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Bitcoin mining

Discussion in 'Living Room' started by fullylucky, 16th Jun, 2016.

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  1. fullylucky

    fullylucky Well-Known Member

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    Who here is currently bitcoin mining?
    What hardware are you using? How many Gigahashes/s are you getting out of your miner?
    Do you use solar panels to offset electricity usage?
    What do you use your bitcoins to buy? or just exchange back to AUD? :p
     
  2. D.T.

    D.T. Adelaide Property Manager Business Member

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    Can you sacrifice gigahashes at your new temple to be rewarded with bitcoins?
     
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  3. Dan Donoghue

    Dan Donoghue Well-Known Member

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    Do you get a Gigahigh from Gigahash?
     
  4. Johnny Cashflow

    Johnny Cashflow Well-Known Member

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    Changing subject for a bit

    Did anyone read about that guy in USA who bought X amount of Bitcoin when they first were made available for $100 and had it on hard drive somewhere but forgot then threw the hard drive away!

    Now it would be worth 2-4mill!

    The stuff of nightmares!!!
     
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  5. Xenia

    Xenia Adelaide Property Manager Business Member

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    What do you do FL?
    I'm not into bitcoins .... Yet
     
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  6. Jasmine

    Jasmine Well-Known Member

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    Mining BTC is no longer profitable on the small scale. We used to be able to use an ordinary PC, then a high end video card, then specialized ASIC hardware was introduced. The cost of ASIC hardware plus electricity usage does not return your investment as the complexity of mining is increased. This is why mining is mostly setup in China where the electricity is free, and they have first and fast access to the new ASIC hardware.

    I've always purchased a small amount of coins per month and have been hodling (spelling is correct) for a while. I might sell really soon, and buy back after the halving in less than a month
     
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  7. Greyghost

    Greyghost Well-Known Member

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    Go on YouTube and look at Bitcoin farming..
    There are some factory sized operations in China and also in California I think..

    And no it's not profitable for someone dabbling in it
     
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  8. Greyghost

    Greyghost Well-Known Member

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    Last week $470 per BC
    This week $1000 per BC

    Next week - who knows....
     
  9. Scott No Mates

    Scott No Mates Well-Known Member

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    I tend to salary sacrifice my income to bitcoin but rather bit notes as they're easier to handle.
     
  10. fullylucky

    fullylucky Well-Known Member

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    My Life Inside a Remote Chinese Bitcoin Mine

    But, do you think it's profitable if you have solar panels powering Antminers at 8c/kWh?
     
  11. fullylucky

    fullylucky Well-Known Member

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  12. Jasmine

    Jasmine Well-Known Member

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    You might be very lucky to mine a single block, but the chances are slim. Not only that, but these things are noisy and expensive to run. By the time it is shipped to you it will already be an outdated model. Are you active to /r/bitcoin ?

    If you're into computers and electronics as a side project or hobby then these things are fun to play with. But remember, all hobbies can get expensive. :)
     
  13. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    If you're the roulette kind, might be fun at today's prices but @Jasmine points out the risks well.

    I'm too much of a wimp to mine. Happy to buy direct.
     
  14. fullylucky

    fullylucky Well-Known Member

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    I haven't got anything myself just thinking about it....
     
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  15. Dan Donoghue

    Dan Donoghue Well-Known Member

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    Well if you do go for it (I personally wouldn't bother) and you decide to use a USB miner, look at using a Raspberry Pi (loads and loads of instructions on the net), you can have a bunch of them plugged into a powered usb hub working away controlled by the Pi which only uses around 1W of power, a lot cheaper to run than your computer. I might point out though that there are extensive articles about how even this low powered solution is not economically viable.
     
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