7 Reasons Bitcoin Mining is Profitable and Worth It (2020)

Daily analysis of cryptocurrencies 20191103 (Market index 56 — Neutral state)

Daily analysis of cryptocurrencies 20191103 (Market index 56 — Neutral state)

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DAppTotal: Airdrop Of EIDOS Is A Disaster, Top Player May Profit Over Tens Of Thousands Of Dollars Citing data by DAppTotal, ever since EIDOS launched the airdrop event, the number of its 24h active users has reached 1,260, that of its 24h transactions has surpassed 1.89 million, and its 24h trading volume has registered 1,770 EOS. Such popularity has never been seen in any other EOS DApps, according to DAppTotal. Blockchain security firm PeckShield revealed that the airdrop event of EIDOS led to the price surge of CPU, which means normal EOS transactions between users could fail and most of the users are not able to play with gaming DApps under a congested EOS network. As reported by CoinNess.com earlier, the current CPU price for 1 EOS is 0.0001 EOS. Two days ago, however, one could use 1 EOS to rent 3,600 EOS for 30 days. This indicates an increase of more than 16 times because of the EIDOS hype. DAppTotal researchers found that as of now, players have made 35.83 million transactions, containing 3.39 million EIDOS tokens, to the account ‘eidosonecoin,’ 95% of which had only 0.0001 EOS sent. If a user sold all of the EIDOS tokens at peak prices, his or her earnings could be more than tens of thousands of dollars. It is really harmful to the EOS ecosystem, said the researchers.
At Least 23k Emails Leaked By BitMEX, Claims Research Director At The Block Larry Cermak, Director of Research at The Block, tweeted, “I now have access to 23,000 emails that were leaked by BitMEX. Surprisingly, there is only one person that used a .gov email. There were 66 students/alumni that used .edu email. NYU dominates (7 people), followed by Berkley, and University of Michigan.” BitMEX has previously made a response to the leaked email address in its blog post, saying that in this instance, beyond email addresses, no other personal data or account information has been disclosed and no further emails have been sent. “The error which has caused this has been identified and fixed, ensuring our usual high standards of privacy are upheld,” the company claimed.
Chinese VC Firms Returning To Blockchain, $368M Raised In H1, 2019 By Blockchain Startups Chinese venture capital firms are taking another look at blockchain. After the 2018 crypto crash, up to 90 percent of blockchain-focused VCs left the market. Now, as China’s central government pushes for greater blockchain adoption, some are returning. During the first six months in 2019, Chinese blockchain startups raised $368 million via 71 funding deals, according to Chinese financial data tracker 01Caijing.
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This past week, there was a slow and steady decline in bitcoin below the $8,400 support against the US Dollar. Moreover, BTC price also traded below the $8,200 support area. Finally, it spiked below the $8,000 support, but remained well above the 100 simple moving average (4-hours).
A swing low was formed near $8,960 and the price recently started an upward move. There was a break above the $8,100 and $8,200 resistance levels to start a decent increase.
More importantly, there was a break above a key contracting triangle with resistance near $9,240 on the 4-hours chart of the BTC/USD pair. At the moment, the price is trading near the 23.6% Fib retracement level of the downward move from the $10,584 high to $8,960 low.
Review previous articles: https://medium.com/@to.liuwen

Encrypted project calendar(November 3, 2019)

Waltonchain (WTC): 03 November 2019 Premining Application End “Application for SMN & GMN $WTA pre-mining ends at 17:00 on Nov. 3 (UTC+8).”

