Why you shouldn't try to mine for Bitcoins

[get_nick]

Because of places like this. It's far beyond a home computer and a couple of extra hard drive. Remember, the people mining gold in Cali didn't get rich, the people selling the shovels did.

http://kotaku.com/inside-a-bitcoin-...medium=recirculation&utm_campaign=wednesdayAM

"The monthly electric bill is somewhere around US$60,000!"

 

[Briansol]

i still don't see BC getting popular. It's news hayday is gone too. The price dumps of 30% day in and day out are far too volitle for anyone with a brain to hold on to it.

 

[GSRCRXsi]

Price has been stable for a while now. 5-600 ish.

Mining straight bitcoin isn't worth it unless you own an ASIC factory in China.

I used to mine "scrypt" coins and CPU-based coins and trade them for bitcoins. Then sell for cash. It was quite profitable. Until the scrypt ASICs came out and the difficulty (and profits) went to shit. So i threw in the towel.

Not worth it anymore unless you want to make the VERY risky investment of buying ASIC hardware.

 

[awptickes]

Honestly, it hasn't been worth it for years. I still need to find all that bitcoin I "lost" somewhere in my house. (before the advent of online wallets, you had to store it all on your hard drive.)

 

[get_nick]

Honestly, it hasn't been worth it for years. I still need to find all that bitcoin I "lost" somewhere in my house. (before the advent of online wallets, you had to store it all on your hard drive.)

True, i'm just simply showing what current competition looks like. As recently as 6 months ago I've seen companies selling computers and drives made for mining.

 

[awptickes]

A little over two years ago someone used the GPU farm in my building to mine bitcoin. The court case is still going on, but I'm pretty sure they're going to wind up going to jail for a long time. They made some obscene amount of money -- and never reported it as income.

 

[Drake]

A little over two years ago someone used the GPU farm in my building to mine bitcoin. The court case is still going on, but I'm pretty sure they're going to wind up going to jail for a long time. They made some obscene amount of money -- and never reported it as income.

Yeah I imagine that is not going to end well.

 

[awptickes]

Yeah I imagine that is not going to end well.

So, I just asked about it (I don't work close to it anymore) and the dude settled. He's serving ten years, plus repayment of all of the CPU/GPU time he used and the taxes for the estimated amount of money he made, based on CPU/GPU time used (they have logs). I heard it's somewhere near 17 million.