Interesting new money

[TwoForFlinching]

I don't understand this "mining". Anybody willing to explain how this works?

Users get paid in crypto to unknowingly host dark web elicit trade from their computers. Or so I just made up.

 

[Shadowrider]

yup, 61k today.

I finally got on board, my new machine is currently mining Ethereum, which is running about $1900 per right now. It's gonna take a while, but... Hey, gotta start the empire somewhere.

Checkout how long it takes and see if the electricity cost to run your machine is covered. Once upon a time you could make money mining. I hear it told that it's far too slow to be profitable now.

 

[OKCHunter]

You remember SETI?

You set up your computer to run when you're not using it, it decodes data and shares it over the web, along with thousands of others, you get 'credit' for it, and it's electronic currency, can be bought and sold on a marketplace where people pay real money for it. you pay for the electricity and the 'cycles' your hardware is running.

Low end, older hardware doesn't earn much - a few cents a day. High end, new hardware can earn a few bucks a day.

How does security work? Can your computer be hacked?

 

[SoonerP226]

Here's a primer on block chains (the things that make cryptocurrencies work):
https://play.acast.com/s/know-a-little-more/aboutblockchain
Here's the episode of Security Now where Steve Gibson explains Bitcoin:
https://twit.tv/shows/security-now/episodes/287?jwsource=cl

 

[tRidiot]

Checkout how long it takes and see if the electricity cost to run your machine is covered. Once upon a time you could make money mining. I hear it told that it's far too slow to be profitable now.

If you have decent equipment, it is more than profitable, yes. Equipment cost to run my new machine is around $40/month estimate. Keep GPU power dialed back, maximize GPU RAM speeds and couple Oklahoma having the cheapest per kwh rates in the nation on average.

Like I said, I'm just getting into it, but I ran the numbers and did some research for a couple of weeks, have discussed with some online friends who have literally been doing it for years - and have made real world money, one of them even used some Bitcoin a few years ago to buy some property overseas.

This isn't a get-rich thing for me, it's something to try to have a little fun, utilize the hardware I have, since I just built this monster machine and really don't use it, and if I'm lucky, contribute just a little toward our future.

 

[SoonerP226]

If you have decent equipment, it is more than profitable, yes. Equipment cost to run my new machine is around $40/month estimate. Keep GPU power dialed back, maximize GPU RAM speeds and couple Oklahoma having the cheapest per kwh rates in the nation on average.

Like I said, I'm just getting into it, but I ran the numbers and did some research for a couple of weeks, have discussed with some online friends who have literally been doing it for years - and have made real world money, one of them even used some Bitcoin a few years ago to buy some property overseas.

This isn't a get-rich thing for me, it's something to try to have a little fun, utilize the hardware I have, since I just built this monster machine and really don't use it, and if I'm lucky, contribute just a little toward our future.

I don't know about the other cryptocurrencies, but anyone starting in mining today is probably not going to mine enough Bitcoin to make it worthwhile. Bitcoin was designed to make mining more difficult and less rewarding over time, and it has been around for a decade now, putting new miners way too far behind the curve.

 

[SMS]

The SETI crowd computing is a decent example but there is a big difference. That crowd computing project was geared towards research and discovery of information that had it's own value. IIRC, the computing power of bitcoin mining is simply used to validate/solve other bitcoin transactions....basically a self-licking ice cream cone. One spends real dollars to build/sustain a computer system that is used to validate digital transactions and then you are rewarded with the ability to make other digital transactions and then more computing power is need to solve those. Almost feels like a ponzi scheme when you spell it out that way lol.

It's very interesting and some folks have made money off of it for sure.

 

[tRidiot]

t's very interesting and some folks have made money off of it for sure.

Yes they have. It's a minimal risk/reward for me. And I'm not doing Bitcoin, I'm doing Ethereum, which is a little easier to make money at the moment. And there are literally dozens of currencies out there, get in at the right time on one and you can make some cash.

Like I said, it's not a get-rich scheme.

 

[Aries]

Is this like that thing in "Office Space" where it rounds up to the next penny and deposits money in your bank account? What could go wrong???

 

[Sampson]

Bitcoin is also the preferred tender of criminal organizations, all of these elderly scams, romance scams and online scams want you to send your payment either in Bitcoins or gift cards. Once the money has been sent or converted it’s gone with no recourse. There’s multiple reasons the turds prefer to use Bitcoin. There’s people making money on this but there’s a lot who have lost their life saving in Bitcoin transactions as well.