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Dec 30th, 2023
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 Bit coin mining
#15064890
05/05/24 01:37 PM
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Joined: Dec 2007
Posts: 14,669
bloo_rainger
OP
TFF Guru
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OP
TFF Guru
Joined: Dec 2007
Posts: 14,669 |
Never heard of it but evidently it’s going to help crash our power grid this summer.
Is this another case of high IQ people in charge?
What the heck is it?
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Re: Bit coin mining
[Re: bloo_rainger]
#15064907
05/05/24 01:51 PM
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Joined: Oct 2012
Posts: 25,446
ReelBusy
TFF Guru
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TFF Guru
Joined: Oct 2012
Posts: 25,446 |
Never heard of it but evidently it’s going to help crash our power grid this summer.
Is this another case of high IQ people in charge?
What the heck is it? It's a bit of a scam as it was explained to me. A bit coin mining operation is a heavy user of power and in Texas they contract X amount of electricity. When the grid is tight they are able to sell unused power back to ERCOT at a premium price. According to the guy that was explaining this, the bit coin operator can make more off of selling back to ERCOT than they do bit coin mining. They make more money by doing nothing. https://www.theregister.com/2022/08/03/texas_bitcoin_power/And here's the canny part: seeing as it was doing less work, Riot resold the electricity it had previously purchased for its mining rigs back to ERCOT at a premium price during July's scorching temperatures. The biz said it was reimbursed in power credits.
"By providing power back into the ERCOT grid during periods of peak demand, the company estimates that power credits and other benefits from curtailment activities totaled an estimated $9.5 million, significantly outweighing the reduction in [Bitcoin] mined," Les said.
That $9.5m is equivalent to 439 Bitcoin in July prices. For comparison, it produced 443 Bitcoin July 2021. Riot also still mined 318 coins last month from its remaining capacity. Bear in mind, BTC was worth more a year ago.
So, in July 2021, it mined about $15.5 million in Bitcoin. And in July 2022, it mined about $7 million in BTC, and recorded $9.5m in benefits from scaling back its output. Last month comes to about the same or a little more than a year ago. Maybe that was as planned: selling back enough power to offset the fall in Bitcoin's value.
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Re: Bit coin mining
[Re: bloo_rainger]
#15064928
05/05/24 02:12 PM
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Joined: Jun 2018
Posts: 602
wytex
Pro Angler
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Pro Angler
Joined: Jun 2018
Posts: 602 |
My son mined about 1/2 a bitcoin, it is worth whatever they go for now, not a scam.
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Re: Bit coin mining
[Re: bloo_rainger]
#15064938
05/05/24 02:23 PM
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Joined: Nov 2009
Posts: 39,478
Dan90210 ☮
Jr Deputy Dan
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Jr Deputy Dan
Joined: Nov 2009
Posts: 39,478 |
I think its like big banks of servers, like warehouses full of them who "guess" at unclaimed bitcoin codes or something?
Seems it is very loud and uses a TON of power to run and especially to cool all those computers/servers.
ERCOT is already calling for conservation on days where its been windy, sunny and only 90 degrees. If it was also cloudy they would blame it on solar not producing but fact is there is way more power demand coming online way faster than we can add power to the grid.
Last year 1,450 people a day moved to Texas... legally. Almost half a million people in one year. Not counting "migrants". That number is expected to continue to GROW.
It would take a full court press to add enough power to keep up with all that growth. We need some nuclear power... duh. But so far all I have seen is people blame wind, or FJB, or whatever, and not add any new power... so yeah we are screwed.
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Re: Bit coin mining
[Re: bloo_rainger]
#15064975
05/05/24 02:55 PM
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Joined: May 2011
Posts: 34,766
1ShotNoKills
TFF Guru
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TFF Guru
Joined: May 2011
Posts: 34,766 |
I did this 15 years ago. Its nothing new.
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Re: Bit coin mining
[Re: wytex]
#15064978
05/05/24 03:04 PM
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Joined: Dec 2007
Posts: 14,669
bloo_rainger
OP
TFF Guru
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OP
TFF Guru
Joined: Dec 2007
Posts: 14,669 |
My son mined about 1/2 a bitcoin, it is worth whatever they go for now, not a scam. I’m low IQ. How did he Mine it?
