Bitcoins - about to hit $5,000 per coin today!

[gib]

A bunch of of ETF applications have gone in very recently. They are in a race.

Grayscale will end up converting to an ETF I assume.

Correct, yes that's the plan for GreyScale.

[obsidian]

I guess these guys don't think GPU mining is going anywhere. They have balls or perhaps they know something others don't?!

https://www.coindesk.com/hut8-nvidia-mining-gpu-purchase

Hut 8 Buys $30M Worth of Nvidia’s New Crypto Mining GPUs

Hut 8 (HUT) has purchased $30 million of Nvidia’s new crypto mining-specific graphics processing units (GPU) to help the company expand into mining for other cryptocurrencies besides bitcoin (BTC, +3.43%).

Called a Cryptocurrency Mining Processor (CMP), the new GPU was launched earlier this year to target professional cryptocurrency miners. Nvidia introduced the GPU, in part, to steer those miners away from its other GPUs following complaints by the company’s core gaming customers frustrated by shortages caused by miner demand.

In the company’s Q4 earnings call, Nvidia CEO Colette Kress said she expected about $50 million in total CMP sales during the new product’s first quarter this year, per CoinDesk’s prior reporting. Hut 8 filled 60% of that target in one order.

The machines “open up new opportunities” for Hut 8’s plans for diversified revenue streams, said CEO Jamie Leverton in a statement. The new CMPs will add roughly 1,600 GH of power to the firm’s mining capacity, which it will use to mine alternate blockchains. Hut 8 expects full delivery and deployment of the CMPs this summer.

Allocating mining capacity to alternate blockchains like Ethereum “has been rewarded handsomely by public market investors as seen by the stock price of Hive compared to [its] Canadian-traded counterparts who have focused on Bitcoin to date,” said Ethan Vera, co-founder of Seattle-based mining company Luxor Technology, in a direct message with CoinDesk. Now Hut 8 wants some of the profit.

Shares of the Toronto-based company have gained 130% year to date to just above $7. Bitcoin has climbed 77% over the same period.

[obsidian]

I guess these guys don't think GPU mining is going anywhere. They have balls or perhaps they know something others don't?!

https://www.coindesk.com/hut8-nvidia-mining-gpu-purchase

Hut 8 Buys $30M Worth of Nvidia’s New Crypto Mining GPUs

Hut 8 (HUT) has purchased $30 million of Nvidia’s new crypto mining-specific graphics processing units (GPU) to help the company expand into mining for other cryptocurrencies besides bitcoin (BTC, +3.43%).

Called a Cryptocurrency Mining Processor (CMP), the new GPU was launched earlier this year to target professional cryptocurrency miners. Nvidia introduced the GPU, in part, to steer those miners away from its other GPUs following complaints by the company’s core gaming customers frustrated by shortages caused by miner demand.

In the company’s Q4 earnings call, Nvidia CEO Colette Kress said she expected about $50 million in total CMP sales during the new product’s first quarter this year, per CoinDesk’s prior reporting. Hut 8 filled 60% of that target in one order.

The machines “open up new opportunities” for Hut 8’s plans for diversified revenue streams, said CEO Jamie Leverton in a statement. The new CMPs will add roughly 1,600 GH of power to the firm’s mining capacity, which it will use to mine alternate blockchains. Hut 8 expects full delivery and deployment of the CMPs this summer.

Allocating mining capacity to alternate blockchains like Ethereum “has been rewarded handsomely by public market investors as seen by the stock price of Hive compared to [its] Canadian-traded counterparts who have focused on Bitcoin to date,” said Ethan Vera, co-founder of Seattle-based mining company Luxor Technology, in a direct message with CoinDesk. Now Hut 8 wants some of the profit.

Shares of the Toronto-based company have gained 130% year to date to just above $7. Bitcoin has climbed 77% over the same period.

For $30 million you can buy 16,666 RTX 3090 GPU's priced @ $1800  a pop. Though I doubt they would be able to get their hands on that many 3090s due to supply shortages. Which is why they settled for the mining cards.

