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First and foremost I know little to nothing about BTC. That being said, I noticed some major moves this week in BTC related stocks. Anyone in some? Looks like the halving is Monday. I picked up some calls this week in RIOT just as some lottos. staggered dates $3 strike
Halving? So 1 bitcoin will turn into 2? The bitcoin bulls said there was always going to be a limited supply.
I know little about this honestly, but I believe it has to do with the rate at which BTC can be mined. And yes, like you my understanding is that there is limited coins, it won’t change and they will be basically all collect in 4 years...?? Again I don’t know enough, but no denying the run on BTC related stocks last week.Quote:
Originally Posted by boneil
I see BTC dumped last 24hours so I may have some worthless calls, but that’s why they are lottos ; )
It's not a coin split. It's an increase in the difficulty to mine the Bitcoin. (Requires more computer power.) It's scheduled and known, but yet the market is reacting some in both ways.
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Originally Posted by wbrown
Okay, so why mine it then?
Still profitable. If I remember right, the last time Bitcoin halved was when it went crazy back in 2017. Makes it harder to mine so they are worth more. I would love to see another wild ride like it was back in 17.Quote:
Originally Posted by boneil
I didn't realize it was still profitable to mine. I wonder are the people who quit their jobs to mine when price was over 15k, are they still mining and making a living?
I would assume as long as you have all the equipment, it's just a matter of letting it run and making money at this point. It costs them electricity to run their computers. Not sure if anyone is making a living off of it unless they have a large setup.Quote:
Originally Posted by boneil
I know next to nothing about BTC. What is mining?
I would think it's pretty much only the largest farms that are mining in enough quantity to come out highly profitable. I guess a small rig in someone's house might make them a few hundred bucks a month profit after expenses.
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Originally Posted by Bsktball55
check out $RIOT. That’s where I bought calls. They were on sale today
Well those lottos may actually be worth something if this continues....
Yeah, looks like itQuote:
Originally Posted by haftafish22