Sync Secure Cloud Storage — Privacy Guaranteed

Understanding Crypto Mining | And perhaps a way to mitigate its impact on the PC gaming ecosystem

EDIT: Per the moderation staff, I'm adding in to the header what I'm using to make it easier for prospective miners.
  1. Go to https://www.nicehash.com/
  2. Create a login
  3. Download their software and run it (this used to be "????")
  4. Profit
Once you reach 0.002 BTC (about 7-10 days on my GTX 1060 + i7-7700k), you can transfer your earnings to Coinbase for free, and cash out. CB does have fees for conversion to Fiat (cash) and your percentage goes down with higher amounts. So don't cash out just because you can. Cash out when you have enough to buy something.
Also a note on taxes. I'm going to keep this simple.
Hi folks. I just want to thank those of you in advance who trudge through this post. It's going to be long. I will try to have a TLDR at the end, so just scroll down for the bolded text if you want Cliff's Notes.
Disclaimer: I'm a miner, sort of. I casually mine when I sleep/work, using my existing PC. It doesn't make much. I don't buy hardware for mining. But, I still wanted to post this disclaimer in the interest of fairness.
As we all know, cryptocurrency mining has had a devastating impact on the PC gaming ecosystem. The demand for GPUs for mining has lead to scarce availability and sky high prices for relevant hardware. But even hardware that is less desirable for mining relative to their peers (GTX 1050ti, 1080) has been impacted. Why? Because when gamers can't get the 1060 or 1070 that they desire, they gravitate en masse towards something that their finances will allow them to settle for.
But for all that we know about mining, there's still a LOT of myth and misinformation out there. And I blame this on the bigger miners themselves. They have a few tactics they're using to discourage competition. Now, why would they do this? Simply put, the more coins are mined, the harder the algorithms get. That means the same hardware mines a lower rate of cryptocurrency over time. If the mining rates were to get too low before new hardware (Volta/Navi) could be released, it would cause a massive depression in the cryptocurrency market. Most hardware would become unprofitable, and used GPUs would flood the market. Miners want to retain profitability on current hardware until the next generation hardware is out.
So, what tactics are they engaging in? Silence and manipulation. On the former, the bigger miners don't usually participate and contribute to the community (there are exceptions, and they are greatly appreciated). They're sponges, taking whatever the community provides without returning much to the community. On the latter, they post here, in this very sub occasionally. And they continue to push certain types of myth/misinformation to discourage other users from mining.
And why, of all people, would you discourage gamers from mining? It's because of the competition point mentioned above. If a massive number of gamers entered the cryptocurrency mining market, it could trigger a mining apocalypse. There's an estimated 3-4 million current-gen GPUs being used in 24/7 mining operations by dedicated miners. Now, how many current-gen GPUs are used by gamers? I'd bet at least an equal amount. But what about Maxwell and Kepler? Or all those GCN-based GPUs up through Fiji? Bottom line is that when you factor in all available profitable GPUs, gamers drastically outnumber dedicated miners (yes, Kepler and GCN 1.0 are still profitable, barely). And if a large number of those users started casually mining as I am, the following would occur:
  • difficulty would increase, lower output (profitability) for everyone involved
  • Coin creation would initially accelerate, and with no massive change to the market cap, that means per-coin value drops
  • when you factor in slower coin generation for individual miners, coupled with lower coin value, you get...
  • ROI length increase on GPUs, depressing their values, which would lead to lower prices and higher availability
Oh dear, someone just spilled the beans...
So naturally, misinformation needs to be spread. If dedicated miners can keep the uninformed, well, uninformed, they're less likely to join in. And I've seen variations of the following misinformation spread. Here's the common tropes, and my rebuttal.
Mining on your GPU will cause it to die prematurely.
I really wish we had a Blackblaze-equivalent for GPUs used in data centers. NOTHING punishes a GPU like full-time use in a data center. Not mining, not gaming, and not prosumer usage. And these companies pay thousands per GPU. Clearly, they're getting solid ROI for their use.
