Member of the Month

partyandBS
December, 2024

Online

Welcome to the Newschoolers forums! You may read the forums as a guest, however you must be a registered member to post. Register to become a member today!

Bitcoin

profile picture
Snowpeck
Posts: 267 - Karma: 367
Hey NS,

I was wondering if anyone here has had any experience with mining Bitcoins. I was thinking about setting up a bitcoin mining pool with a couple of my friends.
Feb 15 2017 3:02PM
5 0
profile picture
jellomellow
Posts: 961 - Karma: 3,562
SnowpeckHey NS,

I was wondering if anyone here has had any experience with mining Bitcoins. I was thinking about setting up a bitcoin mining pool with a couple of my friends.


I've heard they use bitcoins in exchange for kidnapped kids which is illegal
Feb 15 2017 3:06PM
0 0
profile picture
powderdrunkie
Posts: 2034 - Karma: 976
jellomellowI've heard they use bitcoins in exchange for kidnapped kids which is illegal


def top 10 of illegal things you can do, though. ten being the best.
Feb 15 2017 3:09PM
0 0
profile picture
Rparr
Posts: 5626 - Karma: 46,817
Fuck bitcoin mining, you'd be better off buying shit with bitcoin and flipping it.
Feb 15 2017 3:14PM
1 0
profile picture
Snowpeck
Posts: 267 - Karma: 367
powderdrunkiedef top 10 of illegal things you can do, though. ten being the best.

Dm me, we should hang out sometime...
Feb 15 2017 3:25PM
0 0
profile picture
eheath
Posts: 61697 - Karma: 124,056
From my small amount of knowledge (source: my old coworker used to mine bit coins at work lmao) he had like 10 miners running around the clock like 3 years ago and he made like $.10/day and he stopped because it went down even lower. So without like 100 GPUs setup mining you're probably not making money, not even considering the cost to operate.
Feb 15 2017 3:42PM
0 0
profile picture
powderdrunkie
Posts: 2034 - Karma: 976
SnowpeckDm me, we should hang out sometime...


I like the way you talk to me, boy.
Feb 15 2017 3:44PM
1 0
profile picture
theBearJew
Posts: 10951 - Karma: 15,633
SnowpeckDm me, we should hang out sometime...


You diggin his dick icon, aren't you.
Feb 15 2017 4:16PM
0 0
profile picture
.MASSHOLE.
Posts: 7495 - Karma: 11,555
eheathFrom my small amount of knowledge (source: my old coworker used to mine bit coins at work lmao) he had like 10 miners running around the clock like 3 years ago and he made like $.10/day and he stopped because it went down even lower. So without like 100 GPUs setup mining you're probably not making money, not even considering the cost to operate.


This. Mining bitcoins as an individual is basically futile now. You're going to be competing with massive operations over in China, Russia, and other Asian countries.

The time to mine bitcoins was ~4 years ago.
Feb 15 2017 4:27PM
1 0
profile picture
Jesse_
Posts: 1498 - Karma: 3,639
eheathFrom my small amount of knowledge (source: my old coworker used to mine bit coins at work lmao) he had like 10 miners running around the clock like 3 years ago and he made like $.10/day and he stopped because it went down even lower. So without like 100 GPUs setup mining you're probably not making money, not even considering the cost to operate.


This. if you were just to start a small mining operation with just a few friends you wouldnt make any money really.
Feb 15 2017 4:50PM
0 0
profile picture
Snowpeck
Posts: 267 - Karma: 367
eheathFrom my small amount of knowledge (source: my old coworker used to mine bit coins at work lmao) he had like 10 miners running around the clock like 3 years ago and he made like $.10/day and he stopped because it went down even lower. So without like 100 GPUs setup mining you're probably not making money, not even considering the cost to operate.


1 bitcoin is 1015 usd as of right now which is almost as much as the peak in 2014.
Feb 15 2017 5:01PM
0 0
profile picture
.MASSHOLE.
Posts: 7495 - Karma: 11,555
Snowpeck1 bitcoin is 1015 usd as of right now which is almost as much as the peak in 2014.


Right but you're not going to be mining 1 full bitcoin...You'll be lucky if you get 1/10th.
Feb 15 2017 5:14PM
1 0
profile picture
eheath
Posts: 61697 - Karma: 124,056
.MASSHOLE.Right but you're not going to be mining 1 full bitcoin...You'll be lucky if you get 1/10th.


More like 1/100 in a day with 100 gpus, could be even less I dont have an exact number to go by here, but you're making like 1/100 of a penny a day per miner probably.
Feb 15 2017 5:20PM
0 0
profile picture
Lonely
Posts: 6792 - Karma: 62,703
I used to dabble in dogecoin. Back when the meme was cool.

Bitcoin is taking exponentially longer to mine so it's probably not a great investment to get a big gpu mining pool going.
Feb 17 2017 4:34PM
0 0
profile picture
GnarshoSapian
Posts: 303 - Karma: 327
So as far as I know this was profitable until maybe 2012. As of late the electricity costs of a computer bank capable of mining are higher than the value of the expected bitcoin return.

You may or may not be aware that as more bitcoins become available, mining for new ones becomes more difficult at a proportional rate

Unless you're a very experienced programmer with an informational edge this will likely not be profitable.
Feb 17 2017 4:49PM
0 0
profile picture
neleson
Posts: 386 - Karma: 1,091
Its too expensive for anyone just to start and its very slow. You need a lot of hardware to actually make anything profitable and the electricity bill will be high. Also bitcoin value can drop suddenly very fast and you can lose a lot of money.
Feb 19 2017 4:43PM
0 0
profile picture
Jesse_
Posts: 1498 - Karma: 3,639
I think the moral of this story is that bitcoin is a massive waste of time and money unless you have one of these lol
Feb 20 2017 6:43PM
0 0
profile picture
GnarshoSapian
Posts: 303 - Karma: 327
Bit coin is definitely an interesting experiment in economics. I own a couple of bucks worth just for fun.


I think the next generation of crypto-currency could be huge though. If anyone knows what that is let me know lol
Feb 20 2017 10:44PM
0 0
profile picture
Rparr
Posts: 5626 - Karma: 46,817
GnarshoSapianBit coin is definitely an interesting experiment in economics. I own a couple of bucks worth just for fun.


I think the next generation of crypto-currency could be huge though. If anyone knows what that is let me know lol


you've probably missed the mark as for the time to invest, but monero (xmr) is gaining a lot of traction and went up insanely in value over the last few months
Feb 23 2017 2:02AM
0 0
profile picture
gotti
Posts: 4269 - Karma: 4,550
If you can plug one in at work you get free internet and free power its definitely worth it but otherwise its not super cost effective. All you are doing is installing an active server and supporting their operation. Genius really.
Feb 23 2017 11:26AM
0 0
All times are Eastern (-5)