Bitcoin mining
- Thread starter MrBlobby
- Start date
Soldato
I would say when its having a 'crash' and reaches $50 its worth buying some to sell a few days later @ $80 - $100 but its a risk as no one really knows whats happening with the price.
Soldato
Hmmm, a friend of mine has just started to mine and in encouraging me to invest some money in equipment to mine.
Tough choice...
Tough choice...
Bitcoin mining is nowhere near worth it anymore, and with LTC at $1.7 or less, its not profitable.
Of course, this is assuming it stays like this, but at current BTC is not worth mining at all due to all the ASICs.
It's your call dude.
No body knows if the value will increase or decrease. Your guess is as good as anybody elses on this forum.
If you are looking to invest, I believe Gold has dropped well below its peak but is now making a recovery:
http://www.bullionvault.co.uk/gold-price-chart.do
There are many other things you can speculate on.
I feel that BitCoin is a little too risky, because its price can plummet very quickly. Also, as ChrisLandin explained (see his earlier thread), it isn't easy/straight forward to sell BitCoins at their rated value.
Soldato
Depends on your pc and graphics cards though. If you cant mine at a decent enough rate you may be losing money. Not to mention running cards flat out 24/7 will likely end up with a fan dying so potentially have the hassle of RMA'ing it.
Associate
- Joined
- 3 Jun 2010
- Posts
- 960
Surely this is just using valuable natural resources (electricity) for profit, causing unnecessary pollution as a consequence? A bit like being paid to leave your car going on high rev's 24/7? Maybe I missed something but this seems totally irresponsible.
Wouldn't there also be the risk that huge botnets will multiply the impact to natural resources and pollution by potentially millions? I haven't looked into this but it is exactly the type of thing that would suit botnet exploitation, by mob-hackers etc. I don't see how this can end well.... Please educate me if I am way off the mark.
Wouldn't there also be the risk that huge botnets will multiply the impact to natural resources and pollution by potentially millions? I haven't looked into this but it is exactly the type of thing that would suit botnet exploitation, by mob-hackers etc. I don't see how this can end well.... Please educate me if I am way off the mark.
Caporegime
You had best turn yours off then. Terribly irresponsible of you to be using electricity to browse the Internet. How dare you.
Associate
- Joined
- 24 Apr 2012
- Posts
- 1,317
I would probably sell mine at that price also. But knowing ebay it'd probably be some scammer who has cooked their 5870 mining bitcoins and they are trying to swap it for a working one.
This is exactly the reason why I would never go down the route of BitCoin mining.
However, look at it another way. By using electricity, you are paying a higher electricity bill and putting more money into the economy of the country you are living in. Which is a good thing.
Another point is that whoever gets involved in this enterprise, will use their own money. They are not stealing or breaking the law. If they want to spend their money on this, surely it is their right?
I am 100% against BitCoin mining as it is a practise which does not serve anybody (if you get a job, you are providing a service to someone) HOWEVER, I also understand that everybody has the right to to spend their money (on computer hardware and electricity) as and how they please.
Risky, because people are "investing" money in electricity and in many cases, computer hardware.
This is your investment.
Your return is realised when you sell the virtual money.
The risk is that the virtual currency, when sold, is sold for pittance (or £0, if bitcoin completely collapses). In the case of a crash, you will effectively have lost your entire investment. THIS IS VERY RISKY.
A low risk investment would be to buy shares in an oil giant. The chances of your investment turning to pittance is EXTREMELY low as oil giants are amongst the most stable "listed" companies on the planet.
I knew I should have bought some at $50.
I think its going to go down again soon though. It's probably going to fluctuate for a while.
@sunama I wouldnt be so sure about the oil companys. I read a news post saying that the fossil fuel industry could be over invested, in a big potential bubble. They cant burn all the fuel that investors expect, if they do were screwed, if they dont the investors are.
I think its going to go down again soon though. It's probably going to fluctuate for a while.
@sunama I wouldnt be so sure about the oil companys. I read a news post saying that the fossil fuel industry could be over invested, in a big potential bubble. They cant burn all the fuel that investors expect, if they do were screwed, if they dont the investors are.
Soldato
I bought $154 worth when they were $51, sold them for around $270 a day later. It crashed once more to that level but seems to have been stable now @ $100 - 120 which is very slowly rising.
And again 
Pool found new 232720 block and you got 0.03123362BTC in this round.
Pool found new 232727 block and you got 0.02678774BTC in this round.
Update -28/04
Pool found new 233466 block and you got 0.02110172BTC in this round.
Pool found new 233480 block and you got 0.01198913BTC in this round.
All the best,
BTCMine Robot
Pool found new 232720 block and you got 0.03123362BTC in this round.
Pool found new 232727 block and you got 0.02678774BTC in this round.
Update -28/04
Pool found new 233466 block and you got 0.02110172BTC in this round.
Pool found new 233480 block and you got 0.01198913BTC in this round.
All the best,
BTCMine Robot
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