But let's talk about mining specifically. For my GTX 1060, I limit power to 80% (96W). Fan speed is at a constant 40% (that's in the same ballpark as your blower-style GPU in desktop usage). Temperature is a constant 75°C. That's gentle. Gaming hurts it more (start/stop on the fan, varying temps, quick rise at the start and fall at the end, varying loads, etc.).
And if GPUs did prematurely die from mining? One miner insisted that I'd never see an ROI on my 1060 (which cost me $240) because it would die before I could earn that amount. Yea, GPUs routinely die before hitting their ROI. That's why miners are buying $200 GPUs today for $500, or $400 GPUs today for $900. Because they don't generate enough to cover their MSRP, let alone their current gouged prices. /s
Common sense would dictate that miners are profitable, or they wouldn't mine. Therefore, GPUs are not dying prematurely. So, don't fall for this one. And yes, I've seen those photos of the 20-card Sapphire RMA. Mining data centers have THOUSANDS of cards. Just do an image search for a GPU mining farm. This is well within typical acceptable defect rates.
Power costs are too high for mining to be profitable.
Warning! Danger Will Robinson! Math ahead!
Where I live, electricity ranges from 9.5 cents per kilowatt hour (kw/hr), to 10.1 cents per kw/hr. Let's round to 10 cents. Power measured at the wall from my surge protector, while mining, shows just under 200W. (That's includes my tower, monitor, speakers, a dedicated NAS, a router, and PSU inefficiency). That also includes mining on both CPU and GPU.
At 200W per hour, that's 5 hours to hit 1kw/hr. That's 5kw/hr per 25 hours, so let's call it 5kw/hr per day. That is $0.50 per day total from that outlet (and most of this stuff would be running anyway). That's not even "over my existing costs," that's just out the door.
Bottom line is that electricity is cheap in many areas. The USA national average is currently ~12 cents per kw/hr (RIP Hawaii, at 33 cents). For most of the developed world, power costs are not prohibitive. Don't fall for this. If unsure, check your rates on your bill, and ask someone who can do math if you can't.
Casually mining isn't profitable
There's a big difference between "profit" and "getting rich." I have no expectations of the latter happening from what I'm doing. But "profit" is very much real. It's not power costs that derail profitability. It's all of the hidden fees. Many mining programs take a cut of your output. And then a cut to transfer to a wallet. And then there's a fee to transfer to an exchange. Oh, did you want to then convert to cash? We can...for a fee!
The trick is in finding outlets that allow you to minimize fees. I give up 2% of my output, transfer to my wallet for free, can transfer to an exchange for free, and don't plan to cash out every time I meet the minimum threshold (higher fees!). I instead plan to cash out at extended set intervals to minimize those fees.
NOTE: I am deliberately not listing the provider(s) that I use, because I don't want to be accused of being associated with them and/or driving business to them. I want this post to be about the big picture. But I will answer questions in the comments, provided the moderation staff here has no objections.
Bottom line is that with a mid-range GPU like mine, and without the benefit of CPU mining (it's just not worth it without a modern Core i7, or Ryzen 5/7), my GPU alone could make me ~$60-$75/mo in profit at current rates. Think of how many months/years you go between upgrades. Now, do the math. Needless to say, I'm now regretting not going bigger up front :)
It's too complicated for a casual miner, so don't bother
The old "go big or go home" saying, and it sort of piggy backs off the last one. And there is some truth in this. If you're going to be a big-time miner, you need mining programs (often dedicated to each algorithm and/or currency), multiple wallets, access to multiple exchanges, etc. It's daunting.
But for the casual, you don't need that. There are multiple providers who offer you a one-stop-shop. I have one login right now. That login gives me my mining software, which switches between multiple algorithms/coins, gives me a wallet, and lets me transfer to an outside wallet/exchange. My second login will be the exchange (something that lets me convert my currency to local cash) when my balance justifies it. Given the recent Robin Hood announcement, I'm biding my time to see what happens. This space is getting competitive (lower fees).
Bottom line, it's easier now than it ever was before. As I told someone else, "Once I finally started, I wanted to kick my own ass for waiting so long."
