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Bit coin Mining, good or bad?

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#1 FlailingCamper

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Posted 02 September 2014 - 22:58

Is bit coin mining safe? If you've mined before have you had any problems with it?  any input is nice...


and yes i realize bitcoin is one word... lol




#2 Farchord

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Posted 02 September 2014 - 23:02

Why wouldn't it be safe? You just need a monstrous rig to make any decent amount of money, and personally I believe the more miners there are the less it wields any results....



#3 Praetor

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Posted 02 September 2014 - 23:06

safe? yeah. stupid, expensive and a pyramid scheme? yeah as well.

 

you might as well ask for money on the street, you will get more then bitcoin mining.



#4 Enron

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Posted 02 September 2014 - 23:11

The value of a bitcoin right now according to Cortana is $475. You'll probably spend more than that on equipment and electricity than you'll get in bitcoins, unless you expect them to increase in value. In that case, you could just buy some as an investment and skip the mining.



#5 HawkMan

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Posted 02 September 2014 - 23:19

if you had gotten in 2 years ago or more then yeah you could have made good money, even without a good rig. today, even with a specialized bit mining rig with bit mining number crunching cards, the results won't pay the power bill to mine them. 



#6 Raa

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Posted 02 September 2014 - 23:33

It's safe, but largely pointless now. There's pretty much no return on investment now.

 

Sorry guys, you missed that boat!



#7 eddman

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Posted 02 September 2014 - 23:41

Unless you have an insanely cheap or free electricity, it's not worth it anymore; and I'm not including the cost of a powerful computer.



#8 vcfan

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Posted 02 September 2014 - 23:43

a $2000 specialized ASIC pci card will net you $2000 in one year, based on todays difficulty and price. this doesn't include electricity or other parts of the rig. every day hereafter, the profit figure will keep reducing significantly. plain and simple, bitcoin mining is a money losing endeavor.



#9 Enron

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Posted 02 September 2014 - 23:49

Little known secret though, each Xbox One reserves 1% of its processing power for Bitcoin mining (24/7 if you leave it in connected standby), so all the Xbox Ones out in the world are collectively mining bitcoins for Satya Nadella.



#10 Jeston

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Posted 03 September 2014 - 00:26

Moved to General Discussion.



#11 epk

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Posted 03 September 2014 - 00:29

How about litecoin? I've read somewhere it was a pretty good investment (that was last year tho, we might've missed that boat as well :D )



#12 Raa

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Posted 03 September 2014 - 00:35

Little known secret though, each Xbox One reserves 1% of its processing power for Bitcoin mining (24/7 if you leave it in connected standby), so all the Xbox Ones out in the world are collectively mining bitcoins for Satya Nadella.

I wouldn't be surprised if that was true. :laugh:

 

 

How about litecoin? I've read somewhere it was a pretty good investment (that was last year tho, we might've missed that boat as well :D )

Most crypto currencies are the same thesedays. Either they're not worth much, or they cost more to generate than they return...



#13 +RedReddington

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Posted 03 September 2014 - 09:24

Yeah like everyone said its Safe mostly, Just not practical now a days. You missed the early gold rush. Now there are entire data centers dedicated to it. Check out Data Center Knowledge Website and have a look. Think you can beat that then go ahead.....



#14 what

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Posted 03 September 2014 - 14:04

Just another post to paraphrase what has already been said because my post count is looking a little inadequate these days.



#15 tim_s

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Posted 03 September 2014 - 22:55

At this stage, prepare to spend a lot of money and I would be looking to mine alternative coins.