Deep Web/Bitcoin Mining

[Wschnitz]

Ok Question time, I wanna get into this for some small cash on the side for the E30 or just to buy stuff online I want or need.

What are the risks? Is someone going to hack my pc and steal my bank info?

What will a Sapphire 7870 OC edition rake in?

Whats the best kind of bitcoin to mine, and how do i mine it?

Can it run just off the GPU while i go about browsing r3v/reddit?

[Wschnitz]

Ahh nevermind, as i see it its no longer profitable unless you have a beast setup.

[decay]

you don't need a beast setup, you need an ASIC device- GPUs have been energy-negative (cost more on electricity bill than you make in BTC) for some time now.

even ASICs are a risky bet. the proliferation of fast mining devices has made the network hashrate go apeshit:

http://blockchain.info/charts/hash-rate

and the mining difficulty value (which determines how much you get for the work your device is doing) responds to increases in hash rate.

there are so many companies producing so many ASIC devices that this trend is likely to continue to the point where nobody who buys one gets to ROI (unless a Bitcoin becomes worth far more in the future- some people think it will).

this is a sign of a maturing Bitcoin economy- if you want to acquire them, simply buy them, or accept them for your goods/services. my new job is paying and reimbursing me in Bitcoin. i fucking love that.

[GaryE30]

Here we go again. Along for another ride on the Bitcoin train. It started rising a few days ago pretty drastically.

[decay]

yeah... what broke this is a subsidiary of the chinese version of google, baidu, accepting payments in bitcoin.

the chinese bitcoin exchange went apeshit and has driven value up across all of the exchanges.

(my liquid BTC assets are now worth more than $1k. thanks, china!)

given that a state-owned company in china has basically signed off on bitcoin's legitimacy, everyone there wants in now, which is good for all of the economy- i personally think this raise in value is going to be permanent and not a bubble.

side note: this week i reached out to alibaba to try and get them accepting BTC as well. i think it'll be a pretty big deal if i can make it happen.

[Fusion]

Would love to see the faces of customs officers when they see an invoice in BTC :D

[decay]

Would love to see the faces of customs officers when they see an invoice in BTC :D

that's what i love about my company's product- we let merchants accept BTC, but translate into their native fiat currency at aggregate market value @ time of transactions.

so, invoices would show they got paid in USD, or CNY, or euro, or whatever.

[Vedubin01]

here is a cool story on Bitcoins!

http://now.msn.com/kristoffer-koch-norwegian-man-buys-apartment-with-bitcoin-profit?ocid=vt_fbmsnnow

[redsubdivisions]

I have been looking into mining lately, just mainly as a hobby. I've seen setups go for some outrageous amounts.

[decay]

I have been looking into mining lately, just mainly as a hobby. I've seen setups go for some outrageous amounts.

so i run 11 USB Block Erupters as a hobbyist thing. they don't make much (nowhere near what i get paid in BTC), but if the value of BTC continues trending upward i might see ROI someday.



people are selling them on ebay for about $12/e.

do not mine with videocards; mining difficulty has skyrocketed lately and you'll be far underwater with profitability.

if you pick some USB devices up, check out http://bitminter.com/ - they have a java applet that makes mining retard-simple. you can check it out with whatever GPU your computer has if you want to, but again- you'll spend far more on your electrical bill than you'll get in Bitcoin. the USB devices draw half a watt each, as compared to the 50W-300W a GPU will use at WOT.

[decay]

Woke up this morning and Bitcoin had hit 300USD. Holy crap.

[GaryE30]

Yeah, I've been following it more recently. I have an app on my phone that I check once a day just to keep up with it. I finally made all my money back from when I bought in at the peak in April. I cashed out and now I'm using the profits I made off of that to trade with.

If only I had a larger quantity of BTCs though. I suppose mining at these current values would yield much better results than before.

[tjts1]

So how about them $400 bitcoins.

[phreshkid]

So how about them $400 bitcoins.

Made a cool $600 in the last three days. Sold most of my coin yesterday at $430.00

Waiting for a "Correction" and then I'll go balls deep. $20k buy in.

[Dj Buttchug]

Made a cool $600 in the last three days. Sold most of my coin yesterday at $430.00

Waiting for a "Correction" and then I'll go balls deep. $20k buy in.

Where are you buying and selling? theres several bitcoin exchanges and I want to buy in and try it out.