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It's valued at whatever people will pay for it, the same as regular currency.
Only real difference being that it can fail as much as it can succeed, with less potential for governments to artificially prop it up and sweep the problems under the rug while lying to the rest of the world about it.
Don't mind me, still having flashbacks from 2008
More precisely, August/September 2008. The only time in my life that I had a significant amount of money in stocks, and I lost very quickly. Pretty brutal.
And no one knew wtf was going on until it happened, and the money stopped flowing. I lost a couple of grand flidding around with spread betting at the time. Learnt to be more cautious
Personally I only kind of 'get it', the whole crypto thing, seems like there'd be better value in the computational power going towards protein folding or whatnot.
There's always an ebb and flow from centralisation and decentralisation. Look at the start of the web, then Google,Amazon,Wiki.
Personally, I'd like to see rowing machines, bikes, wearable tech all be working towards something worthwhile, something more than heating up a house or validating a payment. Pretty marketable, going to the gym and curing cancer at the same time
Wish I had more time to work on that.
It's not like gold, its more like tech stocks back in the late 90s / early 2000s.
Gold has industrial applications and is actually useful and genuinely rare. The only thing that limits the number of BTC v in existence is the agreement among miners. The limit, and block reward size is somewhat arbitrary.
And look what happened when the dot com bubble eventually burst.
Hi @jarland
Can I ask you what software do you use to mine Monero? And also if your are doing CPU or GPU mining with Monero?
Thanks
xmr-stak is what you want - handles both CPU & GPU. Might need to do some googling on how to tweak it though for your specific model of GPU - and sometimes CPU.
For example if you have a 4 core/8 thread machine, you only want to run 4 threads of it - you'll actually get worse results running on 8 because I think it relies on the L3 cache heavily - something like 2MB per thread - so if your box is 4c/8t and has 8MB of L3 you should only run 4 instances.
It's actually more important how much cache you have. An i5-3470 only has 6MB of L3 cache so you probably only want to run a max of 3 threads in that. This is kindof important since if you look at an E3-1220v2, which is kind of similar in that it is also only 4 core (no HT) and actually has a lower clock speed, the overall performance relative to the i5 is probably a good 25% better.
I'm actually about to test this :-)
Seems a lot of people have started to mine Monero. The network hash rate has gone up nearly 20% in a matter of days.
so let make a small calculation in my case :
we use the free resources like hp g6 and i got this :
100 servers hp g6 dual L5630
power cost/mo arrownd 1000 dollars
i got 24800 h/s using minergate
total income arrownd 2100 dollars , so the profit for minining with cpu is 1000 dollars/mo and this is now when monero is grow to more than 180 dollars.
Edited : i have cheap electrical cost wich is make the difference.
How much is your power in RO?
So you get 248H/s for each DUAL CPU server? I know these are old CPUs and generally pretty crap, but I think you should be able to squeeze a little more perfromance considering all the cache those CPUs have.
Pro-$500/mo-worth-tip - switch from minergate to xmr-stak-cpu.
Don't use minergate or their software, run xmr-stak and use a different pool. Dual L5630 should get you about 315H/s (from what I see on monero benchmarks, so 31.5kH/s - which at current difficulty, in a decent pool, and at current price will get you about 14.6 XMR per month - or about $3k USD.
If the price goes up, you win even bigger on the stuff you already mined. If the price goes down, you turn off your machines.
Run the OS + mining software off a USB stick so you don't have to pay for drives to spin, uninstall ram if you want even more power savings, etc.
It won't be worthwhile long term but it might be worth it to you right now. You can also just straight up sell the hashing power on NiceHash and get paid in Bitcoin - apparently this is more profitable for some, especially if BTC continues to go up. Basically NiceHash will rent out your mining hardware to other folks for BTC and they take a cut for handling the transaction.
i have the bussines construed in a defavorable zone , so i benefit some discounts + i am a huge consumer so more disscount ... i pay arrownd 0.08 dollars/kw
Damn that's cheap. It's almost half the price of what we pay in LT.
Just setup an i5-3450s, which is a quad core 2.8Ghz to test how well it performs in CryptoNote mining.
Using 4 threads, it was topping out at 82H/s, whereas mining with 3 threads is at 100H/s. Mining with 2 threads, 1 using 2MB cache and 1 using 4MB still outperformed using 4 threads, offering around 92H/s
I suspect that the i5-3470 will be around around 15-20% better simply from the higher clock speed.
more cache more hash
Sounds good. Can I get another hookah too?
You've got a config issue in there somewhere. Either don't have hugepages correctly configured, or more likely have AES-NI disabled.
I have an i5-3570s and it's doing 250+H/s (3 threads), E3-1220v2 is doing well over 300.
AES is definitly enabled.
That's very interesting. For E3s, I don't normally see much more than 270H/s. Though I admit, I would have expected the i5 to be at least around 180H/s (67% as good as an E3-1220v2)
What are you using to mine?
It might make sense if you happen to have neighbours who'll pay for heating/hot water.
..or work at a power company in the middle east.
In Lithuania this is actually a very big bonus. Heating cost a small fortune and having a bunch of machines running actually generates enough heat for the whole office floor.
No need for extra cooling :-).
xmr-stak-cpu
If the i5-3570s is a Kimsufi, you need to use the distribution kernel not OVH kernel. Otherwise just add to sysctl.conf:
Big improvement.
Older E3s are doing 270. Newer (v3-v5) are around 350-400. Dual E5v4 is >1.2kH/s
Sure. I was earnest. What many people don't see (which bewilders me here at LET where, after all, many are supposed to have seen a DC from the inside) is that electricity actually is a double whopper cost factor. First the energy itself and then the cooling. So it seems evident that a miner would be in an attractive position if (s)he could a) have cheap energy and b) virtually free cooling (iceland, Siberia, ...) or some way to use and sell all that heat.
The other reason for my answer is the fact that I strongly prefer tangible factors over gambling (which mining basically is for many if not most miners).
You can always do like China, and melt down the outdated electronics to recover their precious metals, Precious..
I don't see mining as gambling as such. Mining does not mean you are speculating in crypto. If what you mine can be sold for more than the cost of production, then you can make profit. If mining cost more than the value of what you get out, then there is no point in mining. Buying crypto for the purpose of speculating is gambling. But mining is not reserved for speculators.
Not really gambling when you're just taking advantage of unused CPU cycles on servers you already pay for. Tons of markets to flip what you mine pretty quick, or you can do some gambling and hold.
which pool would you guys recommend? Especially for not powerful hashing machine?