Bitcoin mining

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Jagwah
Posts: 2549
Joined: 16 Jan 2015

22 Dec 2017

Been thinking about using my computer to mine for bitcoins, it has very high specs and is only used for Reason usually.

Anyone have any advice, or thoughts from experience?


Cheers!

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motuscott
Posts: 3420
Joined: 16 Jan 2015
Location: Contest Weiner

22 Dec 2017

Shit took a real drop yesterday.
Not much of a capitalist myself...
Who’s using the royal plural now baby? 🧂

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FlowerSoldier
Posts: 470
Joined: 03 Jun 2016

22 Dec 2017

Hmmmm.....
From what I understand, there are Warehouses in China that mine, and you'd be competing with them.
Not sure how long it takes to get a hash these days, but I've heard it's not cost effective unless you have some pretty beefy GPUs and cheap power.
CPUs aren't so useful for mining...you need that fancy NVIDIA shit to get anything meaningful crunched. Probably a few of them.
You might want to mine Monero instead. That's just, like, my opinion though.

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CaliforniaBurrito
Posts: 574
Joined: 11 Nov 2015
Location: San Diego, CA
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22 Dec 2017

I was wondering when somebody was gonna start a thread about BTC.

Nope forget about it.

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Jagwah
Posts: 2549
Joined: 16 Jan 2015

24 Dec 2017

FlowerSoldier wrote:
22 Dec 2017
Hmmmm.....
From what I understand, there are Warehouses in China that mine, and you'd be competing with them.
Not sure how long it takes to get a hash these days, but I've heard it's not cost effective unless you have some pretty beefy GPUs and cheap power.
CPUs aren't so useful for mining...you need that fancy NVIDIA shit to get anything meaningful crunched. Probably a few of them.
You might want to mine Monero instead. That's just, like, my opinion though.
You can put your computer in a process called 'pooling' where it teams up with other computers to find the solutions, and when it does you receive the monetary percentage of what your computer contributed to the task. I'm too curious so I'm just going to try it out after new years.

dana
Posts: 335
Joined: 29 Apr 2015
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27 Dec 2017

You need an Antminer S9 to make it worthwhile, but they are expensive and have a couple of months delivery time.

If you want to "invest" in bitcoin, best to just stick the 3 grand straight in via bitbargain.

I personally won't touch it, i remember when it first came out around 2007, i looked at the source code and how it worked and i said to myself you would have to be mad to waste your time on this.

But now worldwide bitcoin power consumption has exceeded what Ireland uses.

Sorry to say, but i think this will not end nicely for everyone.

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Dabbler
Posts: 464
Joined: 18 Jan 2015
Location: Louisville, KY
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09 Jan 2018

I watched a show on Netflix last night about bitcoins. I take away that our inherent lack of trust makes our current accounting system profitable for the middleman.

But I cannot get my head around blockchain. WTF?

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pushedbutton
Posts: 1538
Joined: 16 Jan 2015
Location: Lancashire, UK
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09 Jan 2018

It would be more cost effective to just buy them at this point. the power you would use, let alone the wear and tear on your rig, would vastly outweigh any bitcoins you're likely to generate through mining.
@pushedbutton on twitter, add me, send me a message, but don't try to sell me stuff cos I'm skint.
Using Reason since version 3 and still never finished a song.

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jappe
Moderator
Posts: 2437
Joined: 19 Jan 2015

09 Jan 2018

Hmm... that could be a nice way to monetize RE's: let them work as bitcoin miners when the music isn't playing :)

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miscend
Posts: 1955
Joined: 09 Feb 2015

09 Jan 2018

I think you need a massive renderfarm and decent air con to do bitcoin mining.

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Marco Raaphorst
Posts: 2504
Joined: 22 Jan 2015
Location: The Hague, The Netherlands
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10 Jan 2018

Think about the power it takes. Weird thing about the bitcoin is that it is bad for the environment.

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SoulState
Posts: 308
Joined: 15 Jan 2015

10 Jan 2018

Been hearing a lot about this recently.
Bitcoins have been around for a while...but what's Bitcoin Mining, how does it work?

Also heard your computer can be hack/used by bitcoin miners!?
:reason:

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Gorgon
Posts: 1233
Joined: 11 Mar 2016

11 Jan 2018

Bitcoin is the new SETI@home
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