Kentucky Armory Club

Dustin wrote: ↑

Sun Sep 26, 2021 9:55 am

KYgundude wrote:Have you calculated in your power costs? Back when we team mined in 2013 our electrical bills were massive(We still made money though). Has it gotten more efficient?

Bitcoin has not. But my video cards don’t eat a lot and that box is always up it’s also my home server. The 3 cards eat about 180 watts. Power is cheap in Louisville.


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We were running 12 or 16 of the hottest power sucking cards back then and one early ASIC boxes. It was way cheaper in winter, We had to vent his mining room outside all summer. SOOO much heat and power, Then in the winter it mostly heated his second floor.

Incidentally, when I got out of mining I got boned by our team leader on about .2 BTC which I didn't fight because back then it was worth 225ish bucks. I could sure put that 8600 bucks to work for me today.

That’s why I got after alt coins. Easy to mine. I’m using 3 gtx 1060s and my laptop while I’m not play games on it.


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Dustin wrote: ↑

Sun Sep 26, 2021 10:07 am

That’s why I got after alt coins. Easy to mine. I’m using 3 gtx 1060s and my laptop while I’m not play games on it.


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We were doing all alt coins(back then it was primarily Litecoin) with the GPU's and buying BTC with the proceeds. The ASICs were on BTC mining direct.

Same setup. Ubq to Bitcoin to gold when the price is right. My asic can do about 10gh so it’s super small. It’s a usb job.


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Is there a direct profit margin at production or is it completely dependent on selling alts to buy bitcoin and BTCs continued climb?

You get the alt coins directly from production. You can sell some for cash or goods if can find a direct buyer. Most the time its easiest to sell them on an exchange it bittrex.com. Once it converted to bitcoin buy gold or I can load on to a visa or just sit on it sell when the price is right.

I still recommend people dont put real money in crypto unless you understand the risk. Its a crazy market that fluctuates wildly. They can talk about capital gains tax and it will drop 25% china bans it 45% drop. DEA confiscates millions it goes up 20%.

So know what your getting into. Plus the price of street drugs can impact it to. Remember it started on the dark web for the trade of drugs and other illegal goods.

You can get bitcoin direct from mining if you have a good miner. But your talking about 10k investment in a single miner.

Or you can buy time on someones miner can get all the profit while you have it rented but I have never tried that.

I have a VERY small amount of crypto just to throw cash I won’t miss into something that’s growing. Even with the swings, the longer term looks favorable. I tried to play the swings briefly, but I don’t have the time or skill to do it well enough to make it worthwhile. The gas fees eat into the profits, so it’s even less appealing unless you have or can program an algo to do it for you. Saw the recent article about the hamster with 20% returns, put me to shame.

Dustin wrote: ↑

Sun Sep 26, 2021 12:22 pm

I still recommend people dont put real money in crypto unless you understand the risk. Its a crazy market that fluctuates wildly. They can talk about capital gains tax and it will drop 25% china bans it 45% drop. DEA confiscates millions it goes up 20%.

He speaketh the gospel! This is a very lucrative but highly risky investment. You can lose your shirt, and you can make enough to buy a shirt factory. NOT a game to play with money you are counting on for retirement. If however, you have extra cash for "Funvestiing, this could be a an exciting place to play".

Tyler wrote: ↑

Sat Sep 25, 2021 9:25 pm

Dustin wrote: ↑

Fri Sep 24, 2021 7:07 am

ken6881 wrote: ↑

Thu Sep 23, 2021 10:29 pm

I have done very well in crypto the last few years mining and buying and selling

What are you mining ? I have been mining bitcoin and UBQ for a few years now.

Please tell me more. I thought it was cost prohibitive if you didn’t scale your production.

all about timing. i got in early enough had 30 gpus mining. mined through the bad times when it pumped i sold. I literally heated my house 2 winters off the "free" heat. in the summer they run in my shop. as they became outdated and less than profitable i scaled back to the more efficient cards.

there's defiantly more money the bigger you go and cheap electricity is king.

Still got the gpu’s ?


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Y'all might as well be speaking Chinese right now.

Rem700 wrote: ↑

Thu Oct 07, 2021 3:50 pm

Y'all might as well be speaking Chinese right now.

More like Japanese
I feel like Satoshi Nakamoto rolls that way

Dustin wrote: ↑

Wed Oct 06, 2021 11:31 pm

Still got the gpu’s ?


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I do i never sold any of them probable should have. lots of 560,570 amd cards and 1060 nyvidia.

I transferred all my btc and eth out of BlockFi to a cold wallet when my decided BlockFi couldn’t pay interest on crypto anymore. I timed the transfer wrong and had $9.91 of interest BlockFi still had to pay on my eth. I was just going to move it to my Coinbase since that’s where I usually buy at. It was going to deposit $0.41 of my $9.91. The rest were eth gas fees. That’s insane. I’ll just try to get BlockFi to send me a check.

Btc is on fire!!!

iron369 wrote: ↑

Wed Oct 20, 2021 10:08 am

Btc is on fire!!!

You should probably call the Dr. and get that checked out.....its not supposed to burn....unless your into that sort of thing

Wondering if I should sell my Ford stock, knew you can't totally dump a major car company like this for long. It was like at 9 when I got it and now at 16 . As it dropped I kept buying it..had to support TODD (haha)...but really seemed like a no-brainer to get it while low.

I bought Ford at 5.29. Me happy

Actually i bought at $5.11 (just checked)

Do you guys buy and sell direct or use a broker?

Niceguy wrote: ↑

Thu Oct 21, 2021 9:01 am

Do you guys buy and sell direct or use a broker?

I manage a financial advisor practice so they are my broker. if you are looking to jut buy and sell easily on your own use Robinhood or E trade or something like that. If you are looking for financial advise, financial planning etc use an independent advisor. If you go to the big name companies (Schwab, Merril, etc) for an advisor most likely they have proprietary funds that they get paid more to sell or they are limited in what they have the ability to sell, so may or may not be in your best interest based on their constraints.

I use Webull. No day trade restrictions with a cash account. Wouldn’t touch Robinhood with the shit they’ve pulled.

I would agree on the Robinhood thing Tyler said above. All the shit they pulled with GameStop should turn everyone away from them. They were just one I could think of off the top of my head.

I’ve heard good things about TD, but haven’t used it

Tyler wrote:I use Webull. No day trade restrictions with a cash account. Wouldn’t touch Robinhood with the shit they’ve pulled.

Webull is no better


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