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Other Bitcoin mining?

Discussion in 'Software' started by atc95, 14 Jan 2013.

  1. atc95

    atc95 I have the upgrade bug!

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    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.
     
  2. steveo_mcg

    steveo_mcg New Member

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    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.
     
  3. atc95

    atc95 I have the upgrade bug!

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    Thought that would be the case, I will stick with folding then :).
     
  4. GoodBytes

    GoodBytes How many wifi's does it have?

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    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.
     
  5. ferret141

    ferret141 Well-Known Member

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

    bawjaws Well-Known Member

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    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...
     
  7. GeorgeStorm

    GeorgeStorm Aggressive PC Builder

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    It's no longer financially sensible as far as I'm aware (especially to start now).
     
  8. Blazza181

    Blazza181 SVM PLACENTA CASEI

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    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.
     
  9. SilveR_172

    SilveR_172 Member

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    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 =(
     
  10. atc95

    atc95 I have the upgrade bug!

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    So good idea in theory but really not worth it then is the general opinion?
     
  11. Blazza181

    Blazza181 SVM PLACENTA CASEI

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    Quite simply, yes.
     
  12. Shirty

    Shirty Time travelling rogue Super Moderator

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    Yeah get a paper round or something instead.
     
  13. Showerhead

    Showerhead New Member

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    Arguable whether it was ever good in theory.
     
  14. Blazza181

    Blazza181 SVM PLACENTA CASEI

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

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