ramboacdc Posted 4 July 2017 Share Posted 4 July 2017 Just started mining bitcoin and got myself a small ish rig to test out if this is worth looking into. Whole thing started when i bought a bit a few weeks back and then wondered how hard it could be to actually mine it. Truth is, it is pretty darn difficult do mine it and make it financially viable! Anyone else mining/trading bitcoins at all? Know of any pools to join/avoid. Know of any miner hardware worth looking at or any places to buy/sell? if you do share your experiences here! Link to comment Share on other sites More sharing options...
Guest Posted 5 July 2017 Share Posted 5 July 2017 Think there's a cryptocurrency with backing of a bunch of corporations like Microsoft. Can't remember the name but it's a weird one. Seems to be some excitement around that one atm. I'm in no way endorsing it though as they are all complete gambles. Link to comment Share on other sites More sharing options...
nnfox Posted 5 July 2017 Share Posted 5 July 2017 The thing with Bitcoins is that the further time progresses, the more difficult it becomes to mine. There is only 21 milion bitcoins that can ever be mined and they become rarer and rarer. The currency was designed to be fairly easy to mine in the beginning and then get harder and harder over time, needing evermore powerful computers. I think I'm right in saying that just over half of all bitcoin are out there now (since 2009) and they are expected to have been completely mined by 2040. I've never done it personally but know of a few that have, with varying degrees of success. A couple of years ago I came across a lad mining for bitcoins. I don't know him personally and I can't remember the specifics but he had a really top spec machine running 24/7 and had spent big on graphics cards, his whole set up ran to several thousand pounds. He had actually done OK out of it but I have no idea how he is doing now. There are bitcoins being mined on an industrial scale too. In China (and in fairness, probably all over the world), there are warehouses turned into server farms mining for bitcoin all the time. My advice would be to do it for fun, buy the best kit you can afford and if you profit, great but accept that you might not. I don't know enough about it to advise on specifics, however there could be a place in the market if you do. Advise others on what they need and sell the hardware to them. There is a saying "In a gold rush, don't dig for gold, sell shovels". Good luck, keep us updated. Link to comment Share on other sites More sharing options...
potter3 Posted 5 July 2017 Share Posted 5 July 2017 Isn't bitcoin fairly unprofitable nowadays without ASICs? Link to comment Share on other sites More sharing options...
Xen Posted 5 July 2017 Share Posted 5 July 2017 17 hours ago, toddybad said: Think there's a cryptocurrency with backing of a bunch of corporations like Microsoft. Can't remember the name but it's a weird one. Seems to be some excitement around that one atm. I'm in no way endorsing it though as they are all complete gambles. Blockchain, probably. Link to comment Share on other sites More sharing options...
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