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. 😮

[Anonymous]

cybernettr said:

Also, don't forget the electricity it costs to mine bitcoin. 

Yup, that's why I'm going for Cloud Mining instead. With Cloud Mining you generally have open contracts for Bitcoin where you can buy hashpower and mine for however long you want.

Genesis Mining are the go-to guys for this but they're not currently selling hashpower for Bitcoin mining. The best thing is that when they do start selling Bitcoin hashpower again that you can compound your hashpower. B)

Not too worried about the electricity cost for my current Minero mining on my PC because I always have my PC on 24/7 anyway so the extra juice is pretty negligible.

[Zenbane]

cybernettr said:

Also, don't forget the electricity it costs to mine bitcoin. 

That's what nextdoor neighbors are for B)

[cybereality]

snowdog said:

Not too worried about the electricity cost for my current Minero mining on my PC because I always have my PC on 24/7 anyway so the extra juice is pretty negligible.

The PC will use significantly more power running under load while mining / gaming / rendering / etc. than it would just idling on the desktop or in light tasks like web browsing. I had my electricity bill jump by almost $200 last month due to both mining and running the A/C 24/7. I decided to turn the A/C off (while I'm not home) and the rig is still OK so hopefully that will save some cash this month. So far I've made about $1,000 from the mining in around 2 months. Minus electricity and the the upfront cost of the hardware, I still have a ways to go to break even but it's not a bad start.

[Anonymous]

Yup, but mine isn't going full pelt or anything. It's going something like 60% load on my GPU and around 50% load on my CPU if I'm remembering correctly. I'm using MinerGate. The difference in electricity is something like an extra couple of quid a week at the most. Have got around 0.8 Minero in around 2 months so far, so it's around $104 at the current value. Much better than I was originally planning because I wasn't expecting the Koreans to go crazy on Monero this last week or two. Looks like Kim Jong-Un planning Armageddon is doing me a few favours lol

Should get my photo ID sorted out next week some time barring any disasters, hopefully Genesis will open up their open ended Bitcoin contracts again by then. They stopped doing them a while back but I can't remember how long it was before they started it back up again. They're 'out of stock' so I guess they need time to get more machines sorted out before they can start selling that hashpower again. Once you've bought this hashpower it's mining away 24/7 for the foreseeable future (or until they decide to knock it on the head I guess) so this 'out of stock' thing just stops you from compounding your hashpower. Any hashpower you've built up up to that point continues to mine away.

[austin50gerald]

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