how do you know where to dig

>>693951003
just select the best pool for the competitive hardware, for the old if you feel lucky just mine solo.

>>693951250
I don't know what this means but I have a desire to dig

How many computers are you using to mine?

>>693950917
Im jealous, thats an awesome job.
I like to imagine its not much different from old western prospecting, am I wrong?

OP what do you do with the bitcoins you find?

How much do you actually get? The best i could find with about 30 minutes of searching translated to $0.2 for a full 24 hours

>>693950917
how does mining work? what is the result, do you just end up with more bitcoin or something?

>>693951599
*$0.02

>>693950917
What do you use for a rig? Do you actually turn a profit?

>>693951493
no computers, it's not worth it, just asic

>>693951598
exchange it for money

>>693950917
do you have enough to buy her new feet?
because...

>>693951599
search for asic miners, the halvening just happened yesterday and the earnings go to half but it's still profitable if you can be efficient and get some money to invest.

How haven't you killed yourself after yesterday? Are you still making profit now?

>>693951651
when you are mining you maintain the blockchain integrity (all bitcoins transactions are registered there), so basically you cooperate so the bitcoin can exist and you get a reward in bitcoins then just sell it..

>>693952067
where do you run them?
since I'm in the middle of europe, electricity prices make profit completely impossible even with free hardware.

>>693951863
Faggot, no shit.
>not exchanging on a website for other people to buy, monopolizing a business. You would make more selling the bitcoins instead of exchanging.

>>693952098
i turn off the old hardware :( .. still profit but in the best scenario the half than before

>>693950917
ok bitcoin miner. what do you use your coins for? I have been working on a bitcoin auction site similar to ebay, and I will be launching soon. is that a service you would use, or do you do derpweb shit with it?

>>693952315
yeah it´s pretty hard with the actual cost of electricity, i live in mexico so it's not that expensive

>>693952067
>>693952246
How much did you have to invest? When you mine do you have to actively do anything or just make sure your machines are all up and running?

>>693952336
sorry i select the wrong term, i sell it on localbitcoin

>>693952656
just make sure the asic it´s mining and nothing more, take care of the electricity bill

>>693952554
i sell it to people who buy, pretty easy

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>>693952715
Nah brah, I mean why not sell what you find for other currencies - currencies worth more than the American dollar? Then with what money you make you can hire people online from all over the world to buy and sell Bitcoins you find for other currencies, split the difference on currency trade, and turn a profit. You've started your own business.
>I gotchu fam

Where do you keep your pickaxe?

>>693952902
fair enough. i really wanna finish the site, but im not sure how many people would use it.. though, blockchain.info's live tracker shows that the currency is still VERY strong

>>693951795
Can you give me some more info about that asic thing? I'm very new to this

>>693952954
have you seen the volatility on bitcoin? just in a few minutes/hours can go down or up in a considerable percentage. it's not as stable as any real coin, but yep not all of the bitcoins i get are trade it, i leave some of them as a high risk investmen

>>693950917
Do you even know anyone on the black market? do you have any clue what is sold on the black market? Do yuo have any clue what unrestricted items any country can buy from the black market?

Stop exchanging your bitcoins for money and start exchanging them for other currencies, and repeat. Can you imagine how much some countries would pay for something like bitcoins with prices like yours'!?

>>693953084
mostly ebay

Are you prepared to lose 50 percent profits now that they are cutting reward in half?

>>693953181
it's strong but volatile, just be careful

>>693953226
it's hardware design just for mining, you can google it

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>>693953333

>Checked

>>693953333
thats going to drive the market price up


>>693953382
you're right, but if i only have, say 300 hours into writing the web app... the whole thing could crash and im only out my time.

besides, the site shows the current price for two markets right in the navigation, as it is currently, so it should be a clear indicator to any users.

>>693953245
yep i know something about that but it's not my primary business

>>693953241
That's exactly what everyone is doing, which is why the volatility is so high.
The only reason bitcoins were made is because:
>People think all world economies will end
>The internet is the new world - needs a currency
>Black market, silk road, etc.
You're gambling with an imaginary currency for real world wealth and services. These things we clearly have too much of.