Encrypted project calendar(November 4, 2019)

Stellar (XLM): 04 November 2019 Stellar Meridian Conf. Stellar Meridian conference from Nov 4–5 in Mexico City. Cappasity (CAPP): 04 November 2019 Lisbon Web Summit Lisbon Web Summit in Lisbon, Portugal from November 4–7. Aion (AION): 04 November 2019 CASCON x EVOKE 2019 CASCON x EVOKE 2019 from Nov 4–6 in Toronto. ThoreNext (THX): 04 November 2019 Migration/Swap Begins “4 Nov 2019 Migration/Swap/Issuance start Check Your email 1st Nov To facilitate a streamlined Process, we will use proprietary software…” Ocean Protocol (OCEAN): 04 November 2019 Blckchn for Science Party “Join us on Monday for bottles and (data) models at the official Blockchain for Science afterparty at @betahaus Factom (FCT): 04 November 2019 Grant Deadline “Have an idea you’ve been itching to build using #FactomProtocol? Apply for a grant (the deadline is November 4th):” Winding Tree (LIF): 04 November 2019 HackTravel London HackTravel London from November 4–6 in London.

Encrypted project calendar(November 5, 2019)

Nexus (NXS): 05 November 2019 Tritium Official Release “Remember, Remember the 5th of November, the day Tritium changed Distributed Ledger. Yes, this is an official release date.” NEM (XEM): 05 November 2019 Innovation Forum — Kyiv NEM Foundation Council Member Anton Bosenko will be speaking in the upcoming International Innovation Forum in Kyiv on November 5, 2019. TomoChain (TOMO): 05 November 2019 TomoX Testnet “Mark your calendar as TomoX testnet will be live on Tuesday, Nov 5th!” aelf (ELF): 05 November 2019 Bug Bounty Program Ends On Oct 24th, 2019 aelf’s biggest bug bounty will launch with a large reward pool. The event will run for almost 2 weeks. ICON (ICX): 05 November 2019 Seoul Meetup “We are pleased to announce that the ICON x Steem DApp SEOUL MEETUP will be held in the ICON Lounge on November 5th.” Utrust (UTK): 05 November 2019 Lisbon Meetup “We’re hosting a meetup for anyone interested in blockchain & crypto adoption! Industry leaders like Cointelegraph, BetProtocol & others…” Siacoin (SC): 05 November 2019 Zurich Meetup “Join us Tuesday, Nov 5th in Zurich for a Sia meetup with CEO David, and devs Chris and PJ at @impacthubzurich.” OKB (OKB): 05 November 2019 Simulation USDT Futures “NEW LAUNCH: The much-awaited $USDT-Margined Futures Trading will soon be available on #OKEx… Simulation launching Nov 5”

Encrypted project calendar(November 6, 2019)

STEEM/Steem: The Steem (STEEM) SteemFest 4 conference will be held in Bangkok from November 6th to 10th. KIM/Kimcoin: Kimcoin (KIM) Bitfinex will be online at KIM on November 6, 2019 at 12:00 (UTC). Nebulas (NAS): 06 November 2019 Burn Deadline “Be sure to read this announcement & burn your $NAT by November 6th, 3:00p.m. (UTC+8, Beijing time).” Power Ledger (POWR): 06 November 2019 Book Launch ATTN Perth Power Ledger community, we will be hosting renowned economist Ross Garnaut at our WA office for the launch of his latest book…

Encrypted project calendar(November 7, 2019)

XRP (XRP): 07 November 2019 Swell 2019 Ripple hosts Swell from November 7th — 8th in Singapore. BTC/Bitcoin: Malta The A.I. and Blockchain summit will be held in Malta from November 7th to 8th. Waves (WAVES): 07 November 2019 Joins Odyssey “#Waves is joining Odyssey… We’re kicking off on Nov. 7 at Polaris…” Komodo (KMD) and 1 other: 07 November 2019 Block Party Amsterdam Block Party Amsterdam in Amsterdam from 17:30–22:00. Horizen (ZEN): 07 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.

Encrypted project calendar(November 8, 2019)

BTC/Bitcoin: The 2nd Global Digital Mining Summit will be held in Frankfurt, Germany from October 8th to 10th. IOTX/IoTeX: IoTex (IOTX) will participate in the CES Expo on November 08 TOP (TOP): 08 November 2019 Mainnet Launch “So excited to announce that on November 8th, TOP Network will officially launch the mainnet…” OKB (OKB): 08 November 2019 OKEx Talks — Valencia “Meet us at our next OKEx Talks in Valencia on 8 Nov with speaker Gustavo Segovia @sepu85 who will look at the benefits of creating

Encrypted project calendar(November 9, 2019)

CENNZ/Centrality: Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland. HTMLCOIN (HTML): 09 November 2019 (or earlier) Mandatory Wallet Update Mandatory Wallet Update: there will be a soft fork on our blockchain. This update adds header signature verification on block 997,655.

