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Thread: Do any other CRHers Mine Bitcoin?

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  1. #1
    us
    JD

    Aug 2011
    IL
    Garrett Ace 250
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    Metal Detecting

    Do any other CRHers Mine Bitcoin?

    I started a few months ago and only have about 0.6 bitcoin to show for it. Any suggestions?

    Asrock Extreme 4
    Intel i5 3570k
    8gbs Ram
    Asus HD 7870

  2. #2
    Charter Member
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    James

    Jun 2012
    Ohio
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    Sorry, but what is bitcoin? Enlighten me
    2014 Goals:

    201/1000 Wheat Cents
    0/10 Indian Head Cents
    0/1 1984 DDO/Doubled Ear
    0/1 1995 DDO Cent
    0/2 1999 WAM Cent
    3/8 WAM Cents (not including 99s)

    $315 Cents Searched

    Lifetime Goals:

    0/1 1992 P/D Close AM Cent
    0/1 1988D RDV-006
    0/1 1983 DDR

  3. #3
    us
    Jul 2010
    Garrett Ace 250, Bounty Hunter Quick Draw
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    Coin roll hunting, British coins, ancient coins, antiquities
    I really think to mine bitcoins much anymore you have to have multiple GPUs/video cards.

    Myself, I think bitcoins have a place in commerce, but both the dollar and bitcoins have a crucial flaw: they are unbacked by any commodity and therefore worthless.
    Speeding up Gresham's law one roll at a time

  4. #4
    us
    Potentate with the upside down popcorn bucket hat

    Jan 2013
    The black hole between Montana and Colorado.
    Truffle seeking pig modified for metal. The results have been so-so When the pig fails me (which is often), I am relegated to a CTX3030 *sigh*. Like the dark ages or something.
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    Bitcoin was hacked a few days ago. Prices plummeted.

    I looked into it, but the expenditure far outweighed the monetary gain.

    And to date, no place I receive goods or services from accept them.

    Interesting idea, but it is doomed to failure IMO.

    WM
    "You see, wire telegraph is a kind of a very, very long cat. You pull his tail in New York and his head is meowing in Los Angeles. Do you understand this? And radio operates exactly the same way: you send signals here, they receive them there. The only difference is that there is no cat."-- Albert Einstein



    Let 'er Buck!!!

  5. #5
    us
    Jul 2010
    Garrett Ace 250, Bounty Hunter Quick Draw
    1,369
    265 times
    Coin roll hunting, British coins, ancient coins, antiquities
    Quote Originally Posted by Wyomingmedic View Post
    Bitcoin was hacked a few days ago. Prices plummeted.

    I looked into it, but the expenditure far outweighed the monetary gain.

    And to date, no place I receive goods or services from accept them.

    Interesting idea, but it is doomed to failure IMO.

    WM
    That wasn't bitcoin though, that was just an exchange site (Mt.Gox) a bit like a stock exchange of sorts. Bitcoin itself has not been hacked and is quite reliable against hacking attempts, but third-party sites are vulnerable to hacking attacks just like the NYSE or a bank is.
    Vergie likes this.
    Speeding up Gresham's law one roll at a time

  6. #6
    us
    JD

    Aug 2011
    IL
    Garrett Ace 250
    130
    41 times
    Metal Detecting
    Quote Originally Posted by Coppercrazy View Post
    Sorry, but what is bitcoin? Enlighten me
    I'm sorry it would take too long, the best I can do is a completely digital currency. Google it sometime..

  7. #7
    us
    JD

    Aug 2011
    IL
    Garrett Ace 250
    130
    41 times
    Metal Detecting
    Quote Originally Posted by Wyomingmedic View Post
    Bitcoin was hacked a few days ago. Prices plummeted.

    And to date, no place I receive goods or services from accept them.

    Interesting idea, but it is doomed to failure IMO.

    WM

    The price actually just skyrocketed over the last few days. $130+ per bitcoin, Check Ebay. Selling better than copper pennies:-)

    As for the doomed to fail part, you could be right. I have to agree with Generic Lad on the fact that it is not backed by anything makes it flawed. Then again so are the green pieces of paper we have in our safes, wallets, and banks. The only difference I see is that there is a known amount of bit-coin that exists while no one really knows how many US dollars are out there, or how many trillions more they'll print.

    I'm no economist and I won't pretend to be.

    I already had the equipment (a fast computer with a decent graphics card) so all I'm really putting into it is a slight increase in my electric bill.. I'll probably only keep with it till I get a dozen or so bitcoin, then sell half and keep half just in case it hits gold prices..

  8. #8
    us
    Apr 2011
    1,159
    616 times
    Quote Originally Posted by nube250 View Post
    I'm sorry it would take too long, the best I can do is a completely digital currency. Google it sometime..
    I googled it. Now my head hurts.


  9. #9
    us
    Jul 2010
    Garrett Ace 250, Bounty Hunter Quick Draw
    1,369
    265 times
    Coin roll hunting, British coins, ancient coins, antiquities
    Quote Originally Posted by FormerTeller View Post
    I googled it. Now my head hurts.


