Bitcoin mining

EGuitarStar said:
Hmmm, a friend of mine has just started to mine and in encouraging me to invest some money in equipment to mine.

Tough choice...
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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.
 
Calabi said:
So is bitcoin worth buying now?
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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.
 
Risky??

Look at it this way... Mine some coins or whatever you want to call it.. all it has cost you is the electricity to make them.
Price crashes and bitcoin dies.. No love lost
Price sky rockets.. PROFIT!
 
Fuzz said:
Risky??

Look at it this way... Mine some coins or whatever you want to call it.. all it has cost you is the electricity to make them.
Price crashes and bitcoin dies.. No love lost
Price sky rockets.. PROFIT!
Click to expand...

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.
 
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.
 
You had best turn yours off then. Terribly irresponsible of you to be using electricity to browse the Internet. How dare you.
 
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cainer said:
is bitcoin mining the reason why 5870's are selling for ~£150 atm? if so im tempted to sell mine now while some buyers think the sun is still shining
I cant think of any other reason for the 2nd hand value to be so high
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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.
 
Why are stupid people buying them for £150??? Ive seen a graph where a 7870 does better hashes using less power and they can be had brand new for not much more.

Madness.
 
Jimmy Hillbilly said:
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.
Click to expand...

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.
 
Fuzz said:
Risky??

Look at it this way... Mine some coins or whatever you want to call it.. all it has cost you is the electricity to make them.
Price crashes and bitcoin dies.. No love lost
Price sky rockets.. PROFIT!
Click to expand...

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 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
 
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