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luvdemboomers
loner with a boner

Registered: 01/11/13
Posts: 5,054
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Bitcoin mining
#19072425 - 11/01/13 09:47 PM (10 years, 2 months ago) |
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Is it even practical anymore? Say you invested a 1000-1500 in a dedicated mining computer... how long would that take to pay for itself not factoring in power consumption?
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NotTheDevil
Transhuman


Registered: 01/08/13
Posts: 5,436
Loc: US
Last seen: 3 years, 1 month
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Quote:
luvdemboomers said: Is it even practical anymore? Say you invested a 1000-1500 in a dedicated mining computer... how long would that take to pay for itself not factoring in power consumption?
Not so much, litecoin mining on the other hand is still plenty profitable
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Sell Your Soul
Nutmeg shaman


Registered: 03/15/00
Posts: 40,819
Loc: Over there
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Someone could always come up with a more efficient algorithm for finding bitcoins, which would make mining popular again. When this happens is anyone's guess.
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NotTheDevil
Transhuman


Registered: 01/08/13
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Loc: US
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Bitcoin mining is unprofitable to most people because ASICs have drastically upped the difficulty by being insanely efficient, there are no ASICs for scrypt based coins like litecoin, which is worth 2.2$
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PLOWTO



Registered: 03/27/11
Posts: 740
Loc: Dodongo's Cavern
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^ u beat me to it .
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s240779

Registered: 12/07/10
Posts: 12,880
Last seen: 2 months, 9 days
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Quote:
Sell Your Soul said: Someone could always come up with a more efficient algorithm for finding bitcoins, which would make mining popular again.
I didn't know Bitcoins were something to be found. I thought they were something that is generated.
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dontknow
It's all in the reflex


Registered: 07/05/13
Posts: 3,889
Last seen: 7 years, 3 months
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Re: Bitcoin mining [Re: s240779] 1
#19072670 - 11/01/13 10:45 PM (10 years, 2 months ago) |
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I don't understand any of this bitcoin stuff
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The discerning heart seeks knowledge, but the mouth of a fool feeds on folly. -Proverbs 15:14
“Imagination is everything. It is the preview of Life’s coming attractions.” Albert Einstein
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TheMule73
Stranger


Registered: 08/26/11
Posts: 1,797
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Re: Bitcoin mining [Re: dontknow]
#19072726 - 11/01/13 10:58 PM (10 years, 2 months ago) |
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Quote:
dontknow said: I don't understand any of this bitcoin stuff
Yea seriously. If someone somehow made an app that allowed the general (stupid) public to get bitcoins that app would probably do well
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dontknow
It's all in the reflex


Registered: 07/05/13
Posts: 3,889
Last seen: 7 years, 3 months
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calling me stupid..
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The discerning heart seeks knowledge, but the mouth of a fool feeds on folly. -Proverbs 15:14
“Imagination is everything. It is the preview of Life’s coming attractions.” Albert Einstein
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TheMule73
Stranger


Registered: 08/26/11
Posts: 1,797
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Re: Bitcoin mining [Re: dontknow]
#19072758 - 11/01/13 11:06 PM (10 years, 2 months ago) |
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Nigga, I'm stupid too
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dontknow
It's all in the reflex


Registered: 07/05/13
Posts: 3,889
Last seen: 7 years, 3 months
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Re: Bitcoin mining [Re: TheMule73] 1
#19072770 - 11/01/13 11:09 PM (10 years, 2 months ago) |
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We're all stupid here
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The discerning heart seeks knowledge, but the mouth of a fool feeds on folly. -Proverbs 15:14
“Imagination is everything. It is the preview of Life’s coming attractions.” Albert Einstein
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memes
Blessed



Registered: 01/11/05
Posts: 27,785
Loc: In a Tree
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Re: Bitcoin mining [Re: dontknow]
#19072773 - 11/01/13 11:10 PM (10 years, 2 months ago) |
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^ perfect
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pwnasaurus
Stranger