16,666.666 RTX 3090's x 120 mh/s = 2,000,000 mh/s = 2,000 gh/s

[obsidian]

[Bindare_Dundat]

Never dropped below 50k. April will explode imo

[Teutonic Knight]

Correct, yes that's the plan for GreyScale.

Hey Vince , when will you travel to Aotearoa 

[gib]

[gib]

Hey Vince , when will you travel to Aotearoa 

Next on my list after my upcoming trip to Niberia.

[obsidian]

Damn Bitboy's crypto portfolio is over $10 million. Not bad! Must be a Getbigger!

[Teutonic Knight]

Next on my list after my upcoming trip to Niberia.

do you plan to learn the haka 

[Mayday]

Damn Bitboy's crypto portfolio is over $10 million. Not bad! Must be a Getbigger!

He doesn’t understand that bitcoins are not running out. There is always sellers. Price simply goes up the more people HODL but because each coin is divisible by 100M there is 21 quadrillion supply of BTC at satoshi level.

This is kind of where I have a problem with BTC. This guy has 10M and by year end he could be around 100M...... then in a very, very short time he will be a billionaire and the whales will all be trillionaires and the richest people on the planet. Hmmmmmm

I then take issue with the scarcity=Valuable argument. I understand supply/demand however the buyer determines whether something is valuable or not. Something can be scarce and worth fuck all. Something can be scarce and then regardless of how much more scarce you make it, value is capped determined by the buyer so you curb supply to work on the price ceiling the market will accept.

It just doesn’t feel right to me. Something has to go wrong lol.

[Flexacon]

Damn Bitboy's crypto portfolio is over $10 million. Not bad! Must be a Getbigger!

Too poor, too slim and too much of a pretty boi to be a getbigger.

[SOMEPARTS]

The smug, punchable faces on these knowitall crypto youtubers is enough to keep me away. 

[Bindare_Dundat]

Has eth 2.0 been delayed again? Any confirmation on this?

[obsidian]

Has eth 2.0 been delayed again? Any confirmation on this?

The layer 2 scaling solution called Optimism has been delayed. Uniswap 3.0 is going to use that. Basically the transactions will be confirmed off the blockchain to lower fees and improve speed. Proof of Work like Bitcoin and ETH 1.0 is a slow process with lower transaction speeds.

Optimism was supposed to be ready sometime in March and now they are saying no potentially July.

ETH 2.0 is something completely different and involves Proof of Stake. This is already up and running with billions staked in ETH 2.0. But everything is not ready to switch the entire Ethereum 1.0 network over to Ethereum 2.0. That's supposed to happen next year.

Also note that EIP-1556 where fees are burned has got nothing to do with Ethereum 2.0. It is just a plan to deflate the supply of ETH. It won't really reduce fees. That's what Layer 2 solutions like Optimism is for. There are other Layer 2 solutions for Ethereum also. Optimism is just one. Multiple Layer 2s will be used. Layer 2 is also proposed for Bitcoin.

[obsidian]

I agree with Bitboy. Shame on the Cardano community for badmouthing Ethereum 24/7. Ethereum developers are not doing this to Cardano. Cardano fans are like a cult. It's time to get out of something when it becomes a cult.

[Teutonic Knight]

U.S. should repay China debt with a bitcoin 

[obsidian]

U.S. should repay China debt with a bitcoin 

China owes USA for the Chinese CCP Virus. Forget about debt!

[Mayday]

The layer 2 scaling solution called Optimism has been delayed. Uniswap 3.0 is going to use that. Basically the transactions will be confirmed off the blockchain to lower fees and improve speed. Proof of Work like Bitcoin and ETH 1.0 is a slow process with lower transaction speeds.

Optimism was supposed to be ready sometime in March and now they are saying no potentially July.

ETH 2.0 is something completely different and involves Proof of Stake. This is already up and running with billions staked in ETH 2.0. But everything is not ready to switch the entire Ethereum 1.0 network over to Ethereum 2.0. That's supposed to happen next year.