New GPUs are expensive, but if you just wait, there will be a buttload of cheap, used GPUs for you!
Miners learned from the last crash. There were two types of miners in that crash: those who sold their GPUs at a loss, and those who kept mining and made out like bandits on the upswing. Turns out, cryptocurrency really does mimic the stock market (for now).
We're going to look at Bitcoin (BTC) to explain this. No, miners don't mine BTC. But, BTC is commonly what most coins are exchanged for (it makes up roughly one third of the entire cryptocurrency market). And it's the easiest currency to convert to cash. So, when BTC rises or falls in price, the rest of the market goes with it. That includes all of the coins that GPU miners are actually mining.
In January 2017, when the current mining push started, BTC was worth roughly $900 per coin. It's now worth roughly (as of this post) $12,000 per coin, down from a December high of over $20,000 per coin. So yea, the market "crashed." It's also more than 12x the value it was a year ago, when miners dove in. You think they're going to bail at 12x the value? Son, I've got news for you. This market needs to truly crash and burn for them to bail (and that's where you come in!).
So, there's not going to be a flood of used GPUs from a sudden market crash. Again, they've learned from that mistake. Used GPUs will enter the market when they are no longer profitable for mining, and not before. Dedicated miners have lots of room for expansion. When Volta comes out, they're not selling their Pascal GPUs. They're building new Volta mining rigs alongside the Pascal ones, making money off each of them.
Conclusion/TLDR:
  • Mining is subject to diminishing returns. It gets harder over time on the same hardware.
  • PC gamers joining the market en masse could trigger an apocalypse in terms of difficulty
  • Due to this, it benefits pro miners to spread misinformation to discourage gamers from entering the mining game
  • Casually mining on your existing system is safe, easy, could help you pay for your next upgrade(s), and could also hurt the mining market in general (better availability/pricing on GPUs)
  • No, there's no flood of used Pascal/Polaris/Vega GPUs around the corner, as those are HIGHLY profitable even in a depressed market
Second Conclusion - Why do I (jaykresge) personally care?
Simply put, I'm disgusted by this. I was excited about flipping a few friends from consoles to PC gaming. I'm now seeing a reverse trend. One friend is gaming on an RX 560 waiting for prices to hit sanity. He's running out of patience. Others have bailed.
I view our dormant GPUs as the best weapon against cryptocurrency mining. Destroy it from the inside. It's win-win for most of us. Either we earn enough for more upgrades, or we depress pricing. Something's got to give.
In other words, y'all f*ckers better start mining, because I want Volta to be reasonably priced when it launches so I can get an EVGA x80 Hybrid to go with a G-Sync monitor. And if this doesn't happen, I'm going to be cranky!
Seriously though, thanks for reading. Bear with me as I go over this a few more times for typing/grammar. And I look forward to your comments.
submitted by jaykresge to hardware [link] [comments]

Understanding Crypto Mining | And perhaps a way to mitigate its impact on the PC gaming ecosystem

This is a crosspost from /hardware, but I will be editing this independently based on community feedback and guidelines. Prior to posting here, I reached out to your local mod staff to ensure that I wasn't stepping on any toes, given the nature of its content. I hope you find this useful.
Hi folks. I just want to thank those of you in advance who trudge through this post. It's going to be long. I will try to have a TLDR at the end, so just scroll down for the bolded text if you want Cliff's Notes.
Disclaimer: I'm a miner, sort of. I casually mine when I sleep/work, using my existing PC. It doesn't make much. I don't buy hardware for mining. But, I still wanted to post this disclaimer in the interest of fairness.
As we all know, cryptocurrency mining has had a devastating impact on the PC gaming ecosystem. The demand for GPUs for mining has lead to scarce availability and sky high prices for relevant hardware. But even hardware that is less desirable for mining relative to their peers (GTX 1050ti, 1080) has been impacted. Why? Because when gamers can't get the 1060 or 1070 that they desire, they gravitate en masse towards something that their finances will allow them to settle for.