Encrypted project calendar(November 11, 2019)

PAX/Paxos Standard: Paxos Standard (PAX) 2019 Singapore Financial Technology Festival will be held from November 11th to 15th, and Paxos Standard will attend the conference. Crypto.com Coin (CRO): and 3 others 11 November 2019 Capital Warm-up Party Capital Warm-up Party in Singapore. GoldCoin (GLC): 11 November 2019 Reverse Bitcoin Hardfork The GoldCoin (GLC) Team will be “Reverse Hard Forking” the Bitcoin (BTC) Blockchain…” Horizen (ZEN): 11 November 2019 (or earlier) Horizen Giveaway — Nodes Horizen Giveaway — Win Free Node Hosting! Entries before November 11th.

Encrypted project calendar(November 12, 2019)

BTC/Bitcoin: The CoinMarketCap Global Conference will be held at the Victoria Theatre in Singapore from November 12th to 13th Binance Coin (BNB) and 7 others: 12 November 2019 CMC Global Conference “The first-ever CoinMarketCap large-scale event: A one-of-a-kind blockchain / crypto experience like you’ve never experienced before.” Aion (AION) and 17 others: 12 November 2019 The Capital The Capital conference from November 12–13 in Singapore. Loom Network (LOOM): 12 November 2019 Transfer Gateway Update “If you have a dapp that relies on the Transfer Gateway, follow the instructions below to make sure you’re prepared.”

Encrypted project calendar(November 13, 2019)

Fetch.ai (FET): 13 November 2019 Cambridge Meetup “Join us for a @Fetch_ai #Cambridge #meetup on 13 November @pantonarms1.” Binance Coin (BNB) and 5 others: 13 November 2019 Blockchain Expo N.A. “It will bring together key industries from across the globe for two days of top-level content and discussion across 5 co-located events…” OKB (OKB): 13 November 2019 Dnipro, Ukraine- Talks Join us in Dnipro as we journey through Ukraine for our OKEx Cryptour on 11 Nov. Centrality (CENNZ): 13 November 2019 AMA Meetup “Ask our CEO @aaronmcdnz anything in person! Join the AMA meetup on 13 November in Singapore.” OKB (OKB): 13 November 2019 OKEx Cryptotour Dnipro “OKEx Cryptour Ukraine 2019 — Dnipro” in Dnipro from 6–9 PM (EET).

Encrypted project calendar(November 14, 2019)

BTC/Bitcoin: The 2019 BlockShow Asia Summit will be held at Marina Bay Sands, Singapore from November 14th to 15th. Binance Coin (BNB): and 4 others 14 November 2019 BlockShow Asia 2019 BlockShow Asia 2019 at Marina Bay Sands Expo, Singapore from November 14–15. Basic Attention Token (BAT): 14 November 2019 London Privacy Meetup “If you’re in London on Nov. 14th, don’t miss our privacy meetup! The Brave research team, our CPO @johnnyryan, as well as @UoE_EFI Horizen (ZEN): 14 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA. IOTA (MIOTA): 14 November 2019 Berlin Meetup From Construction to Smart City: IOTA, Maschinenraum & Thinkt Digital will explain, using concrete use cases, how to gain real value from.. Dash (DASH): 14 November 2019 Q3 Summary Call “Dash Core Group Q3 2019 Summary Call — Thursday, 14 November 2019” NEO (NEO): 14 November 2019 NeoFest Singapore Meetup “Glad to have @Nicholas_Merten from DataDash as our host for #NeoFest Singapore meetup on 14th Nov!”

