Author Topic: Bitcoin Mining  (Read 1673 times)

Ben

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Bitcoin Mining
« on: December 07, 2017, 10:47:10 AM »
Okay, I'm not jumping into the craze, but was just curious about what it takes to setup Bitcoin mining nowadays. Apparently you can only mine with Bitcoin machines now? You can't setup a bunch of old computers and let them run? One of the websites I hit showed Bitcoin mining machines on Amazon running from $400 to $1200, with the $1200 machine estimated at mining only 0.3 coins/mo* while running at an electricity sucking 1500 watts.

Anyway, the only reason I was curious is because I have a couple of nettops laying around and this solar panel/battery kit I recently bought to experiment with. I thought one of the experiments could be running a couple of old, low wattage computers on solar as Bitcoin miners, even if they only mined 0.05 coins a month or something. They'd be running on free power, so it would be a cost free experiment. There's no way to do that with a Bitcoin machine without investing in a ton of solar panels and batteries.

It looks though, like there's no way to do that anymore. The last time I looked into it was years ago, when I think it was AZRedhawk who had setup some old servers to mine coins. That was probably five or more years ago though.

Though I thought this was an interesting article, in which the miner was more into heating his home than mining Bitcoins.  :laugh:

https://finance.yahoo.com/news/bitcoin-miner-havent-paid-heat-three-years-143714695.html


* Which I think is a very high estimate. From other sites, it appears mining on your own will get you way, way less coin per month. Apparently there are some kind of "mining conglomerates" where you group mine with a bunch of other people to actually have a chance at getting anything.
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K Frame

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Re: Bitcoin Mining
« Reply #1 on: December 07, 2017, 10:58:44 AM »
Were you watching Big Bang Theory again?
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Ben

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Re: Bitcoin Mining
« Reply #2 on: December 07, 2017, 11:09:04 AM »
Were you watching Big Bang Theory again?

Ha ha. Sounds like a scheme they would pull in a most elaborate fashion.  :laugh:

I always watch it on Netflix so I'm a season behind. If they're in the Bitcoin craze this season, I'll have to wait until September to see it.  :laugh:
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K Frame

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Re: Bitcoin Mining
« Reply #3 on: December 07, 2017, 11:17:10 AM »
Well then you'll enjoy the episode that's near the end of the current season. :D
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Hutch

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Re: Bitcoin Mining
« Reply #4 on: December 08, 2017, 11:11:14 AM »
Bitcoin mining now requires h/w based logic (ASIC) to even begin.  Even with that, it’s postulated that it would cost more in electricity than the value of the output.  That ship left the dock years ago.

Just don’t remind me that I dumped my GBTC shares with bitcoin at $2650. Please.
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Brad Johnson

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Re: Bitcoin Mining
« Reply #5 on: December 08, 2017, 12:47:50 PM »

Just don’t remind me that I dumped my GBTC shares with bitcoin at $2650. Please.

By the way, you dumped your GBTC shares with bitcoin at $2650.

Brad
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freakazoid

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Re: Bitcoin Mining
« Reply #6 on: December 08, 2017, 02:12:25 PM »
Technically you could use just a regular computer, but don't expect to really get anything.

In other news I discovered I have a whopping 0.205 bitcoins. I had got some free ones back in August of 2012. Back then there were bitcoin faucets giving out free ones to help start it off so I picked some up. Back then they were only around $10 for a whole bitcoin, REALLY wish I had tried to figure out how to actually buy some and dumped a bunch of money into it lol. I couldn't remember how much I had so I updated my wallet and then updated the blockchain list, that took a few days to do. Figured out how to reattach my old wallet and then learned I had 0.205, I was thinking it was only around a hundredth or so. Was pretty excited. :D
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Devonai

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Re: Bitcoin Mining
« Reply #7 on: December 08, 2017, 04:30:05 PM »
By the way, you dumped your GBTC shares with bitcoin at $2650.

HE SAID NOT TO
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CypherNinja

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Re: Bitcoin Mining
« Reply #8 on: December 09, 2017, 04:22:09 AM »
Technically you could use just a regular computer, but don't expect to really get anything.

