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General Chat Thread, Anyone got any bitcoins? in General; Rubbish. Few friends of mine have been mining for ages; they make enough to recoup their energy bills, the equipment ...
  1. #16

    synaesthesia's Avatar
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    Rubbish. Few friends of mine have been mining for ages; they make enough to recoup their energy bills, the equipment costs (it's all about GPU not CPU) and plenty more besides.
    It's clearly not as easy as it was, but importantly they've lost nothing. I was able to generate half of the 40bc back in the day "reasonably easily", the rest was bought. I lost nothing even then but thought it as a fad.


    ** quick edit - It is of course nothing more than gambling and very much not worth it as it stands currently!
    Last edited by synaesthesia; 19th November 2013 at 03:00 PM.

  2. #17
    Sdrawkcab's Avatar
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    Quote Originally Posted by Arthur View Post
    Is it worth buying some Litecoins while they are still cheap?
    Probably not. Litecoin is just another implementation of Bitcoin which uses a Scrypt based algorithm for mining, which is supposed to make it impossible to design special mining units for. In reality people just build GPU rigs and mine that way, comlpetely defeating the point of the way Litecoin has been designed. In my opinion, it's not going to take off as a currency without something like a Litecoin Silk Road backing it (SR was one of the only places you could actually spend your BTC on actual things, illegal or not). There was one I think, but it never took off so the owner closed it down.

    I mean, if you want to drop 20 on 5 litecoins to see if they spike up to 500 each go ahead. I just don't think they ever will.

  3. #18
    Sdrawkcab's Avatar
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    Quote Originally Posted by synaesthesia View Post
    Rubbish. Few friends of mine have been mining for ages; they make enough to recoup their energy bills, the equipment costs (it's all about GPU not CPU) and plenty more besides.
    It's clearly not as easy as it was, but importantly they've lost nothing. I was able to generate half of the 40bc back in the day "reasonably easily", the rest was bought. I lost nothing even then but thought it as a fad.
    You've not been following bitcoin news, my friend. Once ASIC machines hit the market in a big way, the difficulty is going to increase so much that running a GPU mining rig won't even cover the cost of electricity, let alone equipment. Even the few which are running now have affected the difficulty so much that GPU rigs aren't really profitable anymore (they just about cover running costs), and they certainly aren't worth investing in. If you're thinking "well I'll just invest in ASIC machines then", don't bother. The number of ASICs set to flood the market will increase the difficulty so much that it's extremely unlikely that you'll actually recoup your investment. I should have rephrased that to say "If you're not already mining, don't start mining".

    In fact, check this out: Bitcoin Statistics - Blockchain.info

    Total Miners Revenue

    $2,795,707.24

    Electricity Cost

    $11,130,713.31

    This is using data taken directly from the blockchain itself.

    Edit: Or maybe you have, just saw your edit!
    Edit Edit: I should also clarify that those numbers are slightly skewed by the fact that they're calculated using the electricity consumption of the average GPU, when most of the mining power now is coming from ASIC based machines which use a lot less electricty. They're still not really what you'd call profitable though.
    Last edited by Sdrawkcab; 19th November 2013 at 03:07 PM.

  4. #19

    synaesthesia's Avatar
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    Aye, think people caught onto it in more recent times and have of course been throwing money at it. One of my friends setup is entirely self sufficient still but it's aided with solar energy (paid for by his last windfall).
    Looking outside though, I think wind energy may have been better for him

  5. #20


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    Quote Originally Posted by Arthur View Post
    Is it worth buying some Litecoins while they are still cheap?
    BitCoin has only boomed because of all the attention it's been given - it might be worth passively mining Litecoins just-in-case (I think I might look into it!), but I'm not convinced buying any would be a good idea because I guess Litecoin will suffer because BitCoin is so well heard of now.
    Absolutely kicking myself for not investing in BitCoin right now, but by the time I started actually paying attention to it, it just wasn't worth it.

