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Bitcoin price discussion and analysis
- Thread starter greggles
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To put it very very simply, mining Bitcoin is "just" crunching numbers in a computer..a lot..i mean a lot, this takes hardware..a computer..some are built just for that and you can buy bitcoin mining computer in Shenzhen electronic market.
Manpower..very small and limited as you have whole data centers with a guy checking that all is going well in case of failure etc
And then the BIG item is power.
No bitcoin mining in Australia.:-(
I know some Bitcoin farms in China (data centre) are established at the bottom of hydroelectric dams and sucking power straight from the turbines.
Here's a US one:
And in China/Russia same and bigger
The only miners in Australia are doing it small scale
and often using cpu and power stolen from uni or employers by running hidden software overnight etc
A bitcoin is CPU+power and designed scarity.
Hope it helps
wayneL
VIVA LA LIBERTAD, CARAJO!
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Wowee! I got the gist of the mining thing from following on noirua' s video, but never realised it was on that scale, Holy Dooley!
Gradually getting my head around it though, blockchain and all that sort of stuff.
Given the process, Jeez it was a no brainer at under $5,000 US recently.... And an absolute steel at the recent lows of 3700 or whatever it was.
I was looking at it at those levels but because I didn't really understand how it all worked I stood aside, kicking myself.
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But time changes, if quantum computing can do that computation in no time, then in a few days, we could reach a no more bitcoin bitcoin ever
Remember aluminium was once a precious metal and now just electricity.pity the bugger finding lingot of aluminium buried by his ancestor who sold useless farming land in Manhattan to put it safely in the new platinum of the time....
I do own 1 bitcoin.
Please be noted you can buy or sell parts of bitcoin if you want to so it is flexible
Remember aluminium was once a precious metal and now just electricity.pity the bugger finding lingot of aluminium buried by his ancestor who sold useless farming land in Manhattan to put it safely in the new platinum of the time....
I do own 1 bitcoin.
Please be noted you can buy or sell parts of bitcoin if you want to so it is flexible
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Before or after halving?
So Bit-Aud have to go up to ~$28K for me to break even if I had bought at $14K, is that right?
I'm crypto ignorant.
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bought before, but halving as far as I understand it is halving the return on farmed bitcoin, not your portfolio you still own 1 bitcoin which is worth 14.4k AUD
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I just want to add in here that yes, quantum computing may become a reality in the very distant future. Probably after all of us here are long gone!
But it cuts both ways. Bitcoin can be easily upgraded to accommodate quantum computing, which would undoubtedly be used to secure the blockchain and maintain security of the network.
@wayneL
I implore you to watch my video link as well. It's addressed at members of the US Senate Banking Committee so it's very easy to understand. Let me know what you think.
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As an order of magnitude, Bitcoin mining is estimated to use roughly the same amount of electricity (globally) as the whole of Victoria and SA combined use for all purposes including the Portland aluminium smelter, the Port Pirie lead smelter, the Whyalla steelworks and other heavy industry as well as every house, office, school, farm and so on.
The issue of electricity theft is one that the electricity distributors are extremely well aware of by the way. Without passing judgement, the sort of person who sets up a room full of computers at home is the sort of person who likely can work out how to by-pass their electricity meter. That doesn't of course mean they're all crooks and will do it, just that if someone's got a room full of computers then they probably do have some technical knowledge when it comes to electrical things. They can work out how to do it and with the amount of power needed there's an incentive to do so.
I'm aware of one mining operation at the "backyard" scale where the waste heat given off by the computers provides the entire heating needs of the house via a ducting system. So the heat goes into an intake duct and is either blown outside or into the house depending on heating needs.
That could get interesting in the unlikely but not impossible chance they get randomly picked to participate in a household energy use survey. The "method of heating the main living area" question doesn't have a "Bitcoin mine" box to tick on the form, or at least it didn't have last time I saw one.
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This is notable.
wayneL
VIVA LA LIBERTAD, CARAJO!
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It would be interesting to find out who is long and who is short, it's a shame that we don't have some sort of COT type report on these... or is there?
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Satoshi Nakaboto: ‘TV host Max Keiser says Bitcoin will go to $400k, not $100k’
https://thenextweb.com/hardfork/202...keiser-says-bitcoin-will-go-to-400k-not-100k/
“I am officially raising my target for Bitcoin — and I first made this prediction when it was $1, I said this could go to $100,000 — I’m raising my official target for the first time in eight years, I’m raising it to $400,000.”
https://cointelegraph.com/news/bitcoin-will-surge-to-400k-max-keiser-quadruples-btc-price-forecast
RT - https://www.rt.com/shows/keiser-report/
https://thenextweb.com/hardfork/202...keiser-says-bitcoin-will-go-to-400k-not-100k/
“I am officially raising my target for Bitcoin — and I first made this prediction when it was $1, I said this could go to $100,000 — I’m raising my official target for the first time in eight years, I’m raising it to $400,000.”
https://cointelegraph.com/news/bitcoin-will-surge-to-400k-max-keiser-quadruples-btc-price-forecast
RT - https://www.rt.com/shows/keiser-report/
I would take anything this guy says with a grain of salt. 400,000 USD per coin is absolutely ridiculous. For that to happen, the global economy would have to be looking pretty bleak.
Realistically, I would say 50,000 USD is easily attainable within 24 months from now. By 2024 (the next halving of the block reward) probably 100,000 USD.
People shouldn't view Bitcoin as a get rich quick scheme, but as a way of preserving wealth and avoiding getting poor slowly.
Just my $0.02
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Bitcoin's Sentiment Score Post-Halving Rises to Highest Since 2017
19 May 2020
https://cointelegraph.com/news/bitcoins-sentiment-score-post-halving-rises-to-highest-since-2017
One week after the Bitcoin rewards halving, investors are speaking more positively about the coin than they have at any point over the last 2.5 years according to crypto data company The TIE.
19 May 2020
https://cointelegraph.com/news/bitcoins-sentiment-score-post-halving-rises-to-highest-since-2017
One week after the Bitcoin rewards halving, investors are speaking more positively about the coin than they have at any point over the last 2.5 years according to crypto data company The TIE.
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Bitcoin Activity on the Dark Web Grew by 65% in Q1 2020, Says Study
https://cointelegraph.com/news/bitcoin-activity-on-the-dark-web-grew-by-65-in-q1-2020-says-study
A study from Crystal Blockchain Analytics on May 19 shows that the total USD value of Bitcoins transferred on the dark web rose by 65% in Q1 2020, despite a decline in transactions during the same period in 2019.
https://cointelegraph.com/news/bitcoin-activity-on-the-dark-web-grew-by-65-in-q1-2020-says-study
A study from Crystal Blockchain Analytics on May 19 shows that the total USD value of Bitcoins transferred on the dark web rose by 65% in Q1 2020, despite a decline in transactions during the same period in 2019.
Here comes Goldman Sachs
https://www.forbes.com/sites/colinh...bout-bitcoin-gold-and-inflation/#1f02f8b71eff
https://www.forbes.com/sites/colinh...bout-bitcoin-gold-and-inflation/#1f02f8b71eff
