Rant What was the point in being in IT, if we missed the bitcoin boom?

Much less than the Sterling or Dollar no doubt

 

I've shoved £45 into litecoin, after all if It goes mad like bitcoin did then it will be worth it but I won't miss that money anyway so no worries if it disappears. No clue how some people have put a significant amount into these currencies without tearing their hair out. I'm experimenting with mining too but my GTX470 isn't really up to the task at only ~170kH/s. Grand total of 0.03LTC mined so far

 

I was one damn click away when they where very cheap were talking like pounds and I never did!

Knowing good old me I would a sold up anyway well before what there worth now

Kinda sucks

Sent from my GT-I9305 using Tapatalk

 

i have 3 7990's, 7950, 7970 and 2 7850's mining atm

i did have loads of 7950's but i sold them just over a month ago as litecoins wernt worth mining...

i had 250 LTC and sold them for $2 each i would of kept them but i needed the cash

if i sold them when LTC was at its peak which was about $46 i would have got over $11000

only AMD cards are worth mining with

 

That's going to be a big electricity bill. Are you sure your going to break even after that and the wear to the components. Minings going to have got several time harder in the last week alone with the price surge.

 

How high would they have to be for you to cover your energy and setup costs etc?

 

I did get into bitcoins... I however spent them all on Silkroad when they were cheap as hell.... I feel silly now.

 

This is really the metaphorical spilled milk, isn't it?

I was also just shy of buying into BitCoin, but had no way of using it to make money at the time. (i was looking into it as a payment method for receiving payments, like PayPal and such).

As such, I look at it, and think of Branson's (paraphrased) words:
"You win some, you lose some. Be happy about those you win, and don't regret the ones you lose".

 

Allegedly only 0.5-1% of bitcoin transactions are actually ones being used to purchase goods. Presumably all illegal, too

 

The problem is though, GPU mining is really not profitable anymore. With the difficulty of mining increasing and bitcoin rewards halving it's not like it used to be. You really need an ASIC mining device to make it worthwhile. Something like the KNC Jupiter can yield huge daily profits, while only pulling a small amount of power from the wall. Obviously it still all relies on bitcoins maintaining their value.

These machines are extremely expensive to buy though.

 

Even the ASIC miners if you recieved one today you would not break even anymore. The special miners like that KNC jupiter are not really out there for people to just go and require 9 bit coins is aprox £9000 so quiet expensive. Considering buy the time you recieve it bit coins could be worth alot less or alot more.

Thats not to mension the fact that with each ASIC miner that goes online the difficulty will rise again and again.

Bit coin is just another form of gambling if you want to get into the actual mining of it. The machine you buy will either be worthless or will get you alot of money.

Even Litecoin mining has gone from break even to a loss maker if your paying the electric. Litecoins were worth $2 this time last year that was the time to buy cant say i did.

 

The top ASIC miners like the Jupiter or the offerings from Butterfly Labs can quite easily make you a good ROI. The fact that they can mine at over 600 Ghash/second means that with bitcoins at their current value, the device will pay for itself within 1-2 months, even with the initial outlay of circa £8k.

I know what you are saying about the increase in difficulty and you are correct. But having the ability to mine at those sorts of speeds, it seems highly likely to me that you would make a decent profit over time, even if the value of coins did drop significantly.

 

As someone born with a moderate hearing impairment, I'd be quite interested to read what you've written on the subject.

EDIT: To those saying that Bitcoins were designed for dodgy transactions or to those just wondering what they are: the short answer is that it's an experimental currency designed to be peer-to-peer driven rather than issued from a central authority; what makes them valid is the critical mass of computers in consensus as to what a valid bitcoin is, not some central server calling the shots. It may be very useful for criminal purposes, but I'd say that that's not why it was developed (although the background is very shady).

 

The issue being from what I know you can't buy one today.
Well you might be able to buy one but you won't get it today, or not for a long time.

From the past butterfly labs would promise so much, but by the time you could actually receive the miner it was a waste of money.

(I think)

 

im mining Ltc not Btc....

i also have shares in a KNC group buy and im paid Dividends every week

 

Hind sight is a wonderful thing.

Companies didn't register their domain name because they thought the internet would not be much of a big deal and bitcoin could have gone bust and the big investers would be crying.

If you want to be in there then look for the seeds of something big happening right now......but there is risk for every winner you have plenty of losers.

 

To everyone talking about ASICs, please remember they are only for non-scrypt based coins, GPU mining is still very profitable for scrypt based currencies such as Litecoin Megacoin etc.

The hope/possibility is that there will be a form of ASIC released for Litecoin in the future, and it will cause the difficulty and price to skyrocket like Bitcoin did making some people lots of money.

 

This is already in progress.

 

Looking at Litecoin mining. Partially setup just need to find a trusted pool to join, not sure at this point in time.

Anyone else doing this?

The Mothership

 

Bit coin went up on speculations that China was going to buy the currency that's what most of its worth is from at the moment. ASIC miners alone have increased the difficulty but not the price as the price stayed pretty much the same for months after the first miner launched despite the difficulty.