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atc95 · 14th Jan 2013, 21:47

I have heard about this thing called bitcoin mining and how you can make money from it, I was sceptical at first but have downloaded and was wondering if anyone had a getting started guide as the various websites I have looked at are very confusing.

P.s. There is probably a bitcoin thread already so sorry for the repeat but a quick forum search revealed nothing.

steveo_mcg · 14th Jan 2013, 21:49

I read some interesting articles on it a while back, it seems you have be running a supercomputer to get any actual currency and the way the exchange rate went at one point most of the wealth sits with the early adopters. Not worth the effort imo.

atc95 · 14th Jan 2013, 21:51

Thought that would be the case, I will stick with folding then

.

GoodBytes · 14th Jan 2013, 23:49

From what I understand, the amount of money that you get, is less than the value of your computer... so unless you already have a super computer or a crazy out of this world PC/server that you need in any case for other stuff, it's simply not worth it, you'll be loosing money.

ferret141 · 15th Jan 2013, 00:52

Compare the real world value of bit coins computed in an hour vs the electricity cost for running your PC for an hour.

bawjaws · 15th Jan 2013, 11:53

It's basically a pyramid scheme, isn't it? As units get progressively harder to generate, the "wealth" is concentrated with the early adopters, and those getting on board later on will struggle to ever generate sufficient units to cover the cost of generation. I was a little surprised that the article in this month's Custom PC didn't pick up on this aspect...

GeorgeStorm · 15th Jan 2013, 11:57

It's no longer financially sensible as far as I'm aware (especially to start now).

Blazza181 · 15th Jan 2013, 12:14

Its true. I tried to run a pool in my school, as at first it seems like a genuinely good scheme. However, by now, its so difficult to actually get a block of bitcoins. They do have value, but they can be lost by file corruption. And they're horribly prone to falling in value. I think they lost about 90% of their value once due to someone flooding the market with them on offer.

SilveR_172 · 15th Jan 2013, 12:53

I did it for about a month got a little bit of money but nothing worth doing it again for and think i might have killed my 5850 doing it =(

atc95 · 15th Jan 2013, 19:59

So good idea in theory but really not worth it then is the general opinion?

Blazza181 · 16th Jan 2013, 06:18

Quote:

Originally Posted by atc95

So good idea in theory but really not worth it then is the general opinion?

Quite simply, yes.

Shirty · 16th Jan 2013, 09:23

Yeah get a paper round or something instead.

Showerhead · 16th Jan 2013, 10:55

Quote:

Originally Posted by atc95

So good idea in theory but really not worth it then is the general opinion?

Arguable whether it was ever good in theory.

Blazza181 · 16th Jan 2013, 11:50

Quote:

Originally Posted by Showerhead

Arguable whether it was ever good in theory.

It certainly was for the guys and girls who got on the act before bitcoins were worth anything, and quite quickly became rich.

14th Jan 2013, 21:47	#1
atc95 Need help with scratchbuild! Join Date: Dec 2012 Location: Berkshire Posts: 711	Bitcoin mining? I have heard about this thing called bitcoin mining and how you can make money from it, I was sceptical at first but have downloaded and was wondering if anyone had a getting started guide as the various websites I have looked at are very confusing. P.s. There is probably a bitcoin thread already so sorry for the repeat but a quick forum search revealed nothing. __________________ i5 3550 // gigabyte g1 sniper m3 // xfx 7950 dd @ 1ghz // 2x4gb C. Vengeance // samsung 256gb 830 // 750gb scorpio black // silverstone tj08be // enermax ets t40 tb // ocz modXstream pro 700w // Dell u2412m // IBM 17" tft. Xbox PC mod (nearly finished): a10 5800k @ 4.6ghz, h100i, msi fm2 a75ia, 8gb samsung greens, 256gb sandisk ultra!

14th Jan 2013, 21:49	#2
steveo_mcg STILL ALIVE Join Date: May 2005 Location: Edinburgh Posts: 5,742	I read some interesting articles on it a while back, it seems you have be running a supercomputer to get any actual currency and the way the exchange rate went at one point most of the wealth sits with the early adopters. Not worth the effort imo. __________________ ook

14th Jan 2013, 21:51	#3
atc95 Need help with scratchbuild! Join Date: Dec 2012 Location: Berkshire Posts: 711	Thought that would be the case, I will stick with folding then . __________________ i5 3550 // gigabyte g1 sniper m3 // xfx 7950 dd @ 1ghz // 2x4gb C. Vengeance // samsung 256gb 830 // 750gb scorpio black // silverstone tj08be // enermax ets t40 tb // ocz modXstream pro 700w // Dell u2412m // IBM 17" tft. Xbox PC mod (nearly finished): a10 5800k @ 4.6ghz, h100i, msi fm2 a75ia, 8gb samsung greens, 256gb sandisk ultra!

