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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, 3 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, 2 months
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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
Posts: 5,436
Loc: US
Last seen: 3 years, 2 months
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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
Last seen: 9 years, 10 months
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^ u beat me to it .
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s240779

Registered: 12/07/10
Posts: 12,880
Last seen: 3 months, 3 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, 4 months
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Re: Bitcoin mining [Re: s240779] 1
#19072670 - 11/01/13 10:45 PM (10 years, 3 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, 3 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, 4 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, 3 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, 4 months
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Re: Bitcoin mining [Re: TheMule73] 1
#19072770 - 11/01/13 11:09 PM (10 years, 3 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, 3 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, 2 months
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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, 3 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, 4 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, 2 months
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Re: Bitcoin mining [Re: dontknow] 1
#19072850 - 11/01/13 11:29 PM (10 years, 3 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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