    Basically Bitcoin is a digital currency that is designed to be as anonymous as possible, like cash.

    There is a set amount of Bitcoins that can be created, and to create more bitcoins you have to "mine" them which basically consists of giving the computer a really hard math problem that takes it a long time to solve and once it gets the right answer it gets some bitcoins.

    Bitcoins are easily divisible to tiny fractions of a bitcoin so it can handle increases in value.

    There's plenty of different sites that will accept Bitcoin to buy nearly anything you want.

    Bitcoin isn't the easiest to use though, it usually requires using a third-party wallet for maximum ease of use and they aren't always 100% secure.
    Speeding up Gresham's law one roll at a time

  10. #10
    Charter Member
    us
    James

    Jun 2012
    Ohio
    1,531
    304 times
    Quote Originally Posted by Generic_Lad View Post

    Basically Bitcoin is a digital currency that is designed to be as anonymous as possible, like cash.

    There is a set amount of Bitcoins that can be created, and to create more bitcoins you have to "mine" them which basically consists of giving the computer a really hard math problem that takes it a long time to solve and once it gets the right answer it gets some bitcoins.

    Bitcoins are easily divisible to tiny fractions of a bitcoin so it can handle increases in value.

    There's plenty of different sites that will accept Bitcoin to buy nearly anything you want.

    Bitcoin isn't the easiest to use though, it usually requires using a third-party wallet for maximum ease of use and they aren't always 100% secure.
    So basically you literally produce/make your own virtual money?
    2014 Goals:

    201/1000 Wheat Cents
    0/10 Indian Head Cents
    0/1 1984 DDO/Doubled Ear
    0/1 1995 DDO Cent
    0/2 1999 WAM Cent
    3/8 WAM Cents (not including 99s)

    $315 Cents Searched

    Lifetime Goals:

    0/1 1992 P/D Close AM Cent
    0/1 1988D RDV-006
    0/1 1983 DDR

  11. #11
    Charter Member
    us
    James

    Jun 2012
    Ohio
    1,531
    304 times
    Wow I just looked it up, and I'm just not even going to worry about it right now. I'm not smart enough for it anyway probably.
    2014 Goals:

    201/1000 Wheat Cents
    0/10 Indian Head Cents
    0/1 1984 DDO/Doubled Ear
    0/1 1995 DDO Cent
    0/2 1999 WAM Cent
    3/8 WAM Cents (not including 99s)

    $315 Cents Searched

    Lifetime Goals:

    0/1 1992 P/D Close AM Cent
    0/1 1988D RDV-006
    0/1 1983 DDR

  12. #12

    Mar 2013
    1,974
    647 times
    All Types Of Treasure Hunting
    Quote Originally Posted by Coppercrazy View Post

    So basically you literally produce/make your own virtual money?
    If the Feds can do it with paper $$$ why shouldn't the rest of us be able to make up our own virtual $$$ in thin air as well

  13. #13
    Charter Member
    us
    James

    Jun 2012
    Ohio
    1,531
    304 times
    This is actually quite interesting, as I read more and more I begin to get it a little more and more, but it is still quite confusing. I don't have the hardware to do this though to even give it a shot it seems. Very interesting though!
    2014 Goals:

    201/1000 Wheat Cents
    0/10 Indian Head Cents
    0/1 1984 DDO/Doubled Ear
    0/1 1995 DDO Cent
    0/2 1999 WAM Cent
    3/8 WAM Cents (not including 99s)

    $315 Cents Searched

    Lifetime Goals:

    0/1 1992 P/D Close AM Cent
    0/1 1988D RDV-006
    0/1 1983 DDR

  14. #14
    Charter Member
    us
    James

    Jun 2012
    Ohio
    1,531
    304 times
    Quote Originally Posted by Iamrussell View Post

    If the Feds can do it with paper $$$ why shouldn't the rest of us be able to make up our own virtual $$$ in thin air as well
    Hahaha that is actually really hilarious yet awesome! I wonder how long it will be until bitcoins become the main form of currency or everything is electronic/virtual at least?
    2014 Goals:

    201/1000 Wheat Cents
    0/10 Indian Head Cents
    0/1 1984 DDO/Doubled Ear
    0/1 1995 DDO Cent
    0/2 1999 WAM Cent
    3/8 WAM Cents (not including 99s)

    $315 Cents Searched

    Lifetime Goals:

    0/1 1992 P/D Close AM Cent
    0/1 1988D RDV-006
    0/1 1983 DDR

  15. #15
    Charter Member
    us
    James

    Jun 2012
    Ohio
    1,531
    304 times
    So are there just people out there running their "super" computers that costs them thousands of dollars and making money?
    2014 Goals:

    201/1000 Wheat Cents
    0/10 Indian Head Cents
    0/1 1984 DDO/Doubled Ear
    0/1 1995 DDO Cent
    0/2 1999 WAM Cent
    3/8 WAM Cents (not including 99s)

    $315 Cents Searched

    Lifetime Goals:

    0/1 1992 P/D Close AM Cent
    0/1 1988D RDV-006
    0/1 1983 DDR

 

 
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