Author Topic: Bitcoin Mining  (Read 11054 times)

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Offline Staggerwing

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Bitcoin Mining
« on: June 04, 2016, 02:37:18 PM »
Does anyone her do it? Anyone tried it and gave up?

I know that for most folks it's not possible to make much money doing it without a big hardware investment but I'm curious if it's worth looking into for a little extra monthly income after purchasing one of the more moderately priced bitcoin mining rigs such as the Antminer


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Offline bbmike

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Re: Bitcoin Mining
« Reply #1 on: June 04, 2016, 03:13:48 PM »
No one else will ask so I will. What the hell is that and what are you talking about?  :coolsmiley:
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Offline Staggerwing

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Re: Bitcoin Mining
« Reply #2 on: June 04, 2016, 03:19:40 PM »
No one else will ask so I will. What the hell is that and what are you talking about?  :coolsmiley:


https://www.weusecoins.com/en/mining-guide/



It's all a mystery to me as well but apparently it's the digital version of going down into a gold mine and bringing up more gold to make coins. In this case the 'coins' are Bitcoins, a digital currency comprised of encrypted blocks of information that can be traded and used as payments.
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Offline bayonetbrant

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Re: Bitcoin Mining
« Reply #3 on: June 04, 2016, 03:37:38 PM »
I knew what he was talking about, but no, no bitcoin mining here.  Though that said, I might have to consider it given how many computers we've got laying around here.  Should be able to hook up t least 1 as an automated bitcoin miner and/or WOW grinder.
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Offline bob48

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Re: Bitcoin Mining
« Reply #4 on: June 04, 2016, 04:02:04 PM »
I had no idea either, but one question; is it legal?
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Offline Silent Disapproval Robot

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Re: Bitcoin Mining
« Reply #5 on: June 04, 2016, 04:07:21 PM »
I dabbled in it a bit when BitCoin first started up but it quickly became apparent that you needed some serious computing power to keep up with the big boys.  I mined a grand total of 3 coins in 2 months.  Sold them for $19 of pure profit!  (minus the $70 I spent in internet fees for those two months.  I'm a savvy money manager.)

Aren't they all mined by now?  I thought the big thing was that there were only ever going to be a finite amount of coins available and once they were mined, that was it.

Offline Staggerwing

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Re: Bitcoin Mining
« Reply #6 on: June 04, 2016, 04:16:48 PM »

Aren't they all mined by now?  I thought the big thing was that there were only ever going to be a finite amount of coins available and once they were mined, that was it.


AFA I know, it's still going on.


I dabbled in it a bit when BitCoin first started up but it quickly became apparent that you needed some serious computing power to keep up with the big boys.  I mined a grand total of 3 coins in 2 months.  Sold them for $19 of pure profit!  (minus the $70 I spent in internet fees for those two months.  I'm a savvy money manager.)


Yeah, you need some speedy hardware, that's why there are dedicated hardware devices made to only mine bitcoins. A consumer-grade CPU is just not fast enough. The value of bitcoins has risen quite a bit since they first hit the internet, so, for some small pocket money it might be worth looking into.

Right now, google shows 1 bitcoin equal to 576.24 US Dollars. You should have hung on to them a bit longer, SDR.
« Last Edit: June 04, 2016, 04:20:45 PM by Staggerwing »
Vituđ ér enn - eđa hvat?  -Voluspa

Nothing really rocks and nothing really rolls and nothing's ever worth the cost...

"Don't you look at me that way..." -the Abyss
 
'When searching for a meaningful embrace, sometimes my self respect took second place' -Iggy Pop, Cry for Love

... this will go down on your permanent record... -the Violent Femmes, 'Kiss Off'-

Offline Boggit

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Re: Bitcoin Mining
« Reply #7 on: June 12, 2016, 05:47:15 PM »
No one else will ask so I will. What the hell is that and what are you talking about?  :coolsmiley:
Exactly. I have my pan, bucket and cloth set up next to my computer ready for the Bit rush! ;)
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Offline Boggit

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Re: Bitcoin Mining
« Reply #8 on: June 12, 2016, 05:52:04 PM »
I've just read https://www.weusecoins.com/en/mining-guide/

It looks like I have more chance playing the national lottery! :-[
The most shocking fact about war is that its victims and its instruments are individual human beings, and that these individual beings are condemned by the monstrous conventions of politics to murder or be murdered in quarrels not their own. Aldous Huxley

Foul Temptress! (Mirth replying to Gus) ;)

On a good day, our legislature has the prestige of a drunk urinating on a wall at 4am and getting most of it on his shoe. On a good day  ::) Steelgrave

It's kind of silly to investigate whether or not a Clinton is lying. That's sort of like investigating why the sky is blue. Banzai_Cat

Offline Windigo

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Re: Bitcoin Mining
« Reply #9 on: January 03, 2018, 10:46:11 AM »
Does anyone her do it? Anyone tried it and gave up?

I know that for most folks it's not possible to make much money doing it without a big hardware investment but I'm curious if it's worth looking into for a little extra monthly income after purchasing one of the more moderately priced bitcoin mining rigs such as the Antminer




Am I glad I found this topic..... late to the forum, but not to the topic.
I am no expert, but I can help out those with questions.

I have a GPU mining rig and expanding. Got my hands good and dirty and learned through experience how to mine.

Lets see if we can get this thread going again.!!!
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Offline Windigo

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Re: Bitcoin Mining
« Reply #10 on: January 03, 2018, 10:46:54 AM »
I had no idea either, but one question; is it legal?

Short answer is "Yes".

But it is relatively unregulated.
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Offline Con

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Re: Bitcoin Mining
« Reply #11 on: January 03, 2018, 10:53:52 AM »
All I can think of is at today’s pric s SDR had 45 grand in bitcoins that he sold for <100 dollars in mid 2016.

Offline Silent Disapproval Robot

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Re: Bitcoin Mining
« Reply #12 on: January 03, 2018, 11:04:04 AM »
Much earlier than that.  Used the profits to acquire a cheeseburger and two pitchers of beer.  I'm a financial genius.




Offline Windigo

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Re: Bitcoin Mining
« Reply #13 on: January 03, 2018, 11:12:09 AM »
All I can think of is at today’s pric s SDR had 45 grand in bitcoins that he sold for <100 dollars in mid 2016.
Then there's the true story of a guy who paid a pizza guy, hundreds of thousands of dollars (in todays value) for a pizza.
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Offline Windigo

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Re: Bitcoin Mining
« Reply #14 on: January 03, 2018, 11:22:16 AM »
Quick summary is

1/ Its very expensive to mine bitcoin, BUT its much less money to mine the alternate cryptocurrencies using graphics cards.
2/. There are two ways to make cryptocurrency money with a computer, Proof of Work (POW) and Proof of Stake (POS). I do both.

POW is mining using ASIC machines, graphic cards (GPUs) and CPUs. You help create new coins/tokens (very difficult to game when all your GPU is mining)
POS is ledger keeping - using some of your HDD or SSD and some of your CPU you become a node that tracks ALL the blockchains and transactions for a given currency. You have to buy and hold some of currency you are POSing (you can game will doing this).

3/. YES you can convert cryptocurrency back to fiat currency.
My doctor wrote me a prescription for daily sex.

My wife insists that it says dyslexia but what does she know.