Bitcoin is still early

[Lordosis]

cmon and you're not gonna tell us which one?

You never asked.

Magic

[FIREshrink]

What if BTC goes to $10,000... Tonight?!?

[jacoavlu]

True.

But do you think all the rainbow chart grifters, "dollar is dead" btc podcasters, & btc influencers who were telling people to sell their house to buy btc, go into debt to buy btc, et al will have any remorse for their actions - for sending retail lemmings off the cliff? I'm guessing no.

There were (and still are) as many hucksters proportionally in the btc space as there are in the rest of crypto space.

I'm not a btc maxi or a crypto maxi - I'm a profit maxi. Buy low, sell high. Forget about the faux-philosophy and cringeworthy commentary from the Twitterati.

the plan B and even Saylor type folks were shunned quite a while ago by maxis, bitcoin really kills the heroes, and no of course those folks are not apologizing, to whom even? Btc is still really pretty small, there’s not many people to apologize to, certainly retail isn’t banging on their door with pitchforks.

it really is still early

Buy low sell high is great but then after you sell what do you buy??

[jacoavlu]

What if BTC goes to $10,000... Tonight?!?

oh the horror. I’m sure they would be dumb folks getting rekt. And no one to bail them out

ill happily buy some of their coins tomorrow and take them out of liquid supply

seriously. At what number do bears claim victory? And at what number to bulls then claim victory again? It’s pretty silly.

[NapoleanDynamite]

if this forum had audio I’d go record some of my asics and post it

Jaco - Have you seen upstreamdatainc's new black box? See below. Expensive but cuts the noise/heat can be redirected. This is what I'm thinking about buying and adding solar on my house to offset the energy of the pool I added 5 years ago and the ASICS.

https://shop.upstreamdata.ca/product...9jpro-110th-s/

[NapoleanDynamite]

Please make tutorial for ASICS mining if that happens. I know you had a helpful tutorial for puts/calls but it was not passive enough for me.

what do you think about crypto in a risk off environment which I don’t think it has ever been in. I believe BTC previous 3 bear markets have always been in an “easy” Monetary policy fed.

If I move forward with the ASICS I will describe my experience here. But I don't think the Put/call thing was me. I don't do that. I have been only a buy and HODL guy with my investment portfolio.

As for a bear market and how BTC performs...I think "crypto" will perform poorly. I think BTC will perform poorly initially but will be the quickest to recover and recover higher only adding to it's outperformance over other assets. My suspicion is that we are about to find out over the next year or two what a true bear market feels like. Hope I'm wrong. If I am wrong, then all the cash I have been saving for the past 12 months is gonna look like a pretty bad decision.

[jacoavlu]

Jaco - Have you seen upstreamdatainc's new black box? See below. Expensive but cuts the noise/heat can be redirected. This is what I'm thinking about buying and adding solar on my house to offset the costs of the pool I added 5 years ago and the ASICS.

https://shop.upstreamdata.ca/product...9jpro-110th-s/

yeah I have more than one of those. not really meant for heat redirection, though there are people attaching ducting and stuff. they're really meant to be weatherproof and to reduce noise to a reasonable level

when btc price dumps is not a good time to buy asics

[jacoavlu]

if someone is thinking of getting into mining, best thing to do first is just buy a cheap S9. they're fun. can run on 120v or 240v. they make good space heaters and you can underclock them so they're not super loud. not really gonna profit much or at all in terms of electric cost vs coin earned, but still fun and the sats you earn are kyc free

[G]

if someone is thinking of getting into mining, best thing to do first is just buy a cheap S9. they're fun. can run on 120v or 240v. they make good space heaters and you can underclock them so they're not super loud. not really gonna profit much or at all in terms of electric cost vs coin earned, but still fun and the sats you earn are kyc free

you've caught my attention. I have a couple things at the front of my mental bandwidth right now--so no time to research--but if I could have a little heat in my garage and in-law quarters that might offset costs....

obv, this isn't the right season for heating. then again, it was 37 F this am.

[jacoavlu]

you've caught my attention. I have a couple things at the front of my mental bandwidth right now--so no time to research--but if I could have a little heat in my garage and in-law quarters that might offset costs....

obv, this isn't the right season for heating. then again, it was 37 F this am.

lol yeah in the winter its easy and having an 85F garage is nice.

then you get a 3d printer or have a friend with one print you a case like this https://www.thingiverse.com/thing:5284765

[xraygoggles]

Buy low sell high is great but then after you sell what do you buy??

Cash, real estate, value stocks. Vti. Bonds once yields rise above 4-5%, maybe by end of this year or in 2023.

Summer trip to Europe to take advantage of the USD/Euro arb - Dollar is king rn.

[xraygoggles]

if someone is thinking of getting into mining, best thing to do first is just buy a cheap S9. they're fun. can run on 120v or 240v. they make good space heaters and you can underclock them so they're not super loud. not really gonna profit much or at all in terms of electric cost vs coin earned, but still fun and the sats you earn are kyc free

Mining as a hobby if you like tinkering/computers is fine, but mining expecting a positive ROI in the long run is not a sure thing at all.

[NapoleanDynamite]

if someone is thinking of getting into mining, best thing to do first is just buy a cheap S9. they're fun. can run on 120v or 240v. they make good space heaters and you can underclock them so they're not super loud. not really gonna profit much or at all in terms of electric cost vs coin earned, but still fun and the sats you earn are kyc free

There are 4 main reasons to do home mining IMO -
1. Earn KYC free coin.
2. Contribute to the decentralization of the Bitcoin network.
3. At times you can make a profit.
4. Carbon "Offset" the BTC you HODL to "green" the bitcoin mining network in a renewable fashion. This is very obtuse, but I am one of the few BTC maximalists who actually believes that our carbon footprints matter. Despite all the stupid FUD around Bitcoin's energy use, we can still try to maximize renewable energy use for mining.

Reasons 1 and 2 are actually most important to me at this point. As for buying ASICS right now...I agree that right now is not the right time. But if the price of BTC stays down, the ASICS start to get very cheap as the miners all shut down and start selling them. That is when I will buy ASICS and start mining. Even if it isn't profitable when I start, eventually those sats are very likely to be worth a lot more and hopefully the ROI is less than 3 years.

Unfortunately I do not live in the North East as some have speculated in this thread. I live where temperatures have been over 100 for a month now and even in the winter it doesn't get that cold. But we have a lot of sun, hence the addition of Solar to my already solar powered house.

[jacoavlu]

Mining as a hobby if you like tinkering/computers is fine, but mining expecting a positive ROI in the long run is not a sure thing at all.

cheap electric rate really helps, and you have to make sure you don't overspend in btc terms on the machine. certainly don't spend more than 0.2 btc on a new gen machine and even that's pushing it

for example a 100T machine right now earns about 45k sats per day. so a new gen machine bought at 0.2 btc would take like 15 months to ROI the btc but that doesn't account for electric cost and other capex. but that math can be done

that sats/day number has trended down recently as network hash has increased to all time highs. but as price dumps typically network hash is gonna trend down somewhat. not guaranteed. there are a lot of miners out there that have been sold but not deployed. supply chain delays in getting electric infrastructure done no surprise

I think my machines will end up ROIing at about 15 months and that's with electric

and separate conversation is if you elect to run as a proper business, in which you report on schedule C and deduct expenses. a couple miners at the house likely doesn't meet threshold and would be hobby income. But certainly opportunity there to operate as a business if you scale up a little bit

[Random1]

What is the price of bitcoin you need in order to be profitable?