No real surprise that the illicit Bitcoin is rising higher. Higher prices drag more into mining in the hope that they can get a piece of the action. Unfortunately this leads to dilution as the trading ability of Bitcoin et al are very slow. There is not enough transactions to justify the larger numbers of miners.
Bitcoin et al are also completely unregulated. Direct trading is not practical at all. So regulated derivatives will be needed. Futures will not work as there is no deliverable. Same problem for options which also have deliverables. An exchange traded fund that owns a block of Bitcoin would be tradable with minimal dilution as inflation in Bitcoin is capped.
The frenzy of derivative digital coin trading has simply trashed PC gaming almost completely over the last 12 months.
One mining setup using several RTX 3090 cards is using oil immersion to cool the cards. This eliminates any resale value as no gamers would want a grease filled x-mining card anywhere near their rig. One had ten RTX 3090 cards while another had 75 cards. Unseen are Chinese mining rigs in Iran and Kyrgyzstan where power is very low cost. This is also where almost all of the gaming cards are holed up.
Kyrgyzstan is one of the poorest nations on the planet and they are considering imposing a tax on bitcoin et al mining. Back in July 2014, the government specifically banned cryptocurrencies from use within Kyrgyzstan. At the time, the National Bank of the Kyrgyz Republic provided a report where they had declared the use of SegWitCoin (BTC) or any other form of digital currency to be illegal and against the best interests of the country.
The poor nation has realized taxing them was the lesser of the evils. This tacit acceptance of crypto mining has led to a number of operations performing this task. In fact, it is believed that within the Kyrgyz Republic there are roughly 80,000 devices that are involved in crypto mining operations.
According to a recent report, the Kyrgyz government stands to earn as much as 300 million som ($4.2 million). That is a fairly substantial amount for a country whose annual budget is only about $1 billion.
The nation needs revenue and imposing the GST is expected to raise public revenue to allow the country to modernize somewhat. China sent in doctors when COVID-19 affected the nation and trained locals to help and vaccination has been ongoing using SinoPharm vaccines.
Iran has been under the heel of US sanctions since 1979. The US hates that the Revolutionary Army and the grand Ayatollah have constitutional authority. Spot the difference: Ayatollah and the Shaw. The Ayatollah should leave politics and return to religious matters which are more fitting for his position. Separation of mosque and state will prevent a caliphate from taking over.
Iran’s infrastructure has crumbled and blackouts and other outages are increasingly common. Iran probably needs to install a few new gas fired power plants to provide more power for the nation. Some new transmission lines would help balance the power loads too.
Iran’s state-owned electricity firm Tavanir announced back in January that it had shut down a large Chinese-Iranian-run cyber currency center in the southeastern province of Kerman because of its heavy energy consumption. The company reportedly was licensed to operate under a process the government had put in place to regulate the industry. Other unlicensed mining has been sought to be shut down as well. Reports of over 90,000 machines have been confiscated.
RX 6700 XT < RX 5700 XT FOR MINING
Several reports have come in stating that the RX 6700 XT is not as good as the older RX 5700 XT for digital coin mining. Hash rates have varied lately due to a lack of available work units.