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Thread: Bitcoin Mining

  1. #1

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    WiggleWiggle dclamp's Avatar
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    Bitcoin Mining

    Anyone bitcoin mine?

    I am considering getting into it. $500 for an ASIC miner with an estimated $250/month payout depending on the luck and pool.

    Not bad for free money
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  2. #2
    type Woss is new Grumpy; wossname's Avatar
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    Re: Bitcoin Mining

    No. Just no. Do not do this.

    It is several years since the mining efficiency threshold was passed by. It now costs more than 1 bitcoin in electric bills to mine 1 bitcoin.

    Bitcoin is deliberately designed to be resistant to improvements in hardware power over the years. This is what gives bitcoin it's intrinsic value. They are hard to get and therefore they are valuable.

    The whole thing is a huge scam.
    Last edited by wossname; Jul 7th, 2015 at 02:43 PM.
    I don't live here any more.

  3. #3
    Super Moderator Shaggy Hiker's Avatar
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    Re: Bitcoin Mining

    I'd say: Go for it anyways. Even though I believe Wossy is right, where would we get wool from if not from the fleeced?
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  4. #4
    PowerPoster SJWhiteley's Avatar
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    Re: Bitcoin Mining

    Quote Originally Posted by wossname View Post
    ... It now costs more than 1 bitcoin in electric bills to mine 1 bitcoin.

    ...
    Extension cords and a neighbors house. If you are gonna get fleeced, you may as well fleece someone else.
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  5. #5

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    Re: Bitcoin Mining

    We have solar panels on my house that produce more energy than we use; we are feeding back into the grid most of the time. So there will be no lost profit toward the cost of power.

    Are there any other objections?
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  6. #6
    Super Moderator Shaggy Hiker's Avatar
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    Re: Bitcoin Mining

    Well, if you aren't being reimbursed for the surplus power you are feeding back, then there wouldn't be any cost. If you are being reimbursed, then the economics are the same regardless of whether your electric bill goes from -X to 0 as opposed to going from X to X+N.

    However, it's a geeky thing to do, which I'm generally in favor of. I've just heard that this is a an increasingly losing proposition, and what Boss Woss stated was only the tip of the iceberg. Mining bitcoins was never intended to be a way for people to mint money, so it was designed to keep diminishing the returns. You may make your money back, you may not, but don't be doing it for the money. Keep in mind that if this really was a free lunch, there'd be so much competition that you'd never have a chance. So, if you have a chance....then there's a reason for it, you just may not know what it is, yet.
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  7. #7

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    Re: Bitcoin Mining

    Well the majority of it is the geek factor for sure. Making money is just a benefit of it, if it happens. If i make back what it costs to run the machine, even if it just pays for the machine, then I will be happy.

    I am more interested in learning how it works and just tinkering with it for the most part. The fact that there would be zero extra cost for electricity is just another benefit. And yes we do make money back when we are producing for the grid.

    I am not going to jump into it without getting feed back and researching a little more. Especially since an entry level machine costs about $500 + PSU
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  8. #8
    PowerPoster techgnome's Avatar
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    Re: Bitcoin Mining

    I looked in to it a few years ago... decided against it. Main reason cost - it really takes a dedicated machine... the payout isn't very quick, it takes a long time to run the algorithm that generates the bitcoin codes. Meanwhile what you end up with is bitcoins that... well... are bitcoins... as far as I know there isn't a common exchange rate - like any other commodity, it varies... a quick check shows that it is "trading" at $266/bc .... which means your "payout" each month is a bitcoin... one lousy bitcoin.

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  9. #9

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    Re: Bitcoin Mining

    You are able to exchange fractions of bitcoin as well. I think it could be a fun hobby. But I also might want to buy a 3d printer instead. #LifeOfAGeek
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  10. #10

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    Re: Bitcoin Mining

    I was watching a guy who was explaining ASIC miners and he some how got 5 for free. It must be nice being a online personality sometimes... review my product and I will give you free ones...
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  11. #11
    PowerPoster SJWhiteley's Avatar
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    Re: Bitcoin Mining

    Sounds like a cool thing to do, really. A good experiment to have a solar powered bitcoin miner...
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  12. #12
    Wall Poster TysonLPrice's Avatar
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    Re: Bitcoin Mining

    The price of a bitcoin spiked Wednesday soon after trading on the New York Stock Exchange was halted because of a technical glitch. One bitcoin was trading just below $268 when trading was halted at 11:32 a.m, according to the Coindesk bitcoin index, a bitcoin-price aggregator. It quickly shot up to a session high of $272.26 before trimming its gains slightly. The exchange has said that trading was halted because of a technical glitch. It has yet to resume. Bitcoin was up slightly on the day ahead of the halt. It was last up 1.9% on the day
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  13. #13
    Super Moderator Shaggy Hiker's Avatar
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    Re: Bitcoin Mining

    Well, if DClamp wasn't able to actually sell his bitcoin, that could be considered a miner inconvenience.
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  14. #14
    Wall Poster TysonLPrice's Avatar
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    Re: Bitcoin Mining

    Quote Originally Posted by Shaggy Hiker View Post
    Well, if DClamp wasn't able to actually sell his bitcoin, that could be considered a miner inconvenience.
    I agree...a little bit.
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  15. #15
    Super Moderator Shaggy Hiker's Avatar
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    Re: Bitcoin Mining

    When deciding whether or not to get this device, you should figure out how much you can realistically keep it running. A bitcoin miner doesn't gain you a thing if it isn't running, so you probably want to also invest in some kind of a battery backup. After all, a mine is a terrible thing to waste.
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  16. #16

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    Re: Bitcoin Mining

    Electricity in my area is pretty reliable. When we are not running off the solar, we are using power from the grid.

    A Bitcoin miner would go through a battery backup in a few minutes, probably less. Unless I had a room sized UPS. It would likely have 100% uptime assuming the pool I am connected to does not fail or lose connection.

    Another option is Cloud Computing. I looked at one company that is offering it, and didnt care for their contract. They move their equipment if the cost of electricity gets go high. They do not disclose their locations. In the end, I would make more buying my own miner and being a part of a pool
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  17. #17
    Super Moderator Shaggy Hiker's Avatar
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    Re: Bitcoin Mining

    Quite being so serious when I'm busy setting up puns!!!

    Besides, it isn't THAT expensive. It would be nothing more than a miner investment.
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  18. #18
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    Re: Bitcoin Mining

    You'll want to take your time digging around and before you pick, axe questions. You don't want to get shafted. But if there is a silver of a change why not? What I'd like to know is if bit coins are finite ore not. That's one of the hallmarks of a steady currency, there's a finite amount of that currency, which is what helps them to keep their value. You don't want it to be all in vein.

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  19. #19
    Super Moderator Shaggy Hiker's Avatar
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    Re: Bitcoin Mining

    There are lots of expenses, so be sure to adit all up before you decide. That mining could be a lode to bear, if you set out to mint some money and ended up just coining a bit of a phrase.
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  20. #20

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    Re: Bitcoin Mining

    Quote Originally Posted by Shaggy Hiker View Post
    Quite being so serious when I'm busy setting up puns!!!

    Besides, it isn't THAT expensive. It would be nothing more than a miner investment.
    I don't mine the puns, I am just trying to get bits and pieces of information from everyone to make a solid decision. I don't want to dig myself into a financial hole and waste money.
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  21. #21

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    Re: Bitcoin Mining

    Quote Originally Posted by Shaggy Hiker View Post
    There are lots of expenses, so be sure to adit all up before you decide. That mining could be a lode to bear, if you set out to mint some money and ended up just coining a bit of a phrase.
    That was good.
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  22. #22
    Super Moderator FunkyDexter's Avatar
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    Re: Bitcoin Mining

    Coal!

    Sorry, I couldn't thnk of one.
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  23. #23

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    Re: Bitcoin Mining

    Not everyone strikes gold with their puns, unfortunately. Shaggy must be part of that mysterious underground punners guild.
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  24. #24
    Wall Poster TysonLPrice's Avatar
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    Re: Bitcoin Mining

    Quote Originally Posted by Shaggy Hiker View Post
    Quite being so serious when I'm busy setting up puns!!!

    Besides, it isn't THAT expensive. It would be nothing more than a miner investment.
    I agree! Shaggy Hiker is the gold standard of pun making and I was about to strike gold with mine. A little bit of humor is good for the soul. Sometimes mine are better then his but rarely. Strip away humor and we are lost.
    Please remember next time...elections matter!

  25. #25
    PowerPoster SJWhiteley's Avatar
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    Re: Bitcoin Mining

    Quote Originally Posted by TysonLPrice View Post
    I agree! Shaggy Hiker is the gold standard of pun making and I was about to strike gold with mine. A little bit of humor is good for the soul. Sometimes mine are better then his but rarely. Strip away humor and we are lost.
    Are we talking about one legged fish, now?
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  26. #26
    Wall Poster TysonLPrice's Avatar
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    Re: Bitcoin Mining

    one legged fish
    I'm missing the reference?
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  27. #27
    Super Moderator Shaggy Hiker's Avatar
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    Re: Bitcoin Mining

    I have a punning clan.
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  28. #28
    type Woss is new Grumpy; wossname's Avatar
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    Re: Bitcoin Mining

    Quote Originally Posted by Shaggy Hiker View Post
    I have a punning clan.
    Your avatar looks like a pineapple.
    I don't live here any more.

  29. #29
    Super Moderator Shaggy Hiker's Avatar
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    Re: Bitcoin Mining

    Says the cat.
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  30. #30
    Super Moderator dday9's Avatar
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    Re: Bitcoin Mining

    Looking back on this you’d have roughly a 5718% increase in the valuation of Bitcoin.

  31. #31
    Junior Member wossy's Avatar
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    Re: Bitcoin Mining

    Quote Originally Posted by wossname View Post
    No. Just no. Do not do this.

    It is several years since the mining efficiency threshold was passed by. It now costs more than 1 bitcoin in electric bills to mine 1 bitcoin.

    Bitcoin is deliberately designed to be resistant to improvements in hardware power over the years. This is what gives bitcoin it's intrinsic value. They are hard to get and therefore they are valuable.

    The whole thing is a huge scam.
    Nobody should listen to this guy, he's a complete crackpot and probably has illegal shares in the CIA and the Illuminati.

    His handsome demeanor should be disregarded, also.

    Edit: Can someone lend me $15,000 please? I'm asking for a friend you see...
    Last edited by wossy; Nov 12th, 2020 at 04:13 PM.
    On the bright side, I've still got pessimism and despair to fall back on.

  32. #32
    Super Moderator Shaggy Hiker's Avatar
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    Re: Bitcoin Mining

    Well, he's certainly looking pretty hirsute.
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  33. #33
    Super Moderator FunkyDexter's Avatar
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    Re: Bitcoin Mining

    Looking back on this you’d have roughly a 5718% increase in the valuation of Bitcoin
    True, but you'd have made it from investing rather than mining. I wouldn't have, though, because I've been predicting it would collapse for years
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  34. #34
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    Re: Bitcoin Mining

    Quote Originally Posted by FunkyDexter View Post
    I've been predicting it would collapse for years
    it will at one point. so keep going.
    but for now, its worth to note that there had only been 5 days in history where bitcoin was worth more than today.

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