Mining Cryptocurrency..?

[Anonymous]

Just wondering if any of you have tried doing this..?

Some of you may have noticed that AMD some Nvidia GPU prices have gone up and stock is low. This is primarily down to Cryptocurrency miners building machines to mine Cryptocurrency such as Bitcoin and Etherium.

The way it works is this - mathematical formulas are solved by your hardware and for each one that gets solved you get a part of a Bitcoin or whichever Cryptocurrency you've chosen to mine.

1 Bitcoin is currently worth around $2500 and like traditional currency the value spikes up and down, but unlike the US Dollar or Pound Sterling there is only going to be 21m of these things made which practically guarantees that they're going to rise in value because as each one is made there are going to be less of them available to mine, making them rarer.

They reckon all Bitcoins will be made by 2040 but I can personally see that date being MUCH earlier as more people get into it.

I'm going to be doing my Bitcoin mining by using a company called Swiss Gold Global as soon as I can get some Photo ID to get the ball rolling. You basically pay them between $30-2500 to use their hardware and by my calculations you'll break even after 5 or 6 months. But as you start to get parts of Bitcoins paid into your account you can compound that Bitcoin by paying for for more processing power with that Bitcoin , earning you more Bitcoin.

Some (sensible) estimates have put the value of 1 Bitcoin being worth $40,000 at the end of the run, and some RIDICULOUS estimates are saying $1m lol.

I'm going to be at retirement age in around 20 years time so am going to give this a go I reckon, but I'm not going to put my house on it or anything...and if any of you guys try this out please do so at your own risk. I'm not a qualified financial adviser and this thread is NOT giving any sort of financial advice. Bitcoin and other Cryptocurrencies may all end up being WORTHLESS TOMORROW for all I know so don't invest more than you afford to lose!

You might even see governments and banks doing something to kill this all off because once people start getting their wages paid in Bitcoin or other Cryptocurrencies and paying bills and rent with them these banks and governments will lose A LOT of money. 😮

[Calmfixup]

I was just talking about doing this last night! After reading about a guy who spent 50k for 2 pizzas back in '12 and thinking of how foolish he must feel now that they're 2500 a pop, it made me regret that I could have built a miner years ago when I first heard about it and had plenty to sit on now 😕

[cybereality]

Yeah. I think like 4 years ago my brother sent me $5 in Bitcoin. When I logged in recently to check (I had completely gotten) that $5 was now worth $28. Sure, not a lot of money, but had I been on it maybe I could have bought more than $5. I've been sort of following things, but never really bothered getting into it. People are saying it's too late, but they were saying that years ago, and they were wrong. 

Also, here is the rig I built if you are interested. There aren't many (or any) motherboard/cases that can handle 6 dual-slot GPUs, AFAIK, so you have to kind of DIY it with custom cases and PCI-E riser adapters. 

[Anonymous]

Yup, that's why I'm going with Swiss Gold Global because their contracts are completely open. You can start mining today and stop tomorrow without a problem.

Not too sure how long this is going to last because I think various governments and banks are going to do their best to stomp on this. Not sure how resistant these things are going to be to regulation.

Zenbane said:

The whole idea that Bitcoin will only go up in value because only so many were made just really sounds too much like the late-night Home Shopping Network stuff that tries to get elderly people to spend $100 on a single quarter because only so many of that one quarter were made haha

Yup, I know lol. Still, it's worth throwing a bit of cash at it if you have it going spare as long as you don't invest more than you're prepared to lose.

If things go right for me during the next couple of months I should have around £700 or so coming to me so I can pay my Mum the couple of hundred quid I owe her, invest $150 into cloud mining, buy myself a spare set of Touch controllers and pay a couple of hundred quid off my credit card.

$150 will (I think, I can't check for certain because whenever I try to look at the relevant page on their website it nags me that I can't see that page until I sort out this Photo ID) get me 1TH/s worth of processing power which should get me $26.87 per month, but you need to halve that because Swiss Gold Global take around 50% I think, so I'll actually be getting $13.43 per month in my account. 3 months and I'll have $40 or so in my account which I'll use to buy another 0.2TH/s.

That will give me $16.12 per month so in another 2 months I'll use $30 to raise me up to 1.4TH/s and have around $12 in my account going spare. That will give me $18.81 per month for another couple of months and then I carry on.

It all soon adds up :smiley:

I think it's better doing cloud mining rather than going the DIY route like @cybereality is doing because it's so much easier to build up gradually rather than spending a couple of grand on hardware plus electricity. You can even start off just investing as little as $30  😮

[Anonymous]

Techy111 said:

@snowdog I believe you can still walk into a police station for photo id proof can't you ? Don't cost a penny that way. I can check for and ask my colleagues in blue as I'm at work 😉

Maybe you can, but these companies only accept passports, driving licences or national ID cards unfortunately. 😞

[cybereality]

You really should have an ID though, in general it's not a bad thing to have.

[vannagirl]

A uk passport is easy to own if you previously have one before

[Anonymous]

vannagirl said:

A uk passport is easy to own if you previously have one before

Unfortunately I lost my passport when I moved from my last flat to my current one so it's going to be a hassle getting another one I think. I did report it to the police as soon as I realised but it's still going to be a pain in the arse I reckon.

I'm going to go for a National ID card instead I think. They're only 15 quid too. Not sure how much passports are these days but they'll probably be close to a hundred quid I reckon.

[danknugz]

cybereality said:

Yeah. I think like 4 years ago my brother sent me $5 in Bitcoin. When I logged in recently to check (I had completely gotten) that $5 was now worth $28. Sure, not a lot of money, but had I been on it maybe I could have bought more than $5. I've been sort of following things, but never really bothered getting into it. People are saying it's too late, but they were saying that years ago, and they were wrong. 

Also, here is the rig I built if you are interested. There aren't many (or any) motherboard/cases that can handle 6 dual-slot GPUs, AFAIK, so you have to kind of DIY it with custom cases and PCI-E riser adapters. 

dude thats nuts

if only they were 1080tis and u had a 4k developers cv3

[kojack]

Sometimes I think about the fact that I have access to 200+ computers and don't pay the electricity bill for them... but I would never do that.
(Set them up as a distributed ray tracer or genetic algorithm servers? Maybe. But not mining)

[Techy111]

snowdog said:

vannagirl said:

A uk passport is easy to own if you previously have one before

Unfortunately I lost my passport when I moved from my last flat to my current one so it's going to be a hassle getting another one I think. I did report it to the police as soon as I realised but it's still going to be a pain in the arse I reckon.

I'm going to go for a National ID card instead I think. They're only 15 quid too. Not sure how much passports are these days but they'll probably be close to a hundred quid I reckon.

£72.50p to be precise 😉