Are bitcoin miners retarded? Why do they always mine much more in the summer when it's fucking hot as shit?

Are bitcoin miners retarded? Why do they always mine much more in the summer when it's fucking hot as shit?

yeah because the market/the coins will wait for you to mine during winter.

do you even know what you are talking about?

So they are inflating the price during the hottest months? I can bullshit they are doing this on purpose

>not converting the heat energy to cold energy and using it to cool your gpu
lmao

The whole thing is laughable. It is the Tulip Mania again. They didn't learn from the first crash. Unlike the first rounds, it much more difficult to convert those "alt-coins" over to real currency.

The only winners are resellers and etailers.

This you might have "$72 million" in coins but you will never actually get that much out of it

>So they are inflating the price during the hottest months?

pls kys and go

>It is the Tulip Mania again
I've heard this six years ago (when it was mainly used for illegal shit.) I mined with my 6850, made ~$1,000 a few days before the 2013 crash (shortly before it reached $1,300; cashed out earlier because I knew I wouldn't be able to the sooner I wait,) and never mined again.
BTC and its clones aren't scams and they've developed their own cycles.

Stop falling for this horseshit

They want you to mine during the summer so you use even more power both mining and cooking tumour house so the lower companies make more money

Bitcoins are an invention and tool of the electric company how do you think they are worth money in the first place?

>Are bitcoin miners retarded?
Yes.

Ehat is cooking tumor house

"Cooling your house" sorry my autocorrect is retarded

They are highly illiquid assets at this time. All of the public exchanges cannot convert alt-currencies over all of major real-world currencies without resorting to the gray/black sources.

They are only work well as a medium of exchange within their own ecosystem.

Bitcoin is being pumped by the hardware manufactures. Every single dime of Bitcoin has been pumped into hardware, and the weed you smoked when you made the bad decision to buy your hardware.

Don't forget the money from local power companies that love people burning this much electricity in pursuit of fake money

>(((THEY)))

kys

Because the point of "Bitcoin" and other cryptocurrencies is that SOMEONE is maintaining the blockchain or contract ledger. If no one mines, the currency and the entire infrastructure of cryptocurrency collapses. The only reason bitcoin works is because regular transactions go on. Further, a majority of these people want easy money, but there do exist a decent amount of people who believe cryptocurrency is the preferred means of transaction. A lot of them use it to leave no paper trail on the web for either privacy or illicit reasons.

To these people it doesn't matter. If you don't jack up the difficulty, someone will. The Eth bubble is yet to pop.

Electricity is usually cheaper during the summer compared to winter. All heating resources, not just electricity, goes up in price during winter,

Bitcoin is the libertarian wet dream that is basically it's own enclosed and relatively unsafe digital currency. The people who invest in it are fucking retarded, and dont understand that it is essentially sustained on illegal activities. By investing in bitcoin you're investing in sustaining drug junkies and money laundering schemes of the wealthy. The people mining it are going to regret it when the system crashes and people lose everything.

Protip do not invest in it. Don't buy into the hype.

there are like a billion different exchanges that allow you to convert to USD, EUR, JPY just fine

are you guys retarded?

>tfw the mining craze is accelerating the heat death of the universe

they are just salty subhumans who were too late to mine or invest.

wut, do you even know what the heat death of the universe is?

So global warming is caused by cryptominers

>Have friend who tried to mine and invest
>Put all his money into bitcoins
>Gets hacked and all of his bitcoins stolen
>"Sorry for your loss"
>Hes back living with his parents at age 30 because after investing every penny he had he lost his job.

Yeah no. Bitcoin is a money laundering scheme combined with a method for druggies to get their fix.

Blockchain technology legitimately has a use case, that's why you see IBM, Microsoft, and other big real tech companies vested in the crypto-currency industry.

That being said, mining aka proof-of-work is a stupid protocol and needs to be phased out. If you actually see what these miners are doing, they are sending 10's of thousands of small JSON-RPC calls over tcp. Nothing useful, just sending a bunch of "is this the correct answer?" calls to increase the chance of solving a block. It is a computational arms race and has no benefit, the hardware isn't used for anything useful like decentralized cloud computing or storage.

>puts all money into one thing
>gets "hacked"
you mean he was fucking retarded?

If your a normie that just wants a long-term investment you don't have to think/worry about then go contribute more to your 401k or something and have fun with your barely above inflation interest rates.

If you want to make a lot of money in a short amount of time, and have the time to actually watch your assets and trade them then crypto is for you. It's risky, it may be a scam, but your not holding long term so who gives a fuck.

yeah, sounds like your friend was a subhuman too.

It's pretty real money brah.

Yes and the illicit substance market is not going away any time soon, and it is very lucrative. What makes you think people don't already know this?

Ok pay your rent with it
Pay your electric or gas bill with it
Go buy a months worth of groceries with it

Oh? You cant? Then it's not real money

(((Global warming)))

I can convert it to "real" money any time I want very easily.

I can't pay my rent with yen, but that doesn't mean it isn't real.

Aside from that not even our "real money" is real money. It's fiat currency - same as bitcoin.

I'll be running a small super computer to do some alternative coin mining in two weeks time. Bought it "cheap" $80k for 20 000 cores of sad amd 6278s. Gives me about $60k per month after the power bill has been paid.

>not surfing the hype

It's like you hate money

happens everytime am i right my dude

>The only winners are resellers and etailers
and whoevers selling the shovels--err, graphics cards

Yes. The miners are wasting lots of usable energy and accelerating the increase in entropy.

