Bitcoin

[ndwalleyes]

Brought this topic up on FBO a while back and got laughed at. It's now at $1250 per coin and the SEC will announce today if bitcoin will be allowed to be bought and sold as a currency through the exchanges.

Anyone else on here mining coin?

[701FishSlayer]

Weren't they dirt cheap at one point a few years ago?

[Duckslayer100]

How do you "mine" bitcoins? Is there a band of seven dwarves I should hire??

[ndwalleyes]

701, yes they were VERY cheap just a few years ago.

Duckslayer, just google Antminer S7. They cost about $700-$800 plus $200 for a power supply. they run on low amperage 220v. Plug it in, run a data cable to your router. Set up your account with whatever pool you want to mine with. Log in to your miner and type in the link to the mining pool and your off and running.

[arrowdem]

701, yes they were VERY cheap just a few years ago.

Duckslayer, just google Antminer S7. They cost about $700-$800 plus $200 for a power supply. they run on low amperage 220v. Plug it in, run a data cable to your router. Set up your account with whatever pool you want to mine with. Log in to your miner and type in the link to the mining pool and your off and running.

wait what? now you need to explain what this "mining" thing is?... as you can probably tell i am super tittysprinkles confused when you saw you are using some hardware to mine for bitcoins that arent an actual physical thing? im so lost i should just stick to hunting and fishing

[Davey Crockett]

I've never taken the time to understand these either , Here is a sort video just watched. My question is what fuels it ? Who and why is there a market for solving math problems ?


https://www.bitcoinmining.com/

[arrowdem]

haha thanks for the video, but i think im more confused now...

[ndwalleyes]

The beauty of bitcoin is that there is no central government running or manipulating the currency. It works off what is called the "block chain". The value of a bitcoin is based strictly off the demand for them. EVERY transaction is recorded and verified. Transactions are recorded in "blocks". The "miners" act as the accountants to verify and record every transaction in the block. After all transactions are verified the blocks are stacked away. There are large banks in the US that are actually looking at the technology also.

The cool thing is that because bitcoin has no central government, it is international. It is very popular in China and recently Brazil and Venezuela because their local currency is basically worthless and non-existent.

It's pretty cool to read about. There are several videos on Youtube that help understand how it works better if you are a visual person like me.

[Fishmission]

Is Todd Hoffmann involved?

[Captain Ahab]

I see major benefactor being the seller of the "mining" equipment. And as it gets harder, you need to buy better equipment and find a band of geeks to pool money together to buy the best "mining" equipment.

[Davey Crockett]

701, yes they were VERY cheap just a few years ago.

Duckslayer, just google Antminer S7. They cost about $700-$800 plus $200 for a power supply. they run on low amperage 220v. Plug it in, run a data cable to your router. Set up your account with whatever pool you want to mine with. Log in to your miner and type in the link to the mining pool and your off and running.

How long does it take to get one bitcoin with that setup ?

[watson]

Is Todd Hoffmann involved?

Bahahaha, I think this is more technical than their yelling "shut it down" and gay slapping hard hats together

[ndwalleyes]

It takes about 10 months as it sits now, it used to take about 5 months to earn a coin. I only run one miner. Each block used to be worth 25 btc, those coins are divided between the number of miners in your pool. We only get 12.5 coins now. Coins are taken out to 8 decimal places. I'm making about $100/month after electricity is figured in. These units put out some heat. My shop is 14x10 (insulated but not heated) and if I don't crack the door it will get over 80 degrees inside when it's well below zero.

Some speculate that the value of a coin could hit $100k some day. We'll see...I look at it this way, I've more than covered my investment at this point and it's a cheaper hobby than fishing or hunting.

- - - Updated - - -

The other option if you don't want to get into mining is to just buy some bitcoin. You can open up an account at Coinbase (or use their app) or another exchange. Lots of options. Don't need to buy a whole coin either.

[LBrandt]

This bitcoin is way above my pay scale. I am more like stone wheel.

[Duckslayer100]

Has bitcoin stabilized somewhat? I know it was highly volatile at one point. Is this still the case?

[ndwalleyes]

Has bitcoin stabilized somewhat? I know it was highly volatile at one point. Is this still the case?

Much more stable than say a year ago. It generally stays within a $50 to $100 range now. With the SEC ruling set to come out at market close it is up about 6% today.

[luvcatchingbass]

I have a hard enough time accumulating metal coins and now a person can chase imaginary coin. Sounds like chasing Leprechauns to my feeble mind.
Good on those that enjoy doing this, everyone needs a hobby.

[ndwalleyes]

This bitcoin is way above my pay scale. I am more like stone wheel.

Honestly I don't get into it in that much detail. I have a general understanding and just enjoy the mining concept. I'm not a tech guy by any means...that's how easy it is get set up. Opened a wallet and followed the directions.

[Davey Crockett]

Much more stable than say a year ago. It generally stays within a $50 to $100 range now. With the SEC ruling set to come out at market close it is up about 6% today.

Interesting, What keeps you from cloning your equipment or adding on and pumping the excess heat into your house during cold months ?

[Colt45]

Bitcoin isn't based on gold or silver. Its based on mathematics. And there is a finite number of these imaginary coins.
Hope this helps