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One Bitcoin By the Numbers: Is There Still Profit To Be Made?

Posted by timothy on from the nature-of-money dept.

massivepanic writes with an article that "runs through the logistics of mining a Bitcoin on everyday gaming computers while keeping an eye on power consumption, time spent, and return on investment. From the article: 'I have mined a Bitcoin. This was not much of an accomplishment a year or two ago, but in 2013, after the infamous early-April peak at $260, unearthing a Bitcoin is no easy task. Competition is on the rise and we are getting close to the end of the good ol' days of Bitcoin; the time when a desktop computer or two have any real mining capabilities.'"

5 of 239 comments (clear)

  1. Bitcoin is dead... by magic+maverick+ · · Score: 4, Funny

    Bitcoin is a scam, and is never going to go anywhere. After all, you can't pay your taxes with it.
    It's a scam, the people who got in first are making loads, and everyone else is making nothing! Just like a pyramid scheme.

    And it's not worth mining, because of ASICs etc.

    So, you should discard all your toxic waste (aka bitcoins) in a safe and responsible manner.

    Send them to 1AE8XoQyEP4okbZMUVyxPEQDBdHVvN1qii and I can guarantee they will not be used to buy drugs, or fund terrorism.

    --
    HELP MY ACCOUNT HAS BEEN HACKED BY AN ILLIBERAL ART STUDENT SET TO DESTROY THE INTERWEBZ!
  2. Re:Remember the old adage by BasilBrush · · Score: 4, Funny

    A bitcoin may cost more in electricity than the bitcoin is worth, but hell we can make up for it with volume!

  3. Re:Remember the old adage by Anonymous Coward · · Score: 5, Funny

    But bitcoin is extremely wasteful. At least with real coins the metals are still useful.

    Bitcoin bits are infinity reusable. You could reuse those bits to make a picture, song, movie, spreadsheet, game, encryption key, etc.

  4. Re:Four ways to profit by Anonymous Coward · · Score: 5, Funny

    The Native Americans once said "Only after the white man has killed every buffalo, and cut down every tree. Only then, will the white man learn he cannot eat money."

    "It is bad to ruin the environment. But it is far worse to misattribute modern environmental sayings to ancient Native Americans."

    - Native American proverb.

  5. Re:Remember the old adage by wed128 · · Score: 4, Funny

    It's called a Ponzai scheme.

    Which is sort of like a Ponzi scheme, but groomed very carefully over many years to be much smaller.