Having a heated debate: Is it worth it to start bitcoin mining in Aug 2013?

Combat squirrel

Combat squirrel

Combat squirrel

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As title, having a heated debate with someone about this, I showed them MATHS and CALCULATIONS which showed it really wasn't to be honest (in context they were on about GPU mining) but threw in ASIC after.

But they are just ignoring me now and not answering direct questions if its worth it! lol

SO OCUK over to you :D:

Is it worth it to start bitcoin mining in Aug 2013 from scratch?
 
No. Bitcoin is finished unless you have a ton of graphics cards because people have built circuits which are specifically designed to work with Bitcoin, working far faster than anything before, making it useless to start unless you have one of those.

Look into Litecoin and other newer crypto currencies, they have different algorithms, so are not dominated by bespoke hardware. Last time I checked, a couple of months ago, if you bought a 7970 and left it running 24/7, it would pay for itself in a few weeks, including electricity costs. Unfortunately I don't have the funds to do that currently.

You could also trade Bitcoins and other currencies to make money, but that has a higher risk, obviously.
 
its an interesting idea, i have a couple of 6950s i just dont use anymore,

cost of electricity in uk must be a big negative
 
al4x said:
its an interesting idea, i have a couple of 6950s i just dont use anymore,

cost of electricity in uk must be a big negative
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The best thing to do, assuming you are willing to put in the effort to research and keep up to date with it, would be to get your cards working on a brand new cryptocurrency. You want to do it when the difficulty is really low, get as much as you can, then when the price goes up, you sell them all at a big profit. This would involve some luck, as the price may not get very high, so you would do it with a new one which seems popular.

Alternatively you can look at all the newish ones which can be traded for Bitcoin, run the most profitable currency for a day, then calculate which is the best for the next day and keep changing. This would be more profitable than Bitcoin and Litecoin, but would require more effort.
 
The bitcoin ship has long sailed to make money on, and other immitation currencies realy don't have the same traction to make it worthwhile do they?
 
Clov!s said:
what are bitcoins actually worth? and how are they valuable to you?
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Currently about 120 dollars each. The ship is long since sailed, however investing in bitcoin is a reasonable investment, all be it risky, there are a set number of bitcoins, therefore when all these *******s start mining, the price will keep on lifting up :)
 
Madwelsh said:
Currently about 120 dollars each. The ship is long since sailed, however investing in bitcoin is a reasonable investment, all be it risky, there are a set number of bitcoins, therefore when all these *******s start mining, the price will keep on lifting up :)
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Worth $130 at Bitstamp and around $146 at Gox (tho it takes forever to get money out from there)
 
yhack said:
The best thing to do, assuming you are willing to put in the effort to research and keep up to date with it, would be to get your cards working on a brand new cryptocurrency. You want to do it when the difficulty is really low, get as much as you can, then when the price goes up, you sell them all at a big profit. This would involve some luck, as the price may not get very high, so you would do it with a new one which seems popular.

Alternatively you can look at all the newish ones which can be traded for Bitcoin, run the most profitable currency for a day, then calculate which is the best for the next day and keep changing. This would be more profitable than Bitcoin and Litecoin, but would require more effort.
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its an interesting idea, and i agree from what i understand the bitcoin (ie specifically bitcoin) ship has sailed

you need a bit of luck to catch a snowballing currency early, and if you win you can potentially win big..not to far off placing you money in a startup firm really

i do like this sort of thing (ie finance) i will definitely look into it, probably a bit late now, but i will see, they are both 2gb cards so not horrendous
 
Should you invest - and by invest I mean throw your money away - in a redundant 'currency' which even at its peak was a joke? That sounds like a simply terrific idea.

Your friend is an idiot and almost certainly knows more about computers, particularly graphics cards, than he does about investments and finance.
 
[FnG]magnolia;24862248 said:
Should you invest - and by invest I mean throw your money away - in a redundant 'currency' which even at its peak was a joke? That sounds like a simply terrific idea.

Your friend is an idiot and almost certainly knows more about computers, particularly graphics cards, than he does about investments and finance.
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Redundant? It's more valuable than ever, even governments are looking into regulating it as its a threat to them
 
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