if you like :
In a gold rush, sell spades!
Cheers, Mike.
I have made this letter longer than usual because I lack the time to make it shorter ...
... and my other CPU is a Ryzen 5950X :-) Blaise Pascal