Encrypted project calendar(November 15, 2019)

TRON (TRX): 15 November 2019 Cross-chain Project “The #TRON cross-chain project will be available on Nov. 15th” Bluzelle (BLZ): 15 November 2019 (or earlier) CURIE Release CURIE release expected by early November 2019. Zebi (ZCO): 15 November 2019 ZEBI Token Swap Ends “… We will give 90 days to all the ERC 20 token holders to swap out their tokens into Zebi coins.” OKB (OKB): 15 November 2019 OKEx Talks — Vilnius “Join us for a meetup on 15 Nov (Fri) for our 1st ever Talks in Vilnius, Lithuania.”

Encrypted project calendar(November 16, 2019)

Bancor (BNT): and 2 others 16 November 2019 Crypto DeFiance-Singapore “Crypto DeFiance is a new global DeFi event embracing established innovators, financial market disruptors, DApp developers…” NEM (XEM): 16 November 2019 Developer’s Event “BLOCKCHAIN: Creation of Multifirma services” from 10:50 AM — 2 PM.

Encrypted project calendar(November 17, 2019)

OKB (OKB): 17 November 2019 OKEx Talks — Lagos Join us on 17 Nov for another OKEx Talks, discussing the “Life of a Crypto Trader”.

Encrypted project calendar(November 18, 2019)

Maker (MKR): 18 November 2019 MCD Launch “BIG changes to terminology are coming with the launch of MCD on Nov. 18th Say hello to Vaults, Dai, and Sai.”

Encrypted project calendar(November 19, 2019)

Lisk (LSK): 19 November 2019 Lisk.js “We are excited to announce liskjs2019 will take place on November 19th. This all day blockchain event will include…”

Encrypted project calendar(November 20, 2019)

OKB (OKB): 20 November 2019 OKEx Cryptour Odessa Ukr “Join us in Odessa as we journey through Ukraine for our OKEx Cryptour!”

Encrypted project calendar(November 21, 2019)

Cardano (ADA): and 2 others 21 November 2019 Meetup Netherlands (AMS) “This meetup is all about how to decentralize a blockchain, the problems and differences between Proof-of-Work and Proof-of-Stake…” Cappasity (CAPP): 21 November 2019 Virtuality Paris 2019 “Cappasity to demonstrate its solution for the interactive shopping experience at Virtuality Paris 2019.” Horizen (ZEN): 21 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA. OKB (OKB): 21 November 2019 OKEx Talks — Johannesburg “Join us the largest city of South Africa — Johannesburg where we will host our OKEx Talks on the 21st Nov.” IOST (IOST): 22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key tech. OKB (OKB): 22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “

Encrypted project calendar(November 22, 2019)

IOST (IOST): 22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key tech OKB (OKB): 22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “

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submitted by liuidaxmn to u/liuidaxmn [link] [comments]

US Taxes, and Mining - How it affects and complicates your tax return.

