re: Official CryptoTalk Thread

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Is there software available.

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Depending on what kind of rig youre running, yea the software varies.

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What’s the 5 minute “crash course” on mining?

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I would just go to youtube and watch some high viewed beginner stuff

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We have a few workstations that I’d be curious about putting to use a night.

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Fwiw im talking about rigs like the picture below. If you have a nice computer with good cards, yea you can run them to mine but they dont make that much money.

If you do start using a good amount of gpu power, they put off a good amount of heat. A rig like the one below will definitely heat up a room. A good 5 to 10 degrees increase

Yes. You pay a fee to withdrawal

And you pay your taxes?

Just like anything else

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Hopefully someone in here can answer this: how do large bitcoin holders unload their coins? Say you have 150+ coins and you sell them on the exchange, does the money get deposited into your account? How does the IRS not jump all over this?

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Hopefully they have increased verification.

On my bittrex account, I can withdraw 100 BTC per day. I send that to my Gemini account and I am allowed to deposit 100k straight into my bank account daily.

Assuming this was short term, I pay taxes on all the money im depositing.

It doesn't do shite with the current difficulty of the hash rate. I was just laughing at the absurdity of how much you would need to invest to have a decent miner now days. Guess I was just laughing because 4-5 years ago when me and some guys from the gaming board were mining that hash rate would have been killer. Now...not so much.

I also didn't build these PCs for mining. Most people use AMD cards for the hash performance/per dollar ratio so I am sure you could build something decent with that $2k since the rest of the parts don't matter on a miner. Just the GPUs matter.

The Titan Xp was the top of the line card just a few months back for $1300. Now there is a new one that is $3K but again that is for gaming and VR. Not mining.

And I never made it sound like I have the best equipment although the one PC I have with the Titan Xp literally had all of the top of the line parts one could get when I built it a year ago but that stuff changes over night. I dropped nearly $4k into it IIRC so yea it's pretty nice. Just not a pure mining rig like what you linked.

Cool, thanks for the info

You have to do the math on how long that $500 would last because the difficulty level increases constantly every block. It makes sense as long as power is affordable, the value of the coin increases, etc

A lot more to it than just buying the machine and putting it mining. At least there used to be. Now it seems easier because the price of all of the coins are through the roof.

This thread has been very informative on crypto

Is coinbase still legit to start with? I saw something about them not trading on the news?

To keep it simple i just go to an exchange and load up funds. Then buy bitcoin then i can buy other coins?

So if i just want to buy 1 ETC and its 700 i just buy 700 worth of bitcoin then buy etc? Im confused how that works. Thanks for any help

I get that but depending on what your plan is, you can mine whatever is most profitable at the time. This is for I would say smaller mining ops

For more serious people, they are mining coins that they assume are going to be around for the long haul (eth or something like zcash).

Fwiw, LA is the best state in the country to mine coins with good rigs

You can buy ETH directly from Coinbase. It has BTC, BCH, ETH, and LTC listed. If you want to buy other alt coins, you would have to transfer your ETH to another exchange where that alt coin is listed and buy it there.