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OfflineFeedingMyDreams
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What Does It Take To Mine Bitcoin?
    #24864923 - 12/23/17 11:01 PM (6 years, 2 months ago)

I know you need a supercomputer but what else?


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"It's spaghetti time."


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OfflineShroomslip
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Registered: 11/25/12
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Re: What Does It Take To Mine Bitcoin? [Re: FeedingMyDreams]
    #24864928 - 12/23/17 11:03 PM (6 years, 2 months ago)

Access to cheap electricity.


--------------------
With my face against the floor I can’t see who knocked me out of the way.
I don’t want to get back up but I have to so it might as well be today.
Nothing appeals to me no one feels like me, I’m too busy being calm to disappear.
I’m in no shape to be alone contrary to the shit that you might hear.


You can't wake up, this is not a dream. You're part of a machine, you are not a human being
With your face all made up, living on a screen. Low on self esteem, so you run on gasoline


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OfflineFeedingMyDreams
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Registered: 08/30/08
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Re: What Does It Take To Mine Bitcoin? [Re: Shroomslip]
    #24864934 - 12/23/17 11:06 PM (6 years, 2 months ago)

Quote:

Shroomslip said:
Access to cheap electricity.



Okay, I got that.


--------------------
"It's spaghetti time."


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OfflineShroomslip
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Re: What Does It Take To Mine Bitcoin? [Re: FeedingMyDreams] * 1
    #24864944 - 12/23/17 11:12 PM (6 years, 2 months ago)

You'd need the bitcoin mining software, not sure if there's better or worse types out there because I never really got into it. Unless you really have a supercomputer your best bet is to get into a mining pool. I don't know all the technicalities on how it works, but I know enough to know that if you're not running hardware powerful enough (or part of a pool) chances are someone else will beat you to the solution and you get nothing for the time or resources invested in that particular block.


--------------------
With my face against the floor I can’t see who knocked me out of the way.
I don’t want to get back up but I have to so it might as well be today.
Nothing appeals to me no one feels like me, I’m too busy being calm to disappear.
I’m in no shape to be alone contrary to the shit that you might hear.


You can't wake up, this is not a dream. You're part of a machine, you are not a human being
With your face all made up, living on a screen. Low on self esteem, so you run on gasoline


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OfflineFeedingMyDreams
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Registered: 08/30/08
Posts: 6,091
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Re: What Does It Take To Mine Bitcoin? [Re: Shroomslip]
    #24864963 - 12/23/17 11:22 PM (6 years, 2 months ago)

I'm not going to do it but I'm just curious of the process.


--------------------
"It's spaghetti time."


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InvisibleShroomismM
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Re: What Does It Take To Mine Bitcoin? [Re: FeedingMyDreams] * 3
    #24865009 - 12/24/17 12:04 AM (6 years, 2 months ago)

At this point in the game it takes a ridiculously massive amount of computing power to make it worthwhile enough to offset the cost of the hardware and electricity.
The people seriously mining bitcoin for profit are mostly running specialized ASIC mining hardware... stuff like this
Now get like 10-20,000 of those and setup a 24/7 mining operation. Here's a look into the largest bitcoin mining operation in the US
Now that's for bitcoin. You can still effectively mine other alt coins with normal hardware for the most part.


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OfflineDuncan Rowhl
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Re: What Does It Take To Mine Bitcoin? [Re: Shroomism]
    #24865021 - 12/24/17 12:13 AM (6 years, 2 months ago)

Quote:

What Does It Take To Mine Bitcoin?




Idiocy. :thumbup:

With sarcasm aside, don't waste your time.  Invest in a valuable profession and you'll reap two forms of dividends - self-worth and finance.

The spontaneous boom in Bitcoin wasn't by chance, but strategy.


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OfflineFeedingMyDreams
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Re: What Does It Take To Mine Bitcoin? [Re: Duncan Rowhl]
    #24865023 - 12/24/17 12:17 AM (6 years, 2 months ago)

How many Watts?


--------------------
"It's spaghetti time."


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OfflineFeedingMyDreams
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Registered: 08/30/08
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Re: What Does It Take To Mine Bitcoin? [Re: FeedingMyDreams]
    #24865025 - 12/24/17 12:19 AM (6 years, 2 months ago)

I'm just asking.  Knowledge is power.


--------------------
"It's spaghetti time."


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InvisibleDieCommie

Registered: 12/11/03
Posts: 29,258
Re: What Does It Take To Mine Bitcoin? [Re: FeedingMyDreams]
    #24865039 - 12/24/17 12:34 AM (6 years, 2 months ago)

I maxed out my house's electricity when I mined. Turned 220 volt heater circuits into power circuits for gear and ran air conditioners on my 120 volts, even in winter.

When you say your electricity is cheap, how cheap? I shut down my last asics bescause power was too much.


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OfflineFeedingMyDreams
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Re: What Does It Take To Mine Bitcoin? [Re: DieCommie]
    #24865047 - 12/24/17 12:42 AM (6 years, 2 months ago)

Quote:

DieCommie said:
I maxed out my house's electricity when I mined. Turned 220 volt heater circuits into power circuits for gear and ran air conditioners on my 120 volts, even in winter.