Registered: 07/16/08
Posts: 12,317
Loc: Canada
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Quote:
TheMule73 said:
Quote:
dontknow said: I don't understand any of this bitcoin stuff
Yea seriously. If someone somehow made an app that allowed the general (stupid) public to get bitcoins that app would probably do well
That is akin to saying "if someone somehow made an app that allowed the general (stupid) public to get money that app would probably do well". In other words, it makes no sense. You can't just give away money.
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memes
Blessed



Registered: 01/11/05
Posts: 27,785
Loc: In a Tree
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Quote:
pwnasaurus said:
That is akin to saying "if someone somehow made an app that allowed the general (stupid) public to get money that app would probably do well". In other words, it makes no sense. You can't just give away money.
bernanke, anyone?
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TheMule73
Stranger


Registered: 08/26/11
Posts: 1,797
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Not talking about giving away money. I'm talking about making it easier to obtain bitcoins. Because I for one am confused as shit with anything bitcoin related. But maybe I'm just retarded. idk...
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NotTheDevil
Transhuman


Registered: 01/08/13
Posts: 5,436
Loc: US
Last seen: 3 years, 1 month
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Quote:
TheMule73 said: Not talking about giving away money. I'm talking about making it easier to obtain bitcoins. Because I for one am confused as shit with anything bitcoin related. But maybe I'm just retarded. idk...
easy as fuck 1. get account at mtgox.com 2. transfer money from bank to mtgox may take 2 weeks 3. buy bitcoins 4. whatever
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pwnasaurus
Stranger



Registered: 07/16/08
Posts: 12,317
Loc: Canada
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Re: Bitcoin mining [Re: TheMule73] 1
#19072818 - 11/01/13 11:21 PM (10 years, 2 months ago) |
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Quote:
TheMule73 said: Not talking about giving away money. I'm talking about making it easier to obtain bitcoins. Because I for one am confused as shit with anything bitcoin related. But maybe I'm just retarded. idk...
By obtaining do you mean buying? It's pretty straightforward as detailed by the poster above.
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dontknow
It's all in the reflex


Registered: 07/05/13
Posts: 3,889
Last seen: 7 years, 3 months
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so bitcoins are tangible internet ores that need to be mined and then traded for real money? what mining level required? can i use adamant pickaxe?
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The discerning heart seeks knowledge, but the mouth of a fool feeds on folly. -Proverbs 15:14
“Imagination is everything. It is the preview of Life’s coming attractions.” Albert Einstein
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NotTheDevil
Transhuman


Registered: 01/08/13
Posts: 5,436
Loc: US
Last seen: 3 years, 1 month
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Re: Bitcoin mining [Re: dontknow] 1
#19072850 - 11/01/13 11:29 PM (10 years, 2 months ago) |
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Quote:
dontknow said: so bitcoins are tangible internet ores that need to be mined and then traded for real money? what mining level required? can i use adamant pickaxe?
Mining refers to the process by which new bitcoins are formed. You see in order to run and verify transactions the bitcoin network needs computing power. To get it bitcoin was designed so that solving transaction blocks would result in a prize of bitcoins. The more computing power there is the more is needed to get coins. Bitcoin is set to automatically adjust difficulty so that it takes until a certain year that I forget to mine them all. After this the network will be maintained by fees people can use to make their transactions go faster, these fees go to miners
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abltsandwich
JFK = Jelly Donut




Registered: 06/16/09
Posts: 11,537
Loc: Dildoville
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CUM FOUTNAIN
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s240779

Registered: 12/07/10
Posts: 12,880
Last seen: 2 months, 9 days
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Re: Bitcoin mining [Re: dontknow]
#19072973 - 11/02/13 12:03 AM (10 years, 2 months ago) |
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Quote:
dontknow said: so bitcoins are tangible internet ores that need to be mined and then traded for real money? what mining level required? can i use adamant pickaxe?
They do not need to be traded for "real money." They're just as real as any money, they're just not as popular as traditional currencies at the moment. All money is just a mediator of trading.
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s240779

