CryptoCurrency MINING
Comments
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Your making 5p a week how will that buy you a £35 pi in 3 years? £2.60 a year minus transaction fees also.Censorship Reigns Supreme in Troll City...0
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Selective reading again??forgotmyname wrote: »Your making 5p a week how will that buy you a £35 pi in 3 years? £2.60 a year minus transaction fees also.
Key phrase in my reply "with current estimated, and conservative, trend in the value of the coin"
i.e. the value of the coin will rise over time so will my returns.
The coin I'm mining has already increased by 150% over the past 2 years, conservative estimates that it will grow a further 50%-60% in the next 6-8 months.
Its a slow steady growth which is good for investment, unlike the big "BitCoin" which IS a Ponzi scheme waiting to collapse when the bubble bursts. (It's currently estimated to be over valued at best to the tune of 300%)
The coin I'm mining also lets you "gain interest" on stored coins, currently at 3.5% on average, per amount staked at any given time, if you stake over a certain amount (250 coins) from your wallet. That also generates additional income. That in sporadic in nature, it may take a month to gain the 3.5% or it might take a week. It all depends on the complexity of that particular Hash Block and how many are miners are crushing the numbers...
Also their is the plain old exchanging coins when the rates are good.
It's not a one shot "get rich quick scheme" (Never thought it was and never planned for it to be one!). It's long term investments, and moving coins around to get the best return on investments.Laters
Sol
"Have you found the secrets of the universe? Asked Zebade "I'm sure I left them here somewhere"0 -
Not selective reading, just puzzled by your selective mention of the facts, when the outlay potentially could take 9 years to recoup.
OK so with a 150% increase your making 7.5p a week? So less than 9 years to pay for your pi.
Even with a 200% increase your looking at years to recover the costs of the pi alone, and why not tell us what the transaction costs are? Even on a good day.Censorship Reigns Supreme in Troll City...0 -
What you want is to be a programmer who is able to write 'screen savers', and also work for a large company, or educational institution, should be able to supplement your income a bit. There is always at least one who leaves their PC on over night, then there are lunch breaks :think:
Even if the PC generates only £20 revenue a year, with a few thousand PCs (we at work have over 8k), it could be a good little earner that cost little to set up - the SETI@home of the bitcoin world?
http://setiathome.ssl.berkeley.edu/
Installing software on a companies or institution's computers without permission would get you fired and also it's a crime.Changing the world, one sarcastic comment at a time.0 -
There's a YouTube channel called 'Linus Tech Tips'.
It's a audio/computer/anything else company with a YouTube channel, run by geeky guys. They grabbed kit they had on thier shelves, some very good stuff I might add.
Going into deep detail, they built a working Bit coin minning machine. Thier opinion at the end it ain't worth it. Equipment costs plus running 'farm' costs are too much versus return.
Go and look them up and it will open your eyes.
Its nice to see the headlines of $8000 per bitcoin but you have to work hard for it. Like real minning, you have to move a lot of dirt to get the gold.The more I live, the more I learn.
The more I learn, the more I grow.
The more I grow, the more I see.
The more I see, the more I know.
The more I know, the more I see,
How little I know.!!
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There's a YouTube channel called 'Linus Tech Tips'.
It's a audio/computer/anything else company with a YouTube channel, run by geeky guys. They grabbed kit they had on thier shelves, some very good stuff I might add.
Going into deep detail, they built a working Bit coin minning machine. Thier opinion at the end it ain't worth it. Equipment costs plus running 'farm' costs are too much versus return.
Go and look them up and it will open your eyes.
Its nice to see the headlines of $8000 per bitcoin but you have to work hard for it. Like real minning, you have to move a lot of dirt to get the gold.
They made a mining rig that no miner would ever make because it provided more entertainment value than doing it properly.
LTT these days is a Top Gear type show, its primarily for entertainment and sponsored product showcasing and while like Top Gear they may have some useful information once in a blue moon it is not a good basis for any serious decision making.0 -
lisageller wrote: »Any body here from mining community hit me up, need advice :beer:
I have been mining for just over six months. I purchased all the hardware to build my own miner. I don't think you can make money by buying hash power.
So far I have made just over £2000 in Ethereum. The machine cost me about £2100, but of course all the GPU cards and mother board etc are still worth about £1200 second hand.
I am earning more now than ever before. Over £200 per month in Etherum and the price is going up. I have transferred some of my Ethereum to BitCoin and a few other currencies so as to hedge my risk.
Those that say it is a ponzi scheme, have obviously no real knowledge about it, but love to sound like they are experts.0
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