Also note that EIP-1556 where fees are burned has got nothing to do with Ethereum 2.0. It is just a plan to deflate the supply of ETH. It won't really reduce fees. That's what Layer 2 solutions like Optimism is for. There are other Layer 2 solutions for Ethereum also. Optimism is just one. Multiple Layer 2s will be used. Layer 2 is also proposed for Bitcoin.

Cheers for your input on ETH mining. I learn more from your posts with 30s of reading than I do anywhere else.

[Mayday]

I agree with Bitboy. Shame on the Cardano community for badmouthing Ethereum 24/7. Ethereum developers are not doing this to Cardano. Cardano fans are like a cult. It's time to get out of something when it becomes a cult.

Something people need to consider is am I liking this coin because I want the price to go up and make more money or am I liking this coin because of it’s real world adoption?

When we get a sizeable pullback these people will mostly disappear for a while as they will get wrecked.

[Bindare_Dundat]

The layer 2 scaling solution called Optimism has been delayed. Uniswap 3.0 is going to use that. Basically the transactions will be confirmed off the blockchain to lower fees and improve speed. Proof of Work like Bitcoin and ETH 1.0 is a slow process with lower transaction speeds.

Optimism was supposed to be ready sometime in March and now they are saying no potentially July.

ETH 2.0 is something completely different and involves Proof of Stake. This is already up and running with billions staked in ETH 2.0. But everything is not ready to switch the entire Ethereum 1.0 network over to Ethereum 2.0. That's supposed to happen next year.

Also note that EIP-1556 where fees are burned has got nothing to do with Ethereum 2.0. It is just a plan to deflate the supply of ETH. It won't really reduce fees. That's what Layer 2 solutions like Optimism is for. There are other Layer 2 solutions for Ethereum also. Optimism is just one. Multiple Layer 2s will be used. Layer 2 is also proposed for Bitcoin.

Thanks man.
And EIP is starting in July, correct? This hasn't been delayed i hope 

[Bindare_Dundat]

I agree with Bitboy. Shame on the Cardano community for badmouthing Ethereum 24/7. Ethereum developers are not doing this to Cardano. Cardano fans are like a cult. It's time to get out of something when it becomes a cult.

Hes doing the same thing hes complaining about. he basically said if something doesn't change in April and Ethereum is still sitting at current prices, it'll be time to look elsewhere. Lol
These guys and their goofy thumbnail faces, it really makes crypto look ridiculous

[Theoak*]

It just doesn’t feel right to me. Something has to go wrong lol.

I said the same thing when btc jumped from 200 to 400, 400-800 then hit 1k in 2016. 7 years later im desensitized to these market swings. Ive never traded in stocks, bonds ETFs. Id assume they would be a walk in the park in terms of my mental frame work. 1-5% dips at worse lol.

They had a chance to kill this thing 10years ago. Each passing day the network grows stronger as do peoples resolve and their ideas become unshakeable.

If you said to me when I first purchased  btc I would be looking at a 35000%+ I would of laughed in your face. Double my investment is what I hoped for.

Your projections  of 500k+ in a smallish time frame  arent so laughable for the initiated.

[gib]

U.S. should repay China debt with a bitcoin 

No, they are smarter then that - they repay it with USD (which they can print infinitely). Bitcoin is our defence against that as the stealth apex predator of true store of monetary value of peace...

[obsidian]

Hes doing the same thing hes complaining about. he basically said if something doesn't change in April and Ethereum is still sitting at current prices, it'll be time to look elsewhere. Lol
These guys and their goofy thumbnail faces, it really makes crypto look ridiculous

To his credit he said he's not going to sell his 1000+ ETH if the price does not move much in April. He has $10 million plus worth of crypto and does not need to sell ETH if the price action is slow. But he is recommending for others that want to see immediate returns to sell their ETH if it does not make a move in April.

I personally wish I got into Theta and Terra 1 year ago. Did you see how much those two went up?! Theta is up 19,650% and Terra 13,676%!

An investment of $1,000 in Theta would have resulted in a profit of $196,500 in 1 year! $10,000 would have seen a profit of $1.965 million!