So my question;
What is it you really wish to buy with what you earn?

How do you get into bitcoin mining?

I've thought about it but it seemed too complicated and I didn't want to sink money into something I knew nothing about.

this whole thread is cringe

>>693953333
I'm already losing it

>>693950917
how do you compete against 1.5 exahashes/s?

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>>693953580
http://ksfm.cbslocal.com/2012/04/23/how-much-are-your-body-parts-worth-on-the-black-market/
>How much is the human body worth on the black market?

The tragic price of ivory. Poachers are now slaughtering up to 35,000 of the estimated 500,000 African elephants every year for their tusks. A single male elephant's two tusks can weigh more than 250 pounds, with a pound of ivory fetching as much as $1,500 on the black market.
>How much is ivory?

Wouldn't it be easier to buy an elephant gun and kill a few elephants or rhinos than hire an assassin?

>>693953589
it's another income to me and kind of a hobby/game, i'm an IT engineer

>>693953595
read, read and then read again it's not that hard but not easy

>>693953717
ant miner do the work, not like days before but sure it can

>>693953903
Well do you ever come across counterfeit bitcoins? Like faulty codes and shit?

>>693953884
I prefer to stay legal, in that case why not to sell drugs or get some hookers

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>>693954299
>buying hookers with bitcoins
lol okay, but like that's any more legal?

>>693954293
i'm not sure if that even exist

I had 6 antminers at my old apartment.

If you want to reenact this scenario buy 20 electric space heaters, turn them them up full blast till you're genuinely afraid of an electrical fire and sweating, then turn on an airplane propeller full throttle.

Wonderful

>>693954458
100% legal my friend

>>693954636
Was it worth it in the long run?

>>693954636
it's not a business for the weak for sure

>>693954725
My electric bill was 300 bucks a month and would sometimes go days without finding coin. That sucked.

But I made around 500 a month on average. If you have free electricty in a space you don't have to live in go for it

>>693954725
if you know how to be efficient, reinvest and got some luck yes it is

>>693954705
So are you just saving up so that in time the price skyrockets and you end up with enough money to buy an island like those guys in the articles I've read about?

Have you ever bought anything with your bitcoins?

>>693950917

How is the total network hashrate after the halving?

>>693950917
I was going to flip bitcoin but it seemed boring as a profession(way of making money?). I didn't see the long game as fitting my personality. How has your day been friend?

Can i save some cash by building my own rig? Is that even possible?

>>693954594
So do you use Tor?

And if you use Tor, do you use it to connect to foreign proxies to widen your search?
People always think Tor is just for cheese pizza, drugs, and hitmen.

How many btc do you have ?

>>693950917
How much profit a week could i make with one miner in my basement?

>>693954293

Not OP but that's impossible. Bitcoins cannot be counterfeit. Look at it as digital gold, it is limited to only 21 million total Bitcoins. Cannot be counterfeit. Different from gold in alot of ways, much more divisable for instance. (up to 8 decimal points)

>>693953589
All currencies are imaginary, the only difference is bitcoin don't have a central bank.

>>693955183
it's not like that but if you have a big farm it can happen like in 2013

>>693953241

Lel, it's more stable than the GBP and Bitcoin is the best performing, most valuable currency in the world.

https://news.bitcoin.com/bitcoin-stable-euro-pound-brexit/

>>693955290
i don't know at this time but it was predicted to get down about a 30%

>>693955879

I forgot to add, there will only ever be 21 million max. I suggest everyone I know to own just 1 before it's too late. If they can't, then 0.5, 0.25, etc.

You're selling yourself and future family short if you don't buy and hold one bitcoin. 7.4 billion people in the world and only 21 million bitcoin.

>>693955317
it's another income to me and kind of a hobby/game, i'm an IT engineer

>>693955362
it will be more costly

>>693955414
it's 100% legal, you don´t need to hide

>>693955777
there are some variables that can affect your income, google bitcoin calculator and get an idea.

