Bitcoin mining

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Does bit coin mining actually achieve anything of value, I mean is it like SETI or folding DNA or is like calculating Pi over and over again !! ?
 
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Yes

Money or virtual money. In the last 5 days I have mined 0.25 Bitcoins and currently it is worth £90 per 1.0 bitcoin.

I will keep my bitcoins as the value of them will increase over the years as the difficulty of mining increases and people start to ditch banks in the Euro to a safer and government free form of banking. Bit coin value in the last month has risen over 100% due to the Spanish puling their money out of the national banks into safer places due to what happen to the cypriats.

Soon to add a 2nd graphics card (for gaming) and my mining rate will double
 
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Yes

Money or virtual money. In the last 5 days I have mined 0.25 Bitcoins and currently it is worth £90 per 1.0 bitcoin.

I will keep my bitcoins as the value of them will increase over the years as the difficulty of mining increases and people start to ditch banks in the Euro to a safer and government free form of banking. Bit coin value in the last month has risen over 100% due to the Spanish puling their money out of the national banks into safer places due to what happen to the cypriats.

Soon to add a 2nd graphics card (for gaming) and my mining rate will double. Once mining becomes too difficult, say 5 months time, I will sell the cards and proabably get 3/4 of that money back or keep them for gaming.
 
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Yeh I had a look at bitcoin yesterday and didnt really understand it.

From what I gather its virtual money? Anything like a digital form of monopoly money? :p

Also didnt really understand Bitcoin mining, I imagined it was something to do with minecraft and everyone playing that were mining for bitcoins.

I should stick to my monopoly money :(
 
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I know you earn Bitcoins but do but apart from the coins is the computer doing anything that benefits someone.?? I'll have a look through the thread above too thanks :)
 
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I know you earn Bitcoins but do but apart from the coins is the computer doing anything that benefits someone.?? I'll have a look through the thread above too thanks :)


no it is pure mining for profit. Number / hash crypto cracking for cash - electricity cost = profiit. No one else benefits apart from a public owned cash system.
 
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Live Bitcoin currency rate

http://preev.com/btc/usd

6 months ago it was around $5 before Cyprus started having it's problems. The Spanish and Italians are the major countries to take this up recently causing a hike in the rate. In January it was around $30 or so. In the last week it has leapt from $90 to $140.
 
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The other thread claims a £15 profit deducting costs for a week running 24/7. Hardly seems worth it imo.

Not on a small scale, no.

Depends on your kit and right now the price of BTC is climbing and so the profits climb.

When I put the 2nd 7950 card in, I should be at todays prices be earning about £40 -£50 a week if I cashed in.

But I will keep the BitCoins as I believe the price will hit close to $1000 within 12 months. So if I mine 12 - 15 coins in that time, you can work out the math :)

Small scale, well my rig is only 2x7950 and that is small scale and within easy reach of most on this forum.




Edit

Got the math wrong by a factor of 2

Currently mining at 0.25 bitcoin a week. 2nd card should be about 0.5 bitcoin a week = 2 bitcoins a month = about 24 in a year.

If they hit $1000 mark as I expect in a year or 2, then for the cost of the electricity, I think it is a worthwhile adventure. Even at todays prices of $140 it is worth it and of course I still have the graphic cards.
 
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Soldato
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Depends on your kit and right now the price of BTC is climbing and so the profits climb.

When I put the 2nd 7950 card in, I should be at todays prices be earning about £40 -£50 a week if I cashed in.

But I will keep the BitCoins as I believe the price will hit close to $1000 within 12 months. So if I mine 12 - 15 coins in that time, you can work out the math :)

Small scale, well my rig is only 2x7950 and that is small scale and within easy reach of most on this forum.




Edit

Got the math wrong by a factor of 2

Currently mining at 0.25 bitcoin a week. 2nd card should be about 0.5 bitcoin a week = 2 bitcoins a month = about 24 in a year.

If they hit $1000 mark as I expect in a year or 2, then for the cost of the electricity, I think it is a worthwhile adventure. Even at todays prices of $140 it is worth it and of course I still have the graphic cards.

It will collapse by then.
 
Soldato
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Only worth mining them on computers that you don't pay the leccy bill on. There's also no point using a work computer, it needs a decent gfx card as running it on your cpu takes an eternity.

Wish these were around when I was at uni :(

MW
 
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Love the internet sometimes with keyboard warriors.

Married, 40 with kids and my own computer consultancy company.

Next time try a normal conversation or go back to bed.

Then why are you so silly?

Why don't you re-mortgage your house set up 100 Rigs and start living the high life?

You are a computer consultant after all you should have access to this stuff. Quad sli or whatever the amd one is called.
 
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Only worth mining them on computers that you don't pay the leccy bill on. MW


That used to be to about 2 months ago, but with the prices the way they are, it is very profitable. That may change again tho.

I would say if you haven't got the kit, then it is a risk buying and hoping for the long run to recoup. If you have, right now what is there to loose.

One guy I know on the Bitcoin forums started early on. He had about 250 bit coins about 2 years ago when they were about $3 each. He forgot about it all until 2 weeks ago and he nearly had a heart attack when he realised 250 * $140 was not a bad present. Now I wish I had heard of them then as well :)
 
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