Thoughts on bitcoins?

Discussion in 'Distributed Computing' started by LightF, May 24, 2013.

  1. LightF

    LightF New Member

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    I have thought about letting my SLI setup mine a few bits. But does anyone actually make profit from this? I mean if you aren't paying for electricity I can see it being good.
     
  2. draalin

    draalin The Boss Staff Member

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    I tried out bitcoin mining once and I just didn't like the fact of my GPU going insane all the time. :eek:
     
  3. Hotsumaro

    Hotsumaro Living Encyclopedia

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    It's not worth it anymore unless you have server farms... You'll be lucky to get any from just mining on one machine. From what i have heard
     
  4. LightF

    LightF New Member

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    Ah I see. Guess I won't bother with that then! :LOL:
     
  5. nightsparks

    nightsparks Member

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    I've played with bitcoin mining a bit. I like the idea, but the execution is fairly poor. It's almost impossible to break even if you're paying for your own electricity. I let it run for a week or so and only made a penny or two.
     
  6. lindbergh

    lindbergh Love's Android!

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    Sorry to intrude, but what really is bitcoin mining? Why is it all the rage now? It's just some sort of virtual currency but how did it gain so much popularity? This is ridiculous I think.
     
  7. draalin

    draalin The Boss Staff Member

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    Check out this video.

     
  8. lindbergh

    lindbergh Love's Android!

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    Thanks for the video draalin. I'm opening my free wallet now. I don't wanna get left behind in the current internet trends. I think I'm also gonna look into bitcoin mining. Probably I could install a bitcoin mining software into the computers in the library and gather the proceeds for myself. Lol.
     
  9. miganders

    miganders Member

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    You ought to mine some litecoins, they're newer and easier to mine and aim to be virtual silver whereas bitcoins are gold.
    Currently they trade at 3 USD / LTC
     
  10. lindbergh

    lindbergh Love's Android!

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    Yeah. I researched about bitcoin mining and you need some really good hardware in order to get some good results. Let me see if I could get into litecoins. I'm a bit skeptical at joining new programs though but we'll see. But, you know what? I find all this pretty silly. I'm just going with the flow.
     
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  11. miganders

    miganders Member

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    Heh, I guess it is kinda silly, but then again, aren't dollars, euro and yen just as silly? The difference really is that for those currencies someone presses a button and more money are created, where as with cryptocurrencies, everyone prints their own :p
     
  12. ozadin

    ozadin Member

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    If you have a good computer with a good graphics card, then I say go for it. You can potentially make a profit if you know what you're doing. Electricity costs matter the most though. Unless you pay a dollar a month for electricity, I wouldn't recommend it unless, like I mentioned before, you have a good computer with a good GPU.
     
  13. daenerys

    daenerys Member

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    I read the rate was something like .29 per kWh you had to have or cheaper electricity or it isn't worth it. I think I have pretty cheap electricity at my house, we're on some special renewable program thing that's cheaper, but it still wasn't cheap enough. After learning that, I gave up on it. It's an interesting concept though.
     
  14. miganders

    miganders Member

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    You can make bitcoins through things other than mining. Selling on various markets for example, or using coinurl.
     
  15. danealegana

    danealegana Member

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    I think some companies released rigs that are specific to bitcoin mining.
    They created something more powerful than video cards just for mining purposes.
    I think it was called Asics or something.
     
  16. BCH

    BCH New Member

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    Bitcoins are amazing and give me reason to be optimistic about the digital age. Anonymous transactions are in our best interests, I only hope that it becomes more popular. I tend to use Bitcoins only specifically when I'm buying something, I don't like to hold on to them for too long because the price is too volatile for my liking right now, but I'm thankful that there are entrepreneurs and risk-takers who are willing to get involved and promote Bitcoins for us.
     
  17. EZpwnage

    EZpwnage New Member

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    Investing in Bitcoins is like spending all your money on penny stocks; the market is so volatile that you might make a lot of money but it's just as likely you'll lose most or all of it. I'm gonna try investing sometime, though.
     
  18. ENO1986

    ENO1986 Member

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    Don't waste your time with that crap its just a waste of time if you want money your going to have to do it the old fashioned way and get a job being anti social is never a good thing.
     
  19. MyDigitalpoint

    MyDigitalpoint Member

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    I have never understood at all how bitcoin mining works, but agree with ENO, sounds like a waste of time and empty promise.

    I would better try options that are proven to be paid, including freelance activities, affiliate networks, sponsored advertising, paid blog reviews etc.
     
  20. useruseruser

    useruseruser Member

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    I love Bitcoin, I even have a little bit myself. I think Bitcoin is the future and it is only going to gain in popularity. I would love for Bitcoin to replace the Yen, Euro and Dollar.
     

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