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bitcoin mining

Discussion in 'Making Money' started by lloughry, Oct 4, 2013.

  1. lloughry

    lloughry Regular Member

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    For anyone doing this, would there be any point in using this computer I have sitting idle in the corner to mine bit coins? I am not sure a plain jane four year old PC has the power to do anything worth while based on what I have read. (I will be joining a pool)
     
  2. cire81

    cire81 Junior Member

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    At the present moment, it is not worth the computer power to do the mining. Should use your Computer for other uses to make money.
     
  3. nanavlad

    nanavlad Jr. VIP Jr. VIP Premium Member

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  4. lloughry

    lloughry Regular Member

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    so is the best way to build up bitcoins to day trade them?
     
  5. cire81

    cire81 Junior Member

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    If you want to build up, you can sell services and collect payment in bitcoins. This is much lower risk compared to day trading.
     
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  6. mightybh

    mightybh Jr. VIP Jr. VIP Premium Member

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    Lets see... http://bitcoinity.org/markets/mtgox/USD If you were day trading 10 ($1360 worth) bitcoins for the last 24 hours and were to buy and sell spot on, you would make around $2. It's not worth it. The price does not fluctuate enough and all trusted exchanges charge you % fee for every trade you make. The only way this would work if you trade long term or trade with a huge number of bitcoins.

    If you were to mine you would make a few cents a day as part of a pool and spend more than that on electricity. You could try your luck and mine solo but you could mine for 100 years straight on a regular machine and never find a block.
     
    Last edited: Oct 4, 2013
  7. BadyBoySEO

    BadyBoySEO Regular Member

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    As long as you are not in the United States, its possible to trade Bitcoin CFD's which have no such commission and you can also use leverage of around 5:1. But again not something I would do.
     
  8. hustleup

    hustleup Regular Member

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    need around 100k to really do bitcoin mining and buy two of those 500gh machines and every month u buy a machine to escape velocity aka dont get hit too hard with the rising difficulty
     
  9. gypsyr0ad

    gypsyr0ad Regular Member

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    I researched this last month and the difficulty level is much too high, the ship has pretty much sailed.

    Even if you get one of the newest machines designed for Bitcoin, the waiting list is huge and it would take over six months to just break even, not even counting electricity usage.

    There are people claiming that the cost of a bitcoin will go way up, but I wouldn't hold my breath on that.
    These people are just interested in the sales of those new machines built for the sole purpose of mining bitcoins.
    They are the ones making the real money now.
     
  10. mogul1123

    mogul1123 Jr. VIP Jr. VIP

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    I don't think bitcoin is the best way !
     
  11. szhang

    szhang Junior Member

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    I completely agree. From the research I conducted a few months ago, the only winner here is butterfly labs. Now with the largest marketplace busted things will only go downhill for a while.
     
  12. mrsmirf

    mrsmirf Junior Member

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    Although the largest marketplace for bitcoin has gone belly up, there were two other pretty decent sized marketplaces running along side it, and I'm sure now all the sales have moved over to those markets. Trying to mine for bitcoin on a regular cpu is pointless, there are new one processors designed specifically to solve hash by companies like butterfly that you can buy but those have huge costs, and long waiting lines. Like mentioned above you would be better off just selling services in bit coin, day trading them is pretty pointless at this point aswell it seems to have gained some consistent stability in price fluctuations.

     
  13. satez

    satez Registered Member

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    I suggest you to mine litecoins. I know the price it's too low but the price will sky rocket soon..
     
  14. PhillyGuy

    PhillyGuy Newbie

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    At present rates, mining at 300MH/sec will get you only about $3 in a week.

    Right now it isn't really worth it, however as the prices of the hardware drop in the coming months it very well could be profitable. We will see.
     
  15. wittyhat

    wittyhat BANNED BANNED

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    Bitcoin mining is almost dead with normal pc computers. I can say that, just mine litecoins. That's the best idea. The prices are low, but it will increase soon.

    Bitcoin difficulty increased 5x more than previous months. In the comming months, it will go more and more. So better, just do with litecoins, or just collect bitcoins through trading, or merchant methods.
     
  16. ContentLockPro

    ContentLockPro Power Member Premium Member

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    If you have a free electricity or way not to pay for it, you could try.
     
  17. shadowfrog

    shadowfrog Newbie

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    can someone explain to me how do you get bitcoins i see someone selling bitcoins for 155$ but how many is bitcoins is that im kind of confused on this hold bitcoin thing







     
  18. meinewelt

    meinewelt Junior Member

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    for a $10000 investment in hardware (can i just buy this and start instantly?)

    about how many bitcoins can i make in a month ?
     
  19. dandan594594

    dandan594594 Power Member

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    I have been looking into bitcoins also and with the new ASIC's coming online using home GPU's is very dead. I know how to get free electric but still I would have to invest £20,000 to get started. Yes I would make it back fast and then be in profit but as mentioned a lot of the profit would need to be spent on adding more computing power.

    I am going to setup a few tests with cloud mining and see how it goes.
     
  20. meinewelt

    meinewelt Junior Member

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    for a $10000 investment in hardware (can i just buy this and start instantly?)

    about how many bitcoins can i make in a month ?