>cold energy
ik it's a trollbaitbost
but i have to ask.. you don't genuinely believe there's "cold energy" do you?

>Bitcoin is being pumped by the hardware manufactures.
i wonder how many makers of GPUs use them as mining machines until someone clicks buy, which point they simply clean and package before shipping it out

...

Then how does a freezer work? Idiot

It's frezzer energy, not cold energy. idiot

How do you even cash out?

But a landlord would accept our money they would laugh in your face for bitcoin

Can you not read?

>Bitcoin is being pumped by the hardware manufactures. Every single dime of Bitcoin has been pumped into hardware, and the weed you smoked when you made the bad decision to buy your hardware.
I already owned the GPU and now it's mining enough cash to pay for my weed. What's the problem here?

>pay for my weed

Grow up and stop smoking weed

Good luck trying to do without resorting to gray and black sources though.

And what are you trying to prove? That investing all your money into something with high risk is retarded? Well, congratulations on stating obvious.
Why is Sup Forums so full of retarded children nowadays.

What black sources? You just use one of hundreds of exchanges, which are actually legitimate US registered companies.
Why are you trying to talk about something you know literally nothing about?

because less people are mining since its hot

more profit for you

Its actually a double edged sword for AMD/Nvidia

Both can make a killing selling reference gpus to retard home miners
Yet neither do, they instead allow their stock to get sniped at high prices while pissing off their loyal customer bases with no gpus for their builds.

Every batch of gpus going into a mine = 0 market share growth. This nearly bankrupt AMD with the failure of the FX line cpus

Now its turning on Nvidia as they can mine alt coins

I can't believe people who support Fiat. It's like THEY WANT the ultra rich 1% to manipulate contracts, currency, and dump debt on everyone else.

Two-sides to a sword. Read up on Gresham's Law in economics. A country allowing multiple currencies will stabilize the value of things accurately and help regulate the bankers and politicians accordingly.

Those public exchanges are the gray sources in question. You can convert those alt-coins now but good luck trying to do it when the next bubble bursts and everybody panics and tries to cash out but they don't have the assets to cover the exchanges. There have no insurance against theft and fraud either.

Black sources are under the radar and all parties involved prefer to have it stay that way.

It is no surprise that alt-coins are a powerful magnet for organized digital crime and other scams.

>mfw people are mining on a large scale again

Color me surprised, lads. Remind me to buy an assload of refurbished PS3s so I can sell them for exorbant prices once people migrate back to Cell due to a lack of supply.

Will it be readable to trade a ps3 to a miner for a switch?

Duh, the miners are literally creating the summer heat. Say thank you.

>assumes the world only exists in the northern hemisphere

It's fucking winter down here

>not putting your server(s) on the roof under a canopy

does it cover your electricity bill?

>i wonder how many makers of GPUs use them as mining machines until someone clicks buy
None, because they make much more money selling GPUs then trying to build super computers with them. And if they did build super computers with them they'd rent them out for money instead of using them to gain magical internet money

>australia/nz
>coin mining

sure thing

Wew lad. Imagine all the fuckers in /biz/ seeing this thread

Can you even mine BTC with consumer GPUs anymore? I though ASIC only stood a chance.

Or is everyone mining ETH or something?

ETH and altcoins

i'm from /biz/ what's your problem?

Exactly by removing all the heat energy to a point where particles barely move you fucking mongoloid
2/10 because not sure if bait or just a nigger

I'm right here, i'll gladly perpetuate stupid myths from 2013 if it means i can keep the retards and by extension the normies out of this for longer

this whole thread makes me think we are still in the smart money phase.

Keep scrolling, god's chosen people are already strapped to the rocket

lel, this exactly.

It took the recent ETH boom and GPU shortage to get me to notice crypto again but after literally 15 minutes of research it's pretty easy to see that it's here to stay.

you must have an expensive freezer friend

>Still spouting this nonsense in the current year

You retards either don't own crypto or buy scamcoins (i.e. not Bitcoin)

>He lost his saved money
>This causes him to lose his job
You know you don't have to pay a deposit to work right...?
Are you actually retarded?

>isn't used for anything useful like decentralized cloud computing

Why nobody made a service where small companies would pay to solve a problem by hundreds of people around the globe for small return?
I know there is a lot of these for free, but actual service? it would be cheaper than building super computers.
These things would be in blocks and encrypted so chances of leaking presumably small.

it's freaking cold here this year, 14-20C whole month

Shitcoins/altcoins and bitcoin are just a drag race into a concrete barrier, first to stop closest to the end wins, everyone else gets mangled.

Literally just a new age ponzi scheme for all but bitcoin.

It's like a gamified version of financial markets, like a meta-simulated investment game.

Similar to how good music today isn't good, it's just meta music where it's cheaper to buy you to like it than to buy talent.

It's cheaper to buy shitcoin and hype it and flip it off the backs of retards than it is to play real markets with history and old money. Metagame.

Just wanted to add that traditional investment is gambling with the value of real, tangible assets and interests.

Crypto is just gambling with the value of value itself.

Perfect for modernity desu.

I just realized something.

I have access to my universities super computer, anyway to use it for shitcoin?

barely move =/= don't move

Maybe the Bitcoin miners live in the southern hemisphere, retard.

/thread

Because coin prices go up in summer when casual summerfags buy drugs.