thebiglebowski Posted January 25, 2014 Share Posted January 25, 2014 Anyone dabble? Thinking about it... Quote Link to comment Share on other sites More sharing options...
eight1echo Posted January 25, 2014 Share Posted January 25, 2014 I barely comprehend bitcoin, but from what I understand, starting to mine bitcoins now is virtually pointless unless you have an underground fortress of dedicated PCs running 24/7. jase 1 Quote Link to comment Share on other sites More sharing options...
catalinacaper Posted January 25, 2014 Share Posted January 25, 2014 I knew someone who started early and made a little bit of money off of it, but it's too big now, like olsvik said Quote Link to comment Share on other sites More sharing options...
thejesseb Posted January 25, 2014 Share Posted January 25, 2014 Yea I tried mining for a few days just using my home computer and it didnt amount to anything. Quote Link to comment Share on other sites More sharing options...
chefchino Posted January 25, 2014 Share Posted January 25, 2014 starting to mine bitcoins now is virtually pointless unless you have an underground fortress of dedicated PCs running 24/7. Quote Link to comment Share on other sites More sharing options...
thebiglebowski Posted January 25, 2014 Author Share Posted January 25, 2014 I had a friend tell me he is making $30 a week off it. Not someone I would expect to bullshit. That's why I asked. Quote Link to comment Share on other sites More sharing options...
thebiglebowski Posted January 25, 2014 Author Share Posted January 25, 2014 I also still have access to so e high powered computing at school. I'm sure they have ways to detect it though and I would get banned pretty quick. Quote Link to comment Share on other sites More sharing options...
jetsfan4ever80 Posted January 25, 2014 Share Posted January 25, 2014 I hear at this point the energy costs to mine far outweigh the gains. Quote Link to comment Share on other sites More sharing options...
thebiglebowski Posted January 25, 2014 Author Share Posted January 25, 2014 I hear at this point the energy costs to mine far outweigh the gains. Energy is easy to calculate. 10 cents per kW-hour, high end processor (biggest energy draw) is maybe 200 watts. So costs about 2 cents an hour to run. All ballpark numbers, but if you aren't making 2 cents an hour back, what's the damn point? Unknowns are the reduction in lifespan of your equipment and the actual return you can get from it. I appreciate the opinions, but hoping someone weighs in that is or has done this in the past. Quote Link to comment Share on other sites More sharing options...
eight1echo Posted January 25, 2014 Share Posted January 25, 2014 some links to consider http://blockchain.info/charts/miners-operating-profit-margin?timespan=&daysAverageString=1&scale=0&address= http://mining.thegenesisblock.com/ Quote Link to comment Share on other sites More sharing options...
AlexH. Posted January 25, 2014 Share Posted January 25, 2014 It's all about Dogecoin now. derrickcook19941, icecream, sjb2k1 and 3 others 6 Quote Link to comment Share on other sites More sharing options...
tooclosetosee Posted January 25, 2014 Share Posted January 25, 2014 I have a buddy who is into it. He is making around $300 a day or so. Starting to cash out. He just sold a couple of his miners for like $18K each and starting to get out of all of it. He told me that each one used like 80 amps or so. He has been in it for at least 2 years now and did it as a hobby and it has more than paid for itself. He said buying a miner now won't even pay itself off because it is so hyped and flooded now. Quote Link to comment Share on other sites More sharing options...
3arl Posted January 25, 2014 Share Posted January 25, 2014 Bitcoin is intriguing to follow but risky to actually get in to. I definitely think that is a step towards something larger, but that doesn't mean that Bitcoin will be "the thing". Someone is bound to improve off their concept of government-free unregulated currency. Quote Link to comment Share on other sites More sharing options...
radiatorhums Posted January 26, 2014 Share Posted January 26, 2014 A friend I have mines LiteCoins. He ended up buying a new GPU (~$200 investment) and dedicating his desktop to it. He said that the cost per day is about the same as leaving a light bulb on all the time. He went with LiteCoin because there are so many BItCoin miners these days that it's hard to actually make any money doing it. If you have a machine with a good ATI GPU (he mentioned Nvidia are garbage for mining), give it a shot. You probably won't achieve much with a run of the mill machine though. Quote Link to comment Share on other sites More sharing options...
icecream Posted January 26, 2014 Share Posted January 26, 2014 It's all about Dogecoin now. Came here to post this anthemforadoomed 1 Quote Link to comment Share on other sites More sharing options...
anthemforadoomed Posted January 27, 2014 Share Posted January 27, 2014 I barely comprehend bitcoin, but from what I understand, starting to mine bitcoins now is virtually pointless unless you have an underground fortress of dedicated PCs running 24/7. Totally this. As previously stated Litecoin and Dogecoin make infinitely more sense to try to mine than Bitcoin. You would spend way more on your energy bill than you would make back mining with BtC. Bitcoin is kind of like gold and Litecoin is like silver (you know in completely stupid irrelevant internet money). Litecoin is way cheaper and would probably be a better investment. Dogecoin is significantly cheaper than that. I have a buddy who is into it. He is making around $300 a day or so. Starting to cash out. He just sold a couple of his miners for like $18K each and starting to get out of all of it. He told me that each one used like 80 amps or so. He has been in it for at least 2 years now and did it as a hobby and it has more than paid for itself. He said buying a miner now won't even pay itself off because it is so hyped and flooded now. Not only that but all the companies that are making miners right now are getting in trouble for selling pre-orders for miners that they never ship because they aren't even close to being made yet. It's taken two years for one company to release their first batch of miners after their initial pre-order. That's a lot of dough to hand out and not get any return on. Quote Link to comment Share on other sites More sharing options...
thebiglebowski Posted January 27, 2014 Author Share Posted January 27, 2014 I was under the impression I could dedicate my (fairly high end) desktop as a miner. I guess I need to read more. Maybe won't even bother. The tone of almost every post is negative. I just didn't want to be the only one left off the money train... Quote Link to comment Share on other sites More sharing options...
anthemforadoomed Posted January 27, 2014 Share Posted January 27, 2014 Reddit knows all about this shit if you want to read up over there. Basically though, Bitcoin only makes sense to buy, mining is virtually impossible. Litecoin (as well as all sorts of other different kinds of coins) make more sense to actually try to mine. Bitcoin is the most expensive because it is the most well known, but when people read about it in the Wall Street Journal and consider investing and don't feel like paying $800 per coin (current BtC market price), and look at what else silly internet money has to offer, and see LtC trades at $22 per coin and increasing, it gets you more for less with a pretty bright future ahead. Quote Link to comment Share on other sites More sharing options...
brianmorgante Posted January 27, 2014 Share Posted January 27, 2014 So you're telling me I can electronically mine for fake internet money? konk 1 Quote Link to comment Share on other sites More sharing options...
anthemforadoomed Posted January 27, 2014 Share Posted January 27, 2014 So you're telling me I can electronically mine for fake internet money? Yes! Quote Link to comment Share on other sites More sharing options...
brianmorgante Posted January 27, 2014 Share Posted January 27, 2014 Good lord the future is about to get ridiculous. konk and sonsofvipers 2 Quote Link to comment Share on other sites More sharing options...
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