Do you trade cryptocurrency?

[Komari]

Do any of you have experience with a third party miner, like Genesis Mining? I'm interested in signing up with them when I have money to spare, but it would be nice to hear from someone who has tried it already.

(Though if I must be the group guinea pig, so be it, I guess! xD )

[I_royalty_I]

Crypto currencies are fascinating but their mining is really causing issues for the PC Enthusiasts, they've eaten up a ton of GPU market output, which means GPUs are at a premium right now, especially the usually affordable options in the 4-6gb range

And they usually burn out these brand new cards meaning you can't buy them used...the used market is hell.

Mining rigs are ridiculous.

I'm waiting on GPU and other computer parts till Etherium drops off GPU mining and is picked up by the Chinese farms.

I have however considered investment into some Etherium, but at the moment my stocks are doing alright so I haven't figured on it, I'm slowly building a decent little cash flow from it.

Oh yeah, the price for the cards has skyrocketed. Supply vs demand. I know I wouldn't buy a used one either. That's one negative if you're looking for a good card. I never got into the mining side of things myself though.

Never looked into NEO

I wanna put a grand into xrp while it's low (if it still is)

I can see NEO being the Chinese ethereum - potentially. It all depends on what happens moving forward. The price has jumped quite a bit and they haven't even put out some of the big things they have been working on. I wasn't even expecting to break $20-$25 by the end of the year and they have already topped $55 at one point.

I was actually considering picking up a chunk of ripple as well. Been watching the price for awhile but not sure where I'd want to buy in yet. Not entirely convinced I want to get in either. More research is needed for me but I'm considering.

---------- Post added at 03:44 PM ---------- Previous post was at 03:42 PM ----------

Do any of you have experience with a third party miner, like Genesis Mining? I'm interested in signing up with them when I have money to spare, but it would be nice to hear from someone who has tried it already.

(Though if I must be the group guinea pig, so be it, I guess! xD )

I dont see things like that ad being too profitable unless you can contribute a ton of processing power. I know a guy at work who has a few rigs set up mining different coins and he nets about $250 a day after considering the cost of electricity and stuff. That's not a bad gig but for a starter into mining I'd probably suggest messing around with it yourself and then deciding if you want to jump into a mining pool.

[Hawk]

Well currently there's no point in GPU mining Bitcoin, it swapped ot Proof of Stake ages ago, when the chinese megamines got going.

But like for mining Ethereum and stuff the issue really comes down to energy costs, running 4-10 GPUs requires lots of electricity. You have to balance cost of running the rig + start up of the rig. And unfortunately you don't make much profit in the first little while, it's hours of running these hot, high-energy rigs possibly even days before you'll get the currency.

Course that's just for the ones that are Proof of Work right now, when a currency hit's Proof of Stake, it loses a lot of value and GPU mining falls off and is no longer profitable.

So basically have a lot of currencies lined up to take the place of mining Ethereum if you plan on it.

You've really gotta follow the market though if you're mining, I suggest getting in with mining subreddits.

Mining is also crazy expensive to start right now the Sapphire cards are just like...over priced cause AMD can't keep up with Chip demands, and the PC market and Mining Markets are just fighting for the new chip sets right now.

And mining on Nvidia is laughably expensive.

[Komari]

@(you need an account to see links) Actually, Genesis is not one where they need/want your contribution--you simply buy in and wait for whatever you get (whether a wealth or a pittance) to be deposited to your account.

[I_royalty_I]

@(you need an account to see links) Actually, Genesis is not one where they need/want your contribution--you simply buy in and wait for whatever you get (whether a wealth or a pittance) to be deposited to your account.

That sounds sketchy. You pay them and then they pay you more later on? That sounds like a scam but idk

[Komari]

It was an ad in the daily newsletter from CryptoCompare. (you need an account to see links). See for yourself. (Maybe I misread? But it seemed like the whole idea of the company was to not have your own rig.)

[Hawk]

It was an ad in the daily newsletter from CryptoCompare. (you need an account to see links). See for yourself. (Maybe I misread? But it seemed like the whole idea of the company was to not have your own rig.)

Oh I see, you're renting a rig, basically like renting server space; fascinating. So you pay in monthly or is it a one time? Cause if it's a buy in, then basically it's like web hosting only for crypto mining. Weird.

[Komari]

I scoured the FAQs and it looks like a one-time pay-in. Like most things, though, Genesis has a few different packages, so a small-time player like me will be happy with whatever her $30 pulls out, but someone who has major money to blow might not mind spending the $2k for the big package. (Plus, there's the monthly maintenance fee, which--if I remember correctly--is taken out of what they retrieve for you, which is nice.)

This is the first time I've noticed that the BTC contract is open-ended, but ETH is only two years. Doesn't matter a great deal--to me, anyway. Ethereum has the potential to do so much in two years (since it's still very young) that it won't make as much difference as two years finding bitcoin.

[tcas4200]

I mined Bitcoin back in 2011-2012 and sold most of my coin at ~$130 when GPU mining was fine and difficulty was way lower. @(you need an account to see links) I actually got back into mining (ethereum) because of this thread and thinking it would be interesting to get back into mining so far things have been going good. I have fixed electrical costs so I'm gonna take that for all its worth. I'm probably going to hold onto anything I mine for a long long time as a small investment.

[motherfucker]

I just cannot wrap my head around how bitcoins or cryptocurrencies actually work. I need a dummy guide... Anyone have a simple explanation of how they actually work?

I had a coworker a few years ago who (if I'm not mistaken) purchased a fancy PC in order to mine bitcoins. When he told me that, I got even more confused. The only thing I can see in my head is someone literally digging through a coal mine and finding coins from Mario...

There's a cafe by my house that actually accepts bitcoin as payment. They have a fancy machine and everything.