Could you live on $40 USD / day? (mining-related)

[lxskllr]

Could someone please explain this mining thing to me?

It's kinda complicated. Any "quickie" forum answer is gonna be so deficient it's almost useless. Wikipedia's page on bitcoin is probably as good a primer as any...

Bitcoin - Wikipedia

en.wikipedia.org

 

[Red Squirrel]

You basically get paid money to enslave computers into doing math for you.

 

[digiram]

With that ebt. Oh yeah. Wouldn’t want to though. 😂

 

[Muse]

You basically get paid money to enslave computers into doing math for you.

I wouldn't dare. When my computer beat the pants off me in chess I decided to accord it respect.

 

[Ajay]

I couldn't. If I had been smart, I could've made some good money by now. I thought burning up my GPUs for science (F@H) was the honorable thing to do. Obviously, I didn't major in Business at university.

 

[Mayne]

can I? Of course. I've done it forever.

 

[Stiff Clamp]

If you're single, have a very reliable car that is paid off, no debt, and rent for $400-500. I think you could live off $1240/mo ($40x31).
Any significant car expense would wipe you out for a while.
And you would rarely travel, unless staying with relatives.
If you have debts, you'd want to live with a relative, some subsidized housing, or . . . a tent.

 

[Torn Mind]

Lifeline phones, bro.

Utilize utility assistance.

Local food bank, and milk the churches.

Only buy food on sale.

Go find some 1000+ sq ft, 2+acre home with property taxes < $800, and buy a Prius.

 

[Muse]

If you're single, have a very reliable car that is paid off, no debt, and rent for $400-500. I think you could live off $1240/mo ($40x31).
Any significant car expense would wipe you out for a while.
And you would rarely travel, unless staying with relatives.
If you have debts, you'd want to live with a relative, some subsidized housing, or . . . a tent.

I really did this for a long time, all of it... and my rent was 1/2 of that! Plus I had no car. I bought used bicycles and did ALL of the maintenance. I could and probably should write the book on how to do this... believe me, I know how to stretch a dollar with the best of them. $40/day is $14,600/year. I would have felt like a rich man with that kind of money in those days. Inflation has to be factored in, though. Still, no problemo. Speaking of which, I made my own tortillas, my own bread, ate a lot of rice and beans (from bags of rice and beans), made my own jams and sauces from home grown tomatoes and fruit...

 

[AdamK47]

Could someone please explain this mining thing to me? It's what? Some way of producing money, a sort of digital alchemy? WTH is it?

Edit:

Yeah, what is this anyway? My crypto IQ is teeny.

Mining is when someone converts massive amounts of electricity into fantasy money. Currency most people don't actually use to buy anything with directly. Instead it's another speculative investment vehicle using existing government backed currencies. Its value is derived from social media influencer endorsements.

 

[Torn Mind]

Mining is when someone converts massive amounts of electricity into fantasy money. Currency most people don't actually use to buy anything with directly. Instead it's another speculative investment vehicle using existing government backed currencies. Its value is derived from social media influencer endorsements.

All money is fantasy money. It's just cotton paper vs bytes.

Although, why mine when one can just buy.

 

[ponyo]

Mining is when someone converts massive amounts of electricity into fantasy money. Currency most people don't actually use to buy anything with directly. Instead it's another speculative investment vehicle using existing government backed currencies. Its value is derived from social media influencer endorsements.

I thought your dislike of crypto was because miners contributed to video card shortages and made it tougher for you to buy your favorite cards. But now I know your beef is more rooted in jealousy and envy.

All money is fantasy. The more money you have, the more you'll realize this.

 

[AdamK47]

I thought your dislike of crypto was because miners contributed to video card shortages and made it tougher for you to buy your favorite cards. But now I know your beef is more rooted in jealousy and envy.

All money is fantasy. The more money you have, the more you'll realize this.

A failed speculation. False theory or conjecture without firm evidence about me.

 

[Mai72]

Cheez is living on $.20 a day in the woods. $40 a day is totally doable.

$40x30 days= $1,200 a month. If that seems tight, you could bring up the total to $1500 a month. Or, maybe even $2k a month to give you some leg room. That IMO is totally doable. And, it's only $24k a year. This is exactly how Mr. MOney Mustache retred by 30. He had a $2k a month budget and banked the rest as an engineer.

 

[ponyo]

Cheez is living on $.20 a day in the woods. $40 a day is totally doable.

$40x30 days= $1,200 a month. If that seems tight, you could bring up the total to $1500 a month. Or, maybe even $2k a month to give you some leg room. That IMO is totally doable. And, it's only $24k a year. This is exactly how Mr. MOney Mustache retred by 30. He had a $2k a month budget and banked the rest as an engineer.

I only partially watched couple of Cheez videos but it seems he's always buying some expensive shit on Amazon. Never seen homeless person who buys so much stuff on Amazon. How the hell does Amazon deliver stuff to homeless person? Does he ship it to his parents house and he picks it up there? Regardless, Cheez is definitely spending lot of money for supposed homeless person. And he's getting lot of assistance from his parents, other people, and taxpayers.

 

[Red Squirrel]

He's probably spending more than that on gas too, I think he uses a generator for power. With all the money he's spent on scooters and bikes he could have just setup a small solar system and be less dependent on money and have free power. I'm surprised he has not been kicked out of there though, since it's not land he owns. Living off grid is my dream but I still want to be on land I actually own. I'd build something more luxurious than just a shed though.

 

[Torn Mind]

He's probably spending more than that on gas too, I think he uses a generator for power. With all the money he's spent on scooters and bikes he could have just setup a small solar system and be less dependent on money and have free power. I'm surprised he has not been kicked out of there though, since it's not land he owns. Living off grid is my dream but I still want to be on land I actually own. I'd build something more luxurious than just a shed though.

Does it really matter? You'll only "own" it as long as you live. Your spawn, if you generate any, may or may not elect to stay or keep the land once your life has past.

 

[ponyo]

A failed speculation. False theory or conjecture without firm evidence about me.

So why do you care if bitcoin price goes up or down? You have no personal stake. Only an asshole wishes others to lose money and take pleasure in their suffering when you don't have a stake. It's bad karma.

 

[AdamK47]

So why do you care if bitcoin price goes up or down? You have no personal stake. Only an asshole wishes others to lose money and take pleasure in their suffering when you don't have a stake. It's bad karma.

My stake is lower video card prices and increased availability. Your original speculation.