Bitcoin's and mining. Discuss. 2014 flashback update pg7/8

[lewd lude lover]

So, like a lot of people, i have noticed 'bitcoins'. If you dont know what that is then look it up on google.

Myself and a friend are thinking of investing in a mining rig and getting in on the action, however small that might be....Or we might loose all our cash in a scam purchase or it might fall flat on its face three weeks after we start. who knows?

What experience does anyone have?

Being that if you mined or bought three years ago you can now retire on the earnings I also wonder if we have any quiet bitcoin millionaires in the club? (not that you would let us know )

[BMCC]

You need to look at litecoin which is bitcoins little brother. I think any gains will be had here when/if the currency takes off:

https://litecoin.org/

[lewd lude lover]

yeah. looked at ltc but its still on GPU's and I dont have a desktop with a gpu to use.... the rig im looking at is an ASIC bitminer. dedicated rig. its this has pushed all the GPU's out of BTC mining and retasked them to Lite.

I'm interested to know what people think? Like this ''could'' be a world changer. Richard branson will accept BTC for his galactia flights, the winklvoss twins are buying in, germany recognises it as a currency, university of cyrus takes BTC for tuition fees....the list is growing...


some dickhead in swansea has chucked a harddrive with over 4.5million £££ worth of coins into landfill you can go looking for it if you want. Its in 4 foot of rubbinh the size of a footy pitch.

Or its a modern 'tulip bubble' and Ill loose the lot.

Or my machine will never arrive and I'll have been scammed.

Or I could x5 - x10 my investment in the next 5 months.

Scary.

[Donald]

You've missed the boat. It sailed a long time before it made the media IMO. You need money to make money now. I've been monitoring this for a long time now and the money made is ridiculous, should've gotten in when I could afford to realistically.

[indigolemon]

I've got a mate who dropped £100 and now has closer to £5k of them, and his mate (who is admittedly a nutter) dropped £1k on them at the same time, so yeah. The time to buy/get involved was definitely at the start.

[lewd lude lover]

I'm not looking to get rich. that boat passed last year for sure. But a supplement to wages? Yes that could be a possibility. same as when all the pan miners got pushed out by the heavy machinery in the klondyke. If you were small but had the right kit you could still make a living inamongst the bigboys. this machine is whats leveled the field. Its still a massive risk though but it has been since the start and there are a lot of big drokking houses being bought on the proceeds. It topped at 1244$ last friday and is hovering about 1100$ at the moment. even if it dropped to 500$ I could still see a margin.

@indigo: If he put 100 in and got 5k now he waited A LONG TIME before buying in mate. two years ago you could buy a Pizza with 10,000 bitcoins. now you can buy 500 pizzas with one. Thas a profit

I'm also not talking about just buying coins. I want to mine and help support the network with a super computer of my own. if this becomes the digital gold standard then ANYONE with a stake will win. If it collapses then jobby happens make money spend money.

[indigolemon]

That's fair, I do find it interesting - a currency with no ties to a given country or based on any gold standard etc

[Ted]

Newport tip is the place to mine for them. 4 million in one hit if you find them but like you said its the size of a football field im sure its goimg to attract a few people with metal detectors and nothing better to do though.

[Confused]

You've really missed the boat on BitCoins.

Even as close as 6-9 months ago, you could get *somewhere* with a couple of computers at home with very fast graphics cards.

Now, however, there are custom-built ASIC boards which are designed purely for mining - the companies making these ASIC boards have a ~3-6 month lead time on them (during which they're running the boards, delaying the delivery, and making bit-coins on the hardware purchased by their customers!)

You won't even make the money back on the electricity cost of running anything at home.


There are some alternatives, such as LiteCoin, which may or may not generate the same interest and success as BitCoins... but like anything like this, it's a gamble, and certainly not something to start thinking about unless you would otherwise be able to write off any costs associated with setting it up.

[lewd lude lover]

elec will be very cheap and I am looking at purchase of a KNC Jupiter 550g/hs ASIC at a good price. I couldn't be asked with all the issues of setting up a GPU miner. Rubbish. No, im talking about the ASIC machines you mention.

The guy I got the connection from has been mining with the same machine for a month and paid off his investment with a grand in hand so...... although it is getting harder there is still money to be made. imho. I would have wanted the machine two months ago and been making really good money but I will attempt to bump up my income with an investment in the future.

Massive gamble but I want a skyline at some point in my life so speculate to accumulate...