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I don't get it. Why would they rent the hashrate to you and let you profit, instead of cutting of the middleman (you) and take the profit themselves?
You buy the hash rate from big mining farms. In essence, you are providing them with a loan (in Bitcoin), they pay you back in hashrate. For them, it may be useful at times to get paid upfront, even if it costs them a percentage. It helps stabilize their income in a notoriously volatile environment.
i've always enjoyed his content in general, the past months it's all been the anti-spam stuff and now bip 110 stuff.
now im not versed enough to really have a hard view on it, but i can say i enjoyed his content before much more, but it is what it is.
out of curiosity, what is your main criticism of his content? did you always dislike or has his recent stance affected your view?
I first watched one general-purpose video; it was just long-winded and bland to me (also, lacking deep technical understanding), but to each their own.
I then watched a video where he went after Gloria Zhao; that one was deeply disturbing. His sick obsession with her and the character assassination he viciously performed tell me everything I needed to know about him. For someone who claims to want to protect kids, he does not hold the same standards for other human beings.
My guess is that he does not believe half the shit he spews.
He used to sell trading courses. Someone who sells trading courses does not care about their customers, because they know that they will get fucked day trading. But it makes him money.
He probably started his BU channel with similar yet less harmful intentions (teaching bitcoin is better than teaching day trading), but then realized he amassed more clicks by making controversial videos. Queue the CASM/CP, anti-woke, anti-core, puritan, pro-BIP110 slop.
There is a difference between the block party, where indeed, you only make money if they find a block during those 18 hours, and the market place where you buy a certain amount of hash rate, and the profit you make is set at the time of buying. There haven't been any lots to buy in a while, though.
And for your second question, the parties haven't found a block just yet.
I'm curious about this too. The impression I had is that you would expect to lose a little bit, although you can get lucky of course.
any good guids how how to get started? also, if you dont mind, on average, how many sats are you putting in and getting out?
Depends on the lot for sale, but a few million sats at most. And I make a few percent on what I put in. Pool fees can easily kill the margins though, so it was more out of love in some cases. I didn't lose money. To start, best is to ask your questions in the telegram group. I'm just a regular user.
thanks for the insight, i might have a go, need to learn more first
(The other pool that pays you over lightning is Ocean, but I don't trust them anymore)
I liked their mission of decentralized mining, but some of the people in charge have shown themselves, imo, to be bad actors.
It's subjective. You're probably safe in using them. I'd probably avoid them when the bip110 mess comes up in September (?).
I refuse to watch Kratter slop, but I have bought hashrate a few times with Rigly. And I did get paid over lightning using Braiins. Braiins cut wasn't that small, so in the end I was making a 2-3 percent profit.
As we speak, I have a few sats in play on the biweekly block parties from Rigly. Increased chances of mining a block by joining hashrate (both bought hashate as well as people linking their own hardware).
So, yes, I'd say hash renting (buying?) is legit.