i have a mining machine that doesn't currently have any GPUs other than one GTX970 processing away at a very low hashrate. it mines about $45/month currently and is rewarded at a rate of around 0.72/mBTC/day or depending on the market value about 2.50AUD/day

i have the pci-e riser cables and everything mostly ready for plugging in 6 GPUs, just haven't made a decision on noise and power yet...

the ideal setup is to have the maximum number of GPUs mining a coin that is rising in value, so a script will monitor the available pools value and chose which one has the best hashrate/value return and continue on it until there is a change. it becomes more worthwhile with more GPUs and patricularly AMD GPUs which have better processing rates than Nvidias per price of the hardware, and compared to ASICs where some stratum servers will block giving parts of the blockchain to them to process

the difficulty is in getting a value back into fiat usable currency, especially in Australia with whatever bank account you can currently open. if you have a European or US bank account you can easily exchange altcoin for those currencies and Bitcoin is easily spent on Steam or accepted by other places who trade in BTC & fiat. it's not so straight forward to go straight into AUD though

last edited by trillion at 12:26:20 19/Jun/17

things like Ripple

Did teq make his own cryptocurrency?

cryptocurrency is a storage of wealth like fiat currency, gold, shares, real estate or other commodities.

currency has no inherent value so its stability is premised on confidence. in the case of the US dollar it is stabilised by the biggest army in the world. major trading currencies are stable because their countries are governed by rule of law and transparency.

my personal concern with cryptcurrency is that it is not backed by a national government and a rule of law. i suspect it would be nigh impossible to sue or enforce a contract premised on cryptocurrency. furthermore because cryptocurrency intentionally shuns national governments, governments will not legitimise them. thus cryptocurrency will tend to be used for black market transactions.

ultimately governments will have to make a trade off if they want to get a piece of the taxation action. however the very nature of cryuptocurrency means that if a person chooses to remain anonymous they can do so.

given the complexity of how cryptocurrency is created and transferred, users have to have faith in the algorithm. as i understand it, cryptrocurrency is premised on a limited supply of coins. if there ever turned out to be a backdoor to the creation of new coins then the whole currency would unravel. (compared to national governments which create new currency through inflation and fractional banking in a (relatively) transparent manner and thus everyone can continue to evaluate how much inflation is devaluing the currency).

i note recent news articles where cryptocurrency prices have taken off, suggesting that this is due to the chinese using it as a means to smuggle wealth out of China. this is a simple case of demand for the coins outstripping supply. so it may work to use it as a means of speculative investment.

i can't see how crypto currency will be able to become a means of facilitating large commercial or investment treansactions anytime soon. (don't put your super in it.)

i suspect it would be nigh impossible to sue or enforce a contract premised on cryptocurrency. furthermore because cryptocurrency intentionally shuns national governments, governments will not legitimise them.

The ATO has defined cryptocurrency as a form of bartering.

GST is payable on a supply of bitcoin by you in the course or furtherance of your exchange service enterprise. Input tax credits are available for bitcoin acquired if the supply of bitcoin to you is a taxable supply.

Its not significantly different to agreeing to be paid for a transaction in gold, guns, or sheep. S*** is legal and taxed.

Why would you? I thought you were an old person's home slumlord, not a lawyer?

i used to buy btc when they were worth less than $10 aussie dollars.

unfortunately for me, i spent them not long after buying.

have also lost hundreds of dollars through btc exchanges disappearing with my money (and markets too).

who would have thought they'd be worth what they are now!

i could have been rich :(

it mines about $45/month currently

woudlnt you be burning through more electricity than that to mine?

pretty impressive seeing the big chinese mines, makes you not want to compete.

Yeah I can remember thinking about buying a bunch of bitcoin a year or so ago when it was about £150 per coin, now it's £2K! Defo missed that boat :(

I imagine the real short-term profit gains are behind us, though perhaps not, it might jump higher, it's definitely got huge room to grow still. I'd treat it as a high risk and relatively short term investment myself. Then you can pick out the high performers and try to do some super quick returns. Although I'd probably lean towards investing in one thats getting legit backing from large coalitions, organisations, countries or banks, as those will be the ones that survive no doubt. And I'm not really a short term investor type.

I was thinking the other day I might do some relatively small investments in bitcoin or ethereum.

absolutely.

ppl have made a fortune stealing others btc.

maybe look into Jaxx

im not this into it (only have a few hundred $$$ in crypto to ride the the value while it lasts up and to the right) but Electrum has a no-sync wallet which can pair with hardware like Ledger for uber security. i would have thought the Ledger Blue coming later in the year would have contact payments with NFC or something but it doesn't seem to

I mine Z cash as per the instructions here https://zec.suprnova.cc/
Not really sure on the $ per hour, but so far it reckons I have $60+ USD in 2 weeks of on and off mining using a 1080ti and 980ti in the spare machine.

The cost of electricty probably outweighs the money earned and Im yet to read about how to actually trade it for USD.

I'd hold on to Zcash. The team behind it seem to know their s***. I think it is one of the few that has potential to go up solidly from where it is now.

i dont know about other products, most of the exchanges ive dealt with in Aus for bitcoins are happy to sell and transfer to bank accounts.

admittedly ive never done it, but i would imagine there would be an outcry if you coudlnt convert back to AUD.

Anyone mining Zcash on windows? Got a thirdparty app and it seems to be doing something.... Do you just let it run in the background? Does the mining process use a lot of internets?

I mined a bit on day 0 for Zcash but gave up quickly because I don't have the patience. I'd be very very wary of third party apps. I think there is an official Windows build but can't remember.

Yep just run it in the background; it shouldn't use a lot of Internet at all. It might be better to run in Linux (in a VM) as I think the official build is maintained well in Linux.

I just checked an old wallet and found 0.06btc which was worth nothing last i checked it. Now it's worth $200. Sweet.

If i had the appetite, I would tip Ripple (XRP)

I mined a bit on day 0 for Zcash but gave up quickly because I don't have the patience. I'd be very very wary of third party apps. I think there is an official Windows build but can't remember.

Yep just run it in the background; it shouldn't use a lot of Internet at all. It might be better to run in Linux (in a VM) as I think the official build is maintained well in Linux.

So I figured out the wallet software is separate from the mining tools. The wallet is "official" thirdparty zcash wallet... confusing.

Anyway, I need linux.

^ looks just like a totally normal day to me

every post I see like that basically I have to read as a stalking horse to try to swing the market one way or the other

Yeah I wouldn't take that volatility as a death knell, BTC had loads of it and look at it now. If anything it's a good time to pick up some coins on the cheap. What's everyones picks to buy in? Ethereum seems to be the main contender. Though I see Waves, Ripple and Dashly are also picks to have large growth.