Bitcoins

OCTOPUS

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Hi, is anyone on here involved with Bitcoins or similar. I am thinking of giving it a go, but just buying a pack myself and reinvesting if I get to that point. Looking at it as another way of saving. Anyone else?
 

enigma

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I was also interested in bitcoins but never found enough information on it. If someone like to share their experience I would be very grateful.many thanks
 

Jon

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I thought it's too late to join the bitcoin party unless you are going to get duped by someone making amazing claims of what you can earn with an affiliate link
 

asajj

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I dont know about buying and reinvesting bit but I know if you want to farm them, you need a high spec PC and time. It might not be too late but it definitely not what it used to be.
 

Jon

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Bet you need quite a bit of upfront cash for that to buy that high spec PC
 
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OCTOPUS

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I'll probably leave it then, doesn't sound that positive
 

Jon

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I'll probably leave it then, doesn't sound that positive
It's hard to say as I've never done and the only times I've come across it is when I have who are doing it PLEADING with me to write a blog post about it and include their affiliate links lol
 

Wibble

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Hi all

I looked into this three of four years ago after building a high spec PC and copped out; I think you'd need a dedicated bitcoin rig to farm the coins, a 'normal' even high end pc wont cut it.

However by the time it took to break even on the cost of the rig, the market would have changed so that your roughly breakeven after the electricity cost.

This was a few years ago, not sure if it is the same now but and after a set period of time the number of calculations required to farm each bitcoin increases.
Older rigs eventually cost you more in electricity to run than they farm in coin.
I think this was to keep the supply steady, so not to flood the market as higher spec rigs farmed more than the older rigs.

So you're basically gambling on the bitcoin value itself to rise. So why mine? Just buy the coins and hope it goes up. Bit risky for me as I'm a coward though!!

It was worth doing if you had free electricity from say solar panels (only effective part of the day) / a none the wiser employer (!!) provided that the bitcoin value at least remains the same.

Obviously if the bitcoin value goes up your quids in, but if it drops... :)

You can buy bitcoin rigs on ebay, but I suspect its people selling last gen machines to fund the next gen machines that are profitable at the newer higher farm rates.

For whats its worth I only looked at farming bitcoin not other currencies.

Looking at some graphs today it looks like bitcoin has doubled in the last few months, no idea why though? Might be worth a fresh look...?

Many thanks

Rich
 

AlexHove

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I dont know about buying and reinvesting bit but I know if you want to farm them, you need a high spec PC and time. It might not be too late but it definitely not what it used to be.

You don't just need a high end PC anymore, you need a factory full of ASICs

Bitcoin is never going to be a good investment.

Even if the price quadrupled tomorrow, good luck actually turning that Bitcoin into real money.
 
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homie

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You'd be better off investing in something tangible like gold imho
 

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