So if your a normal user and hate GPU mining,get over it.Try this

[ljt]

Seti and folding at home are literally a complete waste of time and resources.

Show me one thing they have achieved?

If disease research needed processing power to solve problems we would have zero diseases. Unfortunately that's not the case.

Bill gates is already tackling the disease front for us and doing a much better job than any gpu farm would.

SETI I agree is not a good use of computational power, I don't know why it's been brought up as I've never mentioned SETI.

F@H I disagree, it has achieved things, I'm not sure why you say it hasn't, it definitely isn't "a waste of time", if you want to believe that, then that's your prerogative, but it's factually incorrect.

https://foldingathome.org/2021/01/05/2020-in-review-and-happy-new-year-2021/

Just some of the areas F@H has helped with last year, as you can hopefully understand, most of 2020 was focused on covid, so most of the projects it has helped with were to do with the spike protein, how to target it, and also the simulations run have shown how it's formed, and also another project looking at ways to target covids main protease in which anti-viral drugs can target this. Thankfully the work done on F@H has helped new drugs start trials.

If you want to dismiss that as a waste of time, then I can't really say much else to convince you or any other doubters in this thread.

I'll happily support F@H over mining and I won't be changing my mind any time soon, so I'll leave this thread now because I really don't have the time or motivation to keep going round in circles.

 

[Psycho Sonny]

SETI I agree is not a good use of computational power, I don't know why it's been brought up as I've never mentioned SETI.

F@H I disagree, it has achieved things, I'm not sure why you say it hasn't, it definitely isn't "a waste of time", if you want to believe that, then that's your prerogative, but it's factually incorrect.

https://foldingathome.org/2021/01/05/2020-in-review-and-happy-new-year-2021/

Just some of the areas F@H has helped with last year, as you can hopefully understand, most of 2020 was focused on covid, so most of the projects it has helped with were to do with the spike protein, how to target it, and also the simulations run have shown how it's formed, and also another project looking at ways to target covids main protease in which anti-viral drugs can target this. Thankfully the work done on F@H has helped new drugs start trials.

If you want to dismiss that as a waste of time, then I can't really say much else to convince you or any other doubters in this thread.

I'll happily support F@H over mining and I won't be changing my mind any time soon, so I'll leave this thread now because I really don't have the time or motivation to keep going round in circles.

So it never did anything useful as we are already being vaccinated and the drugs it helped are just going into trials.

Useless.

 

[FoxEye]

So it never did anything useful as we are already being vaccinated and the drugs it helped are just going into trials.

Useless.

So is Bitcoin Apart from a speculative asset/gamble.

Currently the transfer fee for Bitcoin is ~$10. In future the fees will be higher - they will have to be as a reward for mining, as the coin reward tends to nothing.

So you wouldn't want to use it as a currency to buy things

So really what is Bitcoin useful for? Purely to buy Bitcoin and gamble the fiat price will go up. The irony At least you can use fiat to buy a mars bar

 

[K1LaW8tt5]

So it never did anything useful as we are already being vaccinated and the drugs it helped are just going into trials.

Useless.

Seems you also fail to understand how research works. Is covid gone? Will the vaccine continue to work across all variants? Maybe we could also do with a more efficient vaccination that does not require 2 shots ?
Yeah stop all research and simulations we completed covid nothing more to learn.

 

[james.miller]

Seti and folding at home are literally a complete waste of time and resources.

Show me one thing they have achieved?

Are you for real? Is F@H's work on Alzheimer's, Cancer etc a joke to you?

 

[Psycho Sonny]

Are you for real? Is F@H's work on Alzheimer's, Cancer etc a joke to you?

Afaik cancer and Alzheimer's still haven't been cured.

 

[Psycho Sonny]

So is Bitcoin Apart from a speculative asset/gamble.

Currently the transfer fee for Bitcoin is ~$10. In future the fees will be higher - they will have to be as a reward for mining, as the coin reward tends to nothing.

So you wouldn't want to use it as a currency to buy things

So really what is Bitcoin useful for? Purely to buy Bitcoin and gamble the fiat price will go up. The irony At least you can use fiat to buy a mars bar

It's a store of value much like gold

 

[james.miller]

Afaik cancer and Alzheimer's still haven't been cured.

And influenzer hasnt be eradicated, so is all the work gone in to that redundant as well? balls to the jabs, eh?

stop being weird.

 

[gpuerrilla]

SETI I agree is not a good use of computational power, I don't know why it's been brought up as I've never mentioned SETI.

If you want to dismiss that as a waste of time, then I can't really say much else to convince you or any other doubters in this thread.

I'll happily support F@H over mining and I won't be changing my mind any time soon, so I'll leave this thread now because I really don't have the time or motivation to keep going round in circles.

Correct, totally agree. It spans over to those that are posting but are they contributing their resources when not needed to folding/research?

Before mining I was BOINC'ing there is a forum section dedicated to it, just check the stats we have on there. I will join you on the latter sentiment and agree with @weldon855 , this thread is not very useful as it encourages the haters to squabble ruining any useful discussion.

 

[FoxEye]

this thread is not very useful

I'm pretty sure it's a troll thread

And this might be the only thing we agree on

 

[decto]

My totally unprofessional read of it sounded like you are liable for income tax on the then value of the cryptoassets earned directly from mining. You are then liable for capital gains tax on the additional profit if you hold and sell in future.

As I understand, income tax is payable at current value of the crypto on the day it is paid into your wallet.
There is a personal limit of £1000 per year for 'other income' which you get tax free, above this it is taxable just like any other income. Tax rate is dependant on your total annual earnings... and I think you need to pay NI as well.
You can claim expenses/costs, however demonstrating which part of the electric was specifically for mining and 'wear and tear' on a GPU could be interesting.

