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O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: Phil Dally ()
Date: January 31, 2017 03:09PM

Is it legal or not?

How much bandwidth is used?

What are the electricity cost?

Is Bitcoin really worth anything?

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: BobV66Vair ()
Date: January 31, 2017 04:29PM

Bitcoin mining is best left to the computer/software experts. It involves solving VERY complex puzzles, not actually locating the things. They are strictly virtual currency with no physical component. They are definitely worth something. You can check the current value online easily enough. The issue with them is volatility. Not for the casual investor. I made good money when I was buying them. Got a lot of stuff for very few dollars because I bought low (around $4.00) and sold (used) high (around $120.00).

You can read all about it by searching Bitcoin mining.

66RTVair
Oregon
1965 Corsa 140 stock
1966 Monza DP Racecar
1968 Monza Parts for now

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: Phil Dally ()
Date: January 31, 2017 05:40PM

Thank you Bob...what about my electricity and bandwidth consumption questions?

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: bbakerga ()
Date: January 31, 2017 06:12PM

It's probably the mark of the Beast.

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: FLAVert ()
Date: January 31, 2017 07:15PM

Mining today is done by specialized hardware, not software, and the hardware ain't cheap. One of the key things about the Bitcoin algorithm is that the longer Bitcoin is around, the harder it is to mine for new Bitcoin. This makes the number of Bitcoins available almost finite, which is supposed to cause the value of Bitcoin to increase, supply and demand don't ya know. smiling smiley

I doubt you could do it with a home broadband connection and, as I understand it, you need multiple pieces of the specialized hardware I mentioned before, so figure each one drawing a bit more electricity than a typical laptop. You will also increase your cooling costs. Those pieces of hardware are designed to be installed in dedicated computer rooms with commercial A/C systems. And, they make a lot of noise.

The Bitcoin "gold rush" has passed.

Hope this helps,
Rick L.

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: BobV66Vair ()
Date: January 31, 2017 09:11PM

What Rick said.

66RTVair
Oregon
1965 Corsa 140 stock
1966 Monza DP Racecar
1968 Monza Parts for now

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: SkidRo ()
Date: February 01, 2017 12:32PM

I researched this a while back and also determined that the time has passed to mine. Like Rick and Bob mentioned, to do it today you need a massive amounts of computing power, like found in a datacenter or cloud environment, and bandwidth to be competitive. That costs money. Rick also mentioned BitCoin being finite, which is exactly what I had learned. There is only so much out there unlike other currency.

There also appears to be a direct coorelation between the Chinese Yuan and the value of BitCoin. When the Yuan fluctuates BitCoin moves in the opposite direction. I keep looking for an increase of value of the Yuan thinking (hoping) the price of BitCoin drops. If my research is correct that would be the time to invest in BitCoin proper and then use or sell it when the Yuan devalues.

By no means am I an expert in BitCoin. I could be wrong in my hypothesis in regard to the valuation but this is how I understand it is working at present.

My biggest confusion is where is the best, least expensive and safest place to buy BitCoin.

Rory
66 Corsa
63 Rampside
Silver Spring, MD

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: Phil Dally ()
Date: February 01, 2017 01:37PM

Just so you all know I'm not doing any mining.

I'm gathering facts to confront someone about it.

I need to know the answers before I ask questions.

Everybody has given valuable info...keep it coming.

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: SteveH ()
Date: February 01, 2017 01:44PM

Allow me to suggest this site for info
[www.bitcoinmining.com]

CORSA Member #034095
SF Bay Area zip:94580

1965 Corvair Corsa "Field Find" 140hp 4speed
Built 9/15/64 #148 off the LOS line, #1448 for the year
1965 Corvair Corsa "Corsamatic" 140hp PG

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: cschneider53 ()
Date: February 01, 2017 04:08PM

From what I understand bandwith really isn't the issue. Power consumption is an issue but far from the real driver of cost. Bitcoin mining is done by specialized machines that operate solely for that purpose. They are essentially arrays of ultra high end videos cards (GPUs) that devote all their processing time to the blockchain. If you had been asking this question four years ago you would have had a chance. Today I wouldn't even give it five minutes of thought.

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: MattNall ()
Date: May 22, 2018 07:31AM

I thought Bitcoin was dead? Cyber currency is the new one?

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Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: Phil Dally ()
Date: May 22, 2018 08:03AM

When I told the millennial we own to run his mining operation at a minimum...the electric bill went down.

He still does it but there are rules for when now like never unless he is home...never during PG&E peak rates.

Not so enthusiastic since Bitcoin lost 3/4 of it's value...yes there are all kinds of new crypto currency out there.

Most of them are designed to work around the US Dollar...I'm sure you all know how I feel about that fact. thumbs downthumbs downthumbs down

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: geezer43 ()
Date: May 22, 2018 08:06AM

Recent article in newspapers indicated many of bitcoin offerings are fraud or very close. BEWARE!

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: American Mel ()
Date: May 22, 2018 08:21AM

I like that line,
"the millennial we own". grinning smiley
Kinda like keeping a puppy, eh Phil?

You raise it.
You feed it.
You house it.
It brings you a certain amount of enjoyment.
But mainly, you just spend your time picking-up after it! hot smiley

-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-+-
WA. state, 1 mile south of the Canadian border, I am not at the end of the world, but you can see it from here.

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Date: May 22, 2018 08:58AM

Saturday Morning Breakfast Cereal.



Dan Davis ~ Pierce County, WA ~ CCF admin ~
CORSA +Corvairs NW + North Cascades Corvairs + Corvanatics
1966 Corsa Turbo coupe ~ ~ 1966 Corsa 140 Coupe ~ ~ 1965 Monza 140/4 Convertible Sierra Tan/Fawn ~ 1964 Monza Spyder Convertible ~ 1960 Monza Ermine White/Red PG ++ ~ 1965 Monza 140/4 CoupeEvening Orchid w/ ivory/black interior ~ 1962 Monza Wagon 102/4 ~ 1963 Rampside/Scamper ~ 1963 Red/Greenbrier ~ 1969 Ultra Van #468

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Date: May 22, 2018 03:03PM

Cryto currency is a fraud - period.

Lon Wall

Fireman Oregon Coast Scenic Railroad #25 #2
OCSRR.com
Fireman Sumpter Valley Railroad #3 and #19
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www.pacificmodelloggerscongress.com

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: Phil Dally ()
Date: June 18, 2022 09:01AM

Had to bring this thread back.

Cyber market is in free fall.

Under $19,000 9am today.

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: Phil Dally ()
Date: June 18, 2022 09:10AM

Gold on the other hand still steady around $1850 per ounce.

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: Skizz ()
Date: June 18, 2022 11:03AM

There is a Bitcoin ATM in my local bar.

64 Monza Vert
64 Spyder Vert
2002 Chev 1500
1996 Impalla SS
Eastern NC

Re: O/T-Anybody Know Anything About Bitcoin Mining?
Posted by: Phil Dally ()
Date: June 18, 2022 11:21AM

Bitcoin for booze...nice!!

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