But for all that we know about mining, there's still a LOT of myth and misinformation out there. And I blame this on the bigger miners themselves. They have a few tactics they're using to discourage competition. Now, why would they do this? Simply put, the more coins are mined, the harder the algorithms get. That means the same hardware mines a lower rate of cryptocurrency over time. If the mining rates were to get too low before new hardware (Volta/Navi) could be released, it would cause a massive depression in the cryptocurrency market. Most hardware would become unprofitable, and used GPUs would flood the market. Miners want to retain profitability on current hardware until the next generation hardware is out.
So, what tactics are they engaging in? Silence and manipulation. On the former, the bigger miners don't usually participate and contribute to the community (there are exceptions, and they are greatly appreciated). They're sponges, taking whatever the community provides without returning much to the community. On the latter, they post here, in this very sub occasionally. And they continue to push certain types of myth/misinformation to discourage other users from mining.
And why, of all people, would you discourage gamers from mining? It's because of the competition point mentioned above. If a massive number of gamers entered the cryptocurrency mining market, it could trigger a mining apocalypse. There's an estimated 3-4 million current-gen GPUs being used in 24/7 mining operations by dedicated miners. Now, how many current-gen GPUs are used by gamers? I'd bet at least an equal amount. But what about Maxwell and Kepler? Or all those GCN-based GPUs up through Fiji? Bottom line is that when you factor in all available profitable GPUs, gamers drastically outnumber dedicated miners (yes, Kepler and GCN 1.0 are still profitable, barely). And if a large number of those users started casually mining as I am, the following would occur:
  • difficulty would increase, lower output (profitability) for everyone involved
  • Coin creation would initially accelerate, and with no massive change to the market cap, that means per-coin value drops
  • when you factor in slower coin generation for individual miners, coupled with lower coin value, you get...
  • ROI length increase on GPUs, depressing their values, which would lead to lower prices and higher availability
Oh dear, someone just spilled the beans...
So naturally, misinformation needs to be spread. If dedicated miners can keep the uninformed, well, uninformed, they're less likely to join in. And I've seen variations of the following misinformation spread. Here's the common tropes, and my rebuttal.
Mining on your GPU will cause it to die prematurely.
I really wish we had a Blackblaze-equivalent for GPUs used in data centers. NOTHING punishes a GPU like full-time use in a data center. Not mining, not gaming, and not prosumer usage. And these companies pay thousands per GPU. Clearly, they're getting solid ROI for their use.
But let's talk about mining specifically. For my GTX 1060, I limit power to 80% (96W). Fan speed is at a constant 40% (that's in the same ballpark as your blower-style GPU in desktop usage). Temperature is a constant 75°C. That's gentle. Gaming hurts it more (start/stop on the fan, varying temps, quick rise at the start and fall at the end, varying loads, etc.).
And if GPUs did prematurely die from mining? One miner insisted that I'd never see an ROI on my 1060 (which cost me $240) because it would die before I could earn that amount. Yea, GPUs routinely die before hitting their ROI. That's why miners are buying $200 GPUs today for $500, or $400 GPUs today for $900. Because they don't generate enough to cover their MSRP, let alone their current gouged prices. /s
Common sense would dictate that miners are profitable, or they wouldn't mine. Therefore, GPUs are not dying prematurely. So, don't fall for this one. And yes, I've seen those photos of the 20-card Sapphire RMA. Mining data centers have THOUSANDS of cards. Just do an image search for a GPU mining farm. This is well within typical acceptable defect rates.
Power costs are too high for mining to be profitable.
Warning! Danger Will Robinson! Math ahead!
Where I live, electricity ranges from 9.5 cents per kilowatt hour (kw/hr), to 10.1 cents per kw/hr. Let's round to 10 cents. Power measured at the wall from my surge protector, while mining, shows just under 200W. (That's includes my tower, monitor, speakers, a dedicated NAS, a router, and PSU inefficiency). That also includes mining on both CPU and GPU.
At 200W per hour, that's 5 hours to hit 1kw/hr. That's 5kw/hr per 25 hours, so let's call it 5kw/hr per day. That is $0.50 per day total from that outlet (and most of this stuff would be running anyway). That's not even "over my existing costs," that's just out the door.
