It should work for people who know how to build and fix a computer, and then download and install a program, set a few settings and follow a couple of directions, and then start earning BTC via Nicehash.
If you want to know what happened to those guys ;
Probably a nice invention, but bad management.
Hereās their last year statement :
https://find-and-update.company-information.service.gov.uk/company/07888332/filing-history/MzMxNDc4OTMyMWFkaXF6a2N4/document?format=pdf&download=0
Still making losses. Probably still thinking they getting rich.
Itās nice as a hobby.
For me, who looks at it as an investor, your answers are not satisfying.
Someone who knows how to install and maintain it. Also most motherboards used military grade components and can last a good 10-15 years in some cases. The electric can be paid by what is mined.
Some charities/foundation invest/donate larger amounts for longer periods for no profit.
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My answers would satisfy someone who wants to mine crypto and be paid in BTC as they realise BTC could be worth a lot more in the future. You donāt want to consider everything about crypto so no my answers wont satisfy you.
I always ask people to refrain from using this expression because usually it means cheap and unreliable. You should go into the military for a few years and get back to me on that.
That aside, I would love to see a charity take care of such a thing as a charity is not profit oriented and could do the mining.
I feel sometimes like I have to pull the information out, but I think we are looking at the same thing from a very different angle.
Actually Iāve over explained more than I need to in this thread, so you havenāt had to pull info out youāve just ignored the 7 or 8 times where Iāve explained the same thing. Your narrative seems more important to you than actual fact.
If crypto was in fact a scam then that is what I would be here saying.
NFTās are a scam. Thatās a fact.
Bitcoin legalisation made El Salvadorians poorer. FACT.
Your answers about your hobby arenāt near what is required for explaining a profitable business. FACT.
Sorry you donāt have the business skills but I am happy you get some money out of your hobby to pay for your debts.
That sounds very much like you trying to spread misinformation, Aaron.
Either that or you are very bad at understanding peopleā¦
āGadget thinks it could be both
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Yes, the value of BTC El Salvador owns is lower so currently they have lost some value.
But they still have the ability to mine BTC using geothermal energy which is good, This is a good use of renewable energy and great and unique scientific achievement. stop being so hard on them they seem to be trying hard.
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ANd I hope one day the people in El Salvador will be able to live in better circumstances. I think we both hope that. Wether thatās going to happen is a whole other thing. But we can hope for the best.
But who? How does this person know how to install and maintain it, is their time worth anything or will they offer their services for free? Certainly if they are themselves poor then they probably canāt afford to, as their time would be better spent working, or if they are to be paid out of the mining income in the same way as the electricity, how much profit is actually left?
It is good that they can use geothermal energy rather than a dirty energy source, although whether it is a good use of energy is much more debateable. Unfortunately it isnāt a unique scientific achievement as datacentres have been mining in Iceland for over 10 years using geothermal energy.
It also again raises the question as to how the poorest will benefit from it. If the mining is of any significant level then it is likely to require large upfront investment which means that it is again those that already have money that are gaining, so in the absence of investors giving away their profits there is unlikely to be any wealth sharing.
I agree with the sentiment that wealth should be shared to enable everyone to live in better circumstances, and a solution needs to be found. However I donāt believe that a scheme reliant on burning huge amounts of energy to complete random calculations, particularly given the current state of the planet, is a sensible option for worldwide finances.
I guess anyone who owns a gaming pc with an 8 GB GPU. As long as they know how to read and have a desire to earn crypto Nicehash will show them most of what they need to know. From my experience it took me 5 minutes to start mining when I only had 1 GPU. Once the mining process is running you just have to keep an eye on the temperature of the GPU and system and do the same things you would do if you were running a video game at full system load.
Most gamers are already used to tweaking settings on their GPUās so this really wonāt be anything new, gamers understand overclocking and underclocking which is a useful skill to have if you are a GPU crypto miner. So what Iām trying to say is the skillset for GPU mining is already present. It will be great to see young gamers in poor communities leading the way here.
This is why it has to be a government type of effort in order for low income people to benefit from it. I also think it will help modernise rural type areas in the world due to the need of an internet connection. We already know there are a few companies working on Satellite internet connections which seems cheaper these days.
According to the latest steam survey 67.26% of all GPUs used have less than 8Gb of VRAM. Its also likely that the distribution isnāt even worldwide so almost certainly in poorer countries there is generally lower spec hardware in use.
Itās starting to look like we have very different views on what constitutes poverty, since Iām not sure that i would classify someone in the top 33% of pc specs as living in poverty, particularly with current gpu prices, and returns to my earlier comment that mining allows someone already with money to make more.
In the poor section of El Salvador?
āEl Salvador is the fifth-poorest country in North America with a per capita GDP of $4,131. El Salvador has a small elite population that became wealthy through the countryās coffee and sugar production. On the other hand, about 40% of the population falls below the poverty line.ā
āGadget questions who you think will be using or mining BTC
This raises another issue, all of this talk has been about people harnessing GPU power to mine, but they wont be mining BTC because it isnāt profitable with a GPU, so their only option is to mine alt coins for speculation or sell their hashing power.
So while they may receive payment in BTC, their income is actually reliant on the value of other cryptocurrencies, with BTC continuing to be mined using ASICs by those with the money the afford them.
You could be reading the data wrong, more people than ever on steam could be using their 8 GB GPUās to mine crypto since gamers have a good understanding of GPUās and then using a lower spec GPU for gaming. I actually use 4GB GPUās for gaming now any 8GB I own is used for mining. To support my point AMD has made the RX 6500 XT a 4GB VRAM card on purpose so it is useless for mining.
The situation isnāt perfect, it never is. Hopefully more well off El Salvadorians will get together with young gamers and raise money for a community mining project and hopefully inspire some of them to raise money for a family mining project.
I can say this though, whoever owns lots of 8gb GPUās New or 2nd hand will get some good trade in El Salvador.
Nicehash enables someone with a gaming PC with an 8gb GPUās to mine a crypto currency like Ethereum but be paid in BTC. So it isnāt as expensive as you think to obtain BTC through crypto mining.
Ah, and how many didnt made money, and never will?
Because for 1 millionaire, there must be a lot of people who do not make millions, but actually throw their money to the million that the milionaire will get.
If he can actually get it, because if he sells btc, its price will drop, so the gains for everyone else drop massively, and who exits first when its on the top, with a lot of assets, he gains, the rest is holding bags, and waits for virtual value to rise again, so they can exit themselves.
Its how it works.
Not all of them will make it, it is technically impossible on speculative asset that is just keeping value because of a myth, myth that can be broken. And its a myth that its actually something more than gamble. Or that it will always rise in value in long run.