  6. #21
    Sdrawkcab's Avatar
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    Quote Originally Posted by Garacesh View Post
    it might be worth passively mining Litecoins just-in-case (I think I might look into it!)
    It's not - the difficulty is already too high to make CPU mining viable, and you really need multiple GPU rigs to be able to recoup the money you put in. Mining isn't something you can do for profit on any major alt currency anymore, it's much more of an enthusiasts/hobbyists thing now.

    Here is how you make money mining cryptocurrencies: Get yourself over to bitcointalk (if it's back up) and have a look at the "new currencies" section. Get your GPU ready to mine by launch day for these currencies, and then mine as many as you can while the difficulty is extremely low. Then you just sit on them, and if they get put on BTC-E you can sell them for actual money. Otherwise, you haven't invested anything and you still have a GPU you can use for things like videogames

  7. #22

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  8. #23

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  9. #24
    Sdrawkcab's Avatar
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    This is what I have been waiting for. The crash was always going to come once the chinese government banned bitcoins, which was inevitable since they've banned other online currencies in the past. Watch the prices for bitcoins start to slip, then other alt-currencies like litecoin will start to crash (they're just propped up by the confidence in btc at the moment, once that goes people will realise the other alt currencies are worthless), then the price of bitcoin will plummet and lots of people will lose money.

    It's Tulip Mania all over again!

  10. #25
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    I had a proposition from the upper sixth yesterday - "can we borrow the IT suites over here or the whole building to do this bitcoin thing? Just for a weekend? We'll cut you in.."..

    I had to chuckle.. 600 Dual/Quad/8 core systems in parallel? I salute you..heh.

  11. #26
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    I'm a complete idiot here and parts of it make sense whilst some don't; just what on Earth are people spending these things on?

  12. #27

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    Quote Originally Posted by rickjames View Post
    I'm a complete idiot here and parts of it make sense whilst some don't; just what on Earth are people spending these things on?
    They're buying Litecoins. I crack me up.

    Joking aside, it's more of a speculation instrument than a currency. They seem particularly volatile at the moment.
    Last edited by jinnantonnixx; 6th December 2013 at 10:17 AM.

  13. #28
    Sdrawkcab's Avatar
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    Quote Originally Posted by Sirbendy View Post
    I had a proposition from the upper sixth yesterday - "can we borrow the IT suites over here or the whole building to do this bitcoin thing? Just for a weekend? We'll cut you in.."..

    I had to chuckle.. 600 Dual/Quad/8 core systems in parallel? I salute you..heh.
    You wouldn't make anything. CPU mining is really inefficient, even with 600 of them you'd still not have enough hashes per second to actually mine any bitcoins. You could stick them in a mining pool and share the rewards, but even then it wouldn't cover the electricity costs from running all those machines for 48 hours.

    Don't mine bitcoins ever. You won't turn a profit and you're almost guaranteed to lose money. This isn't hyperbole, this is based on data from the blockchain itself.

  14. #29
    cpjitservices's Avatar
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    Hmmmm wonder how many I could mine with my IBM Flex Series Blade Server, 2 CPU's at 16 cores each!! 384 GB Ram.

  15. #30
    Sdrawkcab's Avatar
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    Quote Originally Posted by rickjames View Post
    I'm a complete idiot here and parts of it make sense whilst some don't; just what on Earth are people spending these things on?
    Up until recently, illegal drugs (something like 85% of all bitcoins mined ever passed through silk road before it was busted by the FBI). Now? Nothing.

    Well, that's not entirely true. There are a very small number of shops/pubs in the UK which accept bitcoins as payment via BitPay. This doesn't really count as "using bitcoin" though, because the shop/pub itself never actually sees any BTC. The BitPay system basically converts the bitcoins instantly into actual useable money and then sends that to the shop, minus a fee. The actual bitcoins sit in a wallet address owned by BitPay, who probably then use them to speculate in order to try and generate more revenue.

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