No. Seems pretty pointless now given the hardware required. An ex-colleague runs a hosted mining service using hardware built by his brother’s company. He’ll be a millionaire by the time he’s 25….
i fear you may have missed the boat somewhat mate. wont be financially viable again for a while. unless you mean mining the landfill in Newport for the missing hard drive of course
What we need is to spend a few grand on a JCB as an investment 😉
Would be worth it if you got £3 mil out of it. Knowing my luck I would spend months searching and as soon as I find it the bitcoin bubble bursts and it becomes worthless.
Worth looking into ive got several rigs (miners) mining litecoin 24/7 makinging good $ personally Id recommend mining litecoin (LTC) and converting into bitcoin or just holding litecoin altogether.
The market is super volitile though, to mine LTC you need high end AMD cards starting at realistically £150 and they kick out alot of heat and noise..
If your tech savvy with atleast £500 to spend on hardware give it a go. If not buy some through localbitcoins.org and see where they end up.
Its a 750w PSU (I saw that arrive from ebuyer), presuming its not running at full tilt say 500w that would be 7p per hour at our tariff?
It this bitcoin mining a long term task requiring the machine to run for several hours?
I suppose three hours a day if the above calculations are correct would be roughly £1.50 a week which could live with, especially if I turn the heating off in that part of the house 🙂
I mine alternative coins and exchange them for BTC. I used an Asic miner for BTC before the difficulty got ridiculous. I made a few hundred pounds before selling the miner for what I paid for it. I then put that money towards bike bits. BTC mining is next to impossible unless you have serious money to invest.
Here is my “rig”… 😀
More of a hobby than a serious income but the kit will pay for its self after a couple of months then the the rest is potential profit. The thing kicks out a fair bit of heat but then again I have not puts the radiators on the house for months now.
Thing is, they get exponentially more difficult. We’re heading into the realms now where you’re going to need server farms, patience and a lot of luck.
If you put a penny on the first square of a chess board, two on the second, four on the next and so on doubling each time, your last square would have a pile of pennies 7,609,281,930,405km high. For reference, the moon is 384,400km away. Mining bitcoins is kind of a similar principle.
So, at the risk of sounding stupid, erm, what is this mining y’all talk about? (Briefly)
Bitcoins are an apparently random number, a bit like the serial number on the back of a microsoft windows CD case. There’s an algorythm which produces them but you have to guess a number, then check it, and try again untill you find one. Hence they get more difficult to find over time as the algorythm gets harder to satisfy.
So you need a computer capable of checking millions of numbers an hour, running 24/7, for months, to stand a chance of finding any at all. A bit like digging a hole in the ground looking for gold, hence ‘mining’.
Bitcoins are an apparently random number, a bit like the serial number on the back of a microsoft windows CD case. There’s an algorythm which produces them but you have to guess a number, then check it, and try again untill you find one. Hence they get more difficult to find over time as the algorythm gets harder to satisfy.
So you need a computer capable of checking millions of numbers an hour, running 24/7, for months, to stand a chance of finding any at all. A bit like digging a hole in the ground looking for gold, hence ‘mining’.
The number fits the algorythm. Litteraly like sitting at a PC and typing numbers into the windows serial key untill one fits.
It’s slightly more involved than that (otherwise you could reverse engineer the algorythm and start churning out winning numbers). But essentialy it’s a combination of random chance and computer speed.
Nothing, in theory, other than for it to hold value people would have to accept it. If I offered to buy your bike for 10,000 STWcoins, would you accept? That’s all money is really, a restricted token that we’ve all agreed to use in lieu of every transaction being like Multi-Coloured Swap Shop.
There is fixed quantity but once all the coins have been mined then the mining machines will carry on with calculating the transactions. A bank uses vast server rooms to track all the transactions, bitcoin uses the miners to do this. There is no central bank like server room for bitcoin. At the moment the reward for “solving” a block (a packaged of transactions) is 50 coins. At present these are new coins. When all the coins have been mined then a miner will earn money from a transaction charge of 50 coins per solved block. As long as the coins are spent and exchanged then the system will carry on.
From the little I know about this, yes. There are bit coin exchanges on the web where you can buy a bit coin using normal money.
Getting your money back out can be difficult though. A lot of exchanges are relatively cash poor, so when people who are rich in Bitcoins try to cash out, it doesn’t really work.
Mining is becoming less worthwhile now the difficulty is increasing, though people have been working against that by specifying optimised hardware (the plastic crate is a nice touch neilsonwheels :)), and/or joining mining pools, which kind of work like lottery syndicates. If it stays as volatile as it’s been over the summer, you’d probably have a better chance by speculating rather than mining.