We already have a UBI: It's called Mining Crytocurrency

I will be posting my mining rig soon. Making $50 a week which after expenses is closer to $40. Just broke even on hardware this week. From here on in, it is operationally equivalent to a UBI.

When the nVIDIA card comes out, I will be adding those hoping to mine to the tune of $200 a week gross. The biggest problem (sort of) is that most motherboards don't support more than 7 PCI boards.
 
I hope the mining works out for you. I did some research into it years ago and the math doesn't really work for most people. You are competing with people that are literally set up next to power plants and dams.
 
There is no barrier to entry besides a little money and tech skills, so it comes down to power cost. I don't get subsidized electricity so for me mining would be a loser, pool or not.

Side thought, I wonder how long it will take for violent criminal types to start hitting these big miners. Right now it's mostly electronic criminals, but sooner or later it's going to carry over to real life. Having to secure your facility against infiltration or an armed assault will raise costs...proof of work is not a sustainable mechanism imo.
 
baggerlord said:
There is no barrier to entry besides a little money and tech skills, so it comes down to power cost. I don't get subsidized electricity so for me mining would be a loser, pool or not.

Side thought, I wonder how long it will take for violent criminal types to start hitting these big miners. Right now it's mostly electronic criminals, but sooner or later it's going to carry over to real life. Having to secure your facility against infiltration or an armed assault will raise costs...proof of work is not a sustainable mechanism imo.
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Where the heck do you live? The power costs for me "only" bite into 1/4 of the profit.
 
Are you accounting for equipment cost? Most are lucky to pay off the equipment due to constant difficulty increase from what I have read. I know there are tons of rigs for sale on Craigslist if that says anything.
 
baggerlord said:
Are you accounting for equipment cost? Most are lucky to pay off the equipment due to constant difficulty increase from what I have read. I know there are tons of rigs for sale on Craigslist if that says anything.
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Read the very first post.
 
I did my math a while ago when btc was much cheaper and I'm not really interested in doing it right now. I think these things tend to catch up quickly. Again I hope it works out well for you.
 
///Been following this thread. This might interest you////

"Mining was the one thing that could take him out of poverty. "You can feed a family with one ether rig. It's a fact.""

https://www.cnbc.com/2017/08/30/ven...ds-most-dangerous-places-to-mine-bitcoin.html

Jack.Yarn said:
It occurred to me that we already have one foot in the Universal Basic Income mode of thinking. If by a UBI we mean: getting money for no work done [forced labor by trading hours of your time for money] by an individual with no risk to him/her. Then getting a computer and mining for "bitcoin" and collecting certain amount of money per week, is already there.

What fascinates me is the vector from which it is coming, not from politicians, but as usual, by technological changes that eradicates outdated modes of thinking systems (economic, religious, etc) at an unprecedented rate.

Unfortunately, besides the small amount of tech-knowledge needed, it takes about $1,500 dollars to get started. And your electric bill will double monthly. In addition it takes about a month to break even assuming a hardware purchase is needed.

So that rules out the people that need it most. :(
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