Registered: 12/07/10
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Last seen: 2 months, 9 days
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Re: Bitcoin mining [Re: s240779]
#19076099 - 11/02/13 05:05 PM (10 years, 2 months ago) |
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I have a question. Can the founder of Bitcoin generate as many Bitcoins as he wants, for himself?
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NotTheDevil
Transhuman


Registered: 01/08/13
Posts: 5,436
Loc: US
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Re: Bitcoin mining [Re: s240779]
#19076126 - 11/02/13 05:11 PM (10 years, 2 months ago) |
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No
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Mush4Brains
LOOL HACKED!!!

Registered: 07/31/13
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Re: Bitcoin mining [Re: s240779] 1
#19076132 - 11/02/13 05:12 PM (10 years, 2 months ago) |
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Quote:
Da2ra said: I have a question. Can the founder of Bitcoin generate as many Bitcoins as he wants, for himself?
Do you think people would be using a system where that was possible?
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NotTheDevil
Transhuman


Registered: 01/08/13
Posts: 5,436
Loc: US
Last seen: 3 years, 1 month
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Quote:
NotTheDevil said:
Quote:
dontknow said: so bitcoins are tangible internet ores that need to be mined and then traded for real money? what mining level required? can i use adamant pickaxe?
Mining refers to the process by which new bitcoins are formed. You see in order to run and verify transactions the bitcoin network needs computing power. To get it bitcoin was designed so that solving transaction blocks would result in a prize of bitcoins. The more computing power there is the more is needed to get coins. Bitcoin is set to automatically adjust difficulty so that it takes until a certain year that I forget to mine them all. After this the network will be maintained by fees people can use to make their transactions go faster, these fees go to miners
Also read this
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pwnasaurus
Stranger



Registered: 07/16/08
Posts: 12,317
Loc: Canada
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Re: Bitcoin mining [Re: s240779] 1
#19076177 - 11/02/13 05:22 PM (10 years, 2 months ago) |
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Quote:
Da2ra said: I have a question. Can the founder of Bitcoin generate as many Bitcoins as he wants, for himself?
Of course not. That's not to say that he didn't mine a bunch when the difficulty was low, though.
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s240779

Registered: 12/07/10
Posts: 12,880
Last seen: 2 months, 9 days
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Quote:
Mush4Brains said:
Quote:
Da2ra said: I have a question. Can the founder of Bitcoin generate as many Bitcoins as he wants, for himself?
Do you think people would be using a system where that was possible?
That's the case with all government currencies.
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NotTheDevil
Transhuman


Registered: 01/08/13
Posts: 5,436
Loc: US
Last seen: 3 years, 1 month
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Re: Bitcoin mining [Re: s240779]
#19076237 - 11/02/13 05:35 PM (10 years, 2 months ago) |
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Quote:
Da2ra said:
Quote:
Mush4Brains said:
Quote:
Da2ra said: I have a question. Can the founder of Bitcoin generate as many Bitcoins as he wants, for himself?
Do you think people would be using a system where that was possible?
That's the case with all government currencies.

That what bitcoin was made to be an improvement on, that is why bitcoin is
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s240779

Registered: 12/07/10
Posts: 12,880
Last seen: 2 months, 9 days
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And people are doubting its efficacy as a currency!? This is the greatest currency ever!!
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NotTheDevil
Transhuman


Registered: 01/08/13
Posts: 5,436
Loc: US
Last seen: 3 years, 1 month
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Re: Bitcoin mining [Re: s240779]
#19076300 - 11/02/13 05:47 PM (10 years, 2 months ago) |
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Quote:
Da2ra said: And people are doubting its efficacy as a currency!? This is the greatest currency ever!!
They have since its inception because they refuse to even read about. Instead they just dismiss it a some sort of scheme.
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s240779

