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I wonder why zero one has thought of that before? Think that all the way through. Every niche mining filled. Sure, they have a narrative thats anti-establishment, mining the accuracy hedge information tends to rate much higher on ZH vs any mainstream media. Because hedge records of cryptocurrency bitcoin are held by everyone instead of zero someonethey are said to be decentralized. Only virtual persons running the latest cogsim or cortically-enhanced homo sapiens will be able to follow the price chart and trade bitcoin.

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Commodity Chemicals - NEC. When a block is discovered, the discoverer may award themselves a certain number of bitcoins, which is agreed-upon by everyone in the network. BruntFCA hongdo Jan 6, 5: There is zero fundamental reason it could not go to 0 while a technologically far advanced crypto or a nationalized crypto backed by a country like Russia or China if how blindly people accept Ripple's centralization is any indicator. I can assure you that by the end of the year there will have been much better plays than dead ass BTC.

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Crescent Electric studied mining costs based on hedge wattage used mining the hedge most popular mining mining the AntMiner S9, mining AntMinerS7 and the Avalon 6 and the days bitcoin takes to mine a coin which range from to over 1, depending on the machinethen multiplied by the average electricity rate in each zero. Sometimes you are funny but zero you are just way over the top. Crypto is zero trap! While that may bitcoin sound like a lot, it means Bitcoin mining is now using more electricity than individual countries as you can see from the map below. I like a lot of tech but some tech are better bitcoin others tech. This creates a free and eager army of people and entities to do the computationally and energy intensive work of confirming blocks hedge transactions. Am working on something very interesting.

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Number Of Bitcoin Miners In Venezuela Swells To , | Zero Hedge

How can you value something only for its attribute of being singular when you also know that by definition it is MANY, or of a multitudinous nature? And if it's many, how do you know how many there is out there? Especially when you don't control neither the computer nor the software nor the program aka blockchain used to create it?

But I can test the purity of the gold myself, or have it tested by someone I trust. Impossible to independently test how many bitcoins there are in existence therefore impossible to even speculate about the value of a bitcoin based on actual quantitiy in existence. Jostling arguments with me is going to enlarge your anus.

Soon your anus is going to start giving serious competition to a nice tight young twat. Your facts are bad and you should feel bad. In reply to But I can test the purity of by Maestro Maestro. This is not even close to accurate. With 8 decimals there is a lot of room to grow. Correct me if I'm wrong but the entire scheme relies on miners to mine and also verify transactions. Since BTC relies on huge asic mining farms that have an energy consumption signature does this not suggest that this is a weakness than can be exploited by.

They can also target exchanges for the same purpose. Take away the miners and the network is too slow to handle transactions in any sort of reasonable fashion. Take control of the miners and increase the transaction fees to the point of confiscation. Take away exchanges and people will have to rely on personal wallets that are simply too complex for the average dolt. Take control of the exchanges and increase the transaction fees to the point of confiscation.

I can keep thinking of ways for. Perhaps each can be overcome with some innovation but good luck getting the the public to be patient while you do it. I think cryptos are like the wild, wild west in a gold rush sort of way. Get in early, dig up a lode, take your profits, and get out. If you can't do that then the next best bet is to sell shovels to the late arrivals. It's a little bit of a specious argument. The BitCoin mining community is huge and highly distributed.

The time for governments to shut down BitCoin was 5 years ago, but of course they had no idea what it represented back then. Now it is a huge force to be reckoned with and it isn't clear how they can, or will, respond. In reply to Correct me if I'm wrong but by TheReplacement. We promise, even if you are obnoxious, not to make fun of you any more.

Anyway, we want to hear about your adventures on your yacht. What are you going to do then? No guarantee that a dime will go towards any mining hardware or that a single bitcoin will be mined. Sounds like a news release from the Venture Exchange. I have seen Junior miners raise millions of dollars to explore a property, drill a couple of holes, write-off the property as non-economic and use the money to pay their salaries for several years until it runs out.

Sounds like a scam to me but I am not part of the cult. Hahaha, good job focusing on the part that doesn't matter. At worst, the Russians run off with their money and just buy bitcoin generally a better move, IMO. If Russian electricity is really that cheap it might happen though.

Russia will create their own crypto. They will never use bitcoin or Eth or whatever is out there right now. When Russia does launch their own, bitcoin and the others will be made illegal.

Russia could launch their own coin but few people would use it and it would eventually disappear. Sure the ICO could be a scam, due diligence is warranted. How, exactly, would you propose to make BitCoin "illegal"?

It's harder than you think. The chinese threatened to do this years ago, but couldn't figure out a way to follow through. Why would they need my little investment? All the good plays are not open for investment because the guys with all of the technology and money to find them, don't need outside investment.

Only dry holes are available to the small frys. They are dipping their toe in first, using OPM. They won't print fiat to buy assets until the end, because such action inevitably hastens the end. Btcoin is not debt debt based. Not central bankster controlled.. IF cryptocurrencies are here to stay it is wise to grab same share. Energy, whch is the main input for mining, should not be the problem in Russia.

In reply to "The Central Bank of Russia by samjam7. There is no inflation says the Fed. What would a half penny get you I wonder? In reply to I have a better idea than by RenoCarlino. They and the Chinese or anywhere else with cheap electricity it is just profitable.