When you say your electricity is cheap, how cheap? I shut down my last asics bescause power was too much.



I mean, I didn't realize it could cause a power outage.  I have Dominion Power with the Nuclear Power in Surry. However, we need a new line to the Peninsula since they shut down the coal plant off the York River.


--------------------
"It's spaghetti time."


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OfflineShroomslip
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Re: What Does It Take To Mine Bitcoin? [Re: FeedingMyDreams]
    #24865062 - 12/24/17 12:56 AM (6 years, 2 months ago)

Just to clarify when I said cheap, I didn't mean like a really good American rate.. I meant like "3rd world" kind of cheap, like China or India.


--------------------
With my face against the floor I can’t see who knocked me out of the way.
I don’t want to get back up but I have to so it might as well be today.
Nothing appeals to me no one feels like me, I’m too busy being calm to disappear.
I’m in no shape to be alone contrary to the shit that you might hear.


You can't wake up, this is not a dream. You're part of a machine, you are not a human being
With your face all made up, living on a screen. Low on self esteem, so you run on gasoline


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InvisibleBodhi of Ankou
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Re: What Does It Take To Mine Bitcoin? [Re: FeedingMyDreams]
    #24865200 - 12/24/17 04:28 AM (6 years, 1 month ago)

Siacoin is releasing some asics at the end of Jan and its a coin with solid potential. Its a cloud storage system but its decentralized and its already brushing 1 billion in marketcap. Might be something you wanna look into to. Theyre called Obelisk miners.


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InvisibleDieCommie

Registered: 12/11/03
Posts: 29,258
Re: What Does It Take To Mine Bitcoin? [Re: Shroomslip]
    #24865787 - 12/24/17 11:20 AM (6 years, 1 month ago)

Quote:

Shroomslip said:
Just to clarify when I said cheap, I didn't mean like a really good American rate.. I meant like "3rd world" kind of cheap, like China or India.




I was lucky when I started mining. I happened to live where some of the cheapest electricity in america is, similar to 3rd world rates. Then I moved and that killed my mining operation.


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OfflineShiVersblood
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Re: What Does It Take To Mine Bitcoin? [Re: DieCommie]
    #24866484 - 12/24/17 06:51 PM (6 years, 1 month ago)

I saw that episode of the Big Bang theory, where Sheldon said he wanted to mind bitcoins. It doesn’t seem to make sense to me, they use bitcoin as money, so if you could mine bitcoin for free, you could get rich, so why don’t everyone just don’t that? Why pay for bitcoins if you could mine them for free?! It don’t make sense!


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OfflineShroomslip
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Re: What Does It Take To Mine Bitcoin? [Re: ShiVersblood]
    #24866493 - 12/24/17 06:58 PM (6 years, 1 month ago)

That episode was from 7 years ago (well, it's a flashback episode to 7 years ago) back when BTC was virtually unheard of and could easily be mined with a simple home PC. These days it takes massive amounts of computing power to compete, there's certainly nothing "free" about it anymore. Even very minimalist setups can easily cost you thousands to set up. Depending on your electricity costs and the power of your hardware among other things, you may not even break even for months or over a year.


--------------------
With my face against the floor I can’t see who knocked me out of the way.
I don’t want to get back up but I have to so it might as well be today.
Nothing appeals to me no one feels like me, I’m too busy being calm to disappear.
I’m in no shape to be alone contrary to the shit that you might hear.


You can't wake up, this is not a dream. You're part of a machine, you are not a human being
With your face all made up, living on a screen. Low on self esteem, so you run on gasoline


Extras: Filter Print Post Top
InvisibleDieCommie

Registered: 12/11/03
Posts: 29,258
Re: What Does It Take To Mine Bitcoin? [Re: ShiVersblood]
    #24866544 - 12/24/17 07:29 PM (6 years, 1 month ago)

Quote:

Stealth1Vampire said:
I saw that episode of the Big Bang theory, where Sheldon said he wanted to mind bitcoins. It doesn’t seem to make sense to me, they use bitcoin as money, so if you could mine bitcoin for free, you could get rich, so why don’t everyone just don’t that? Why pay for bitcoins if you could mine them for free?! It don’t make sense!




It costs money and time to mine bitcoins. It takes up front money to buy the hardware and upkeep money to keep it running with electricity, air conditioning and maintenance.


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InvisibleModestMouse
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Re: What Does It Take To Mine Bitcoin? [Re: Shroomslip]
    #24866561 - 12/24/17 07:44 PM (6 years, 1 month ago)

Quote:

Shroomslip said:
Access to cheap electricity.



+ a machine capable of running intense prime number calculations repeatedly

Nearly all encryption and cryptocurrencies function off of some derivation of prime number calculations since its expensive to derive and easy to validate.


--------------------
Anyone got a lowpass filter in this biiiiash?


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OfflineLogicaL ChaosM
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Re: What Does It Take To Mine Bitcoin? [Re: FeedingMyDreams]
    #24866592 - 12/24/17 07:58 PM (6 years, 1 month ago)

U need high end computers, nice GPU and internet access. Plus software.

Some people use specialized computers, made just for mining.

As Shroomerism mentioned, the bitcoin chain is so long, its not practical to mine now.

U can mine other coins for likely profit Litecoin comes to mind.


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