Electrical wiring question

[roadhunter]

Am I the only one who doesn't understand what mining an internet currency entails?

As far as electrical no problem on the neutral current in that situation. The first time I wired a welder plut I was astonished to find no neutral. Then I learned how it works.

If you really want to blow your mind try 3 phase. Just switch any 2 wires and the motor will switch directions. It's fascinating to a novice like me. Next project is a 25 HP rotary phase converter.

 

[bdog]

Here is a decent video that explains it Bitcoin Mining Explained - YouTube

 

[buickanddeere]

rotary convertors are a piece of history from the bad old days when there was nothing better to make do with on the cheap. Now we go with a lower cost and more efficient variable frequency 3 phase drive supplied by single phase. Allows current limiting, torque limiting, start and stop ramping, reversing and variable rpm.

 

[LD1]

I am fairly confident this is *not* true. We did that, and my inspector made us disconnect/tape off one or the other (cannot remember for sure which, but I'd bet on it being the ground rod). I'd be asking the inspector about this one.




I believe this to be true though and agree with this. Ground loops/radio hum/etc.

Your inspector is an idiot.

 

[LD1]

I don't understand Bitcoin mining either. Wouldn't it seem the more people that do it, the less money you can make?

 

[gary49]

Hope you meant 6/3 with ground. Sub panel will need a separate ground bar to meet code. If you were running to a separate structure, three conductors would be enough, you would need a ground rod or equivalent grounding electrode and the neutrals and grounds would be on the same bar with the bonding screw in place. Separate building is considered to be another service.

 

[bdog]

Yes 6/3 with ground.

 

[bdog]

I don't understand Bitcoin mining either. Wouldn't it seem the more people that do it, the less money you can make?

Yes and no. The algorithms are such that a new bitcoin is mined every ten minutes. It self adjusts making the difficulty harder when more people mine or as technology gets faster. So when more people do it they are harder to get but the price of them seems to go up accordingly. Right now it takes over $1000 of electricity to mine one. The bitcoin network as a whole consumes something like 45 million kilowatt hours a day. It is kind of like mining for gold - it takes money to get it.

If you try and mine on your own it would take forever to get a bitcoin. People join pools and they all work together and when one is found they split the profits.

The best miner on the market is the antminer S9. These cost about $3,500 each right now but at current prices will get you about $16 a day while consuming about $4 of electricity. $12 a day net will pay for the miner in about ten months and then you profit $360 a month going forward. Amazing returns but the price of bitcoin is volatile and as more people mine they get harder to mine which will reduce profits.

If things hold together long enough for me to recoup my investment I figure everything after that is gravy. Sure would be nice to have $2,160 a month rolling in from some computers sitting in the corner.

 

[LD1]

It's not just the mining. I have a hard time understanding the whole concept.

You aren't actually mining anything "physical"

Just some imaginary thing someone came up with out in cyber space.

So when you "find" a bit coin...you really found nothing.

And who pays? Why? Why would anyone want a bit coin? Other than the foil hat types?

Just don't understand the craze and fad. And with computers ever-changing, and getting faster and faster....what you anticipate to payoff in 10 months.....by then your tech will be dated, coins getting harder to find so it might take you even longer to break even....

Just don't get it. Good luck, I am sure you know what you are doing. But Id hate the thought of investing thousands in some make-believe fad

 

[bdog]

I agree it is a hard concept to accept. These bitcoins have been going nearly ten years now though and currently have a total market value of around 70 billion. When it started out it was definitely some tin foil hat computer nerds but now it is really gaining widespread acceptance.

The whole thing is based on the fact these coins are super secure, can be transferred to anyone anywhere for cheap, and are limited in supply. They are controlled by the individual that has them with no middle man involved in the transactions. They really help facilitate a global economy. I could send 100k to someone in China if I wanted to practically instantly for less than $5. It also appears to be gaining in value vs the USD because its limited supply vs the dollars they are printing non stop.

True it was just made up by someone but it has a huge following now.

I am not trying to sell anyone on it please don't misunderstand me I am just trying to explain it.