In the US and most countries, the electricity and the hardware is set at a market price somewhere around months to recoup costs. Even with cheap electricity, the prices for hardware are set to about months of use of the hardware. In general, by that time the complexity has increased and hardware is possibly obsolete. So, you need to buy better or more to have similar mining results. You hardly ever get ahead outside of what little coins you mine goes up in value.

So yes, just buy the damn coin. Sounds like some kind of bullshit I would write. Are you junkers that fucking dumb? It was a joke. I guess you don't get the joke. Like Russia is only now going to go mining for bitcoin. And like a Russian woman will take shit from any man. That is what happens when you fall in love with Russia but have only read about it and have never been there. You are not uberstanding the sarcasm.

Juxtopistion of terms and just being a smartass. Get on a plane and get out of Mom's basement. In reply to Sounds like some kind of by Manipuflation. Comments Sort by Thread Date. Items per page 50 75 SoDamnMad Aug 9, 2: Question is, Who done it? Is GS behind this? EuroZone not verified tmosley Aug 9, 5: Mustafa Kemal tmosley Aug 9, 9: Mustafa Kemal tmosley Aug 9, 1: Schmuck Raker Jack Oliver Aug 9, 9: Kotzbomber not verified Oh regional Indian Aug 9, 3: East Indian Oh regional Indian Aug 9, 4: Oh regional Indian East Indian Aug 9, 5: If they let the Federal Reserve take of the process and 'produce' them, the cost would be zero In reply to its not even real shit but… by ted In reply to If they let the Federal… by Cognitive Dissonance.

In reply to if the fed was in charge,… by ted The top is in, I was just looking at the S9 this weekend. That means if luddites like me are looking at crypto it's a top. Fucking crazy how in demand they are. I'll probably buy a gfx based miner piecemeal and fuck around with other coins. It can be a hobby sort of that has some pretty huge potential upside. In reply to As long as the Federal… by Cognitive Dissonance. I have a stack of old usb miners 10 or 12? I don't use them as there is no benefit for bitcoin anymore.

Might work for other coins though. I never bothered to look. In reply to The top is in, I was just… by pods. In reply to I have a stack of old usb… by sleigher. I think the author meant Kilowatt rather than watt but who proofreads at ZH anymore. They get a ton of crap wrong. Yeah, it's actually cost per kilowatt hour, they probably fucked the maf up.

Still a waste of electricity. In reply to I think the author meant… by TuPhat. In reply to Let's check shall we: Difficulty adjusts dynamically every blocks such that the previous blocks would have been found in exactly two weeks. This provides a signal on mining activity over a rolling two-week window implying miner activity and hashpower. It's a self-regulating feedback loop though it can be gamed with enough hashpower. The expected value of a new block is every 10 minutes.

The block reward is currently The miner is also awarded transaction fees. Also keep in mind that the main approach to mining is a brute force exhaustion of the search space. But in such a search, the answer is usually discovered long before the search space is exhausted. In the last 24 hours, blocks have been found, averaging 7 per hour. Per block, the payout is the Over the last 24 hours, BTC from mining rewards and But most people aren't solo mining.

They're joining a pool where they are paid some percentage based on their contribution to the search for the solution. Yeah, this is a super stupid report with no thought.

No one in their right mind would use residential service. Commercial service in WA starts a little over 4. TBH, I get more out of putting together stuff than actually using it. Just put a PID controller on my lead pot, and when I was finished, instead of casting right away, I started looking around at what else I could put a controller on. With a big rig S9 you could duct it into your HVAC return and use it to help heat the house in the winter. I bet the cops are pissed that all the "grow houses" that the electric guys are snitching out turn out to be closet miners.

I looked into the BTC difficulty and pretty much concluded that mining BTC will be just about as profitable as when I was digging in a creek for gold. Fun times, but won't pay the rent. Large scale BTC might though.

Where I grew up there used to be an area of town that was zoned for redevelopment and the electric rates were dirt cheap. That might be worth it. Every time I did that BTC difficulty calculation in the past several years, the math made it look a fun hobby and an exercise in computer skills and math solving, but not profitable. I'll kick myself forever. You may not want to mine but there are POS and ethereum token pre-sales and lots of angles. Or just sell me some of that cheap power in a secured facility to host my miners.

In and subsequent gold rushes, the guys who made out sold shovels and pickaxes and pies. The electric company lineman was out today and bitcoin came up and he said they don't care, use as much power as you want, and that with the legalization of cannabis, they don't even care about grow ops anymore either.

In reply to TBH, I get more out of… by pods. I verify the transaction instantly as I receive my change. I realize it's old fashioned, but it still works. Most of my assets are held not in cash but hard and tangible assets, so while inflation is always a concern with fiat, I've already hedged my bets.

Kind of race to zero with nation state central banks printing fiat money. Why not have a global distributed currency with a fixed supply that allows global microtransactions and has value through global consensus rather than dictat? In reply to The cash I spend seems to be… by ejmoosa. Shut the fuck up with the mining shit, nobody here is mining grandpa BTC.

Are we going to set laws on what electricity can and cannot be used for now? This country is a joke. The thing that is odd is those rates have to be residential rates - commercial and industrial rates are going to be MUCH lower.

In reply to No kidding. But the thing about commercial power billing is that depending on what the range of your use is, over half the billing is usually based on 'peak demand', which is the single 15 minute interval during the billing period when you use the most electricity. Large industrial users go to great lengths to 'peak shave' in an attempt to reduce the amount of their peak period.