Oddbean

Could you elaborate on what you mean by “yield” and “transaction fee insurance” for someone who is skeptical but open minded to home mining? I think when you say “yield”, you are referring to either newly issued bitcoin and/or transaction fees earned by a mined block. I also suspect “transaction fee insurance” may either refer to lowering the effective transaction fees one pays over their lifetime due to block rewards offsetting the costs, or just the fact that when you successfully mine a block that contains your transactions you effectively pay no transaction fees. I think you are arguing that if a home miner makes use of energy sources that are already expended in their living space such as heaters then you can effectively get free bitcoin lotto tickets (ie chance to win block rewards). My concern is that to use such energy sources in a way that does not increase energy demands (significantly or at all) then the probability of successfully mining blocks will be too small to matter of a long period of time. I want to be wrong, so I would love to hear your thoughts to why this is not the case.

I will explain mining yields in detail with a much longer note. It's a good opportunity to showcase my permaculture approach to Bitcoin mining and the progression of home mining here at the homestead. https://i.nostr.build/EYLl.jpg The most surface level yields from Bitcoin mining are the sats and the heat. https://i.nostr.build/mB4G.jpg I mine with a FPPS pool which pays out sats proportional to the hash I contribute to the pool regardless if the pool finds a block or not. The FPPS pool structure is good for my situation because my hash is intermittent. My miners are only running when I need them to do work for me or when I have extra solar power. https://i.nostr.build/JYjr.jpg The mining I do is transaction fee insurance because as the fees to transact on the network increase the amount of Bitcoin I mine increases proportionally. If I can't delay transactions until fees are more favorable the extra sats I'm earning from mining will subsidize the transactions I make during periods of high fees. https://v.nostr.build/Zn4k.mp4 I don't think of the sats I earn from mining as free but more of a rebate on the cost of power usage from the work performed by my miners. Because I use an FPPS pool I don't need to expend extra energy in order to guarantee a payout. I get paid out proportionally to the hash I contribute at the time that I'm hashing. If I'm hashing I'm getting paid. https://v.nostr.build/zeGd.mp4 I hope this clears up some of your questions when comes to yield, transaction insurance, and payouts when it comes to mining at home. Once again I am working on a longer for note that will breakdown home mining yields through the lense of permaculture. #homesteading #permaculture #permies #meshtadel #selfsovereignty #bitcoin #bitcoinmining #homemining #homeminer #plebminer nostr:nevent1qqspysh2hpcm2n5qq9jnxj7vnwzgt634mwnemwmpvr4nauvuhzzp79spr4mhxue69uhkummnw3ezucnfw33k76twv4ezuum0vd5kzmp0qgs9qn4yv2cxx7gysxnwugfennvu20jyvfr4azd9um9ydq4z879qn3srqsqqqqqp6nlgw7

This is worth your time to read. nostr:nevent1qqspnqsk4dyt6xmz4n737mafqw00xmc4gxucw9699sr0u3tqaw6cj4spzpmhxue69uhkummnw3ezuamfdejsygzdqg7wnh7htflnqadcarsggqytu9ap7agvvw6auus7dmug8tw8v5psgqqqqqqs8h04g6

Is FPPS KYC? I'm coming back to this thread. Would you mind if I picked your brain about this issue more? I feel overwhelmed with the amount of information and difficult on where to even begin and your approach is what I'm looking to do

There are certainly fpps pools that are kyc free. I use Lincoin pool which only requires email and offers paynym payouts so there is better privacy with withdrawals too. For anyone looking to get started I recommend getting an S9. No need to be in a hurry, taking small steps and learning gradually will prevent making costly mistakes. For me simply having the S9 in my hands made all the difference when it came to finally taking the steps to figure it all out.

Thanks I look forward to future posts! I also like the use of the permaculture lens on your activities. I'm also glad you talk about intermittent mining. We have an old octapus furnace in our basement, which operates via thermosiphon rather than forced air. It originally burned coal, now fuel oil. I've tested it with wood as well. The plan would be to hook a miner up during winter to supplement our masonry heater.

Thank you for your explanation of yield and transaction fee insurance! You describing how you use the miner when you need heat or when there is excess energy from solar really hammered home the idea of thinking of home mining as a way to leveraging energy that you already need to expend for your home rather than increasing energy costs to mine. I also appreciate you describing how this can be accomplished in practice through a FPPS mining pool so that you can still earn when you do mine while respecting your energy usage patterns. I look forward to your future post about this subject!

@rev.hodl is showing the way to #homestead in a digital world. Reminds me of settlers taking new virgin territory. A fundamental new way of subsistence is emerging before our eyes. This revolution is not broadcasted on TV. But on nostr. Respect 🙏 nostr:nevent1qqspnqsk4dyt6xmz4n737mafqw00xmc4gxucw9699sr0u3tqaw6cj4spzamhxue69uhhyetvv9ujuurjd9kkzmpwdejhgtczypxsy08fmlt45leswkuw3cyyqz97z7slw5xx8dw7wg0xa7yr4hrk2qcyqqqqqqgdw6rs9

I will be on Plebchain Radio with @QW this Friday to discuss how we can be pioneers in our own backyards. Thanks for the support @CiderMaker! I'll do my best to continue to broadcast the revolution. nostr:nevent1qqsrpnuh60r0gtyzt49nxvurm4t3q7aekrdf0anlwk545de2sud3jtspzamhxue69uhhyetvv9ujumn0wd68ytnzv9hxgtczyzj5m7zn2de2jh8tvrtnt35gdpafzktm4slzw9qk74p2djhqht5zuqcyqqqqqqgxe75y8

The revolution will be broadcasted! nostr:nevent1qqs8zljqlezmrjkkyp20245uqstd8kqq7t4jeqqu3dglagdf76azqqspzamhxue69uhhyetvv9ujuurjd9kkzmpwdejhgtczypxsy08fmlt45leswkuw3cyyqz97z7slw5xx8dw7wg0xa7yr4hrk2qcyqqqqqqgvkndku