>>693956594
(me again)
I'm currently in a BioPsych/Neuroscience program at my university. I was going to become a mechanical/electrical engineer and work for a tech company. Then I got sick, chronic nerve damage, and realized there are a lot of people less fortunate than me who suffer as I do daily. Except, they don't have help. I'm going to get my PHD and make a firm based on helping/treating those with Chronic Diseases on a Psychological level. The treatment will be based upon my studies on how having a Chronic disease affects the brain.

Engineering is badass, but helping people is what I want to do :]

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>>693955990
Except for people who actually own the bitcoins...? You would be saving and lending bitcoins for future investments and interest building. Why wouldn't you? You can trust us. We're FCA Secured.

So bitcoins to you are just like Kriegerands?
You have to assume the the cycle of spending will outlast the saving, otherwise you wil eventually have nothing. And if the original creators of Bitcoin don't actually exist anymore and people have to create more, is that not counterfeit or imaginary? All your bitcoin values will plummet.

>Am I wrong?

>>693955990
it suppose that the real money it's backed up in gold but not nowadays

>>693957004
kek, fucking whiteknight

>>693950917
So hows your electrical bill? Is it still profitable?

>>693957207
White knight? Are you fucking retarded? Summerfags man.

>>693957060
Assuming that's true (i don't know) then who owns enough precious metal to back a worldwide currency?
>i think I know
Bitcoins aren't collateral are they?

>>693957004
it is grateful to know that there is still people like you in this world, i wish you the best (honestly)

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>>693957207

>>693957024
it's a mathematical currency, it can't be change but of course it can be down to 0

>>693956734
It's not to hide.
How will you read the latest foreign news firsthand?
An upper advantage would lie with the person who can be everywhere at once.

>>693957024
The same can be said for any word currency. The money is only as valuable as people's will to use it. Since bitcoin is used for illegal activities and a lot od "private" trading I'd say they'll never collapse unless someone really tries to break them, and again the same can be said for any currency.

how the fuck can i mine with an antminer s7 using LTE internet stick?

>>693957004
>chronic nerve damage
I know this feel. Congrats for making something of it.

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>>693953453
>hardware design
>no computer

>>693957369
it suppose that all governments have vaults, you can do some research there is a crisis in he US about this but they are trying to hide it and not only US

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1H5gZGG7PvVZ7Fz
HzyvV2UHgeixtrYARjh

Please give

>>693957575
Because what, 1000x people own pennies of bitcoins as opposed to the select few who own actually bitcoins?

Let's be honest here, you're mining fractions of bitcoins every good month, just enough to pay the electric bill in hopes of striking it big.
I fucking love it. That's some sick rogue shit. Moonshine jug blowing, two tooth, overall wearing, prospecting.

>>693950917
What pickaxe do you use?

>>693956470
I read somewhere that there is a recursive feature that once it gets to 21mil it will create new bitcoins that have a seperate id so once it hits 21mil it will be as easy to mine bitcoin as when they first came out, effectivly crashing the market. Not sure how credible the story I read was though so dont take my word.

>>693957967
Because who has the technology to mine bitcoins quickly and efficiently? And the US relies on who to run their online security, including credit tracking and online terrorism?
if there really is a crisis, it's because people are trying to start their own separate states from the US government, on their owl soil. This is anarchism 101.

>>693952554
Localbitcoins already exists faggot we don't need you

>>693957729
Dude, some local shops and plumbers and shit actually accept bitcoins for their services.

>>693958196
Well read
>>693958337

I'll tell you a short true story.
Old American mining businesses use to set up camps as large as common American cities and counties. These camps would bring in their own food and drinks. They would also have living accommodations and stores that you could buy anything you want. But with what you bought were actual currencies manufactured by the mine owners. these were companies that mined coal and shit. I live in a town that was practically founded on a local coal mining camp, they tuned the old site in a racetrack and swimming lake.

These new forms of currencies today are similar to those ancient methods of trading one commodity for another through tickets or pieces of paper that validated the trade or sell between two people or entities.

We can hope that people stop spending their bitcoins, and people make more. but these currencies will hold more value for specific country based commodities.
It's the people of the web starting their own communities. Actual fucking states. It's FUCKING AWESOME

>>693959498
4chin would be the fucking Sodom and Gomorrah of online communities.

I guess Google would be something similar to Babylon.

>>693957881
I hope you are eventually in the position I am in. Lyrica changed my life. Seeing an amazing pain psychologist my mind. Thank you.

>>693957411
Thank you man, hope you do well too!

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>>693950917
How are Bitcoins any different from Bearer Bonds?

>>693956177
What are the circumstances surrounding a market spike?

Gambling and bailouts?

>>693961306
You can't mine for bearer bonds.

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Why don't you stop mining BTC and go to Eth or Exp? Jesus you must be getting ripped off after the halving by now.

>>693958196

When all 21 million Btcs have been mined in around 2140 the idea is that miners will make enough money mining blocks just from transaction fees.

>>693957004
I really wish it was people like you who were The Presidents or prime ministers of the country's of our world instead of the corrupt lying bastards that are

>>693958659
I know. But people keep saying it's gonna fall apart when that's not true.

>>693951657
0.02 BC ^ 12.93 USD (7124.26 Costa Rican Colon)
12.93 USD ^ 7074.91 CRC

7124.26 - 7074.91=49.35
So are you making more from Bitcoin currency trading than just exchanging for your own currency? Is this what Bitcoin is actually worth - the difference?

>>693961543
So there are no alternatives to Bitcoins?
Do you really think that Bitcoins are the only digital currency out there? I don't mean Neopoints or Runescape Gold.
I mean something else worth more or less than bitcoin with the same principles. Something exclusive to a specific country. Maybe you should start searching, then start using dynamite instead of the latest hardware.
Otherwise someone will beat you to it. Take your hobby to the next level.

>>693962463
This whole Bitcoin thing becoming a global currency will be exploited eventually. Smart minds are out there finding a way.
Don't get me wrong.I love the idea of a global, free market. Like when your trying to buy a soda with pesos but instead you can buy almost anything, from pretty much anywhere.
I want to trust that people who know anything about Bitcoins and economics won't fuck up the entire system through selfish and greedy pursuits like people have repeatedly proven to have a tendency for.

>>693950917
Can you explain what a bit coin miner is, as if I'm 5yo?

>>693964121
A bit coin miner uses a computer to get numbers that can be used as money.

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So OP sells his Bitcoins for money. Then someone else has that Bitcoin.
OP thinks the Bitcoins just magically turn into money.
What's to stop some terrorists from buying Bitcoins from some innocent college student miner, and using that to buy Uranium or weapons from some Ukrainian distributor?

>Your hobby is supplying a warlord's revolutionary cause

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>>693964663
>I started WW3 from my basement

>>693964232
I think I need further explanation
How does that work? Is op a millionaire ?

>>693964121
It's a program which you run on a pc, calculating shit using your graphics card (previously, now they're too weak) or a specialised device (know as asic) and becoming a part of the global bank. Basically, it's like getting your pc a job in transaction management, you get rewarded for it.

>>693964663
>What's to stop some terrorists from buying Money Dollars from some innocent literally anyone, and using that to buy Uranium or weapons from some Ukrainian distributor?
fix'd
You're like the anti-gun people taken ad absurdum. "But, like, if we create money what's to keep terrorists from using it to buy bombs?"

>>693964121
A bitcoin miner is a revolutionary. They're the candymen to the fat kids who bully you.

>>693964884
That doesn't sound like the kind of question a 5 year old would ask. Can I get your badge number?

>>693964952
Devil's Advocate is a bitch isn't it?

But you're telling me stuff I already get. I want to know what keeps people from making those huge mistakes. Is it common intelligence or some moral disregard?

>>693964907
I think I'm starting to get it now
So how much can you expect per month? Or whatever the time is
Why isn't everyone doing it? Even if it's just a few bucks to buy shit online

OP, what mining software do you use?
Do the asics have some default miner?
Open Source?

how much time does it take u to mine a dollar?