14th Jan 2013, 23:49	#4
GoodBytes How many wifi's does it have? Join Date: Jan 2007 Location: Montreal, Canada Posts: 11,537	From what I understand, the amount of money that you get, is less than the value of your computer... so unless you already have a super computer or a crazy out of this world PC/server that you need in any case for other stuff, it's simply not worth it, you'll be loosing money. __________________ Nv GPU Pro - Automate your graphic card overclock base on what you run, reduce power and noise. Designed for Laptops and Desktops. Filled with features. Core i7 930 2.8GHz \| G.Skill Pi 6GB 1600MHz 7-5-7-24 1.5V \| Gigabyte GA-X58A-UD5 \| GeForce GTX 260 \| W.D Caviar Black 1TB \| Corsair AX750 \| Noctua NH-U12P \| Xonar Essence STX \| Win8 Pro 64-bit \| Dell U2410 - 1920x1200 \| OCZ Vertex 4 250GB

15th Jan 2013, 00:52	#5
ferret141 Hypermodder Join Date: Oct 2010 Location: Behind J00 sumware, London Posts: 687	Compare the real world value of bit coins computed in an hour vs the electricity cost for running your PC for an hour. __________________ Intel i5 2500K \| Thermaltake Frio \| 4x4GB Corsair Vengeance LP \| ASUS P8P67 Pro \| EVGA GTX680 2GB SC Signature 2 \| Silverstone ST85F (850W) \| 256GB OCZ Vertex 4 \| 1.5TB Samsung F3 \| 2TB WD Caviar Black \| SONY-NEC BD-5300S BD-RE \| Silverstone Raven 2 Evolution (RV02E-BW USB3.0) \| ASUS VG278H 3Dv2 \| Win7 Ult. 64bit \| Creative X-Fi Fatal1ty Platinum Champion Series \| Speakers:Logitech G51 \| Headset:Beyerdynamics DT770 Pro \| Keyboard:Logitech G15 \| Mouse:Logitech G9x

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15th Jan 2013, 11:53	#6
bawjaws Multimodder Join Date: Dec 2010 Posts: 142	It's basically a pyramid scheme, isn't it? As units get progressively harder to generate, the "wealth" is concentrated with the early adopters, and those getting on board later on will struggle to ever generate sufficient units to cover the cost of generation. I was a little surprised that the article in this month's Custom PC didn't pick up on this aspect...

15th Jan 2013, 11:57	#7
GeorgeStorm Aggressive PC Builder Join Date: Dec 2008 Posts: 4,016	It's no longer financially sensible as far as I'm aware (especially to start now). __________________ "Anyone who just plays games for fun is a n3rd" - Jörge "I should be in prison for what I'm thinking right now" - Splooshiba My flickr - My blog it'sfilmnotmovie

15th Jan 2013, 12:14	#8
Blazza181 SVM PLACENTA CASEI Join Date: Apr 2011 Location: Surrey. Yep. Posts: 3,179	Its true. I tried to run a pool in my school, as at first it seems like a genuinely good scheme. However, by now, its so difficult to actually get a block of bitcoins. They do have value, but they can be lost by file corruption. And they're horribly prone to falling in value. I think they lost about 90% of their value once due to someone flooding the market with them on offer. __________________ "with £150m.. you could buy a real Pop Tart.. maybe one from the Saturdays" - Blarte "That's nothing, I shave my pubes for fun " - Panomama "Penis" - Kidmod-Southpaw Real mature... - Blazza

15th Jan 2013, 12:53	#9
SilveR_172 Supermodder Join Date: Nov 2011 Posts: 461	I did it for about a month got a little bit of money but nothing worth doing it again for and think i might have killed my 5850 doing it =(

15th Jan 2013, 19:59	#10
atc95 Need help with scratchbuild! Join Date: Dec 2012 Location: Berkshire Posts: 711	So good idea in theory but really not worth it then is the general opinion? __________________ i5 3550 // gigabyte g1 sniper m3 // xfx 7950 dd @ 1ghz // 2x4gb C. Vengeance // samsung 256gb 830 // 750gb scorpio black // silverstone tj08be // enermax ets t40 tb // ocz modXstream pro 700w // Dell u2412m // IBM 17" tft. Xbox PC mod (nearly finished): a10 5800k @ 4.6ghz, h100i, msi fm2 a75ia, 8gb samsung greens, 256gb sandisk ultra!

16th Jan 2013, 09:23	#12
Shirty Good news everyone! Join Date: Apr 2010 Location: Salisbury, UK Posts: 5,636	Yeah get a paper round or something instead. __________________ 2500K \| Corsair H55 \| HIS 7950 \| 8GB XMS3 \| 128GB Crucial M4 \| Samsung 2TB \| ASRock H77M-ITX \| Corsair CX500M \| White Bitfenix Prodigy \| Dell U2311H \| Creative T6060s \| Ducky G2 Pro TKL (Reds) \| Logitech G500 Why.