Is anyone Mining for BitCoins ?
- Thread starter acotut
- Start date
i remember a year ago they were at 1$ and people were having trouble breaking even just from power costs, amazing its at 13$ now was 5$ last time I checked. It really is an unstable currency I think especially since something can cause it to drop just as easily as it rises.
I personally wouldn't go for it because I find it to be some sort of "bubble" currency. It just keeps raising every time I look at the prices, it'll "pop" sooner or later and be worthless. There's nothing to back it up either, it's only worth it's current amount because people want it. It's pretty useful though I guess because it's untraceable 
However, as far as mining goes, you would need to get some serious computer power in order to even be able to mine a single coin. I looked into it a few months ago, but it's far too technical for me and the cost of electricity to run the computer(s) is astronomical.
However, as far as mining goes, you would need to get some serious computer power in order to even be able to mine a single coin. I looked into it a few months ago, but it's far too technical for me and the cost of electricity to run the computer(s) is astronomical.
Patel
Senior Member
- Mar 1, 2011
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Its actually at $20 today
partymarty4870
Elite Member
- Jul 7, 2010
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it got up to about $28 a while ago.
When I heard about them they were at $12, but it took me about 4 days to get an account set up and I bought at about $21. I think I sold them for an average of $24.
In truth I think I'd have preferred to go to the casino - I didn't enjoy my bitcoin trader experience one bit(coin)
When I heard about them they were at $12, but it took me about 4 days to get an account set up and I bought at about $21. I think I sold them for an average of $24.
In truth I think I'd have preferred to go to the casino - I didn't enjoy my bitcoin trader experience one bit(coin)
Patel
Senior Member
- Mar 1, 2011
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Yeah, I am wondering the same. I feel like it can be a safe investment, but I am not sure how stable the markets are considering most of bitcoin trading is not technically legal.
Like what if everyone just tries to cash out at once? Will Bitcoin survive the popular trend if there is economic instability?
What do you guys think
Amsterdammer
Power Member
- Aug 9, 2011
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^^ Only X amount of coins. Demand for those can increase and decrease and this causes price fluctuations. Heavy ones even.
If everybody wants to sell, prices drop. At a given point nobody wants to sell at those low prices and prices stabilize. People see low prices, know it will rise again or need them so prices rise again.
Very much like stocks actually, but more safe.
If everybody wants to sell, prices drop. At a given point nobody wants to sell at those low prices and prices stabilize. People see low prices, know it will rise again or need them so prices rise again.
Very much like stocks actually, but more safe.
LOL-Blaster
Regular Member
- Aug 29, 2012
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How can it be more safe than stock?
Amsterdammer
Power Member
- Aug 9, 2011
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Lets say I invest in a bank. Some banks don't know their core business and fudge up, go bankrupt. I could invest in car stocks, but the economy can fluctuate and demand can put a company out of business.
By cooperating fully with usa law enforcement Bitcoin ensures it won't be raided. It is anonymous, but up to a point. Just using bitcoins doesn't gain anonymity but it helps.
Bitcoin is saver than stocks imho, could be wrong of course.
The big downside is the fluctuations tho.
MaverickonRoids
Senior Member
- Jun 3, 2012
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I too saw the BT price at $12 not too long ago, so if I or anyone else got in at that time, and sold their stock today, they would have made a pretty penny. But I have never went through the trading process as you have, so not sure if it would have been actually worth it overall.
- Apr 25, 2011
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Acotut, I started experimenting with it today.
I'm running one bot on my PC (think its a dual core Celeron), it's doing about 5 mhashs/s.
And one bot on a new build - intel i5, 8gb ram gtxi 650. That's doing between 50-70 mhashs/s.
I've joined a pool at deepbit, but I have no idea what the above equates to in monitory terms.
I did hear of someone the other day buying up lots of hardware at my local IT store, so perhaps there is money to be made?
You got any further yet with your investigations?
I'm running one bot on my PC (think its a dual core Celeron
), it's doing about 5 mhashs/s.And one bot on a new build - intel i5, 8gb ram gtxi 650. That's doing between 50-70 mhashs/s.
I've joined a pool at deepbit, but I have no idea what the above equates to in monitory terms.
I did hear of someone the other day buying up lots of hardware at my local IT store, so perhaps there is money to be made?
You got any further yet with your investigations?
- Apr 25, 2011
- 19,849
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From what I understand the margins are quite low so I don't know if it would be possible to make money after factoring In hosting charges...
- Apr 25, 2011
- 19,849
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Just done some testing on a new PC I built - has a radeon 6870 which does around 280 mhash/s.
Even at this rate, I worked out it would only make about $7 per month (in a pool), and electricity would cost around $40 per month, and PC would cost around $22 per month (finance).
I think the only way to make money would be to invest a lot of money - like maybe 6 of the best cards on the market in sli, or an ASIC box - which there is too much bad press about.
Even at this rate, I worked out it would only make about $7 per month (in a pool), and electricity would cost around $40 per month, and PC would cost around $22 per month (finance).
I think the only way to make money would be to invest a lot of money - like maybe 6 of the best cards on the market in sli, or an ASIC box - which there is too much bad press about.
ShadeDream
BANNED
- Nov 27, 2008
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I believe those that invested their time into this back when Bitcoin was just an idea must be very happy now.
Can you imagine setting up a few solid rigs back when Bitcoin was new and mining was easy?
Can you imagine setting up a few solid rigs back when Bitcoin was new and mining was easy?
acotut
Elite Member
- Dec 1, 2010
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I wouldn't be so sure about that,bitcoins are a great way to hide your money,just sayin'...
varsityhero
Newbie
- Jul 25, 2011
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I just learned about bitcoins - this is nuts!