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

If I could link to an awful link I would like to (it sure is something!) then I would dearly hope that those who know nothing about this could see a different - not better - view.

I suppose we could always google it.
 
Just spotted this, currency traders are taking out leveraged contract for differences on the BTC to USD exchange rate. Its close to its highs for the summer, if nothing else theres a nice a graph to view :p

http://www.plus500.co.uk/Instruments/BTCUSD

a side question to this thread would be do you think theres any alternative to BTC. People may not know there are 50 different types of coins that can be used online to purchase but none are as popular as BTC, they vary only slightly in use so its all a bit mystifying. Might make more sense in Zimbabwe or Somalia (due to be cut off from UK banking) then here

To the OP, economies of scale make gpu mining for BTC uncompetetive. If you can design a chip to hash and nothing else then its very profitable apparently, so much that company setups are taking over from people
 
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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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lol this thread makes a hilarious read :D
 
Out of interest why does the Electricity bill go up?

My PC runs almost 18 hours a day, sometimes idle.. sometimes gaming.. sometimes browsing...

Im assuming if you mine something, then your PC is maxxed out? So it uses all the juice it can?
 
Staggering to think that even investing as late as Aug this year, you could've still made 10x profit. Those who got in early must be rolling in it. Sadly I remember when it was around £10 per bitcoin and it didnt even cross my mind to "invest"...
 
mehuk said:
Out of interest why does the Electricity bill go up?

My PC runs almost 18 hours a day, sometimes idle.. sometimes gaming.. sometimes browsing...

Im assuming if you mine something, then your PC is maxxed out? So it uses all the juice it can?
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Puts 100% load on the GPU's you're using, so draws a lot of wattage, especially 24/7.

I'm just waiting for the day that everyone decides to not accept Bitcoins altogether, and then it all ends.
 
If theres a million people using btc then they can all trade with each other.
If that wasnt possible even when one guy is chinese and the other is in argentina then the price would be lower but it helps free people from the politics of money of which there is more then ever before

They might post some money, but to someone you dont know, who hasnt the same language and it'd take longer, cost more. Theres plenty reasons why btc is useful to some, Im not sure about savings but utility yes. Plus both those countries are banned from free exchange


Idle and max load will draw an extra 200 or 300 watts I think. Same for the CPU. The volts rise and obviously speed. But having the pc on anyway helps justify.
My psu is 80 plus bronze, gold might good for the economics of it also I guess except they cost more

One guy in Alaska says even if he didnt mine, his computers heats his house. Having it full power means he spends less on diesel, so he doesnt even need a profit to justify doing it so long as it gives something I guess. Im not sure how efficient an AMD card is compared to a box heater fan
 
I cashed out at ~750USD a couple of days ago, extra couple hundred pounds for Christmas spending! It surely must stop rising soon, it's getting ridiculous!
 
bJN said:
I cashed out at ~750USD a couple of days ago, extra couple hundred pounds for Christmas spending! It surely must stop rising soon, it's getting ridiculous!
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Think about the value of just the pound sterling moneybase. This is global. People are still working out exactly where to price it. It could still go much, much higher.
 
Zodar said:
Think about the value of just the pound sterling moneybase. This is global. People are still working out exactly where to price it. It could still go much, much higher.
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Sterling is global. Its a minor reserve currency and half the shares on the FTSE arent really british. So we already benefit from way more people then just uk using our currency.
Problem with BTC is how few products are traded in it and certainly not many exclusive to it.

Its far more vulnerable to a set back, I think China is helping it a lot as they are not supposed to buy dollars or some weird laws like that
 
Bitcoin is just one of many new crypto currencies. Litcoin and namecoin are two that look very likely to do well in the future. Get in early on these, but I am yet to get involved with these currencies. I just have no actual need for it.

http://coinmarketcap.com/

Here is a recent excellent discussion on the pro cons of crypto currencies, I side with schiff on the debate myself.


One more thing to note: https://bitcointalk.org/index.php?topic=83794.0
 
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