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Bitcoin Mining

Anything related to investing, including crypto

Edge

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I know this was big a few years ago, but is anyone currently mining bitcoin?

I own some gas wells so I have next to free gas to feed a generator to set up mining operations. Now that CME is offering Futures and Options products on bitcoin it seems you can create markets and hedge risk just like any other commodity, mining, or farming business. Curious to hear if anyone has tried to put the two together.
 
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alexkuzmov

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I know this was big a few years ago, but is anyone currently mining bitcoin?

I own some gas wells so I have next to free gas to feed a generator to set up mining operations. Now that CME is offering Futures and Options products on bitcoin it seems you can create markets and hedge risk just like any other commodity, mining, or farming business. Curious to hear if anyone has tried to put the two together.
Better to sell the shovels here.
Its better to own the mining computers and rent them out to whoever wants to mine, instead of actually mining yourself.
You litterally have to spend the same amount of time and effort for both.
The difference is that if you rent out your miners, you get paid no matter what bitcoins` price is.
 

GPM

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The difference is that if you rent out your miners, you get paid no matter what bitcoins` price is.
That is the complete opposite of the point of view that most miners hold. For most that would be like selling/joining with Standard Oil and then selling your shares for cash as soon as you got them rather than holding them.

You either want the money now, or you think this is where the future lies. I am pretty sure most are interested in the future value rather than the present value.

My 2 cents
 
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biophase

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Better to sell the shovels here.
Its better to own the mining computers and rent them out to whoever wants to mine, instead of actually mining yourself.
You litterally have to spend the same amount of time and effort for both.
The difference is that if you rent out your miners, you get paid no matter what bitcoins` price is.

yeah I don't get this either. You set up everything and then giveawaythe product?

will miners pay more than what bitcoin is worth?

the whole idea is that you mine something that can go up and down in wild swings. You might make no money this year and become a millionaire next year.

Would you rent out your mining facility for $10,000 a month if it could mine one bitcoin a month and bitcoin was at $10,000 a coin?
 

loop101

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I never got in to it because I didn't understand the math, and the people I personally know who did, had super-bad experiences with it. Their problems were dealing with the shady people in the that industry, everyone from the exchange operators to the hardware vendors.
 

alexkuzmov

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yeah I don't get this either. You set up everything and then giveawaythe product?

will miners pay more than what bitcoin is worth?

the whole idea is that you mine something that can go up and down in wild swings. You might make no money this year and become a millionaire next year.

Would you rent out your mining facility for $10,000 a month if it could mine one bitcoin a month and bitcoin was at $10,000 a coin?

If you build a system for renting miners, you get this:

1. Full control over the miners, you can shut them down at any point, sell them for parts and recover part of your investment, if you so choose.
2. Hard to setup system, not much in the way of competition, especially outside of Asia.
3. High need for cryptocurrency minning right now, lots of people want to do it, and do it easily(they fork over their cash to you, they mine with ease, simple)
4. Once setup, the system requires little to no maintenence. Your time will be free.
5. The system can be easily scaled, adding more hardware, therefore having more TF/s to rent out.

Lets talk benefits:

1. You dont worry about price fluctuations. You get yours each month and thats that.
2. You get paid directly, no exchange, no hassle.
3. You get paid in cash, ready for spending.
4. A new regulation says this and that about BTC? You dont care, you were already paid.

Do you get the picture now?
People want to mine, so give them shovels.
 
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Blackout17

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I know this was big a few years ago, but is anyone currently mining bitcoin?

I own some gas wells so I have next to free gas to feed a generator to set up mining operations. Now that CME is offering Futures and Options products on bitcoin it seems you can create markets and hedge risk just like any other commodity, mining, or farming business. Curious to hear if anyone has tried to put the two together.

Somewhat pointless to mine Bitcoin but with the right knowledge you could mine an altcoin with a lower difficulty meaning less power and costs to accumulate coins for profits in the future. Providing they have good fundamentals.
 

Edge

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Thanks for weighing in here Bio-

the whole idea is that you mine something that can go up and down in wild swings. You might make no money this year and become a millionaire next year.

Actually my primary interest isn't in making money on either the facility or the future expected price. It is a way to use a physical position (mining) to hedge a paper position (bitcoin option spreads) that would be the core position. Essentially, my free gas to mine would act as a hedge to making money off the volatility priced in the options.

If I actually get to the point where i'm purchasing and turning up miners, it means that my paper position is under water and I owe the market some bitcoin.

Anyway, I appreciate everyone's feedback on this, but I have put it on the back burner for now. The market is telling me I need to do a similar strategy of using paper position to hedge physical position with corn option spreads (paper) and purchasing distressed farm land (physical).

I'd be happy to start a follow along thread on my execution if there is interest.
 

Roli

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I know this was big a few years ago, but is anyone currently mining bitcoin?

I own some gas wells so I have next to free gas to feed a generator to set up mining operations. Now that CME is offering Futures and Options products on bitcoin it seems you can create markets and hedge risk just like any other commodity, mining, or farming business. Curious to hear if anyone has tried to put the two together.

Bitcoin mining as a solo miner, is no longer profitable. You can join mining pools if you want, or you can try mining other coins.

I'd check out that @GlobalWealth thread, as it details pretty well all what you need to know.
 
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G

GuestUser4aMPs1

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@Edge my first question would be, what would be worth more? Mining the gas or mining crypto using the gas well? The gas will eventually run out, will it not?
 

Edge

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@Edge my first question would be, what would be worth more? Mining the gas or mining crypto using the gas well? The gas will eventually run out, will it not?

Sure, the gas will eventually run out. At current prices in $/mmbtu terms, the gas is more valuable as feedstock to a generator used to mine bitcoin vs. selling to a pipeline wholesale.
 
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Mbc

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yeah I don't get this either. You set up everything and then giveawaythe product?

will miners pay more than what bitcoin is worth?

the whole idea is that you mine something that can go up and down in wild swings. You might make no money this year and become a millionaire next year.

Would you rent out your mining facility for $10,000 a month if it could mine one bitcoin a month and bitcoin was at $10,000 a coin?

Seems just like how currency exchanges work. They make a bit off every transaction, whether or not xyz currency appreciates or not. They are market neutral.

I don't know if one is better than the other. One will perform "steady" in every market, one will only perform well in a bullish market, and could be catastrophic in a severe bearish market.

They are providing liquidity to the market, they make a % off every transaction for doing that. Seems decent.
 

Leo Hendrix

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I know this was big a few years ago, but is anyone currently mining bitcoin?

I own some gas wells so I have next to free gas to feed a generator to set up mining operations. Now that CME is offering Futures and Options products on bitcoin it seems you can create markets and hedge risk just like any other commodity, mining, or farming business. Curious to hear if anyone has tried to put the two together.

I think you can/need to verify my statement - but from my memory, the major beneficiaries of Bitcoin Mining are the Bitcoin Mining ASIC Manufacturers - Bitmain etc...

But if you can get your hands on the right hardware before the manufacturers create even better hardware and... since you have free electricity - it could be worth it.

I think you would be wise to talk to major mining companies to get a handle on genuine vendors and procurement processes to make your venture worthwhile.

Risky - but if you have free electricity, and Bitcoin moons, well at least you can cover the cost of the Miners etc.

You might be better off going with altcoins. I think you might need to do a little more research, hedge and make a decision.
 

Knugs

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Better to sell the shovels here.
Its better to own the mining computers and rent them out to whoever wants to mine, instead of actually mining yourself.
You litterally have to spend the same amount of time and effort for both.
The difference is that if you rent out your miners, you get paid no matter what bitcoins` price is.


This was my business idea back in 2011. Crowdmining. I built a few crypto mining racks with the aim to rent them out online. I was a dumb medical student back then not knowing how to execute. The Rigs ran in the UK and back then we were paying all that we made for electricity prices.

I did find 0,6 btc since it hit 30k. Its a nice slap in the face if you just continued. But back in the days I had to decide between bitcoin and medical school. And medical school was the obvious choice.

FYI people were saying that the GPUs are going bust and outdate. I kept two to make a crossfire system in my gaming rig and they still perform highly.


The higher the price of btc the more pains I have
 
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Kevin88660

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This was my business idea back in 2011. Crowdmining. I built a few crypto mining racks with the aim to rent them out online. I was a dumb medical student back then not knowing how to execute. The Rigs ran in the UK and back then we were paying all that we made for electricity prices.

I did find 0,6 btc since it hit 30k. Its a nice slap in the face if you just continued. But back in the days I had to decide between bitcoin and medical school. And medical school was the obvious choice.

FYI people were saying that the GPUs are going bust and outdate. I kept two to make a crossfire system in my gaming rig and they still perform highly.


The higher the price of btc the more pains I have
What is your view on staking as the new form of mining?

I am a beginner who is doing it on binance. I have friends who stay awake after midnight farming crazy yields from new projects.

I am just staying safe and sticking to the projects listed on binance. More for me as getting involved and increasing my literacy in this space.
 

Leo Hendrix

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I know this was big a few years ago, but is anyone currently mining bitcoin?

I own some gas wells so I have next to free gas to feed a generator to set up mining operations. Now that CME is offering Futures and Options products on bitcoin it seems you can create markets and hedge risk just like any other commodity, mining, or farming business. Curious to hear if anyone has tried to put the two together.

This looks good for home (non-industrial) mining: m2 pro miner
 

Leo Hendrix

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Got more info on this ? What can you mine with it ? THanks for sharing

Just learnt about it via Voskcoin Youtube channel last night. Seems legit, I do need to take a look at their tokenomics and overall strategy and product before deciding to buy.

You can mine their native token and supposedly other coins...I'll keep digging - youtube and youtube comments have been the most insightful so far.
 
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alexkuzmov

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Mining is all done with.
Staking is all the rage now.
I can provide some details on how easy staking is, especially with Cardano.
 

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