Is Bitcoin Mining Dead?

Is Bitcoin Mining Dead?



Some of my thoughts on Bitcoin.

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Bitcoin address: 1BwfLzx44tQjYHyp9TKo7hvXjqjaY3zb6u

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40 Comments

  1. mining has been dead for the last 5 years. nothing new

  2. Hello! Receive a welcome bonus of 0.0001 BTC, and also free trial of 200 Kh/s for 7 days when you sign up: http://goo.gl/DeJZag Mining crypto-currencies using such algorithms as Scrypt, Scrypt-N, X11, X13, Keccak etc. Efficiency is measured in Kh/s, as they use Scrypt algorithm as a basis.

  3. yes everyone get out the game.

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  5. Yes.

    Hardware cannot reach a return on the investment. So… NO. Bad idea. Expect to lose your investment. Check calculators with a difficulty change over time to see if in 1 month you will be making the same… you won't be… there is simply too much hardware being brought online by too many manufacturers and they have only hurt themselves. Do not buy hardware, you will loose your investment. They are now knowingly trying to sell you goods they know you cannot profit from, but simple calculators say that you will. 
    Good Luck.

  6. Win LTC every hour on this amazing faucet http://ltc4you.com/?r=687280

  7. It is easy to make money with BTC mining but you have to buy a Cloud Share. Imported is that you don’t have fees or other hidden cost. Go to http://pbmining.com?ref=BurgerConsulting and make money now. If you reinvest 50% in more GHs and take 50% to your wallet you only can make profit out of it.

  8. The whole thing sounds pretty pointless.  Some people need to share their rig details along with how much they've made or the rate at which they make cash in order to show that it's worth it.  Like you said, $3 every 4 days is ridiculous.  I guess you can use that gain to pay for a piece of the large electric bill.

  9. Yes I bought in when it was 0.01 sold when it hit 0.083 I wish I put more money in when it was 0.01 .I have withdrawn from this site 2 time with no problam .

    https://cex.io/r/1/xxxrampage1xxx/0/

    These links are 100% free to sign up

    Nice video

  10. I believe Bitcoin will stay as the permanent leading virtual currency. I also think the next drop may come in the shape of a virtual currency legislation. What are your thoughts about the 300GH Butterfly labs PCI card?

  11. The winners in a gold rush are the ones who sell the shovels. 🙂

  12. Found this site, make yourself a few Bitcoins for free!
    Honestly I'm surprised its actually that simple, now sure its not a lot but free Bitcoins are free Bitcoins!
    http://freebitco.in/?r=49531

  13. bitcoining is dead for the moderate miner Asic mining has taken over making it impossible for anyone mining under 8Ghps to even break even. Even at 8Ghps it will take you 3 months to break even.

  14. well i have 1th/s and it pays my life

  15. I really think this site will cut down on your cost

    Good luck:)

    https://cex.io/r/1/xxxrampage1xxx/0/

  16. Have you tried selling your hashes on this site
    https://cex.io/r/1/xxxrampage1xxx/0/

  17. Very good points.

    I was thinking of buying the TerraMiner IV – 2TH/s, Networked ASIC Miner that has 4 x 500 GH/s,worth $5,999. And from the website the genesis block i have calculated with the 2 TH/s rate, i would earn $2,950 in January 2014 and then it would keep going down further as difficulty gets harder.

    Try this great website and see the actual fact of mining — thegenesisblock . com

    enter the hash details of your system and all the relevant info and you see the actual small gain lol

  18. Patrick Likes Bitcoin

    Well it depends. Will you use "the power" for other things? If so it's a great idea. Also how much do you plan to spend on the solar power? How big do plan to make your Bitcoin mining rig? I'll put it this way, power is a big expense however the amount spent on electricity is minimal. Depending on size, you could only spend a few hundred dollars a year. Would that be worth spending a few thousand for free power? A lot of factors, but in the end it is a cost taking away from profit.

  19. Hey Patrick, great video man. I am a n00b but am really interested in mining Bitcoin. I live in Arizona and I can get cheap solar panels and was thinking about building a mining operation that runs off the power from the panels. What do you think?

  20. ok
    I'm new to this
    when you talked about the power outage
    does that mean you have to be 24/7 connected and mining?
    and if you getting disconnected you can't get back?

    if the answer is "No, I can disconnect and go back to mining" then is it a good idea to "plant" my mining software to colleagues computers so they mine parallel to using their pc's? oh and does it need high-speed internet? or what?
    sorry if my questions are too long

  21. Patrick Likes Bitcoin

    LOL my wife gave me a loan of $200 for bitcoin, this month. It's a good investment. Just know there will be downswings.

  22. Patrick Likes Bitcoin

    I mean you will produce a real small amount and since your stuff is free. You will make a profit, but I think if you hook it up it will take you so long to mine even .001 bitcoin. I would do it just for fun, and learn a little more about bitcoin. Maybe save for a few ASIC. It's fun and your at no cost! Do it!

