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Bitcoin Mining Message board moderation To post messages, you must log in. I have been aware of the phenomenon that is "bitcoin mining" for a few months now.
It seems to have been a profitable venture especially for those who began mining early on. It is apparently so profitable that some people have set up "bitcoin farms" in much the same way boinc bitcoin mining some of us myself included have set up SETI crunching farms.
High end GPU's are boinc bitcoin mining quite expensive, and since the boinc bitcoin mining infrastructure is already in place for myself and others, I have thought perhaps dedicating some time to bitcoin mining in order to exchange those bitcoins for hardware.
As I plan on putting boinc bitcoin mining GTX 's in my new rig, I thought perhaps this might be a creative way of financing at least a portion of this rig and boinc bitcoin mining GPU's in my boinc bitcoin mining Seti rigs.
If anybody has any experience with bitcoin mining, would you please share your thoughts? I have no indication of how many dollars worth of bitcoins I could mine in a given amount of time with my current hardware, but if any of you know it to be lucrative or fast enough, I boinc bitcoin mining give it a shot. I hate to take my rigs away from crunching SETI WU's for even a moment, but as they say, sometimes you have to take 1 step back to take 2 steps forward- in the longrun this would greatly increase my SETI output if it actually affords me some decent hardware without me having to go into my currently sparse boinc bitcoin mining.
I haven't decided for sure if I'm going to do it yet, I first want to get a rough estimate of how productive my rigs all the ones on my computer list here on S H will be, if it doesn't seem worth it then I won't them off of crunching at all and I'll just continue to come out of pocket for this project.
Looking forward to hearing your thoughts. A pyramid scheme isn't a pyramid scheme until it comes crumbling to the ground It was a pyramid scheme": Maybe I should explain a bit better: I truly apologize for any bubble-bursting. Were worth more than the cost of the electricity to produce them. Had boinc bitcoin mining legal questions surrounding their use. Were readily used to purchase goods and services. I suspect everybody would be mining them and the US treasury would go out of business.
Things are so much more delightful when you have kitties in your life! Have made friends here. I'm sorry, but I can't see for the life of me or what's left of it the point behind Bitcoin Mining. From what I understand, they are going to be hitting a wall with GPU mining when you factor in hardware, electricity and the ever increasing difficulty. It's going to move over to FPGA mining being the only way of keeping it profitable in the future.
If you have enough to invest in an FPGA mining cluster right now and again you get free electricity then it could be a very good idea, otherwise, I wouldn't jump in. And not to mention all the cheating that is going on. It's just one big scam, you can't make money out of nothing Shares in an energy company might help. And unlike most advice, it's backed up by proofs. The computer science of human decisions. Bitcoin mining is a joke of a pyramid scheme, boinc bitcoin mining even the original one or two probably won't ever have any real boinc bitcoin mining to speak of.
If you want to spend your electricity and computers time on something, may I recommend sticking with DC projects that serve a purpose. And, at NO point in bitcoin history, not since before the money split the first timehas there been any way to profit. The electric itself costs more money that the money it produces, and once you factor in hardware It's like gambling for people bad at math, or using a change machine that charges a fee.
SETI home classic workunits: Got it guys, thanks for the info. I knew Boinc bitcoin mining felt like I was missing something when I first read and watched videos about it. Electricity cost is higher than the value of the boinc bitcoin mining then that makes it pointless right there. I boinc bitcoin mining in gold, silver and oil investments and as all boinc bitcoin mining currencies are being aggressively undervalued day by day, I have done extremely well by pouring capital into gold, silver, and oil at the right timing of course.
Bitcoins sound like they were conceived to be another alternative currency, something I strongly believe in these days from an investment standpoint. But as many of you have pointed out, boinc bitcoin mining is extremely flawed, unprofitable, and likely unsafe. I wasn't looking to make myself a return with the bit coins, I was just trying to be clever and use my existing crunching infrastructure to finance more hardware for SETI. Oh well- I guess you can't get something for nothing after boinc bitcoin mining Mining pays for all boinc bitcoin mining electricity, my house is noce and warm and it keeps my CPU projects running quite happily.
In addition, there is real money involved and despite the bad comments here, ignorance isn't universal. Thanks for sharing patrick, first good thing I've heard so far. Approximately how many hours a week do you "mine"? Is it with that one computer i see on your computer list here or rather the GPU on that machine since as I understand it, bitcoin mining only works off your GPU s?
How many bitcoins do you earn in that time? If you use your bitcoins to pay boinc bitcoin mining your electric bill, it sounds like you must be making a few hundred a month with bitcoin- you haven't found that it eats up more electricity than it pays for? That is one of the main arguments I seem to hear. Like I mentioned before, I just wanted to run the bitcoin miner long enough to earn enough bitcoins to purchase some new hardware for my dedicated SETI boxes, so that was the only return I was hoping for.
Bitcoin mining is a joke of a pyramid scheme, And so is any currency. Even the Euro, and even more the USD. Currency is basically worth whatever people agree it is worth. Nothing more, nothing less. The definition of "worth" and "people" are open to discussion, of course. Without trust, there's no currency. But what happened to the Zimbabwean dollar can also happen to Bitcoins.
Or to the Euro. Or to the US dollar. My personal bet is: Bitcoins will still be worth something - long after the US dollar has gone down the drain Frizz I couldn't agree with you more: Your words are pretty much exactly the same as the ones out of my mouth each day as I implore my clients to trade in their dollar and Euros for shares in gold, silver mining, and oil producing companies as well as ETF's that hold physical gold and silver.
Personally I don't keep a savings account, I only use boinc bitcoin mining checking account for medium term cash needs and check writing purposes. My savings account is in silver bars, american eagle and canadian maple coins, and a little bit of physical gold as well. Bullion charts from www. Looks to me like pretty much all precious metals are trending down atm Author Message Yanivicious Send message Joined: Yanivicious Send message Joined: Message - Posted: Wiggo "Socialist" Send message Joined: Sirius B Volunteer tester Send message Joined: Frizz Volunteer tester Send message Joined: Al Send message Joined: Wembley Volunteer tester Send message Joined:
