Go Back   Computer Forums > Welcome To Computer Forums .org > Social Lounge | Off Topic
Click Here to Login
Join Computer forums Today


Reply
 
Thread Tools Search this Thread Display Modes
 
Old 12-28-2011, 12:46 PM   #1
Site Team
 
berry120's Avatar
 
Join Date: Jul 2009
Location: England, UK
Posts: 3,425
Default Anyone mine bitcoins?

More because I'm intruiged rather than anything else but does anyone here mine bitcoins? Or know what they are even?

I was looking into it the other day and while I'm not sold on the idea I do think it's an interesting concept. Then again I do think there's problems stopping it taking off from an economic standpoint, such as built in deflation - why would you spend a currency that's only ever (by design) going to go up in value? Of course this isn't necessarily the case, but if it survives it's something that'll be true in general over long periods of time.

I'd definitely go for it if I was living somewhere with free electricity - nothing really to lose in that case apart from perhaps the initial investment cost of a few graphics cards (and even then you've still got a few graphics cards if it fails!) Paying for the electricity you use though seriously eats into any profits you might make.

Thoughts?
__________________

__________________
Save the whales, feed the hungry, free the mallocs.
berry120 is offline   Reply With Quote
Old 12-30-2011, 12:50 PM   #2
Site Team
 
David Lindon's Avatar
 
Join Date: Dec 2002
Posts: 15,233
Default Re: Anyone mine bitcoins?

Hmm so bitcoins are a economic currency and you can brute for to generate bitcoin codes right?
__________________

__________________
[url=http://www.LNXPS.NET]LNXPS.NET - The XPS Library]
David Lindon is offline   Reply With Quote
Old 12-30-2011, 12:57 PM   #3
Site Team
 
berry120's Avatar
 
Join Date: Jul 2009
Location: England, UK
Posts: 3,425
Default Re: Anyone mine bitcoins?

It's a currency of sorts, it's not officially recognised anywhere but yeah that's what it aims to be.

People can trade bitcoins all over, you don't necessarily need to mine for them, you can buy them as well. But if you choose to mine then yes it's kind of like a brute forcing operation to get them. Normal behaviour (if you've just got a modest setup) is to join a pool (think folding@home style but generating bitcoins) then for every bitcoin found (or technically every block of 50 found) it's split between everyone in the pool proportionally to the computing power of everyone in it.

At one point it was hugely profitable to do this - you could sell a bitcoin for well over $30. Then it crashed and is now only worth a couple of dollars, but arguably still worth doing if you're living somewhere where you get cheap (or free even) electricity. If I was still in student halls where electricity was free then I'd be pounding away at it!
__________________
Save the whales, feed the hungry, free the mallocs.
berry120 is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off



All times are GMT -5. The time now is 11:13 PM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO 3.6.0