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Bitcoin - The Currency of the Internet
A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
Thinking of starting a small Bitcoin mining facility, need some advice
I'm thinking of starting a Bitcoin mining data center in a third world country (Georgia). I have access to cheap facility that needs some slight renovation, with possibility of renting small area and expanding in the future. Rent is really cheap (~$3-4 per m2 per month). There is access to about 900kw, with an approximate cost of electricity of 5-8cents per kw/h. Local import laws seem to be rather lenient towards mining rigs, so it's pretty straightforward to import equipment here. All profit calculations seem to be showing an roi of 4-10 months depending on the cost of equipment (antminer s9 is what I plan on using if I can get my hands on them at reasonable price). Facility would require certain investment in cooling equipment and overall renovation (rats are somewhat frequent visitor). But overall it seems like an area worth investing. Obviously the profits might and most likely will shrink as time goes by and new equipment gets released, so I am mindful of the risks and the money invested are not gonna be my drawn from my pension fund. The plan is to start off with about 10 rigs and expand as time goes by. I haven't yet decided whether I want to keep profits in btc or cash them all out, or maintain a certain ratio, but I am leaning towards holding btc long term. So my questions is, am I overlooking some obvious and crucial risks in this operation? Personnel wise, I am in process of hiring 1-2 people for this operation, part time. Labor cost is not high in Georgia so should the operation expand, this cost would be negligeble. Personally I don't think I will be moving there full, but certainly will be there during the setup process. Any piece of advice for or against this project would be highly appreciated, especially from people that have experience in establishing similar facilities.
The bandwidth of Chinese miners shouldn't matter in the block size debate
The block reward is currently greatly distorting both the hash rate and the tx fees market. Areas with cheap power and cooling are currently favoured over areas with good internet connections. If Chinese miners were to start running into bandwidth problems as a result of larger blocks, then that would level the playing field a bit, which would be a good thing. If tx fees rise, then that would also make tx fees more relevant compared to the soon-to-be-halved block reward, but higher fees are of course less attractive for consumers. Higher tx fees should not be a goal in and of themselves, they are at best an acceptable side-effect of keeping the network decentralised by capping the block size. As technology progresses, the cap can be set higher and higher until eventually market-based mechanisms can replace fixed caps. Those who are concerned about the risk of centralisation (like yours truly) should not be worried about Chinese miners specifically, but about the number of people that could run fully validating nodes and the number of locations that could host profitable bitcoin mining data centers.
Chinese Central Bank Hosts Closed-Door Meeting on Electricity Usage of Bitcoin Miners
The People’s Bank of China (PBOC) today had a closed-door meeting on the use of electricity for bitcoin mining. The legitimacy of the news has been confirmed by Tencent Finance. Update January 3, 2018, 10 pm EDT: There’s a recent conflicting report with this story coming from the publication Caixin that details the alleged ‘closed-door meeting’ held by the PBOC never took place. Nor are they asking to shut down mining fields before a deadline. The PBOC Investigates the Power Usage of Bitcoin Mining Tencent Finance said that China’s central bank recently had a closed-door meeting to discuss how to regulate bitcoin mining. Two sources reveal that the authority doesn’t plan to shut down mining farms, but to regulate the power usage of bitcoin miners. A Sichuan-based bitcoin mining farm owner said that the local government is investigating a list of bitcoin mining data centers in the area. Governments at all levels were asked to clarify the location and numbers of bitcoin miners and report relative information to the monetary authority. He added that the move is currently targeting small-scale mining farms. “Large mining farms are still operating as usual — But future development of bitcoin mining might be limited.” Chinese Press Are Talking About a Bitcoin ‘Bubble’ China Economic Weekly, the official newspaper subsidiary for the People’s Dailyreported on the first working day of 2018 the government acted “with an iron fist” to ban initial coin offerings back in September for financial stability. The next day, China’s People’s Daily published a story saying that the discussion over a Bitcoin bubble is necessary. The so-called advantages such as scarcity, fidelity, strong liquidity, transparency and decentralization are only disguises for speculation. How come bitcoin price rallied hard in 2017 while it hasn’t made any improvement over the years? The official press of the Chinese government believes that investors try to make bitcoin look mysterious by highlighting its anonymous creator and bragging about its free liquidity. “the current tumble is a warning signal,” said the newspaper. “Investors must remain cautious of these pump-and-dump schemes.” What do you think of the closed-door meeting and press’s weighing in on bitcoin? Leave your comments below.
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So this isn't really specific to us shibes, but I guess I just don't know what to think about cryptos, and I thought you guys could wax poetic for me? I'm currently mining at around 1.1MH/s, which I think is pretty friggin great for your average shibe who doesn't mine for a living, but that said, I actually do have an ASIC! So with my dual 660's, an OEM radeon and my old 5870 AND a gridseed, I'm mining the equivalent of about 4-7k doge a day. That's what, $1.00 a day before my power bill and paying for the gridseed? (OK we can all laugh and point at my gridseed, but still...) So here's my question. As far as I can tell, I got into DOGE about 4-5 weeks in, yet I had to buy in to get over 300k doge. That being the case, why are so many of us calling doge some sort of democratic coin? I'm using approximately $1000 USD worth of equipment to mine a dollar a day, yet people like Hood and Moolah don't blink at donating $1,000? That's not democratic buying, that's either ex- gpu bitcoin mining data centers re-purposed or rich people buying in with cash! After all my typing, I can't even remember my question. DISCUSS. (oh, and please don't misunderstand this as not being a loyal shibe! I love you guys! It's just, this is why you're not supposed to give your doge alcohol.)
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ASIC Bitcoin Miners In High Tech Data Center Mining Bitcoin
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