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Deadmon

Bitmining

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Does anyone do it? Im considering buying the 5GH/s butterfly mining unit for the $275 which -should- pay for itself in 2-3 weeks of mining.

 

I have no faith in the currency as a lasting thing, but I have no qualms cashing out on the hype while its lasting. Debate-able that its already peaked but most supporters think it was just the initial stress relief of all the attention. So Im considering crossing my fingers and invest a small amount that should be able to at least pay itself off. 

 

ANYWAY: Does anyone mine?


EDIT: Found out a personal friend does this for decent money. He mostly uses it for hobby funding and /or game money. Though he hasnt invested much into his mining set up and only wants to use it for the spending-money situation not trying to make a large profit off of it. He said if someone has the money to invest in mining set up they could easily make the money they want. He is just in the same frame of mind I am with it in that "He just wants to be able to make some spending money off of it while its got a lot of hype." also not thinking itll be a lasting currency system.

Edited by Deadmon

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i've researched it and done a little, but made absolutely nothing doing it... The calculations are so tiny you don't make shit (this was when it was brand new though, so it could be a lot better now)


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Yes, but thats because it recently had a huge spike in popularity from mainstream news finding out about it. The crash also happened on a day that "bitcoinbillionaire" gave away some 15,000 USD worth of BTC on reddit. 

Like I said, I have no intention of relying on it as a currency but I know from RL friends experience it can be profitable enough to make 1-1.5 BTC a week on a cheap computer that does nothing but mine. Even if it stayed at current value of 100~ a BTC thats 100-150 a week to spend. 


*shrugs* I doubt Ill do anything with it, simply seeing if anyone messes with it. I only know of one person who mines with a a profit margin worth mentioning. And he only does it for spare cash for hobbies and not really crazy into it.

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Thing is, you need a really powerful rig in order to get any tangible results.  If you factor in power costs to keep that machine running all day grinding numbers, you won't profit.  That's why most bitminers work in groups with other people and split the prize pool when they get a bit coin.


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rich people supposedly use them to avoid taxes /hide money too. Hence why a lot of big-name investors are known to own a lot. Like how the twins that the facebook guy "stole" the idea from own something like 1/3 of bitcoins currently in existence. 


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it comes down to 2 things. 1: nearly untrace-able money transfers  2: its technically an economy that will not have inflation (since after 2025 no more bitcoins will be able to be mined because of the method they use) which attacts you know... idealists.


Like I said, zero faith in it as a currency but I know people that mine it for $. It doesnt really matter what the item is, to -most- people its simply a commodity that people want. Which means theres money to be made, until the bubble pops and tons of people lose tons of money.

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