>>693965457
Refer to
>>693956470


A lot of people are saving their Bitcoins also. So 'a lot' of people will never know what it's like to own Bitcoin
>otherwise inflation

How much should you would need to invest in order to make substantial profit, how long would it take to break even and how long would the hardware last?

>>693966156
https://youtu.be/G7RgN9ijwE4

>>693965457
You would own pocket change in Bitcoins and maybe a new video game worth of your nation's currency.

So what's the point? There's no competing with gambling and black market trade. You have a better chance of winning the lottery at the same time you survive a lightning strike while fucking Scarlett Johansson and not being sued by her lawyers.

>>693966279
Lol oh yeah buddy, all the damn time.

>>693965457
Too much of an investment nowadays. Also it's not as profitable as you think and asics lose value fast, you'd have to buy a device for $1000 to get profit within a month since it also depends on how much electricity costs in your area. And that device will become obsolete too soon so you'd actually only earn a few bucks. Unless you find a place where you can hook up your device for a few days and steal electricity from.

>>693965771
Asic miners work with any mining software running on a computer, usually CGMiner due to its simple and minimal processor usage. They're connected via USB or with a raspberrypi and then run the same way with the software as it would connect a GPU.

ASIC mining isn't really viable anymore due to cloud mining. The issue with cloud mining and has always been a problem with the bitcoin community is centralization of mining, which bitcoin was first created to avoid.

>>693966156
As long as you aren't yanking cords and fixing shit that doesn't need a fixin', hardware lasts.
Then there's frying of electronics and wire shortages, unless you can fix this hardware or find someone with your price range for fixing things like bitcoin mining hardware, you can last a while. But then you want the new stuff that does a better job than the last. Then you're doing it alone.

>How much should you would need to invest in order to make substantial profit
Playing with my money is liking playing with my emotions, smokey....

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>>693950917
Are you just mining bitcoins people don't want anymore? I mean are you not just hacking and stealing from other people?

>>693964884
Instead of one major bank server validating transactions through encryption, bunch of people with heavy processing units do it all together and compete to find the right hash that encrypts the transaction. In other words miners are what are needed to make your BTC transaction work. Shitty explanation but i tried

>>693966665
To explain more regarding how miners make the majority of their income, the truth is it doesn't come from mining. A smart miner is also well versed in trading ALT coins. We mine an ALT coin with high liquidity and a solid price with low fluctuation for a short period of time & then sell those coins on exchanges for BTC. Most of these coins if not all are pump and dump schemes. For instance, there are roughly 10 alt coins I always follow. These coins have been around for the better half of 5 years & I know what the median price for them should be. They drop stupid low when the price of BTC rises, which is when I will buy them. After the price of BTC rises, traders take their BTC and pour them back into the ALT market bumping some of these coins up by 50+% within a few hours.

Very easy for newbs to lose money, an excellent way for me to play the black stock market & make $$ for steam games, or just plain cash.

>>693950917
One giant flaw in all this. If there is an economic event so big all currencies crash except bitcoin, the electricity and Internet in major cities won't be running for long.

>>693967173
Not just running an AI or algorithm under some government security contract for like +10x the profit.

>>693966666

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>>693967376
Generators and supercomputers
Rogue states

What would you call your new technology-based country?

>>693967281
https://coinmarketcap.com/

You're telling us you're just some currency trader dealing in digital currencies? Some fedora-tux combo stock broker fucking with money as a hobby to buy video games?
>jew

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>>693950917

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>>693967281
130 posts to get to the trolling
>Very nice

>>693950917
How do you feel knowing that bit coins are now worth half its normal value

>>693969012
refer to
>>693968552

See what he cares when he's mining any one one of these currencies and trading them for real world money to buy things like your mother for a night.

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>Dogecoin
No fucking way this is a real thing

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>>693970337
This will be one cool ride.

>>693950917
OP how do you get into bitcoin mining for beginners?

>>693967420
yeh thats if you have the money for it, asics compared to that are cheap peices of circuit boards

>>693971180
You don't anymore. Fixed cost is too high to set up a mining rig.