In other news I discovered I have a whopping 0.205 bitcoins. I had got some free ones back in August of 2012. Back then there were bitcoin faucets giving out free ones to help start it off so I picked some up. Back then they were only around $10 for a whole bitcoin, REALLY wish I had tried to figure out how to actually buy some and dumped a bunch of money into it lol. I couldn't remember how much I had so I updated my wallet and then updated the blockchain list, that took a few days to do. Figured out how to reattach my old wallet and then learned I had 0.205, I was thinking it was only around a hundredth or so. Was pretty excited. :D

I love it when I find 3200 bucks in my couch.....  ;/


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Triphammer

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Re: Bitcoin Mining
« Reply #9 on: December 09, 2017, 09:58:14 AM »
Not to what??

lee n. field

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Re: Bitcoin Mining
« Reply #10 on: December 09, 2017, 10:03:05 AM »
One of the things that came to us from my oldest's son's stuff was a Butterfly Labs* miner.  I forget the size.  I hooked it up to an unused netbook and let it run.  It started off mining bitcoin worth about a dollar a day.  Hey, free money.  I let it run for a year, until the payout was a penny or so per day.  It total it mined about a half bitcoin.  Worth about $7500 right now.



*Looks like I got lucky, to actually have hardware in hand.  https://www.theverge.com/2014/9/23/6833047/bitcoin-conspiracy-theorists-vindicated-as-ftc-shuts-down-butterfly-labs
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freakazoid

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Re: Bitcoin Mining
« Reply #11 on: December 09, 2017, 12:31:12 PM »
One of the things that came to us from my oldest's son's stuff was a Butterfly Labs* miner.  I forget the size.  I hooked it up to an unused netbook and let it run.  It started off mining bitcoin worth about a dollar a day.  Hey, free money.  I let it run for a year, until the payout was a penny or so per day.  It total it mined about a half bitcoin.  Worth about $7500 right now.



*Looks like I got lucky, to actually have hardware in hand.  https://www.theverge.com/2014/9/23/6833047/bitcoin-conspiracy-theorists-vindicated-as-ftc-shuts-down-butterfly-labs

Glad I never bought one of their products.
"so I ended up getting the above because I didn't want to make a whole production of sticking something between my knees and cranking. To me, the cranking on mine is pretty effortless, at least on the coarse setting. Maybe if someone has arthritis or something, it would be more difficult for them." - Ben

"I see a rager at least once a week." - brimic

Hutch

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Re: Bitcoin Mining
« Reply #12 on: December 10, 2017, 09:48:07 PM »
Not to what??
Not to remind poop-for-brains (yr ob’t svt) that he fled from an ETF that held bitcoin when bitcoin was ~$2400. That.
"My limited experience does not permit me to appreciate the unquestionable wisdom of your decision"

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KD5NRH

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Re: Bitcoin Mining
« Reply #13 on: December 18, 2017, 11:31:57 PM »
Be sure to verify any independent Bitcoin marketplaces you find on street corners.

https://www.huzlers.com/bitcoin-scam-man-arrested-after-making-over-1-million-selling-chuck-e-cheese-tokens-as-bitcoins/

(Why can't I find people as stupid and with as much ready cash as his customers?)

TechMan

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Re: Bitcoin Mining
« Reply #14 on: December 19, 2017, 12:52:13 PM »
Be sure to verify any independent Bitcoin marketplaces you find on street corners.

https://www.huzlers.com/bitcoin-scam-man-arrested-after-making-over-1-million-selling-chuck-e-cheese-tokens-as-bitcoins/

(Why can't I find people as stupid and with as much ready cash as his customers?)

You don't live in NYC.

ETA:
And the site you linked to is a satire site.
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Ben

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Re: Bitcoin Mining
« Reply #15 on: December 21, 2017, 10:41:01 AM »
This is the third example I've seen of a company with nothing to do with finance or crypto currency changing their names to include "blockchain" and seeing their stock go up, sometimes 5X or more. All three that I've seen had stocks in the single digits before the name change. I bet some insiders became millionaires. All they seem to be doing is changing the name and saying they are "investigating" crypto currency while still running their regular business. I seem to recall something similar happening back when ".com" first came out.

http://www.nasdaq.com/press-release/long-island-iced-tea-corp-to-rebrand-as-long-blockchain-corp-20171221-00468
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