Question Let's talk about all the GOOD things about 'mining'. Internet Magic Money Machines!

[VirtualLarry]

First of all, it allows some people (like myself) that are essentially prevented from having a job (disability, not felony), to have a secondary, passive income stream.

If you spec-mine a coin early on, such that you can earn a lot of them, and then that coin gets popular and 10X or 100X's, you could become a (multi-)millionare. (Hasn't happened yet for me.)

It gets people into technology, gets people learning about building PCs, and block-chain tech.

If you've already got a gaming PC, why not put it to work making a secondary income. (One GPU won't make a lot per month unless it's a 30-series, but it's a start.)

Secondarily, having an "Internet Magic Money Machine", is just freaking cool. Who could have ever predicted this? (Supposedly Buckminster Fuller did.)

It can heat your apt. in winter, and you can actually turn a profit on your heating bill. Amazing stuff.

Edit: Disclaimer, nothing in this thread should be construed as financial advice. Just my opinions on 'mining'.

 

[DAPUNISHER]

Nevermind, figured it out already

 

[VirtualLarry]

There's too much to answer there, I'm just gonna say, check YouTube, there are a number of tutorials.

That said, as much as I want to see people enjoy the thrills (and spills) of mining; I'm going to advise that people not already doing it, wait until we get some concrete understanding of how the crypto-related stuff in the incoming infrastructure legislation (in the US) is going to affect mining and responsibilities for mining.

 

[VirtualLarry]

And can I avoid linking any of my other financial institutions to it?

Not if you want to convert coin to fiat ($USD). You'll most likely have to use an exchange (Coinbase is US licensed), fill out KYC (like a bank acct.) and link your bank or Paypal. USD off-ramps from Crypto, at least in the US, are FAR from anonymous.

 

[bigboxes]

There's nothing good about mining. Starting a new thread doesn't change that fact. Waste of resources. Write your representatives. Let's make crypto illegal.

 

[DAPUNISHER]

That said, as much as I want to see people enjoy the thrills (and spills) of mining; I'm going to advise that people not already doing it, wait until we get some concrete understanding of how the crypto-related stuff in the incoming infrastructure legislation (in the US) is going to affect mining and responsibilities for mining.

If I do it, and will only be to get my feet wet. And I don't care about anonymity or paying taxes on it if I do try it. Probably won't though.

 

[Shmee]

Just a reminder, thread crapping and arguing will not be tolerated. Only warning.

-AT Moderator Shmee

 

[VirtualLarry]

There's nothing good about mining. Starting a new thread doesn't change that fact. Waste of resources. Write your representatives. Let's make crypto illegal.

Feel free to start your own thread about "Why mining is BAD".

 

[VirtualLarry]

Imagine this: In the future, we will all have ATMs at our own houses, and they spit out money when we please. They just happen to use a bunch of electricity. Which costs less than the money that they spit out.

Wouldn't you want one of those ATMs for your house?

That's largely what mining is like, from a financial perspective.

Yes, the ATMs do cost money up-front to acquire, and require scant maintenance from time to time.

Some people are angry about this; they like to convert their ATMs into arcade machines to play games on.

Yes, you can use the money that one of these ATMs spits out, to buy more ATMs, as long as you have the space and power for them.

 

[DAPUNISHER]

Imagine this: In the future, we will all have ATMs at our own houses, and they spit out money when we please. They just happen to use a bunch of electricity. Which costs less than the money that they spit out.

Wouldn't you want one of those ATMs for your house?

That's largely what mining is like, from a financial perspective.

I have been eyeing solar panels for the house. Need to see what wind rating they can handle, this is hurricane land. But if I get them, I could be running the miners off of green energy and pay for some of the panel costs over time? Hence making money without adding to the problem of burning more fossil fuels, or am I missing something?

 

[VirtualLarry]

I have been eyeing solar panels for the house. Need to see what wind rating they can handle, this is hurricane land. But if I get them, I could be running the miners off of green energy and pay for some of the panel costs over time? Hence making money without adding to the problem of burning more fossil fuels, or am I missing something?

No, you're not missing anything. Mining is one of the biggest drivers of "green energy".

Why? Because besides "free money", miners also like "free electricity"!

Free energy, free money, free software, lots of free time!

Edit: Oh yeah, fit in free Love too.

 

[bigboxes]

Feel free to start your own thread about "Why mining is BAD".

Starting a circle jerk doesn't make this a productive hobby.

You just thread crapped after a warning not to. If you have nothing to contribute to this thread, then don't post in it. -AT Mod Shmee

 

[bigboxes]

I changed my original comment on that 2nd one. I'm not sure why the changes were not made. I changed it to say that this thread was counter-productive and unnecessary.

I never saw that you had commented. Please don't get all trippy on me just because you like mining. Good lord. Free speech is not thread crapping.


callouts in threads about moderation are not allowed.
There is but one venue to discuss moderation issues
The moderation discussion forum.


esquared
Anandtech Forum Director

 

[Mopetar]

No, you're not missing anything. Mining is one of the biggest drivers of "green energy".

Why? Because besides "free money", miners also like "free electricity"!

Free energy, free money, free software, lots of free time!

Edit: Oh yeah, fit in free Love too.

Mining doesn't drive green energy. It frankly doesn't care where the power comes from as long as it's cheap. It will gladly eat whatever subsidies are provided, but it doesn't care if the power comes from solar panels or coal.

Green energy isn't free either. If it were we'd already have more of it because anyone who has to pay for electricity wants it cheaper.

Mining isn't anymore great than it is evil. It just is what it is. No one is saving humanity by doing it and no one is destroying the earth either.

 

[GodisanAtheist]

Mining doesn't drive green energy. It frankly doesn't care where the power comes from as long as it's cheap. It will gladly eat whatever subsidies are provided, but it doesn't care if the power comes from solar panels or coal.

Green energy isn't free either. If it were we'd already have more of it because anyone who has to pay for electricity wants it cheaper.

Mining isn't anymore great than it is evil. It just is what it is. No one is saving humanity by doing it and no one is destroying the earth either.

-Can file this one under "enlightened centrism".

 

[Mopetar]

-Can file this one under "enlightened centrism".

There's plenty of room for a more nuanced discussion of mining (or cryptocurrencies more broadly) but most of what passes for discussion on forums is some version of it being pure evil and the destruction of humanity, or a new ultimate good that will be the savior of mankind. That isn't to say that there are good/bad aspects of all of this, but that when that gets cranked up to 11 in either direction it's practically impossible to have any kind of meaningful discussion.