Bitcoins/Litecoins/Virtual Currencies

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Arative

Arative

Ahn'Qiraj Raider
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Jalynfane said:
Where would one get reliable information on beginning the bitcoin mining process? Doesn't look like it was stopping the rise and I passed in 2013 since it was "meh" then. Could have been kangz
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I wouldn't start mining now unless you have cheap or free electricity. Really only two ways you could go either an antminer asic miner or an Avalon asic miner. Depending on how much you want to spend, you can get a 14 terahash miner from eBay for around $1500. That will earn you about .006 btc a day.
 
Scoresby

Scoresby

Trakanon Raider
793
1,475
Jalynfane said:
Where would one get reliable information on beginning the bitcoin mining process? Doesn't look like it was stopping the rise and I passed in 2013 since it was "meh" then. Could have been kangz
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This is all done pretty much exclusively by farms or collectives using ASICS specifically made for this purpose. As an individual you will lose money (in energy costs) trying to mine in the current environment.
 
Cad

Cad

scientia potentia est
<Bronze Donator>
25,806
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Scoresby said:
This is all done pretty much exclusively by farms or collectives using ASICS specifically made for this purpose. As an individual you will lose money (in energy costs) trying to mine in the current environment.
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What if you do it at work, what's the payback time?
 
Cad

Cad

scientia potentia est
<Bronze Donator>
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A

a_skeleton_03

<Banned>
29,948
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Cad said:
So for a $6k investment now I can be making $1600-mo tax free in 4 months? Somehow I think 4800w of shit running in my office at work would attract attention, haha.
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Yeah, I seriously paid Avalon $10k like two years ago for top of the line equipment that they never shipped. It took me like 3 months to get my money back from them. If I had just bought $10k in coins I probably would be sitting much happier in life right now.

If you want to get into it I suggest doing that. It's scary but if you have some cash it's not the worst idea to put some serious dough into this based on its history of returns. I really don't know that it's going to disappear any time soon.

I am just trying to explain to the wife why this time will be different and my return on $10k is a lot more guaranteed. She doesn't understand magical currencies in the sky.
 
Arative

Arative

Ahn'Qiraj Raider
3,064
4,776
Cad said:
So for a $6k investment now I can be making $1600-mo tax free in 4 months? Somehow I think 4800w of shit running in my office at work would attract attention, haha.
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Every two weeks the difficultly goes up so you'll get less coins over time. So it will take longer to recoup the cost. Only reason I'm mining is because I got free power, I make like .1 btc a month.

You should take the $6 and buy btc. You'll make more and you won't turn your office in to a sauna
 
AladainAF

AladainAF

Best Rabbit
<Gold Donor>
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Cad said:
So for a $6k investment now I can be making $1600-mo tax free in 4 months? Somehow I think 4800w of shit running in my office at work would attract attention, haha.
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What do you mean tax free? I mean, if you keep it in BTC, then sure. But if you convert it to USD, and you don't pay taxes on it, you're technically evading taxes. The IRS is also trying to get information from all the major BTC exchanges too (Starting with coinbase of course). The GOP is starting to question this though, which is good, but still the IRS is working hard to find people evading taxes this way.

GOP lawmakers question IRS summons to Coinbase users
 
Scoresby

Scoresby

Trakanon Raider
793
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coinmarketcap.com has Bitcoin at $2749.89; Ether at $206.58. For comparison in Jan Bitcoin was $1030 and Ether was $8.00.
 
Hekotat

Hekotat

FoH nuclear response team
12,387
12,176
I have about 2,500 invested that I've been moving around between LTC and ETH. However, I'm still learning how to read the market, swings, etc.

Anyone have some tips other than buy low/sell high they want to share? Everything I keep finding on the web seems to be extremely obvious shit with no real information how to read the swings etc.
 
bleedat

bleedat

Molten Core Raider
837
368
ok so I have an unlimited amount of power and 4 or 5 PCs that I can run 24/7 (higher end). Worth my time to learn this?
 
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