Bitcoin

[Job]

After finding what turned out to be a bitcoin miner in a house I was working in, I decided to look into it.
The machines run at a tiny profit these days obviously even at present bitcoin prices, electricity costs being a significant factor.
People suggest solar but rule out the investment cost to high.
Would it not be a good investment for people with solar now sale back payments to the grid have fallen.

 

[old.user4556]

@caLLous is your man for this.

 

[caLLous]

To be honest I know not an awful lot about Bitcoin mining. The thing with mining in general though is that, as more people mine a specific coin, the difficulty goes up, meaning you get less and less reward. You'd need an ASIC (a dedicated Bitcoin miner) to make it worth doing at all, GPUs are useless for mining Bitcoin now and have been for a while. No idea about the power requirements but I'd think solar wouldn't produce enough unless you're generating on a large scale. There's a reason those big mining farms set up in Iceland and that's abundant, cheap geothermal energy (and also it's cold there so less requirements for cooling).

Ethereum is crazy difficult now, the difficulty is more than double what it was last time it was spoken about here back in June. The price also took a big poo and went down below $150 but it's recovered nicely and is gently knocking on the door of $400. The frustrating thing over the last month (since the Bitcoin hard fork) is that there's been loads of really positive news about Ethereum and it's the price of Bitcoin that has gone up. You say crypto currency to the average Joe and they still make the leap to Bitcoin.

 

[Job]

I'm thinking buy a load of miners cheap now the bottom has fallen out of it and just like the pot growers and their heat lamps, bypass your meter...I'm just theorising here :], and run a room of them with a big fuck off fan.
No smell to attract the bizzies.
One of the miners could make at present prices 400 a month before all the costs.


Bitcoin Mining - What is it and is it Profitable? A Beginner's Guide

 

[caLLous]

Luckily for you nobody else has had the same idea.

 

[Raven]

I think that is a great idea @Job, you go ahead and do that.

Make sure you keep us up to date, with plenty of pictures, inside and out of the property please, so we get a good idea of how its going.

 

[Job]

I'm not sure, stealing electricity may be illegal, I'll have to check with the local scallies.

Of course, because gas is quarter of the price of electricity, you could buy a methane powered generator and make your own.

 

[Moriath]

Or you could not bother. Accept you missed the sweet spot and keep fitting your boilers

 

[Job]

Id probably get fleeced by a teennage hacker from Russia while trying to sell them anyway.