Bitcoin

Radioactive wrote: Hey all, A few years ago I heard some friends on EU talking about Bitcoin. I didn't really understand and never really looked into it. Anyways yesterday I stumbled upon some information about it and decided to look it up. It seems like a really interesting project, something that could really take off in the future. I was looking to get into mining Bitcoin as my laptop is usually on all the time anyways. Is there anyone here with some expertise in Bitcoin and mining that could give me some advice on what to do and how to start? I gathered that I would need to join a mining pool to get any form of payout. Thanks.

Radioactive wrote: Yeah I did find that you would need a pretty beefy rig to do some serious mining. The one in the pic there is pretty grand! I did find a list of mining pools and was thinking of joining one. I hear the rewards get cut in half every so often and there is only a set amount of BTC that are ever to be released. I'm thinking that it is getting a little late but may as well get into it while it lasts and maybe make a few bucks in the process.

I've read a bit about Bitcoin, and it's a nice system (if you got in early, like so many things).

Edited by MayBe - 27 Nov 2013 at 5:51pm

It's like a cloud instead a big "server-farm" is needed.
All participants "offer the performance" and the Bitcoins are the payment for the "performance-supply".
The company offering the Bitcoin-programm rent out this cloud (best example the Amazon-Cloud), earn much money for "their" service and only pay some Coins to the people supplying this cloud.
Problem for the avarage:
The more people participate in this "cloudserver" the less is the payment cause matter if 10 or 10kk people participateing the distributed Coins-numbers are the same;
only a few people who having the best personal computers (they usually have real private-servers) earn some Coins and all other participants only support the cloud without earning for this.


Edited by Ovolon - 27 Nov 2013 at 6:06pm

I've been mining on my laptop for the past 2 weeks or so, part of 'slushes pool' and have made a whopping .00022 bitcoins =)

Ah, that makes more sense. So basically all the 'miners' are replacing the servers. 

Ive been doing bitcoins for a few years now.
CPU's are not worth it.
GPU's are no longer worth it.
Unless you got a few blades running, you won't make much.
The difficulty of them is very high now, and yes they are very expensive, I think the market on them will crash soon, this is a bubble, but still unless you have a few grand to sink into equipment, you won't do a ton of profit on them.

Also, need to remeember that, unless you are running your miner at work, YOU pay the electricity.  So again, unless you got a few blades of ASICS, it's foolish to spend 2 dollars a day in electricity to get 30 cents of bitcoins.

sluggo