This won't be a guide so much, as more as me just sharing the tax realities of the US government when it comes to cryptocurrency, and my feelings on the matter. I will be linking to a number of references and articles however. I encourage you to read further.
Ultimately what you do is between you, your conscience, and your government.
My personal perspective:
My understanding of the matter is that mining creates an absolute nightmare from an accounting perspective relative to tax reporting. So much so that the administrative "cost" of tracking what is needed, completely removes the incentives for me. This is expressly and even more of an issue for new altcoins, as online services set up to try to help with this problem have a delay in supporting less popular, or new coins, wallets, and exchanges.
I started getting into crypto in late December as it's a slow period at the office, and friends and family were starting to ask me about crypto. I was aware of crypto, but not the full intricate details. It took me a few hours to get mining, and a week to learn in depth knowledge of optimization. For me this was a hardware tweaking nerds dream, so I immediately understood the appeal. I got involved in this community, and wanted to share my knowledge. With only a few exceptions, the info that I was finding out there was quite fragmented, or poor quality. I created 2 Tutorials here in that time:
Tutorial: Mining and Wallets - A comprehensive guide for new miners
Tutorial: How to improve your Hash Rates with xmr-stak
Happy New Year! It's tax season
With the new year comes tax season. This is something that was on my mind, but I hadn't yet looked into as I was just becoming satisfied with the technical aspects of cryptocurrency and mining. Prompted by a post on /personalfinance and relevant to the surge in popularity with Bitcoin and others being in the news, I ran across this fantastic post:
Crypto-Currency: A Guide to Common Tax Situations
I'm going to barrow and expand on what this means specifically to mining here, but please read the above post, as well as it's reference links and discussions.
The United States IRS, and Cryptocurrency:
The US IRS considers cryptocurrency to be a property, and is taxed as such. This makes selling, exchanging, mining, and even using it in some cases to be taxable events. Buying and holding it forever may not even avoid you a taxable event, should the currency fork (BTC to BCH).
In 2014 the IRS published IRS Notice 2014-21 on crypto currency to provide guidance on the usage of virtual currency. It is done in Q&A format.
Specific to mining it states:
Q-8: Does a taxpayer who “mines” virtual currency (for example, uses computer resources to validate Bitcoin transactions and maintain the public Bitcoin transaction ledger) realize gross income upon receipt of the virtual currency resulting from those activities?
A-8: Yes, when a taxpayer successfully “mines” virtual currency, the fair market value of the virtual currency as of the date of receipt is includible in gross income. See Publication 525, Taxable and Nontaxable Income, for more information on taxable income.
Q-9: Is an individual who “mines” virtual currency as a trade or business subject to self-employment tax on the income derived from those activities?
A-9: If a taxpayer’s “mining” of virtual currency constitutes a trade or business, and the “mining” activity is not undertaken by the taxpayer as an employee, the net earnings from self-employment (generally, gross income derived from carrying on a trade or business less allowable deductions) resulting from those activities constitute selfemployment income and are subject to the self-employment tax. See Chapter 10 of Publication 334, Tax Guide for Small Business, for more information on selfemployment tax and Publication 535, Business Expenses, for more information on determining whether expenses are from a business activity carried on to make a profit.
What this means is that depending on the amount of effort you put into mining, it is either considered a hobby or a self-employment (business) activity. The IRS provides the following list of questions to help decide the correct classification:
As a rule of thumb, randomly mining crypto on an old computer is probably a hobby; mining full time on a custom rig is probably a business.
What does this mean for me and my mining??
Most of you are likely to fall under mining as a hobby, so you'll have to report your earnings Schedule A on line 21 of your tax return. If you have a multi GPU rig mining full or mostly full time, you're going to be classified as a business, you will report on Schedule C (and have more options for deducting costs), but I will strongly recommend those individuals consult a CPA.
Mining in a pool isn't well defined, but I generally consider the pool payout and coin sent to your wallet to be the point where your income is realized. Since this is to be reported as income (often referred to as "other income").
You then need to find what the value your virtual currency was relative to USD at the time that it was mined. This will mean you will have hundred, potentially thousands of transactions. From Dec 20 to the end of the year, I had over 100 payments from my mining pools. And will have to track the conversion prices for each time you were paid by your pool. This works very similar to shares of a stock acquired through ESPP or dividend reinvestment, except you are now the one that has to do all the accounting, as there is no brokerage firm to do that work.
Reporting the income is actually the easy part, once you've at least obtained the value for your currency at the point of being mined. Add up the total and add it to line 21 of your Schedule A and you're done, at least for now until you sell, trade, or spend.
Selling the coin to an exchange for FIAT is a taxable event for the calendar year in which it is sold. For each of the above shares you tracked as stated above, you will take the difference in value to when it was sold, and that difference is your profit, or loss, and you are taxed on that value as capital gains tax. You will also be listing each "share" sold on your return, I again group these as each transaction paid out. For example if your pool paid you 10ETN on 12/24/2017, you would have a line on your return reporting the USD value for 10ETN on 12/24/2017, and then the USD value of 10ETN for the date it was sold. You can consider it like owning 10 shares of stock in ETN, and each transaction or grouping of shares would be reported. If you received a faction, such as 0.4ETN as the entirety of the transaction, that would still have it's own line when reporting capital gains.
Swapping your ENT for BTC is also a taxable event, even if you don't cash out. This is subject to the same rules as cashing out.
Buying goods and services is also considered a taxable event, and the same as cashing out.
You can give ETN to someone, and it is not considered taxable, but may be subject to gift tax depending on the value of the amount gifted.
Conclusions
I am not a CPA, and thus not an expert, please do your own research. I wanted to bring this topic up as it is important, and for me it creates so much of a administrative barrier that I have stopped all mining completly. Reporting capital gains (especially for ESPP) can be a lot of work even with all the accounting done by your brokerage and employer. It may be possible in the future that software can automate a lot of this, high frequency trading has a lot of similar issues but since brokerages are still involved there's a lot of tracking already. I've looked at solutions like CoinTracking.info, however importing from ETN wallets is not currently supported, and so current options are just as manual as keeping a spreadsheet at the moment. Buying and selling through an exchange can be more easily automated for the generation of tax forms, should your exchange be supported (and Cryptopia is). And in general buying is done in larger blocks of ETN, so it is less lines to deal with, and values in USD at the time of inquiring to track. Mining on an pool with a high pay out may help a bit, but could also distort the IRS definitions since some of those coins would have been "mined" day's earlier and just held for payout. This is very much grey area.
Cryptocurrency Facts has a great article on this topic that provides a wonderful and simple break down of things.
If you're considering not reporting, or just not reporting your earnings and only doing capital gains, be warned. The IRS is increasingly looking at cryptocurrencies, and if you get audited, you will be in a world of hurt. Only reporting your capital gains can be problematic if you did not report your earnings. You will also have a hard time showing your profits if you do not track the value of the coin at the time you acquired it. Exchange information may be requested by the government, and you could get audited based on that. Random audits can and do happen and it may not even be for many years, but the can and will look at your past returns, and you will pay penalty fee's for under reporting.
submitted by BOFslime to ETNmining [link] [comments]

