Bitcoins

[SteveBayerIN]

Bitcoin touched over USD 19,000/btc and is above USD 11,000/btc today.

Public (my extended family members either invest or want to invest in bitcoin) has discovered bitcoin and it is very unlikely to go above USD 19,000 again considering that it costs under USD 300 to generate a bitcoin today. Cloud mining bitcoin options are not feasible anymore since the Iceland based Genesis mining is no longer selling mining contracts and China is outlawing commercial bitcoin mining operations.


PS.
I originated this thread as Klewtar and also made a post about bitcoin as Steve_1982.

 

[Happy_Singh]

Bitcoin touched over USD 19,000/btc and is above USD 11,000/btc today.

Bitcoin is very unlikely to go above USD 19,000 again considering that it costs under USD 300 to generate a bitcoin today.

Hello Steve

How can one generate a bitcoin? or any of the other cryptocurrencies.

Happy

 

[SteveBayerIN]

@Happy_Singh google for bitcoin mining and you will get a better explanation than I can type out!
https://www.google.co.in/search?q=bitcoin+mining

 

[SteveBayerIN]

I am now investing my cryptocurrency generated income in Ripple/XRP.

 

[Happy_Singh]

@Happy_Singh google for bitcoin mining and you will get a better explanation than I can type out!
https://www.google.co.in/search?q=bitcoin+mining

How did you arrive at $300 as cost of mining a Bitcoin ??

Happy

 

[SteveBayerIN]

I took into account Hashnest's mining cost of USD 0.19 per TH/day and calculated how long 1 TH/day needs to run to produce 1 btc. It could be less because I calculated the TH/day cost to be 0.4 on their older miners.

(Edit: It would take 29 TH/s to create 1 btc in a year at today's difficulty settings so 29*0.19*365 is the cost which is USD 2,011/btc so my estimate of USD 300 is wrong at today's difficulty settings.)

I am now investing in Cardona/Ada (I was recommended Stellar Lumens over Ripple and then Ada over Stellar Lumens). I'm looking at a 1000x gain within 10 years. Stock market at best can provide only 58x in 10 years. My safety net is in the stock market with gambling money being used to purchase Ada.

 

[Happy_Singh]

Hi

Thanks for your revert

~ USD 2000 with one year of uncertainty, now that makes more sense . . .

Will check up (with google on all the CC you have mentioned in above post
Cardona/Ada / Stellar Lumens / Ripple

Thanks

 

[yusi]

~ USD 2000 with one year of uncertainty, now that makes more sense . . .

This alternate estimation (Jan 2018) puts the electricity cost above US$ 4000 for US states.

 

[SteveBayerIN]

Hi

Thanks for your revert

~ USD 2000 with one year of uncertainty, now that makes more sense . . .

Will check up (with google on all the CC you have mentioned in above post
Cardona/Ada / Stellar Lumens / Ripple

Thanks

Please let me know what your inputs are about cryptocurrencies, I'm trying to get as much input as I can from reliable sources!

 

[SteveBayerIN]

This alternate estimation (Jan 2018) puts the electricity cost above US$ 4000 for US states.

That's very possible since electricity costs for China seem to be around USD 0.02/KwH which is one of the lowest electricity prices in the world. I just read that Canada is one of the most promising places in the world to run a mining farm so I'd like to know what the prices for mining 1 btc in Canada is!