If you buy and or hold mined crypto you are then subject to capital gains tax on any profit, the first £12000 per year is not taxable.
This is calculated on a per transaction basis, so if you convert ETH to BTC... and the price already went up, then that's profit to counts towards capital gains.

The good news is that when it crashes and burns you can at least consider these loss and potentially reduced your routine tax bill a little.

For most people mining a few £ on a single GPU, Tax is unlikely to be an issue, however for the larger scale miners, investors... when the bank reports you to the Tax Office in 5 years time as £30k appears in your account that you can't explain you can bet Mr or Mrs Tax man will be after you for the Tax owed, + interest + fines. I listed to a podcast the other day about fraud investigations and crypto... hard to hide what really happened when it's all there in the blockchain.

 

[Woodsta888]

It's a store of value much like gold

Gold is physical, a precious metal with many many uses. Bitcoin exists only digitally and is set up in a way so that now it takes ever more calculations to produce. AT the start you could mine many bitcoins in a day when they were all but 'worthless'. Bitcoin is a non physical item on a secure system, you can buy bitcoin or produce them but nothing physical exists. Just a shame it takes so much energy to produce something that doesn't actually exist in physical terms. It's only worth something as it has been marketed as an investment and to criminals as it doesn't make up part of the FIAT money system. At the beginning when they were worth nothing, I remember someone paying for a pizza - 30,000 bitcoins.

Even gold bullion now is oversold. If you invested in bullion where the vault holds it for you, if all the owners withdrew their gold, most vaults don't have a enough as they have sold the same gold many times over.

 

[Pablosammy]

It's a store of value much like gold

Gold doesn't rely on a transaction fee to sustain its value, as Bitcoin will in the future.

 

[Saltank]

So is Bitcoin Apart from a speculative asset/gamble.

Currently the transfer fee for Bitcoin is ~$10. In future the fees will be higher - they will have to be as a reward for mining, as the coin reward tends to nothing.

So you wouldn't want to use it as a currency to buy things

So really what is Bitcoin useful for? Purely to buy Bitcoin and gamble the fiat price will go up. The irony At least you can use fiat to buy a mars bar

So... use Litecoin, ETH, Bitcoin Cash or one of the many other altcoins that have actually had development on it, as opposed to BTC which is intentionally crippled

 

[Saltank]

I've tried to mine a bit of ETH for fun but it would seem the gigabyte 3080 vision oc has bad memory cooling and it's throttling, even at 52C and fans 80%-100%.

 

[K4Y84]

As I understand, income tax is payable at current value of the crypto on the day it is paid into your wallet.
There is a personal limit of £1000 per year for 'other income' which you get tax free, above this it is taxable just like any other income. Tax rate is dependant on your total annual earnings... and I think you need to pay NI as well.
You can claim expenses/costs, however demonstrating which part of the electric was specifically for mining and 'wear and tear' on a GPU could be interesting.

If you buy and or hold mined crypto you are then subject to capital gains tax on any profit, the first £12000 per year is not taxable.
This is calculated on a per transaction basis, so if you convert ETH to BTC... and the price already went up, then that's profit to counts towards capital gains.

The good news is that when it crashes and burns you can at least consider these loss and potentially reduced your routine tax bill a little.

For most people mining a few £ on a single GPU, Tax is unlikely to be an issue, however for the larger scale miners, investors... when the bank reports you to the Tax Office in 5 years time as £30k appears in your account that you can't explain you can bet Mr or Mrs Tax man will be after you for the Tax owed, + interest + fines. I listed to a podcast the other day about fraud investigations and crypto... hard to hide what really happened when it's all there in the blockchain.

This sounds spot on and was exactly my take when I researched it previously.

 

[RandomMonkeH]

Crypto mining - a complete waste of resources and energy - Something I would like to see banned under the CO2 initiatives.

 

[FoxEye]

So... use Litecoin, ETH, Bitcoin Cash or one of the many other altcoins that have actually had development on it, as opposed to BTC which is intentionally crippled

Yeah but why, when I can just use fiat? That mars bar is still 50p in the shops, and I can buy instantly it without waiting hours for a miner to validate the transaction Or paying a transaction fee. From a quick Google the average Eth transaction fee is currently $1. That makes the cost of my mars bar $1 + 50p, rather than 50p

These things are hailed as "next-gen money" but they have lots of drawbacks and seem to be absolutely useless for that role in everyday life.

Perhaps they have other uses but as currency seems a non-starter.

 

[Saltank]

Yeah but why, when I can just use fiat? That mars bar is still 50p in the shops, and I can buy instantly it without waiting hours for a miner to validate the transaction Or paying a transaction fee. From a quick Google the average Eth transaction fee is currently $1. That makes the cost of my mars bar $1 + 50p, rather than 50p

These things are hailed as "next-gen money" but they have lots of drawbacks and seem to be absolutely useless for that role in everyday life.

Perhaps they have other uses but as currency seems a non-starter.

I think BCH has 0-conf transactions and TX fees of less than 1p, which is why proponents of it keep going on about how they can purchase a coffee (or a Mars bar!)

 

[gpuerrilla]

I've tried to mine a bit of ETH for fun but it would seem the gigabyte 3080 vision oc has bad memory cooling and it's throttling, even at 52C and fans 80%-100%.

Yes. You need to apply your own thermal pads and it stops the throttling on the Memory chips. The overprotection kicks in and crashes your hashrate.