Bottom line is that electricity is cheap in many areas. The USA national average is currently ~12 cents per kw/hr (RIP Hawaii, at 33 cents). For most of the developed world, power costs are not prohibitive. Don't fall for this. If unsure, check your rates on your bill, and ask someone who can do math if you can't.
Casually mining isn't profitable
There's a big difference between "profit" and "getting rich." I have no expectations of the latter happening from what I'm doing. But "profit" is very much real. It's not power costs that derail profitability. It's all of the hidden fees. Many mining programs take a cut of your output. And then a cut to transfer to a wallet. And then there's a fee to transfer to an exchange. Oh, did you want to then convert to cash? We can...for a fee!
The trick is in finding outlets that allow you to minimize fees. I give up 2% of my output, transfer to my wallet for free, can transfer to an exchange for free, and don't plan to cash out every time I meet the minimum threshold (higher fees!). I instead plan to cash out at extended set intervals to minimize those fees.
NOTE: I am deliberately not listing the provider(s) that I use, because I don't want to be accused of being associated with them and/or driving business to them. I want this post to be about the big picture. But I will answer questions in the comments, provided the moderation staff here has no objections.
Bottom line is that with a mid-range GPU like mine, and without the benefit of CPU mining (it's just not worth it without a modern Core i7, or Ryzen 5/7), my GPU alone could make me ~$60-$75/mo in profit at current rates. Think of how many months/years you go between upgrades. Now, do the math. Needless to say, I'm now regretting not going bigger up front :)
It's too complicated for a casual miner, so don't bother
The old "go big or go home" saying, and it sort of piggy backs off the last one. And there is some truth in this. If you're going to be a big-time miner, you need mining programs (often dedicated to each algorithm and/or currency), multiple wallets, access to multiple exchanges, etc. It's daunting.
But for the casual, you don't need that. There are multiple providers who offer you a one-stop-shop. I have one login right now. That login gives me my mining software, which switches between multiple algorithms/coins, gives me a wallet, and lets me transfer to an outside wallet/exchange. My second login will be the exchange (something that lets me convert my currency to local cash) when my balance justifies it. Given the recent Robin Hood announcement, I'm biding my time to see what happens. This space is getting competitive (lower fees).
Bottom line, it's easier now than it ever was before. As I told someone else, "Once I finally started, I wanted to kick my own ass for waiting so long."
New GPUs are expensive, but if you just wait, there will be a buttload of cheap, used GPUs for you!
Miners learned from the last crash. There were two types of miners in that crash: those who sold their GPUs at a loss, and those who kept mining and made out like bandits on the upswing. Turns out, cryptocurrency really does mimic the stock market (for now).
We're going to look at Bitcoin (BTC) to explain this. No, miners don't mine BTC. But, BTC is commonly what most coins are exchanged for (it makes up roughly one third of the entire cryptocurrency market). And it's the easiest currency to convert to cash. So, when BTC rises or falls in price, the rest of the market goes with it. That includes all of the coins that GPU miners are actually mining.
In January 2017, when the current mining push started, BTC was worth roughly $900 per coin. It's now worth roughly (as of this post) $12,000 per coin, down from a December high of over $20,000 per coin. So yea, the market "crashed." It's also more than 12x the value it was a year ago, when miners dove in. You think they're going to bail at 12x the value? Son, I've got news for you. This market needs to truly crash and burn for them to bail (and that's where you come in!).
So, there's not going to be a flood of used GPUs from a sudden market crash. Again, they've learned from that mistake. Used GPUs will enter the market when they are no longer profitable for mining, and not before. Dedicated miners have lots of room for expansion. When Volta comes out, they're not selling their Pascal GPUs. They're building new Volta mining rigs alongside the Pascal ones, making money off each of them.
Conclusion/TLDR:
  • Mining is subject to diminishing returns. It gets harder over time on the same hardware.
