Home Forums Main Discussion Forum Bitcoin?

This topic contains 5 replies, has 4 voices, and was last updated by  Mike Snow Feb 9, 2017 at 3:52 pm.

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  • #597

    Brad Mathews
    Participant
    • Posts: 40

    Hi Guys,

    I had an interesting conversation here in Portland this weekend with a couple of tech entrepreneurs. They are both making a modest profit with bitcoin mining.

    Has anyone on the board here gotten into bitcoin mining? What about any of the other digital currencies.

    #598

    Mike Snow
    Participant
    • Posts: 22

    I have tried it before but stopped after talking to a couple family members about this. My cousin is in the computer tech field and he said that you actually end up paying more money on electricity than the amount of Bitcoin you make in the end. Bitcoin is also very volatile and it could lose its value just like that.

    #599

    Chris Douthit
    Keymaster
    • Posts: 39

    Bitcoin mining remains a bad idea for most people.

    You’re still up against Asian miners who run giant warehouses of crap PCs doing nothing but mining 24/7.

    You still have exchanges out there that are neither reputable nor established.

    You still have an industry that is rocked by previous scandals that, among other things, included the massive theft from Mt. Gox.

    You still have very few conventional vendors that actually accept bitcoins at this time.

    And the coins are still getting harder and harder to find.

    I mean if you want to try it as a hobby, by all means. There are tons of of them out there, by the way, though bitcoin tend to be the only one that is still “in demand” though it is getting harder and harder to mine them. The rest may be much easier, but they don’t seem to command much at all in exchange for old school fiat currency.

    However, all that being said, I still stand firm in my belief that cryptocurrency– though not neccessarily Bitcoin or any other specific incarnations right now– is the wave of the future. It is precisely the kind of uniquely hashed and decentralized system of value store that can be bring on a similar form of Currency and Banking Renaissance akin to what the internet itself has done to bring us to our current Information Renaissance.

    The only thing that’s stopping it, really, is a meaningful catalyst similar to the one that brought on the internet…. One can also argue that perhaps there is little benefit and too much “cost” in the loss of monetary control for any formal government to adopt it as well. However, if carefully done, this technology can still be used to back existing paper currency similar to the way gold and silver used to do it as well.

    I think it’s a provocative thought anyway. For now, there is little incentive, except for those who regularly wade deep into the darknet that may have any real use for it, and as such, it remains fringe.

    #600

    Mike Snow
    Participant
    • Posts: 22

    In 2016, the Bitcoin Mining equation changed completely. To mine using ASIC Computers, it will cost you more than $600/machine and the profit-per-machine will be not more than 0.4 BTC/month. This is why mining pools have become so popular.

    Your $600 (or more) machine simply cannot mine as much as big pools, and for this reason you will begin to hear more about BTC investment in Mining Pools from this moment onward.

    #601

    Fred Kinkaid
    Participant
    • Posts: 23

    There’s no money to be made anymore in mining. Each time a coin is mined the next one takes significantly longer to mine. Early on you could have made a killing…very little processing power…little time, etc. Now it takes a super computer and you’re competing with everyone else in the world who mines.

    Imagine running a marathon…you’re halfway through and someone else finishes. You along with everyone else has to go back to the starting line and try to get to the finish line again…first. Rinse and repeat…thats mining for bitcoins.

    #602

    Mike Snow
    Participant
    • Posts: 22

    Unless you aren’t a computer expert, I wouldn’t do it. Today’s miners are extremely professional, running farms in places like Iceland (for the cooling). You need to be very good, to make a profit.

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