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)
bitcoin mining
- Thread starter lloughry
- Start date
If you want to build up, you can sell services and collect payment in bitcoins. This is much lower risk compared to day trading.
mightybh
Senior Member
- Feb 27, 2008
- 1,029
- 1,734
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.
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.
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BadyBoySEO
Regular Member
- May 17, 2013
- 320
- 95
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.
gypsyr0ad
Regular Member
- Aug 11, 2011
- 240
- 282
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.
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.
szhang
Junior Member
- Jan 21, 2009
- 191
- 31
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.
mrsmirf
Regular Member
- Aug 2, 2008
- 231
- 169
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.
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.
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.
ContentLockPro
Power Member
- Nov 7, 2012
- 723
- 129
If you have a free electricity or way not to pay for it, you could try.
shadowfrog
Newbie
- Oct 18, 2013
- 2
- 0
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
dandan594594
Elite Member
- Jan 31, 2013
- 1,664
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