  23. Patrick Likes Bitcoin

    Does it have usbs. ASIC Block Erupters are selling for as little as 10 bucks, I wouldn't pay over $11.50. So I guess you could mine with that plus as least 2 Asics. There are a few ways to sell small amounts of BitCoin for a huge mark up. Or you could hold on to what you mine, I really think in 10 years Bitcoin will trade for over 1000. Just my guess though could happen sooner or it could crash. But I would try it's funn and you should at least figure out how to break even.

  24. Patrick Likes Bitcoin

    I started paying attention at 40 a Bitcoin. By then a lot of people were. It still would have been nice to have quadrupled my money. Oh well….I still think there is money to be made on Bitcoin, but nothing like that guy….27 into a million now that's a profit margin!!

  25. EnterpriseKnight

    I remember when Bitcoin started. I saw it in 2009 and I tried a little of mining, but thought "Meh, this isn't going anywhere" I was in a pretty difficult economic situation and I'm falling in it again. Today I've read about a guy who sold his 5000 bitcoins bought with 27 bucks for almost a million.

    …fuck

  26. A Noice Jewish Boiy

    MCXnow + Devcoin = The Future of Bitcoin

  27. Patrick Likes Bitcoin

    That's what I though, there is a way to make some money, I think. You know when you buy gold in smaller amounts, you end up paying way more in price. If you bought a whole ounce of gold it would have been a lot cheaper. I have noticed that people are selling .001 Bitcoin for .99 cents. That's 990 dollars for a Bitcoin! At that rate it may be possible to make money. However You have to sell a lot of them? So is it worth it? Maybe, maybe not! Thanks for your comment Michael!!!

  28. Agree with you… difficulty is so high and the price on the usb asic miners that its not worth it…

  29. Patrick Likes Bitcoin

    I'm not talking about the bottom dropping out of bitcoin. This video is about mining bitcoin, that's the process in which bitcoin is created. Did you even watch the video? Or just comment? I am a big fan of bitcoin, I will be doing a video soon on it's current rise from $70 a month ago to 158-160, today.

  30. lul, people talking about the bottom dropping out of bitcoin and now they're over 160usd per coin.

  31. Patrick Likes Bitcoin

    What the fridge is a botnet. LOL Thanks for the good info, I will be checking out this botnet. If I figure it out I will either make a video about it, or get rich! lol So what country are you from? I'm actually looking into mining again, just with how high bitcoin is reaching $142, just today. Just for fun though!

  32. Well i dont think i will be mining for bitcoins anytime soon. In my country you would be lucky if you break even on the powerbill. There was a case in the news in my country of someone adding code to a program that many used. Turning their rigs into mining bots.

    He managed to mine around 5000$ dollar worth in two weeks time , i think he had 2000 machines in this botnet. So to make real dollars one need a botnet it seems. Then you dont have to worry about hardware outdating.

  33. Patrick Likes Bitcoin

    I wouldn't compare it to the lottery. At least you get a little money back with mining, lol. But ASIC are becoming cheaper and cheaper, I bought 2 for $40 each and now the are almost at $25 bucks each. I have already made back 10% of my investment. So it's not a total rip, but I won't be buying any mansions soon.

  34. BUILD_The_Means_of_Production

    Yes many people coming to asic wayyyyyyy late in the game expecting to get rich mining with inconsiquential processing power. Just like the lottery, the tax is on those that are bad at math.

  35. Patrick Likes Bitcoin

    Well Balance to me is the secret of life, so I agree with you there. I pretty much agree with all your comments though. I have just been obsessed with it though, I love the fact that it is decentralized! However, like anything it can be manipulated. I am a big fan of gold, silver, and bitcoin when it comes to currencies. Your point on skills and other assets such as tools and food are very important. I'm to chicken to just buy bitcoin, so that is why I'm trying this. Just to diversify!

  36. Nates Homestead Lifestyle

    to happen is that nothing will happen (i.e. the doomsday that most people fantasize about here on YT).

    But the next most likely cause of a "Doomsday" would be the stagnant economy, or employment issues.

    IDK, I will get off my soapbox though…IDK, where I was even going with this other than, I think Diversifying investments is the best approach, and that includes: Greenbacks, Bitcoin, Precious Metals, Food, Tools…

  37. Nates Homestead Lifestyle

    SO…IDK…

    From the prepper standpoint I think making money however you can is great, especially if you can make money passively with some investment of time or money.

    But, I really do believe skills are the most important thing to have, and durableconsumable goods like tools, food, fuel. et al. is even more important than precious metals or accumulating currency.

    BUT, balance is key too, because saving for retirement in greenbacks, is not necessarily stupid; given the most likely thing…

  38. Nates Homestead Lifestyle

    I think while moore's law is in place people will make money wbitcoin, but I think even more people will lose money buying mining gear.

    Then again, if this quantum computing thing ever takes off, maybe crystallographic currencies will currencies will see a resurgence?

    IDK…I never have gotten into the whole bit-coin thing personally, my biggest reservation about it is because it is not tangible ironically that is my same issue with all currencies. I have issues with precious metals too..

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