Connect with us

Ethereum

Regrets — Ripple’s CTO sold 40,000 Ether for just $1 each

Published

3 Monaten ago

on



Ripple’s Chief Technology Officer, David Schwartz, has revealed that he and his wife decided to make a “derisking plan” for their crypto investments in 2012 — resulting in eight-figures worth of missed profit at current prices.

In a series of tweets published on October 11, Schwartz revealed that he sold 40,000 Ether (ETH) for $1 each back then — a stash that would be worth more than $15.5 million at today’s prices.

The Ripple (XRP) executive also said that he regretted selling a significant sum of Bitcoin (BTC) for $750 and a large trove of XRP at $0.10, but did not reveal the volume of the sales.

Schwartz revealed his early conservative downsizing while responding to Twitter user ‘PbuzzXr’ who claimed that “anyone pushing XRP while derisking is exit scamming” in a wide ranging thread.

The user, who was not speaking about Schwartz specifically, added: “You can’t go around trying to build faith in others for XRP while you yourself have no faith in it and feel derisking it is your best option.”

Ripple’s CTO emphasized that his decision to derisk in 2012 was informed by the fact he is “a risk averse person with people who depend on me financially and emotionally.”

“Fate caused me to put a lot of eggs in one basket […] The risk is very high in the entire cryptocurrency space. I’m just too rational to pretend otherwise and suggest others do the same.”

Last week, Ripple’s co-founder and executive chairman, Chris Larsen, criticized the United States for failing to keep up with the likes of China, Singapore, and the United Kingdom in fostering crypto innovation, hinting that the company may soon relocate from the U.S.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Deine E-Mail-Adresse wird nicht veröffentlicht. Erforderliche Felder sind mit * markiert.

Ethereum

Crypto enthusiasts could make $122K per year mining Ethereum with this setup

Published

37 Minuten ago

on

Dezember 29, 2020

By



Simon Byrne has taken at-home crypto mining to a whole new level as he looks to capitalize on Ethereum’s (ETH) enormous price potential. 

As first reported by Anthony Garreffa, Byrne has set up an ETH mining rig consisting of 78 GeForce RTX 3080 graphics cards. Although the RTX 3080 is marketed toward high-end PC gamers, crypto miners are using these powerful specs to enhance their capabilities.

With each card using roughly 300W of power, Byrne’s setup uses 23.4KW of energy. And that doesn’t even factor in associated costs like AC. All said, his electricity bill is estimated to run up to around $2,166 per month.

The RTX 3080 launched in September at a price of $699, but supply shortages have caused the per-unit cost to swell to $1,199. At the shortage price, that’s a price tag of $93,522 for Byrne’s setup.

Still, these costs could be offset by the operation’s mining capability. One GeForce RTX 3080 graphic card has a hash rate of around 83MH/s using Ethash, which should generate roughly 0.22236870 ETH per month, according to Garreffa. All 78 cards would therefore generate 17.3 ETH per month, which is equivalent to around $12,352 at today’s prices.

Stripping away the electricity costs, that’s roughly $10,200 per month or $122,000 per year. And that’s not factoring in Ethereum’s price potential during the next bull market.

Ether’s price zipped past $700 over the weekend, the first such move since mid-2018. The return of altseason, as some have predicted, could send ETH’s price even higher over the medium term as investors cycle from Bitcoin to other large-cap cryptocurrencies.