Author Topic: Episode 2130: Mining Bitcoin?  (Read 1378 times)

Offline mikal

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Episode 2130: Mining Bitcoin?
« on: December 19, 2017, 11:13:20 AM »
Apologies in advance if I'm posting in the wrong place. Jack mentioned the possibility of TSP members creating a mining group in this episode...has there been any movement on this? I'd be interested in participating, but it'd be a steep learning curve for me.

Offline Smurf Hunter

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Re: Episode 2130: Mining Bitcoin?
« Reply #1 on: December 19, 2017, 11:49:43 AM »
You should probably amend the subject to "mining cypto currencies", as the hardware, and ROI for different crypto currencies varies tremendously.

I've been investigating DSH a bit. 

https://www.cryptocompare.com/mining

My biggest concern with all of this, is the break-even point is so volatile based on the valuation of the respective coin you intend to mine.

I don't mind investing $1000 into mining hardware if I knew it had a reasonable break even (~6 months) and that way even if it slows to a trickle, after that point everything is gravy (assuming grid power is of course covered at least).  I'm not interesting in spending $5000K+ and waiting 2 years or more.  IMHO crypto valuations are too volatile to plan to wait that long.


Offline mikal

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Re: Episode 2130: Mining Bitcoin?
« Reply #2 on: December 21, 2017, 07:57:28 AM »
I can't figure out how to amend a title, but I get your point.

Does it make any sense at all to take a little-used home pc and dedicate it to mining?

Also, completely unrelated, but I love your smurf avatar. It reminds me of something I did years ago for my daughter. I took a stuffed smurf head and mounted it on a plaque I picked up at a garage sale (after removing the original plate). I can sometimes have a twisted sense of humor. I think she still has that on her wall, even though she has several children of her own now. I guess she inherited my twisted sense of humor...

Offline Smurf Hunter

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Re: Episode 2130: Mining Bitcoin?
« Reply #3 on: December 21, 2017, 10:53:17 AM »
I can't figure out how to amend a title, but I get your point.

Does it make any sense at all to take a little-used home pc and dedicate it to mining?

Also, completely unrelated, but I love your smurf avatar. It reminds me of something I did years ago for my daughter. I took a stuffed smurf head and mounted it on a plaque I picked up at a garage sale (after removing the original plate). I can sometimes have a twisted sense of humor. I think she still has that on her wall, even though she has several children of her own now. I guess she inherited my twisted sense of humor...

An old nickname from my rowdy college days was "Gargamel".  So that's evolved from that :)

For mining, if you look at the online calculators, in most cases your local electrical rates will surpass any earnings. 
There are several like this:
https://www.coinwarz.com/calculators/bitcoin-mining-calculator

If you can estimate the throughput of whatever mining solution you are considering, and then the consumed power - use the above link to get an idea of the ROI.

Frankly, if it was worth doing, it'd be more widespread.

Offline dihydrogenmonoxide

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Re: Episode 2130: Mining Bitcoin?
« Reply #4 on: October 25, 2018, 09:00:24 PM »
Hey All,
I have a friend who is mining a couple of cryptos. He showed me his gear and said it puts off a tremendous amount of heat. I'm not entirely certain how the process works. So does the mining "generate" coins for you at a given rate per day? Then at some point you can sell it or trade for a profit, right?

Offline Mr. Bill

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Re: Episode 2130: Mining Bitcoin?
« Reply #5 on: October 26, 2018, 12:12:07 PM »
Welcome, dihydrogenmonoxide!

We've got a really long discussion about Bitcoin and other cryptocurrency here:

Bitcoin currency (merged topics)

I don't remember whether your question is answered somewhere in those 630 posts, but there's a good chance of it. 8)