Bitcoin FAQ: Where do Bitcoins come from, and can I get rich by mining them?

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johnisasmith
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Bitcoin FAQ: Where do Bitcoins come from, and can I get rich by mining them?

Post by johnisasmith » Thu May 29, 2014 10:56 am

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Very interesting article that Dude should read it, since he got a Bitcoin fever. :D


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https://medium.com/future-of-currency/4624cef09e87
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Bitcoin FAQ: Where do Bitcoins come from, and can I get rich by mining them?

Post by Webscout » Thu May 29, 2014 12:01 pm

Dude is our Bitcoin expert.
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Bitcoin FAQ: Where do Bitcoins come from, and can I get rich by mining them?

Post by Dude » Fri May 30, 2014 11:23 am

I have to listen to gangnam style one more time then I will read the article...

ok, read the article, and it is pretty good and talks about the main problem that no one else recognizes, that the difficulty is constantly changing and getting harder.
I think that is the big reason for the huge differences in peoples results, many people are talking about what you could do a year ago, which does not apply to today.

I still think it's possible to make some money with a computer that uses very little electricity (like the pi). but the days of turning on your lap top and making a million dollars are over.
There are only 10 kinds of people in this world,
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Bitcoin FAQ: Where do Bitcoins come from, and can I get rich by mining them?

Post by johnisasmith » Fri May 30, 2014 12:32 pm

Like with a real gold rush when it was all over the news it was already too late for amateurs and only big corporations mining on a large scale could turn a profit. The main thing is if you want to get rich or just richer you have to jump into it in early stage when very few people know about it.
Like those Hobbyist's Bitecoins, only people here at Utopia know about them. :D

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Bitcoin FAQ: Where do Bitcoins come from, and can I get rich by mining them?

Post by Webscout » Fri May 30, 2014 12:39 pm

Re Gold

There are many Gold 'Reality' programs out there. It appears some are making a decent wage at it.. I always wanted to try my hand at panning etc. learning.
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Bitcoin FAQ: Where do Bitcoins come from, and can I get rich by mining them?

Post by Dude » Fri May 30, 2014 3:34 pm

I have zero evidence to support this claim but I am going to make it anyway.

I think if you have a super fast computer board like the ASIC running on a PI which takes almost no electricity, then you can still make some money at this.

basically you have to set yourself up like the big company mining operations, but this can be done for a few hundred dollars.
The easy money days are over, now you have to have some real computer power to go after bitcoins.

There are also some other newer bitcoins out there that are still much easier to mine like LiteCoin so you could buy a dedicated mining computer and mine those, if they catch on like bitcoin did then you have yourself a million dollars.

If Hobby miner turns out to be successful, meaning it could pay for the hardware in a few months, then I would buy one.
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Bitcoin FAQ: Where do Bitcoins come from, and can I get rich by mining them?

Post by johnisasmith » Fri May 30, 2014 7:50 pm

Hey Dude if you don't have any proof to support your claim just let this guy to be your PR man. :D



[align=center][YOUTUBE]http://www.youtube.com/watch?v=aX6XMIldkRU&feature=kp[/YOUTUBE][/align]


He is a world master in proving things. :D

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Bitcoin FAQ: Where do Bitcoins come from, and can I get rich by mining them?

Post by Webscout » Fri May 30, 2014 9:47 pm

He is former CDN Prime Minister Jean Chretien. I met him at the Westin Hotel in Ottawa once. Shared an elevator. He asked what I did etc.. His nephew was a VP at the company I worked for.
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Bitcoin FAQ: Where do Bitcoins come from, and can I get rich by mining them?

Post by Dude » Sat May 31, 2014 10:44 am

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Hobby is busy mining right now....
soon we will have all the proof we need.
There are only 10 kinds of people in this world,
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Bitcoin FAQ: Where do Bitcoins come from, and can I get rich by mining them?

Post by johnisasmith » Sat May 31, 2014 11:19 am

[align=center]Image[/align]



Despite very tight security (2 dogs) I have managed to take this picture of Hobby's mining operation.
As you can see Hobby is an old school guy. :D

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Bitcoin FAQ: Where do Bitcoins come from, and can I get rich by mining them?

Post by Dude » Sat May 31, 2014 12:15 pm

I think I see a bitcoin right behind them.
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Bitcoin FAQ: Where do Bitcoins come from, and can I get rich by mining them?

Post by Webscout » Sat May 31, 2014 12:19 pm

Note the sign on the wall. BitCoin Mining is as old as the hills...then digital mining came along and Hobby embraced it, arm pits and all.
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Bitcoin FAQ: Where do Bitcoins come from, and can I get rich by mining them?

Post by johnisasmith » Sat May 31, 2014 3:53 pm

I wonder when panhandlers will start asking "Hey buddy got a spare Bitcoin?" :D

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WOOT WOOT - up and mining!

Post by Hobbyist » Thu Jul 03, 2014 6:34 pm

Alright.. My Raspberry Pi bitcoin mining rig is UP AND RUNNING.. (can you spell WOOT WOOT!?)

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Here's a screen shot of Raspbian linux running BFGMiner 4.3 controlling the Bitmain Antminer U2 which appears to be running at about 2 GH/s. The browser in the background (Midori) has my account page on triplemining.com up...

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...where a close up shows I have earned about .00001811 bit coins which is about 1.25 cents (cdn) (with bitcoins trading at about 685 $cdn)

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I didn't get things going till a couple of hours ago so we'll see tomorrow morning what I'm up to. If you read the pool "rules" at triplemining.com, they also have a 1% of the block lottery where every miner gets 1 chance to win on each block (average prize is about $65 cdn).

As promised.. I'll put together a little how to.. If you're a cheap skate like me you can probably build the rig for about $125 (cdn) including all the little bits and pieces like USB cables, etc. I've got screen caps of all of the stuff I did on the Windows machine but I'm having troubles with using scrot for screen shots on the Pi (ie linux).. more reading.. anyway..

quick update.. in the length of time it took me to shrink these pics, upload them, etc I'm now up to .00003807 BC (ie 2.6 cents cdn).. more to follow but I have a ton of stuff to get done yet tonight.. maybe a quick how-to this weekend.
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Bitcoin FAQ: Where do Bitcoins come from, and can I get rich by mining them?

Post by Webscout » Thu Jul 03, 2014 6:45 pm

Good job Hobby and well done. I don't think many people have the skills to do what you have done. Dude will be pleased as well. He doesn't dream in Technicolor but in BitCoins.
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