Anybody bitcoin mine?

Xavier

Xavier

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I read up on it and sounds like its semi tough to do right now. Used to be you could do it with a computer, then a computer with a decent gpu. Now you have to make a rigg with a raspberry pi and a asci board, uses lots of electricity.

Further investigation and it looks like a bunch of the gears price is tied to the value of the bitcoin and it'll take about a month with the right equipment to make your money back. Then that gear shortly will become outdated and won't produce much.

Anybody do this recently and it worked out for them...or not? Any pointers suggestions? Guess there's message boards just for this but you know..
 
Mac91

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I don't trust it.

With normal currency, the more the government prints, the less it is worth.
With bitcoins, the more people mine, the harder it is to mine. If mining increases to a certain point, won't there be a point where the maths problem will be impossible to solve?
How is the value regulated?

I wonder how much you could get when you could mine with a normal PC.
 
El Maricon Loco

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From what I read about it a year ago, I wouldn't even fux with it. Buy hardware, get disappoint.
 
ebinsugewa

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If anyone is still trying to mine for bitcoins they're an idiot. They're about three to four years late on that train. If you want to be involved, you could probably speculate on BTC options, or get involved with trading one of the smaller coins. There's scrypt multipools if you want to spend money on ASICs, but I don't know why you would bother really.

Markell1991 said:
With bitcoins, the more people mine, the harder it is to mine. If mining increases to a certain point, won't there be a point where the maths problem will be impossible to solve?

How is the value regulated?

I wonder how much you could get when you could mine with a normal PC.
Click to expand...

Yes. As difficulty increases and reward decreases, there's no reason to mine eventually.

Like any currency, some function of how much utility it has to buy things combined with the supply of existing coins and the difficulty to procure them.

Literally nothing if you're CPU mining. CPU mining was outclassed by GPU mining almost immediately.
 
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F4U57

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That boat left the port ages ago.

Learn Forex and dabble in Binary Options.
 
kahel

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I modified a few Neo Geo X to mine for bitcoins ... I should be getting a coin in a million year and it probably gonna be created improperly!
 
NeoSneth

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Bitcoin train has indeed already left if you want to mine them now.
I dabbled with it just to learn how it all works. I was able to get a few coins during that time. I did get an ASIC early on which really helped. It is still technically profitable, but most miners are stealing electricity from somewhere to offset the costs. Giant ASIC rigs are making the difficulty scale far too quickly.

There's already a movement against the Bitcoin 1%.


If you want to learn about cryptocurreny, your best bet right now is Litecoin or Dogecoin....yes Dogecoin. These are SCRYPT based which means you can still GPU farm if you have an AMD video card. They will soon be replaced by SCRYPT asics, but they are not here yet. Litecoin is second to BTC in the market. Dogecoin is kind of a joke, but the reddit community takes it seriously. I've traded Dogecoin on reddit for Steam codes for example.
 
Xavier

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ebinsugewa said:
If you want to be involved, you could probably speculate on BTC options, or get involved with trading one of the smaller coins. There's scrypt multipools if you want to spend money on ASICs, but I don't know why you would bother really.
Click to expand...

That what it seems like I hear others say when I found threads like this one. They mine litecoins or whatever and trade them in for bitcoins. From what I've heard about it in the past I've been worried about a intervention from the fed/government/bankers shutting it down. It's starting to sound like its here to stay and not going away. Yeah I was considering getting an asic and doing a multipool.
 
Xavier

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NeoSneth said:
Bitcoin train has indeed already left if you want to mine them now.
I dabbled with it just to learn how it all works. I was able to get a few coins during that time. I did get an ASIC early on which really helped. It is still technically profitable, but most miners are stealing electricity from somewhere to offset the costs. Giant ASIC rigs are making the difficulty scale far too quickly.

There's already a movement against the Bitcoin 1%.


If you want to learn about cryptocurreny, your best bet right now is Litecoin or Dogecoin....yes Dogecoin. These are SCRYPT based which means you can still GPU farm if you have an AMD video card. They will soon be replaced by SCRYPT asics, but they are not here yet. Litecoin is second to BTC in the market. Dogecoin is kind of a joke, but the reddit community takes it seriously. I've traded Dogecoin on reddit for Steam codes for example.
Click to expand...

At my workshop I rent I get free electricity but I only have a couple circuits and wouldn't want to get greedy, they'll jump my rent, also the place got broken into around Chritmas. I'm an NVidia guy myself, so am I screwed on the gpu mining for litecoin? Amd just kicked Nvidia's ass out of the marketplace on these last couple console systems, and they have a bad business strategy, I think they may be toast.
 
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NeoSneth

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well Nvidia has higher quality shader cores. It just so happens that the AMD cards have many more parallel cores which help with crytpomining.
 
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Tripredacus

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I've got a notebook set up to mine Dogecoin. It's been going for almost 2 weeks now.
 
Cylotron

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I've seen ads on Craigslist of people who used to. Systems they spent like $2,000 on & no longer have a need for them. Offering them for half off(some even cheaper). Good news apparently if you're looking to buy a fancy desktop for cheap
 
ebinsugewa

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Xavier said:
From what I've heard about it in the past I've been worried about a intervention from the fed/government/bankers shutting it down.
Click to expand...

How? That's basically the entire point.
 
Darklighterx

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Better luck with BJs for a nickel.

Bitcoin boat has sailed.
 
S

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Isn't it still depreciating ever since the Silk Road bust?
 
NeoSneth

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SNKorSWM said:
Isn't it still depreciating ever since the Silk Road bust?
Click to expand...

It did reset a bit, which was needed. Bitcoin is inherently very volatile. The $1000/btc is unreasonable, but it's holding around $600 now.

There's a very real concern because these miners have a lot of money invested in hardware based on the existing price.
 
S

SNKorSWM

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Well, there's nothing that backs its value. Even the Fed tells people to treat it as "property" rather than "currency".
 
Adderall

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SNKorSWM said:
Well, there's nothing that backs its value. Even the Fed tells people to treat it as "property" rather than "currency".
Click to expand...

its value is in the protocol and the innovation built on top of it. the TCP/IP of money!
 
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