interesting
http://arstechnica.com/gadgets/2013/06/how-a-total-n00b-mined-700-in-bitcoins/
Printing money in the digital age.
long read but interesting. it does indeed seem like printing money... at the current exchange rates.
Good article. Part of me feels like I am missing the boat on bitcoin and part of me feels like it is an elaborate ponzi scheme that will one day implode -- of course those points are not mutually exclusive.
I don't gettit.
>I don't gettit
Me either, unless the machine is performing some sort of buy/sell arbitrage function.
Someone here mentioned doing some bitcoin mining.
(If he stays quiet, Rumbas, that'll tell me what I want to know. hhh)
Throw in Litecoin, this is like VHS vs Betamax
Cost of equipment it high though.
One of my chaps has done some mining on a hobby scale. His take is that devices like these are devaluing the coins too much to make it worthwhile (for him) now.
Yes, you could jump on the pre-order queue. Looking at Butterfly's forum there is a real gamble as to whether you'll ever get anything for your money - but there is a bigger one as to whether the device will have enough clout to deal with the increased work rates that are needed by the time you get it delivered.
>whether the device will have enough clout to deal with the increased work rates that are needed by the time you get it delivered.
That's what I was thinking. Maybe you can make money now (by arbitrage or whatever it's doing) but that's going to get sliced & diced into oblivion pretty quickly for the low-powered boxes.
BitCoin is designed to get exponentially harder the more coins are minted. Those people in the Butterfly forums are right. You have to be ahead of the curve to make anything mining these days. Unless you have a GPU farm at your disposal today then I don't see how you could get in at a worthwhile level. It's all slanted toward early adopters.
I almost melted my workstation's GPU letting that mining software run over a weekend. It's too hot now to run that stuff without 24/7 fans and AC blowing on the machine.
I suspect the profits for small players are now to be had from investing in bitcoin rather than mining it. Risky though. Be interested to hear what adobe of the investor types here think.
Should I take it as a sign that my phone's swipe keyboard keeps changing bitcoin to buffoon?
I still dont gettit - Bitcoin that is. Not really want to spend time on it either.
..I've been wrong once before, but only once ;)
>Not really want to spend time on it either.
Me either. But I **DO** like revenue streams that I set and forget and someone mails me a check for $30/day.
>wrong once
Yeah but damn if you haven't been waaaay behind the curve quite a few times, hhh.
Old hardware will still produce, but at a ever slower rate as it goes on. If someone had a situation where they were producing excess electricity, say someone with solar panels that aren't being used fully it would be a way of earning back some of the investment in the panels.
Quote
Dresden-based ASICrising GmbH, which is in the process of changing its name to CoinBau AG, says it has found a solution to the problem: an energy-efficient, low-voltage chip that together with software will reduce by half the energy needed to mine bitcoin...
http://www.doxcole.com/2014/08/german-startup-says-its-new-chip-halves.html