ChronoBasher posted:

As far as I can tell no - its the same crap. They argue that it is less environmentally damaging since you aren't running GPUs/ASICs 24/7, just minimal HDD reads - but I don't think they foresaw the idiots dumping thousands on hardware and turning it into a SSD/CPU race to see who can fill up those terabytes faster. So the whole environment angle falls apart.

They have a dev platform called Chialisp or something - but sounds basically like ETH were people can build apps on top of the Chia block chain woo hoo?

ChronoBasher posted:

... but I don't think they foresaw the idiots dumping thousands on hardware and turning it into a SSD/CPU race to see who can fill up those terabytes faster. So the whole environment angle falls apart.

scopes posted:

A handful of people made a bunch of money during the dot-com boom, a great many more lost a great portion of or their whole asses, and the whole drat time were there trumpeting assholes farting out insults that you were a moron if you didn't get on board.

Here in the bitcoin years we aren't even getting any useful or interesting infrastructure out of the craze, just a completely irrational and disgusting abuse of resources to prop up a speculative bubble, super cool

Beef posted:

Both. My take is that it make sense to do it on a small scale at home for space you already have left over, but never to go out and actually buy hardware for it.

Effort post: There are two parts to chia mining, creating the plot and farming it.

Creating a plot involves writing hashes to about 2x the plot size, then sorting those for fast lookup. That creates a ton of read/writes, which eats away at the drive durability. It's a lot faster to do that on an SSD. Consumer SSDs aren't really made for that kind of sustained work. The reported run for enterprise SSDs is likely because of miners wanting to quickly create a lot of plots. Or they expect that there will be demand for plot creation services.


Farming a plot only takes a handful of reads every few minutes to see if you won the lottery, so you can leave it on some unused HDD space. You can just delete plots or move it to cold storage if you need the space.

In both cases it seems dumb to get any hardware specifically for that purpose. The marginal gain for drawing more in the lottery is stupidly small. And as you said, you might not even keep the drive long enough to make it worth it.


It make some sense to make a few plots for that unused NAS space at home, but not enough to buy drives for it. You just treat the farming it as a small lottery.

IF Chia takes off and IF you are running a datacenter that overprovisions storage and IF you have a cheap tape come storage system, then it would maybe make sense to get some extra SSDs for Chia plot creation.

A Real Hologram posted:

Made 5k (pre-tax) on BTC in 3 months risking up to 35k at a time. Swing trading - way too much anxiety — all was done with full knowledge (I’m dumb) that one day the house of cards will fall.
Sold it all at 58.3k Friday night and pulled the cash back to checking.
I dodged a bullet, glad I’m back in dirty fiat. Time to find something boring to invest in. Muni bonds? Beanie babies? Gold?

Paladinus posted:

You insert money into your CD-ROM and tax collectors handle the rest.

ChronoBasher posted:

As far as I can tell no - its the same crap. They argue that it is less environmentally damaging since you aren't running GPUs/ASICs 24/7, just minimal HDD reads - but I don't think they foresaw the idiots dumping thousands on hardware and turning it into a SSD/CPU race to see who can fill up those terabytes faster. So the whole environment angle falls apart.

They have a dev platform called Chialisp or something - but sounds basically like ETH were people can build apps on top of the Chia block chain woo hoo?

Stealthgerbil posted:

Maybe instead of just DBAN-ing old client drives, I should just plot chia with them lol

Knot My President! posted:

i'm also mining ethereum on my 3090 by idling it at like 68% power and making like $300/month. my electricity bill also dropped 40% because I stopped playing games. i guess gamers are an environmental hazard

Shumagorath posted:

That math doesn't work...? 68% of 24/7 is equivalent to 16.32/7. Assuming the GPU is using a small amount of power when at 0% load, that means you were gaming enough to fully load a 3090 for 16 hours every day. I don't think that even checks out if your CPU and PSU are from 2011.

quote:

Saying "check out my NFT!" is the fastest way for an artist to flag themselves for pvp

Rufio posted:

I'm trying to imagine wtf is going on in that house if gaming is 40% of the electric bill

Rufio posted:

I'm trying to imagine wtf is going on in that house if gaming is 40% of the electric bill

Shumagorath posted:

That math doesn't work...? 68% of 24/7 is equivalent to 16.32/7. Assuming the GPU is using a small amount of power when at 0% load, that means you were gaming enough to fully load a 3090 for 16 hours every day. I don't think that even checks out if your CPU and PSU are from 2011.

