Bitcoin Miner Earning $8 Million a Month

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Bitcoin Miner Earning $8 Million a Month

Postby Hammer_Time » Mon Mar 10, 2014 6:43 pm

The richest man is not he who has the most, but he who needs the least. No good deed goes unpunished...

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Re: Bitcoin Miner Earning $8 Million a Month

Postby Fuzz » Mon Mar 10, 2014 7:46 pm

According to Carlson, the operation is using 1.4 megawatts of electricity, which is enough power a town


All for imaginary currency . . . Sometimes I question humanity.
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Re: Bitcoin Miner Earning $8 Million a Month

Postby Hammer_Time » Mon Mar 10, 2014 7:59 pm

:lol: That's kinda what I was thinking...

Hopefully Bitcoin keeps on going, after the crash of two exchanges the CEO's recent suicide of a third one...not good...although the rest of the Bitcoin world says a few "rotten eggs" are simply being weeded out here , leaving the "strong" exchanges to dominate. Dunno if all it takes is another "flaw" in the mining model to bring the whole thing crashing down ( zero value afterwards ) just like a stock market crash...not sure, but it does seem risky to want to pour money into mining bitcoins, unless you are exchanging it into real currency on a daily basis to cover your ass...hmmm...
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Re: Bitcoin Miner Earning $8 Million a Month

Postby mhudon » Tue Mar 11, 2014 10:24 am

Hammer_Time wrote::lol: That's kinda what I was thinking...

Hopefully Bitcoin keeps on going, after the crash of two exchanges the CEO's recent suicide of a third one...not good...although the rest of the Bitcoin world says a few "rotten eggs" are simply being weeded out here , leaving the "strong" exchanges to dominate. Dunno if all it takes is another "flaw" in the mining model to bring the whole thing crashing down ( zero value afterwards ) just like a stock market crash...not sure, but it does seem risky to want to pour money into mining bitcoins, unless you are exchanging it into real currency on a daily basis to cover your ass...hmmm...

With a winter like the one we have and the consequent electric bills, I've stepped out of the Bitcoin mining world!
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Re: Bitcoin Miner Earning $8 Million a Month

Postby Hammer_Time » Tue Mar 11, 2014 2:21 pm

:lol: True that!! :twisted: :mrgreen: :lol:
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Re: Bitcoin Miner Earning $8 Million a Month

Postby Sauron_Daz » Wed Mar 12, 2014 12:25 am

Fuzz wrote:
According to Carlson, the operation is using 1.4 megawatts of electricity, which is enough power a town


All for imaginary currency . . . Sometimes I question humanity.

:shock:
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Re: Bitcoin Miner Earning $8 Million a Month

Postby Sauron_Daz » Wed Mar 12, 2014 12:25 am

mhudon wrote:
Hammer_Time wrote::lol: That's kinda what I was thinking...

Hopefully Bitcoin keeps on going, after the crash of two exchanges the CEO's recent suicide of a third one...not good...although the rest of the Bitcoin world says a few "rotten eggs" are simply being weeded out here , leaving the "strong" exchanges to dominate. Dunno if all it takes is another "flaw" in the mining model to bring the whole thing crashing down ( zero value afterwards ) just like a stock market crash...not sure, but it does seem risky to want to pour money into mining bitcoins, unless you are exchanging it into real currency on a daily basis to cover your ass...hmmm...

With a winter like the one we have and the consequent electric bills, I've stepped out of the Bitcoin mining world!

:lol: :lol:
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Re: Bitcoin Miner Earning $8 Million a Month

Postby Hammer_Time » Wed Mar 12, 2014 2:32 am

Beware the Bitcoin, tis a "Ponzi Scheme" :

http://www.zdnet.com/bitcoin-confidence ... 000027181/

:P
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Re: Bitcoin Miner Earning $8 Million a Month

Postby Goliath » Wed Mar 12, 2014 10:37 am

Local TV news station KOMO News was given a peek at what the people behind it are calling "the largest mine in North America and most of the rest of the world." Built across two warehouses, the racks of constantly running mining rigs combine to provide a petahash of processing power, at the expense of 1.4 megawatts of electricity, devoted to solving the increasingly complex algorithm that generates Bitcoins. The result is monthly earnings of $8 million in Bitcoin per month, according to the report. source


1.4 MW...
quite a gamble, his bills must be huge...
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Re: Bitcoin Miner Earning $8 Million a Month

Postby Sauron_Daz » Fri Mar 14, 2014 1:17 am

He earns enough with it, he can pay the bill.
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Re: Bitcoin Miner Earning $8 Million a Month

Postby Hammer_Time » Fri Mar 14, 2014 2:48 am

Till the currency becomes worthless that is... hope not but it is very possible...
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Re: Bitcoin Miner Earning $8 Million a Month

Postby clone » Sat Mar 15, 2014 2:26 pm

Till the currency becomes worthless that is... hope not but it is very possible.
bitcoin won't die until someone leaks that all of the transactions can be traced.
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Re: Bitcoin Miner Earning $8 Million a Month

Postby Sauron_Daz » Mon Mar 17, 2014 6:08 am

Didn't you just do that? :mrgreen: :twisted: :wink:
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Re: Bitcoin Miner Earning $8 Million a Month

Postby Silver » Sat Mar 22, 2014 1:01 am

Fuzz wrote:
According to Carlson, the operation is using 1.4 megawatts of electricity, which is enough power a town


All for imaginary currency . . . Sometimes I question humanity.


Most of the currency is imaginary :scout:
Ive got no actual numbers.. but how much of currency is in actual *printed money*.. probably way less than 1%..
im fairly sure the rest is just binary information or 1:s and 0:s in computers.

And even printed money is kind of an illusion of value with fiat money.
If that is a good thing or a bad thing.. I will leave to those who know this game better.

But it sure is an impressive mining operation :mrgreen:
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Re: Bitcoin Miner Earning $8 Million a Month

Postby DIREWOLF75 » Sat Mar 22, 2014 6:18 am

And even printed money is kind of an illusion of value with fiat money.
If that is a good thing or a bad thing.. I will leave to those who know this game better.


It´s at least a necessity. Before fiat money took hold, you could find a 13th century trading ship carrying BARRELS full of silver... That was normal, to have enough currency with you to trade with.
Calling it problematic is just the tip of the iceberg.
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Re: Bitcoin Miner Earning $8 Million a Month

Postby Fuzz » Sat Mar 22, 2014 7:04 am

At least normal currency must be able to be exchanged for goods and services in the country it is used in. Bitcoin has no such condition. Its value is based entirely on what someone is willing to give you for it.
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Re: Bitcoin Miner Earning $8 Million a Month

Postby Hammer_Time » Sat Mar 22, 2014 1:43 pm

Just like monopoly money!! :mrgreen:
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Re: Bitcoin Miner Earning $8 Million a Month

Postby Sauron_Daz » Mon Mar 24, 2014 1:58 am

Fuzz wrote:At least normal currency must be able to be exchanged for goods and services in the country it is used in. Bitcoin has no such condition. Its value is based entirely on what someone is willing to give you for it.


But there are shops that accept Bitcoins already.
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Re: Bitcoin Miner Earning $8 Million a Month

Postby Fuzz » Mon Mar 24, 2014 5:41 am

Yes, they accept it, but they aren't "required" to accept it. I could sell you oranges and tell you its ok to pay me in bacon if I wanted.
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Re: Bitcoin Miner Earning $8 Million a Month

Postby Hammer_Time » Mon Mar 24, 2014 12:51 pm

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:lol:
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