Jump to content
Posted 07 September 2012 - 16:31
Posted 07 September 2012 - 16:42
Posted 07 September 2012 - 16:46
Posted 07 September 2012 - 16:49
Your only just finding out about it really? Its actually grabbed some headlines over the past year or so. Head over to /. they love storys on it. Anyway I started in the early days but its not cost effective now at all.
I did it for a little while when it first hit notoriety and the first GPU clients came out. But now days you will spend more money in electricity generating the coins than the coins themselves are worth so unless you have some way to get electricity for free or very very cheaply it's just not worth doing it. You can make more money from bitcoins by simply buying when they are low and selling when they are high but that is obviously a gamble.
The whole bitcoin thing reminds me of this episode of seinfeld where Newman and Kramer find a way to use Newmans mail truck as a way to deliver empty bottles to a michigan bottle bank that pays 10 cents per empty bottle while their own state of new york only pays 5 cents. It's a similar situation with bitcoining, if you can find a way to get the electricity cheaply or free then you can make money just like the free truck lowered their costs enough to make the bottle bank 10 cent payout profitable.
Posted 07 September 2012 - 16:57
Unless you're willing to put some money in FPGAs or ASICs its not worth it. Bitcoin has moved past GPU.
Posted 07 September 2012 - 16:58
Posted 07 September 2012 - 17:02
Posted 07 September 2012 - 17:07
I looked at bitcoin and thought it was an idiots game, then I remember hearing when it got hacked and someone sold a load of hacked bitcoins which crashed the virtual market, they got the money and other people lost a lot, and it was proof that it was an idiot's game.
All the smart people with bitcoins got in when it first started and have sold everything they got from it, now it's just a pyramid scheme.
Posted 07 September 2012 - 17:10
And now it's back up to 10+ USD per Bitcoin. People lost faith after a huge bubble, but came back later. Bitcoin is like stock right now. If something happens to the companies supporting a new currency, share holders will lose faith, sell out, and bring the price down drastically. It's simple economics, really.
Posted 07 September 2012 - 17:12
Posted 07 September 2012 - 17:14
And what is the program actually doing when it's mining for bitcoins ? Just use up GPU power to calculate stuff ?
in b4 "it's mining for coins"
Posted 07 September 2012 - 17:34
Posted 28 February 2013 - 20:23
Posted 01 March 2013 - 13:33