ChronoBasher posted:

As far as I can tell no - its the same crap. They argue that it is less environmentally damaging since you aren't running GPUs/ASICs 24/7, just minimal HDD reads - but I don't think they foresaw the idiots dumping thousands on hardware and turning it into a SSD/CPU race to see who can fill up those terabytes faster. So the whole environment angle falls apart.

Knot My President! posted:

I'm unironically considering moving like 10g into stablecoins on Celsius because wealthfront is 0.1% APY rn to Celsius's 10% but i have no idea how crypto taxes work

like if i put 10g and make 1k/year from it, how is this all taxed if at any point I decide to withdraw it? I heard that crypto appreciation is taxed as capital gains but USD coin is always $1? this is the first time in my life i can comfortably say I have money to play around with and now between learning what 401k's are and stuff I'm all like

i'm also mining ethereum on my 3090 by idling it at like 68% power and making like $300/month. my electricity bill also dropped 40% because I stopped playing games. i guess gamers are an environmental hazard

xtal posted:

https://www.globaltrends.us/2021/05/at-age-of-27-creator-of-ethereum-became.html

This guy is quite odd

Armitag3 posted:

Now this is a blockchain I can get behind.

catspleen posted:

Going well for chia.

Blotto_Otter posted:

This is almost certainly true and also illustrative of the fact that every bit of this crypto"currency" poo poo is being churned out by people who don't have a loving clue about the history of money or finance or economics, or anything at all other than smelling a get-rich-quick opportunity


If you don't see any issues with loaning your assets to uninsured, unlicensed, unregulated pseudo-banks that are promising to pay you unusually high interest rates, I'm not sure your knowledge of taxes is most immediate problem. If this is the first time in your life that you have money to play around with, you should be warned that you are very much playing with that money if you give it out as high-rate loans to unproven and questionably-regulated not-banks. Lend large amounts of money outside of the conventional banking system at your peril.

For what it's worth and assuming you're American, interest received on loans is typically ordinary income that you'd have to include on your tax return as you earn it, and a real bank would give you a 1099-INT at the end of the year that tells you how much in interest you need to add to your tax return for that year. (A quick googling suggests that "Celsius Network" plans to give you a 1099-MISC instead of an -INT, which makes me wonder if they've got some funny legalese somewhere to describe the "loans" you make to them and the "interest" they pay on you as something other than that.) Only interest earned is taxable, the return of principal back to you is not taxable. (If they go under before you get your principal back, the amount of that you could take as a loss against your taxable income is dependent on whether or not "Celsius Network" qualifies as a "bank, credit union, or other financial institution", and lol at digging into that question.)

The other tax concern is how you're handling your mining income, as the tax treatment for that is different from buying/selling. If you mine crypto, you're supposed to show the value of that crypto as of the day you mined it as ordinary taxable income. If you later sell that crypto, then the difference between that initial value at time of mining and the value at the time of sale is a capital gain or loss.

Knot My President! posted:

I see plenty of issues with it. I have a degree in economics. But if the last ten years have taught me anything it's that nothing regarding crypto makes sense by traditional economic standards. It's not a currency, it's not an asset, it's not backed by anything, blockchain is a dumb concept, etc.-- but at the end of the day, it keeps going up. Crypto's value is solely the demand people have for crypto. It's pokemon cards you can trade for heroin. It can crash any day now. However, after my 401ks and IRAs and all expenses and my savings and checking buffer and whatnot I have money I'm willing to play around with. The wager is whether that 10 grand will reduce to 0 in the next year and I'm comfortable taking that risk. If I weren't, I'd keep it in an insured account with a 0.1-0.2% APY growth rate with the rest of my money.

Thanks for the info on the taxes and whatnot-- I'll wrap my head around it and see if it's still worth it versus just padding another account

Matryoshka SexDoll posted: