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Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order

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Invisibleluvdemboomers
loner with a boner

Registered: 01/11/13
Posts: 5,054
Bitcoin mining
    #19072425 - 11/01/13 09:47 PM (10 years, 3 months ago)

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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OfflineNotTheDevil
Transhuman


Registered: 01/08/13
Posts: 5,436
Loc: US Flag
Last seen: 3 years, 2 months
Re: Bitcoin mining [Re: luvdemboomers]
    #19072437 - 11/01/13 09:50 PM (10 years, 3 months ago)

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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InvisibleSell Your Soul
Nutmeg shaman
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Registered: 03/15/00
Posts: 40,819
Loc: Over there
Re: Bitcoin mining [Re: luvdemboomers]
    #19072441 - 11/01/13 09:51 PM (10 years, 3 months ago)

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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OfflineNotTheDevil
Transhuman


Registered: 01/08/13
Posts: 5,436
Loc: US Flag
Last seen: 3 years, 2 months
Re: Bitcoin mining [Re: Sell Your Soul]
    #19072534 - 11/01/13 10:12 PM (10 years, 3 months ago)

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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OfflinePLOWTO
Male User Gallery


Registered: 03/27/11
Posts: 740
Loc: Dodongo's Cavern Flag
Last seen: 9 years, 10 months
Re: Bitcoin mining [Re: Sell Your Soul] * 1
    #19072536 - 11/01/13 10:13 PM (10 years, 3 months ago)

^ u beat me to it .


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Offlines240779
Male Unread Journal User Gallery
Registered: 12/07/10
Posts: 12,880
Last seen: 3 months, 3 days
Re: Bitcoin mining [Re: Sell Your Soul] * 1
    #19072660 - 11/01/13 10:44 PM (10 years, 3 months ago)

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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Offlinedontknow
It's all in the reflex


Registered: 07/05/13
Posts: 3,889
Last seen: 7 years, 4 months
Re: Bitcoin mining [Re: s240779] * 1
    #19072670 - 11/01/13 10:45 PM (10 years, 3 months ago)

I don't understand any of this bitcoin stuff


--------------------
:box:

The discerning heart seeks knowledge, but the mouth of a fool feeds on folly. -Proverbs 15:14

:tripping2: :shroomer:  :trippinballs: :shroomin:

“Imagination is everything. It is the preview of Life’s coming attractions.”
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InvisibleTheMule73
Stranger
Male

Registered: 08/26/11
Posts: 1,797
Re: Bitcoin mining [Re: dontknow]
    #19072726 - 11/01/13 10:58 PM (10 years, 3 months ago)

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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Offlinedontknow
It's all in the reflex


Registered: 07/05/13
Posts: 3,889
Last seen: 7 years, 4 months
Re: Bitcoin mining [Re: TheMule73]
    #19072745 - 11/01/13 11:04 PM (10 years, 3 months ago)

calling me stupid..  :herpderp:


--------------------
:box:

The discerning heart seeks knowledge, but the mouth of a fool feeds on folly. -Proverbs 15:14

:tripping2: :shroomer:  :trippinballs: :shroomin:

“Imagination is everything. It is the preview of Life’s coming attractions.”
Albert Einstein


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InvisibleTheMule73
Stranger
Male

Registered: 08/26/11
Posts: 1,797
Re: Bitcoin mining [Re: dontknow]
    #19072758 - 11/01/13 11:06 PM (10 years, 3 months ago)

Nigga, I'm stupid too


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Offlinedontknow
It's all in the reflex


Registered: 07/05/13
Posts: 3,889
Last seen: 7 years, 4 months
Re: Bitcoin mining [Re: TheMule73] * 1
    #19072770 - 11/01/13 11:09 PM (10 years, 3 months ago)

We're all stupid here


--------------------
:box:

The discerning heart seeks knowledge, but the mouth of a fool feeds on folly. -Proverbs 15:14

:tripping2: :shroomer:  :trippinballs: :shroomin:

“Imagination is everything. It is the preview of Life’s coming attractions.”
Albert Einstein


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Invisiblememes
Blessed


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Posts: 27,785
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Re: Bitcoin mining [Re: dontknow]
    #19072773 - 11/01/13 11:10 PM (10 years, 3 months ago)

^ perfect


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Invisiblepwnasaurus
Stranger
I'm a teapot User Gallery


Registered: 07/16/08
Posts: 12,317
Loc: Canada Flag
Re: Bitcoin mining [Re: TheMule73]
    #19072787 - 11/01/13 11:12 PM (10 years, 3 months ago)

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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Invisiblememes
Blessed


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Registered: 01/11/05
Posts: 27,785
Loc: In a Tree
Re: Bitcoin mining [Re: pwnasaurus]
    #19072794 - 11/01/13 11:14 PM (10 years, 3 months ago)

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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InvisibleTheMule73
Stranger
Male

Registered: 08/26/11
Posts: 1,797
Re: Bitcoin mining [Re: pwnasaurus]
    #19072802 - 11/01/13 11:15 PM (10 years, 3 months ago)

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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OfflineNotTheDevil
Transhuman


Registered: 01/08/13
Posts: 5,436
Loc: US Flag
Last seen: 3 years, 2 months
Re: Bitcoin mining [Re: TheMule73]
    #19072811 - 11/01/13 11:18 PM (10 years, 3 months ago)

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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Invisiblepwnasaurus
Stranger
I'm a teapot User Gallery


Registered: 07/16/08
Posts: 12,317
Loc: Canada Flag
Re: Bitcoin mining [Re: TheMule73] * 1
    #19072818 - 11/01/13 11:21 PM (10 years, 3 months ago)

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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Offlinedontknow
It's all in the reflex


Registered: 07/05/13
Posts: 3,889
Last seen: 7 years, 4 months
Re: Bitcoin mining [Re: pwnasaurus] * 2
    #19072831 - 11/01/13 11:24 PM (10 years, 3 months ago)

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?


--------------------
:box:

The discerning heart seeks knowledge, but the mouth of a fool feeds on folly. -Proverbs 15:14

:tripping2: :shroomer:  :trippinballs: :shroomin:

“Imagination is everything. It is the preview of Life’s coming attractions.”
Albert Einstein


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OfflineNotTheDevil
Transhuman


Registered: 01/08/13
Posts: 5,436
Loc: US Flag
Last seen: 3 years, 2 months
Re: Bitcoin mining [Re: dontknow] * 1
    #19072850 - 11/01/13 11:29 PM (10 years, 3 months ago)

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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Invisibleabltsandwich
JFK = Jelly Donut
Female User Gallery


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Registered: 06/16/09
Posts: 11,537
Loc: Dildoville Flag
Re: Bitcoin mining [Re: luvdemboomers]
    #19072854 - 11/01/13 11:30 PM (10 years, 3 months ago)

CUM FOUTNAIN


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Unfolding Nature Shop: Unfolding Nature: Being in the Implicate Order


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