>>693950917
>>693950917
Do u actually make money ?

What's ur setup ?

how can i start making money with it and for what inverstment ?

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>>693950917
Is this the future OP - some hybrid of pic related?

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>>693971788
The pinnacle of digital ambient technology, virtual computing and graphic blah blah I don't know what I'm saying

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>>693971180
>not op

>get gpu cause asics are done
>whattomine.com
>dl mining software from your chosen altcoin website thats compatible with your gpu
>configure .bat file to your mining unit, wallet, user, and algo.
>run .bat and let it sit
>find out that it only gets you at the most 1.50 dollars in profits
>stop mining and look for a job

>>693950917
can i have 0.1 bitcoin?

>>693972355
This amazing thread is making me think that the higher the GPU the higher your electric bill. Is this true? With a higher GPU will you need the technology to appropriately run the matching specs that require and perform efficient Bitcoin mining (profitable)?

>>693972805
Depends on the voltage you want or need to use for your gpu, amd is known for higher hashrates and the new R9 480 is supposed to use less electricity, but that all depends on how you configure it and what you set your mining intensity to on the software if it has that option.

THAT IS THE FUNNIEST SHIT I HAVE READ IN A LONG TIME

I work in a data center with over 1,000 blade computers and I know exactly how you feel!!!

I just about shit my pants laughing... +1 for you sir

>>693973129
So heavy mining costs more output? Does the heavy mining yield better results - is this supposed to be the case?

>>693973651
The bigger the hashrate the bigger probability.

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>>693971640
HOLD UP
I'm foggy here. Is Bitcoin mining a hobby? Or an actual job for professionals to regulate and confirm the authenticity of bitcoins and shit?

Like are you making bits of xcess money like a robotic penny-picker or are people making money from securing bitcoin exchanges? Both
Mining is starting to sound like someone programmed one of those robots from 'I, Robot' to run around the world picking up loose change.

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>>693974199
Suddenly, bitcoin mining sounds less like mining than scanning the beaches for keys

>>693974199
It's not professional at all, Blockchain is still underground and bigger banks are already developing their own instead of perceiving the whole "democratic" part of mining and decentralization.

Nobody including VC's are interested in Blockchain and Bitcoin companies after the whole Mark Karpeles bullshitting.

If you tell someone you do Bitcoin mining as a job you're gonna look like a fucking loser.

>>693950917
Is Bitcoin mining any different from Data mining?

>be me in 2011
>discover bitcoin
>tried 'mining' for a couple of hours
>get 2 btc
>got bored, deleted the software and never came back
>mfw when bitcoin surpassed gold in 2013

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What's the result look like when you actually find a Bitcoin!?

it's so much easier to mine alt coins and control them with market manipulation that shits illegal for stocks but there's no laws for coins.

>>693974850
lol

>>693975176
you can't actually find a block of bitcoins alone anymore, it will take hundred of years but you create a wallet and there you have your bitcoins, it doesn't look anymore like numbers

>>693974842
it's completely different

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>>693975628
So you're finding needles in haystacks?
Are you just collecting leftovers from the fluctuation?

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So when people are mining for gold and diamonds, the value of those things goes down since there's more of it, right?
And if Bitcoins are worth material wealth, then if you mine any bitcoins or alt you're essentially dropping the market value if you aren't saving instead of spending.

>>693973239
Wait, who gets the +1?
Do I only get a fraction of that +1 if the rest of these miners are mining fractions of it?

>>693975628
>>693975996
What does your wallet look like?
Is it a USB?

>>693974850
>be me in 2009
>discover deep web
>discover bit coin
>buy 50 000 bitcoins, worth around 20 € at the time
>spend close to all of them to gain access to certain types of porn
>fast forward 4 years
>bitcoin boom
>have no longer access to the old account, which is sitting on thousands of unused bitcoins.

OP's PC crashed from bitcoin mining

>>693977072
you can have a wallet on the web but you must trust on the site.. or on your computer or cellphone but it consumes allot of space and some processor

>>693977359
You nigger that's like $100,000