Registered: 12/07/10
Posts: 12,880
Last seen: 2 months, 9 days
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It must be pretty advanced for the creator to be locked out of generating bitcoins at will.
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hidenseek1
Its got all the dinks.
Registered: 12/22/12
Posts: 5,423
Loc: poop
Last seen: 6 years, 10 months
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Re: Bitcoin mining [Re: s240779]
#19076366 - 11/02/13 06:03 PM (10 years, 2 months ago) |
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i was looking though older threads yesterday, all the info is already in the older threads
if i remember correctly
there are a set amount to be generated, and as more are found they start increasing the length of the algorithms = harder to mine
only a fraction of the computing power is used for transactions, the rest is just "useless" computing
the point of mining is to get the bitcoins in circulation, similar to the government giving out loans at low interest rates, its just a way to get them in circulation
-------------------- You can drink at 7 A.M., because the Beastie Boys fought for that right -------------------------------------------------------------------------- pons asinorum -------------------------------------------------------------------------- lsd and the vietnam war changed music forever
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pwnasaurus
Stranger



Registered: 07/16/08
Posts: 12,317
Loc: Canada
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Re: Bitcoin mining [Re: s240779]
#19076402 - 11/02/13 06:11 PM (10 years, 2 months ago) |
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Quote:
Da2ra said: It must be pretty advanced for the creator to be locked out of generating bitcoins at will.
What are you talking about? 90% of your posts in this thread have made no sense.
It's decentralized. The "creator" has nothing to do with it other than coming up with the protocol.
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luvdemboomers
loner with a boner

Registered: 01/11/13
Posts: 5,054
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so is it practical or not?
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WScott
´ ɑ `▽ ᑲᓇᑕ


Registered: 07/31/05
Posts: 5,713
Loc: Nacada
Last seen: 9 months, 15 days
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I now know even less about Bitcoins after reading this thread.
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pwnasaurus
Stranger



Registered: 07/16/08
Posts: 12,317
Loc: Canada
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Quote:
luvdemboomers said: so is it practical or not?
Is what practical?
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luvdemboomers
loner with a boner

Registered: 01/11/13
Posts: 5,054
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Quote:
pwnasaurus said:
Quote:
luvdemboomers said: so is it practical or not?
Is what practical?
investing a thousand dollars into a dedicated mining computer.
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pwnasaurus
Stranger



Registered: 07/16/08
Posts: 12,317
Loc: Canada
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You don't use computers to mine anymore, you use ASIC mining hardware. Spending any money on a computer to mine BTC at this point would be a complete waste of money.
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s240779

Registered: 12/07/10
Posts: 12,880
Last seen: 2 months, 9 days
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NotTheDevil
Transhuman


Registered: 01/08/13
Posts: 5,436
Loc: US
Last seen: 3 years, 1 month
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Quote:
luvdemboomers said:
Quote:
pwnasaurus said:
Quote:
luvdemboomers said: so is it practical or not?
Is what practical?
investing a thousand dollars into a dedicated mining computer.
In short: bitcoin no, litecoin yes
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s240779

Registered: 12/07/10
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Last seen: 2 months, 9 days
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litecoin isn't compatible with Bitcoin, is it? So if you invest in litecoin, but Bitcoin ends up totally dominating it, you totally wasted your money, right?
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pwnasaurus
Stranger



Registered: 07/16/08
Posts: 12,317
Loc: Canada
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Re: Bitcoin mining [Re: s240779] 1
#19081283 - 11/03/13 04:35 PM (10 years, 2 months ago) |
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Quote:
Da2ra said: litecoin isn't compatible with Bitcoin, is it? So if you invest in litecoin, but Bitcoin ends up totally dominating it, you totally wasted your money, right?
They are completely different currencies.
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