We already have a UBI: It's called Mining Crytocurrency

Discussion in 'Crypto Assets' started by Jack.Yarn, Aug 20, 2017.

  1. I will be posting my mining rig soon. Making $50 a week which after expenses is closer to $40. Just broke even on hardware this week. From here on in, it is operationally equivalent to a UBI.

    When the nVIDIA card comes out, I will be adding those hoping to mine to the tune of $200 a week gross. The biggest problem (sort of) is that most motherboards don't support more than 7 PCI boards.
     
    #11     Aug 22, 2017
  2. I hope the mining works out for you. I did some research into it years ago and the math doesn't really work for most people. You are competing with people that are literally set up next to power plants and dams.
     
    #12     Aug 22, 2017
    VPhantom likes this.
  3. Did you join a pool?

    https://www.coindesk.com/information/get-started-mining-pools/
     
    #13     Aug 23, 2017
  4. There is no barrier to entry besides a little money and tech skills, so it comes down to power cost. I don't get subsidized electricity so for me mining would be a loser, pool or not.

    Side thought, I wonder how long it will take for violent criminal types to start hitting these big miners. Right now it's mostly electronic criminals, but sooner or later it's going to carry over to real life. Having to secure your facility against infiltration or an armed assault will raise costs...proof of work is not a sustainable mechanism imo.
     
    #14     Aug 26, 2017
  5. Where the heck do you live? The power costs for me "only" bite into 1/4 of the profit.
     
    #15     Aug 26, 2017
  6. Are you accounting for equipment cost? Most are lucky to pay off the equipment due to constant difficulty increase from what I have read. I know there are tons of rigs for sale on Craigslist if that says anything.
     
    #16     Aug 27, 2017
  7. Read the very first post.
     
    #17     Aug 27, 2017
  8. I did my math a while ago when btc was much cheaper and I'm not really interested in doing it right now. I think these things tend to catch up quickly. Again I hope it works out well for you.
     
    #18     Aug 27, 2017
  9. ///Been following this thread. This might interest you////

    "Mining was the one thing that could take him out of poverty. "You can feed a family with one ether rig. It's a fact.""

    https://www.cnbc.com/2017/08/30/ven...ds-most-dangerous-places-to-mine-bitcoin.html

     
    #19     Aug 30, 2017
  10. O(1)

    O(1)

    #20     Aug 30, 2017