It is easily calculated; £90 profit a day using 4.5Kw requires a hashing power of about 600TH/s. A top end graphics card produces approximately 34MH/s. So you need approximately 17.6 Million graphics cards to get such returns using GPUs against Bitcoin. But when you have so many GPUs there is no way that only uses 4.5Kw.

To put it in context; in order to do that you would require six Bitmain antminers running all days everyday. They cost about £10K each as an investment. And each will use 3.2Kw.

If he really does that for with just 12GPU and only 4.5Kw that would be pretty awesome 👏 But sorry I’m to experienced in this field that I just don’t believe it as it would be defying science.

What do the graphics cards have too do with it?

Graphics cards are much better at fast calculations than an ordinary CPU. And when the difficulty of finding the next block was low they did a really good job. So they aren’t used to display graphics but purely for the calculations. But since the difficulty went up as it would over time, they simply aren’t powerful enough anymore. So specific optimised processors are now required.

Here is an example of how it has increased overtime. Switch it to alltime to get the overview.

https://www.blockchain.com/charts/difficulty

So for Bitcoin you’d really need a so called ASIC processor.

GPU is still good for others like ethereum classic. Which has gained a lot of value as well.

Bl4ckD0g wrote:

If he really does that for with just 12GPU and only 4.5Kw that would be pretty awesome 👏 But sorry I’m to experienced in this field that I just don’t believe it as it would be defying science.

I have had some money spare around 3 years ago and left it in a bitcoin and litecoin.

I recently cashed out after watching it go to almost nothing to a nice £600 profit.

I did mine with my gaming pc...but after costs it not really worth it for me.

The Bitcoin bubble is just like the derivatives bubble that burst or the Dot Com or the south Sea bubble or any in between.
Someone Starts with something that may or may not have value and sells shares or bits. The buyers talk it up and some sell for a small profit, the buyers talk it up etc etc etc.
At some point a small child shouts the king is in the altogether and pop.
Now if you can buy early and sell just before the pop then you will make money. The later you buy and the greedier you are the more likely you will be one of those left holding a burst piece of nothing letters not necessarily in the right order

The whole thing is a bit bonkers. Essentially blocks are created at regular intervals and stuffed with transactions. Those transactions need to be confirmed to be valid by a large number of 'miners' to be trusted - as you can't trust a single entity, the whole essence of bitcoin is distributed trust. Confirming the transactions requires a large number of participants but not a huge amount of compute. So to incentivise a large number of people to participate the system offers a large bounty to be first to solve an incredibly difficult but entirely arbitrary problem. That's what all the miners are trying to do and burning all those GPU cycles. It's a race to solve a problem of randomness. 2016 Skoda Octavia VRS Estate
<gone>2009 FF Vogue TDV8 Buckingham Blue</gone>
<gone>2015 BMW 520D SE (not my favourite car)</gone>
<gone>2009 D3 HSE Galway Green</gone>

Iceland has lots of Bitcoin mining data centres Got - 2017 SDV8 Autobiography in Loire Blue
Had- 2008 TDV8 Vogue SE in Java black
Had - 2007 S/C in Stornoway Grey

Usually located where geothermal power generation can be done, free electricity! BMW i3 Electric Car
2012 Full Fat RR 4.4 TDV8 (now gone)
2006 VW Touareg 3.0 TDi V6

Well following on from this I've checked binance and I'm up to $180 when I started at $50. Just hope it carries on going this way

Well the Tesla SEC filing did help. It would be nice if others follow Tesla’s lead!

Usually happens mate. You know what the world is like, soon as one firm do it they all follow the lead till it peaks and then it dies off with no real benefit

I disagree with the no real benefit very strongly. There is real utility and it has been running for years in some cases. I’ve been on the BSI committee for the ISO working group in the UK. Am also on a Dutch/EU funded panel. And before Corona hit done several Erasmus lectures as a guest lecturer regarding real world applications and use cases. Scratch beyond the “gold rush” and “when moon” boys and girls and look at the technology. It’s real and out there.

Apple next after Tesla, that will truly make the sector explode and create many more retail millionaires. And FOMO will well and truly kick in.

Seems that the FT disagree that bitcoin will be taken up by other companies just yet

https://www.ft.com/content/13540c65-5a9e-41d0-866e-215b2dd2e03c 2011 TDV8 Vogue SE

They are entitled to their opinion Like many of the banks and central banks they've been extremely slow to recognise what is really happening. I'm sure they'll change their opinion and write another article about it as that is what they do and how they make their money