Bitcoin mining, anyone doing it?

Anyone involved in this?

Heard of someone today who apparently does it seriously, just wondering if anyone else has machines mining bitcoins, and if its possible to actually make money from doing it?

it's a complete waste of time, you can make more money just buying bitcoins right now and selling them in a month

A fuller thread on the topic is here:

http://www.blackhatworld.com/blackhat-seo/blackhat-lounge/518941-anyone-mining-bitcoins.html

^^thqnks

Laxhopkins14 said:

It's only a waste of time is you are not doing it properly. I bought some hardware called an ASIC. Mine is the Avalon ASIC bitcoin miner and it pretty much kills the competition because it gives you a very very good hash rate. Right now I am making 500 bitcoins every 2 weeks, however I am not running it continuously. I am selling it because I need money now. PM me if you are interested.

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have't tested it yet , but heared from some friends about it

Subscribed for more updates

Avalon ASIC bitcoin miner is the way to go

I read an article in the new scientist and it looks promosing for the future

ur electricall bill will rocket, unless u live somewhere that power is free. u better have good graphics cards if u expect to make any bitcoins.
So no not worth it, u can buy bitcoins online and with those bitcoins u can actually buy drugs, online lmao.

... As ASICS are introduced the relative difficulty increases so you can't mine quicker. So as people get them, the speed will slow back down.

It's not worth the time and effort. Sure you can make a few hundred bucks, but you can with any method on this site. Except the methods on this site and more reliable and will always be available.

The only way you'll make money mining bitcoins is if you implements Shor's algorithm on a quantum computer. Then you can mine the remaining 10.5 million coins in a single day ...

Please do not mind but what is bitcoin mining?

"Please do not mind but what is bitcoin mining?"

Bitcoins are a form of digital currency. You can "mine" for them by running computations on your computer that help encrypt the whole system to make it safer. Video cards are more efficient than CPUs for the process, and some video cards more than others.

I spent $150 on a video card and leave my machine running when I'm not using it. I'm only making about 1 coin a month, which is about $20 last time I check. It's probably close to breaking even with my added electricity bill. When I started I was getting about 1 bitcoin a week, but production decreases over time. My computer puts out a lot of heat now with the video card running full steam, so I figure I am just subsidizing my heating bill. It's nice in my office now in the winter. Maybe not such a good idea in the summer.

As other people pointed out, you either need to take it to the next level to make it profitable or just buy/sell bitcoins because the price fluctuates a lot.

haven't tried it yet but sounds interesting.

Bitcoin mining is nearly impossible to make a good profit now unless you have both cheap electricity and access to ASIC miners at wholesale prices.

Bitcoin mining, you get less money than what your spent in my opinion, may as well invest and resell in a bit! good luck Op

STKMKTFTGRU said:

Bitcoin mining is nearly impossible to make a good profit now unless you have both cheap electricity and access to ASIC miners at wholesale prices.

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Actually i know a few who do this but really have expensive electric bills in which they turn into making a hydro power source doable though.
and others just rent out data servers to minimize the costs but first you really need high grade video cards.

ibl0x said:

Actually i know a few who do this but really have expensive electric bills in which they turn into making a hydro power source doable though.
and others just rent out data servers to minimize the costs but first you really need high grade video cards.

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Why not just create a render farm and make way more profit that what bitcoin can offer?

STKMKTFTGRU said:

Why not just create a render farm and make way more profit that what bitcoin can offer?

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Because of this "one must introduce a queue manager that automatically distributes processes to the many processors. Each "process" could be the rendering of one full image, a few images, or even a sub-section (or tile) of an image. The software is typically a client-server package that facilitates communication between the processors and the queue manager, although some queues have no central manager. Some common features of queue managers are: re-prioritization of the queue, management of software licenses, and algorithms to best optimize throughput based on various types of hardware in the farm. Software licensing handled by a queue manager might involve dynamic allocation of licenses to available CPUs or even cores within CPUs. A tongue-in-cheek job title for systems engineers who work primarily in the maintenance and monitoring of a render farm is a render wrangler to further the "farm" theme"

Plus there are way too much competition on render farm in which are already partnered up with top dogs in the movies and film industry and if you're going to be going to start from small yeah you can make your money back in a few years or so or maybe in a month if you found a gem. In which in bitcoin you can just leave it and mine and you don't have to do anything than just watch it go up the hard thing about it is starting up but once you got it you can just leave it and just let it be. Once it's all set up you can just pay for your monthly expenses and lastly you can just make a pool and get 25-50 ( don't know the payout per block) btc per block completed. That's what others do make a pool make other people mine but hey that's a different story and we're dwelling into the dark side of that