  • PC gamers joining the market en masse could trigger an apocalypse in terms of difficulty
  • Due to this, it benefits pro miners to spread misinformation to discourage gamers from entering the mining game
  • Casually mining on your existing system is safe, easy, could help you pay for your next upgrade(s), and could also hurt the mining market in general (better availability/pricing on GPUs)
  • No, there's no flood of used Pascal/Polaris/Vega GPUs around the corner, as those are HIGHLY profitable even in a depressed market
Second Conclusion - Why do I (jaykresge) personally care?
Simply put, I'm disgusted by this. I was excited about flipping a few friends from consoles to PC gaming. I'm now seeing a reverse trend. One friend is gaming on an RX 560 waiting for prices to hit sanity. He's running out of patience. Others have bailed.
I view our dormant GPUs as the best weapon against cryptocurrency mining. Destroy it from the inside. It's win-win for most of us. Either we earn enough for more upgrades, or we depress pricing. Something's got to give.
In other words, y'all f*ckers better start mining, because I want Volta to be reasonably priced when it launches so I can get an EVGA x80 Hybrid to go with a G-Sync monitor. And if this doesn't happen, I'm going to be cranky!
Seriously though, thanks for reading.
submitted by jaykresge to pcgaming [link] [comments]

Bitcoin + Nasdaq Long Term (Hidden) Analysis - July 2020 ... Bitcoin Prediction 6hr Long! Oct 8 - YouTube How to sync Bitcoin wallet on multiple devices - BlockChain Bitcoin Live - Over $1100! All Time High? BITCOIN’S CRASH PATTERN: How Long?!

You can send, convert and buy bitcoin with the Bitwala account. The process is secure and offers transparent fees while also being incredibly fast and low-cost. It's also simple to get started, in fact, you can start sending bitcoin from the Bitwala app with just a few swipes. Sync's encrypted cloud storage platform protects your privacy by ensuring that only you can access your data. Your confidential documents are completely safeguarded from unauthorized access, which is the only way you can truly trust the cloud. Share any kind of file with anyone, quick and easy With Sync you can send files of any size to anyone, even if they don't have a Sync account. Multiple ... Buying crypto like Bitcoin and Ether is as easy as verifying your identity, adding a payment and clicking "Buy". Sign up for our Wallet today. Create Wallet. Trade Crypto at the Exchange. Integrated with the Blockchain Wallet, our Exchange is a one-stop shop where you can deposit funds and place trades seamlessly in minutes. Get Started . Dive Deeper. Buy Crypto. Bitcoin $ USD. Your Email ... Bitcoin Started Moving in Sync With S&P 500, Volume Dropped, Kraken Says in June Volatility Report. Jaspreet Kalra. CoinDesk. 9 July 2020 . Reblog. Share. Tweet. Share. A 31% drop in month-over-month trading volume in June drove bitcoin’s annualized volatility to a six-month low, according to a recent report by the cryptocurrency exchange Kraken. According to the report, June was the most ... Sci-Hub,mg.scihub.ltd,sci-hub.tw,The project is supported by user donations. Imagine the world with free access to knowledge for everyone ‐ a world without any paywalls.

[index] [47535] [19321] [10229] [22250] [14320] [17501] [31343] [37483] [11200] [25634]

Bitcoin + Nasdaq Long Term (Hidden) Analysis - July 2020 ...

Discord (Krowns Crypto Cave) - https://discord.gg/hzKU7qe Twitter - https://twitter.com/krowncryptocave?lang=en https://krowntrading.net/ - The digital hub o... Sigma Signals Bitcoin prediction Long! Guide how to set up Bitcoin wallet on multiple devices. Multiple devices sync with one Bitcoin wallet. Bitcoin wallet - BlockChain Device: HP - PC and Android - Sony Xperia Tablet S Music: The ... This market trading analysis applies to various exchanges, including Bitmex and Binance. Tackling questions like if Bitcoin can reach 20k again and if we wil... Live bitcoin price and discussion. Are we going to have a new all time high? Using Bitfenix for pricing and bitcoinwisdom and preev for graphs and tickers. If you like the stream, please consider ...

#