BitCoin

Quote: bigfoot66

Cool. How does the cost of electricity compare to what you make daily/weekly mining?

website that calculates profit based on cost of electricity

Total Miners Revenue $957,045.46 @ $211.55 USD per bitcoin
Electricity Consumption * 1,065.10 megawatt hours
Electricity Cost $159,764.47 @ $150 per megawatt hour

That price of electricity is pretty high for where I live (roughly $105 per megawatt hour) , but it is low for New York City. The electricity argument made some sense when bitcoins were less than $40 apiece. It cost more to make them then they were worth. But all those people who made them anyway are now getting rewarded!=


Current Value of bitcoins is $234.50

Quote: Ahigh

No I'm using https://mining.bitcoin.cz and cgminer on an Nvidia-based CPU with 60Mh/s.

It's not that fantastic compared to the giga-hash. I may get 1.5 Gh/s setup, I just don't know if I want to invest in mining bitcoins, but I probably will if the cost to run and cool my CPU is not prohibitively large compared to the money I can generate from it.

Graphics card setups are going to become obsolete soon. Your 60mh/s setup is only going to make $40/year after power costs at the current difficulty and value. But the difficulty goes up every day. Odds are that in 3 months your card will be losing money when you factor power---and that is only counting the card's power. If you could have your computer off instead of mining you are already losing money. Nvidia totally sucks for mining.

You'll still be able to mine litecoin with a GPU setup I guess, but you need AMD. Get 3x 7970 and you have potential.

Thanks for all of the detailed analysis folks! 3x 7970 .. I'll look into that! Electricity for the computer is only part of the equation in summertime here in Nevada. The A/C to cool the room that the computer is heating up goes on top of that effectively adding another 20% to 40%.

Maybe you need a swamp cooler and an outdoor computer room to make it cost effective so that the computer room can run at 90' instead of 72' or something. Then I could run about ten or more computers and buy some sort of outdoor setup. I'd probably run up a bill so high the Metro PD would be knocking on my door expecting to find me growing a bunch of marijuana.

I think you could probably use some sort of custom mount setup instead of using cases so you just have a really big fan running over a bunch of motherboards all mounted onto a custom wooden wall or something.

Quote: Ahigh

Thanks for all of the detailed analysis folks!

Now that Bitcoin is a phenom, there are so many people
jumping on the get rich quick Gold Rush bandwagon that
its epic fail is inevitible. Just like a Bernie Madoff investment
scheme, don't invest the kids college money in it just yet.

Bitcoins are a pyramid scheme due to how it was set up. Early coins were silly easy to earn, the later it is, the harder they get to mine. Guess who it's good for?

Early ROI was as high as 1000%/year even at cent value back then, now ROI is falling below 100%/year.
Unlike ponzi schemes, however, it's not a scheme prone to crashing, as long as real value is attached to bitcoins. Right now they are popular for certain recreational purchases. It's not so much guys on the corner as web stores.

It can fall down or keep growing, but there's little risk of a true "bubble burst" to nothing.

Quote: P90

It can fall down or keep growing, but there's little risk of a true "bubble burst" to nothing.

In a sense there is, acknowledged by the founders themselves. If a competing digitial/crypto-currency were to gain broader acceptance, bitcoin would fade into obscurity. The value could go to 0 fairly quickly.

I believe this is the single biggest downside risk to the currency.

Hey, lets start our own digit coins. Say we give out to WOV members and for every post they make, they will be rewarded one a day. We can build up excitement and have others buy into this illusion. As long as we are not the last one to be holding this when no one wants it we should be good.

Why hold onto gold or silver. Lets go digital. dwheatley is right when he called it a currency, not money. This only had inherent value and zero intrinsic value.

Let the price of silver go down some more so I can keep stacking. Others can mine bitcoins.

Just signed up for a pool.

My name is "tulip farmer."

Why Bitcoin Is Doomed to Fail http://www.dailyfinance.com/2013/04/05/why-bitcoin-is-doomed-to-fail/

It has to fail and it will fail, wait and see.

And now you're just spamming articles it's clear you half-understand.