When to Stop GPU Mining.

The 7970 is, from what I can tell, the best $/(MH/s) and most efficient GPU miner out there. I didn't do all of the comparisons necessary though - so there may be one better.
The question is, at what point does bitcoin-mining on a 7970 no longer make financial sense?
This is really simple math, and I hope we can avoid a lot of this question being asked over and over again by showing how simple it is.
The following assumes a miner is receiving a roughly equitable share of its contribution to the network's hash power (ie through a pool, if you're GPU Mining or considering getting in to mining) these things will be true.
Variables you can edit.
That's it, actually. Everything else is just the protocol specification. So here we go...
Question 1: What is the daily cost of operation for a 7970 (not including the rest of the computer)?
Operating Costs = 0.0161 BTC
Question 2: How much of the network will I have to capture with my card to earn at least 0.0161 BTC per day?
  • The network yields approximately 3600 BTC per day (25 bitcoin / block * 6 blocks per hour * 24 hours per day)
  • 0.0161/3600 = 0.0004472%
Answer: The card must be capturing 0.0004472% of the total network to earn at least 0.0161 BTC per day.
Question 3: How big does the network have to be before the 7970 is no longer profitable?
  • The 7970 operates at a reported 650MH/s
  • This will remain profitable until 650MH/s is less than 0.0004472% of the total network.
  • 650(MH/s) / 0.000004472 = 145.3 TH/s
Answer: The 7970 will be profitable until the total network hashrate exceeds 145.3 TH/s.

Summary

This is just an easy maths model you can use to apply to any question you may have with regard to the 'potential profitability' of your current graphics card or even your potential ASIC purchase. If you know how much hashing power the card has, and what its power draw is, it is trivial to determine at what point your miner will no longer be profitable.
This is not a predictive model of when on the calendar your device will be obsolete, however. And one thing you may notice about the inclusion of the BTCUSD price in this model is that as BTCUSD goes up so will the costs of operation go down. If your power is cheaper than $0.15 or even free, it could last for a little while yet.
However, to give you a glimpse inside my crystal ball as it were, my models would suggest that a 7970 will be obsolete in the third or fourth week in April if BTCUSD were to maintain at $90 and power costs at $0.15/kWh.
Happy mining.
submitted by davosBTC to BitcoinMining [link] [comments]

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