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Re: Bit coin mining
[Re: 1ShotNoKills]
#15064980
05/05/24 03:05 PM
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Joined: Jul 2002
Posts: 5,773
Mark C
TFF Celebrity
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TFF Celebrity
Joined: Jul 2002
Posts: 5,773 |
I did this 15 years ago. Its nothing new. Apparently it is here. ![[Linked Image]](https://texasfishingforum.com/forums/pics/userpics/2024/05/full-1900-223404-images_3.jpeg)
You are not a good or nice person.
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Re: Bit coin mining
[Re: 1ShotNoKills]
#15065025
05/05/24 04:05 PM
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Joined: Nov 2009
Posts: 39,478
Dan90210 ☮
Jr Deputy Dan
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Jr Deputy Dan
Joined: Nov 2009
Posts: 39,478 |
I did this 15 years ago. Its nothing new. Did you get a miners cough?
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Re: Bit coin mining
[Re: bloo_rainger]
#15065026
05/05/24 04:11 PM
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Joined: Jan 2006
Posts: 14,192
BassFever
TFF Guru
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TFF Guru
Joined: Jan 2006
Posts: 14,192 |
I thought most Bitcoin miners used lots of solar for power?
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Re: Bit coin mining
[Re: BassFever]
#15065033
05/05/24 04:25 PM
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Joined: Oct 2012
Posts: 25,446
ReelBusy
TFF Guru
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TFF Guru
Joined: Oct 2012
Posts: 25,446 |
I thought most Bitcoin miners used lots of solar for power? All that gets used up by the EV owners.
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Re: Bit coin mining
[Re: bloo_rainger]
#15065100
05/05/24 05:35 PM
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Joined: Dec 2007
Posts: 14,669
bloo_rainger
OP
TFF Guru
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OP
TFF Guru
Joined: Dec 2007
Posts: 14,669 |
Is a bit coin miner bringing anything to the table that’s actually helping out anyone?
I see zero value added by the BCM’s.
If I’m driving the boat on the energy grid and it’s failing it seems very logical to flip the switch on something that is nothing but a drain to the system.
I’m low IQ.
What am I missing?
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Re: Bit coin mining
[Re: 1ShotNoKills]
#15065111
05/05/24 05:51 PM
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Joined: Dec 2012
Posts: 22,667
lconn4
TFF Guru
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TFF Guru
Joined: Dec 2012
Posts: 22,667 |
I did this 15 years ago. Its nothing new. so you are the real Sotashi Nakamoto? henceforth known as LowT Sotashi 
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Re: Bit coin mining
[Re: bloo_rainger]
#15065132
05/05/24 06:20 PM
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Joined: Nov 2015
Posts: 1,206
Quillback
Extreme Angler
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Extreme Angler
Joined: Nov 2015
Posts: 1,206 |
Is a bit coin miner bringing anything to the table that’s actually helping out anyone?
I see zero value added by the BCM’s.
If I’m driving the boat on the energy grid and it’s failing it seems very logical to flip the switch on something that is nothing but a drain to the system.
I’m low IQ.
What am I missing? Yeah I don't see any value to it either, except to the miners. However from a free enterprise viewpoint it would be govt. shutting down a business because of overuse of electricity. That could be a slippery slope. I say build more capacity (nukes, nat gas). AI server farms allegedly use a lot of power too. We need to have abundant, reliable electricity. No reason we should not have it except for politics.
Last edited by Quillback; 05/05/24 06:24 PM.
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Re: Bit coin mining
[Re: bloo_rainger]
#15065172
05/05/24 07:14 PM
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Joined: Oct 2000
Posts: 23,429
J.P. Greeson
the janitor
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the janitor
Joined: Oct 2000
Posts: 23,429 |
The solution to any problem - work, love, money, whatever - is to go fishing, and the worse the problem, the longer the trip should be. --John Gierach ![[Linked Image]](https://texasfishingforum.com/forums/pics/userpics/2019/09/full-13-25328-gco.jpg)
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Re: Bit coin mining
[Re: J.P. Greeson]
#15065206
05/05/24 08:01 PM
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Joined: Apr 2017
Posts: 12,350
tmd11111
TFF Guru
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TFF Guru
Joined: Apr 2017
Posts: 12,350 |
I bought into the hype about 5 or so years ago. Cashed out a few weeks ago when it hit $71k. Can't wait to see the tax hit on that.
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