Bitcoin Mining in UK?

bingefeller

People think that because they have these bitcoins, and they are worth something, that they are rolling in money.  That's not the case when you consider the price of the equipment and the running costs.  I hang out in a chatroom and trying to explain this to some of the yanks is impossible.  The bitcoin market is way too volatile to be worth investing in.

Ravenous

bingefeller said:

The bitcoin market is way too volatile to be worth investing in.

Some people have made a profit... so there's not much point in telling them it's not possible.

bingefeller

Ravenous said:

bingefeller said:

The bitcoin market is way too volatile to be worth investing in.

Some people have made a profit... so there's not much point in telling them it's not possible.

They were most likely early adopters or scammers though? 

Danny1969

There's certainly money in mining bitcoin if you have the startup funds.You can pull in £500 a month after electric cost  if you had the £25K upfront to build the required mining machines. 

I don't like it though, it's incredibly wasteful of natural resources  

Ravenous

bingefeller said:

Ravenous said:

bingefeller said:

The bitcoin market is way too volatile to be worth investing in.

Some people have made a profit... so there's not much point in telling them it's not possible.

They were most likely early adopters or scammers though? 

Sure, early adopters being just six months ago. Point I'm making is you're absolutely right, it's not worth the gamble for us now, but lecturing a bunch of flighty americans about the past is a complete waste of your time

bloodandtears

I'm not a Green but the using of electricity to generate virtual currency does not sit well with me..

Danny1969

bloodandtears said:

I'm not a Green but the using of electricity to generate virtual currency does not sit well with me..

Me neither, not good at all

You also need to mine to "validate" transactions as well as create new BC's

It has some advantages though .... it's impossible to fake any transaction as doing so would require rewriting every single transaction on every computer on the P2P network. It doesn't need any central bank creaming off their bit, it doesn't require the printing of any physical media

The biggest problem is contrary to popular belief today's PC's aren't very good at processing complex numbers like SHA256 ALG's 

Ravenous

Danny1969 said:

It has some advantages though .... it's impossible to fake any transaction as doing so would require rewriting every single transaction on every computer on the P2P network.

By the way I only vaguely know about this blockchain stuff, but I am suspicious that some hacker type will eventually work out how to either cheat or destroy the system eventually... where there's a will there's usually a way...

Garthy

Danny1969 said:

bloodandtears said:

I'm not a Green but the using of electricity to generate virtual currency does not sit well with me..

Me neither, not good at all

You also need to mine to "validate" transactions as well as create new BC's

It has some advantages though .... it's impossible to fake any transaction as doing so would require rewriting every single transaction on every computer on the P2P network. It doesn't need any central bank creaming off their bit, it doesn't require the printing of any physical media

The biggest problem is contrary to popular belief today's PC's aren't very good at processing complex numbers like SHA256 ALG's 

I don’t see how not printing physical currency is positive when the alternative uses vast amounts of electricity. 

Danny1969

Garthy said:

Danny1969 said:

bloodandtears said:

I'm not a Green but the using of electricity to generate virtual currency does not sit well with me..

Me neither, not good at all

You also need to mine to "validate" transactions as well as create new BC's

It has some advantages though .... it's impossible to fake any transaction as doing so would require rewriting every single transaction on every computer on the P2P network. It doesn't need any central bank creaming off their bit, it doesn't require the printing of any physical media

The biggest problem is contrary to popular belief today's PC's aren't very good at processing complex numbers like SHA256 ALG's 

I don’t see how not printing physical currency is positive when the alternative uses vast amounts of electricity. 

No your right in that sense but again, you can't forge something which doesn't exist .... you can't forge bitcoin media because there isn't any and @Ravenous ;you can't forge the ledger because it's block chain ..... an address number .... each sequential one points to a previous one  ....... as an over simplified analogy imagine trying to forge a number 23 house in a street of 50 houses .. you can't because the house is already there, been used and verified 

Neil

Danny1969 said:

Garthy said:

Danny1969 said:

bloodandtears said:

I'm not a Green but the using of electricity to generate virtual currency does not sit well with me..

Me neither, not good at all

You also need to mine to "validate" transactions as well as create new BC's

It has some advantages though .... it's impossible to fake any transaction as doing so would require rewriting every single transaction on every computer on the P2P network. It doesn't need any central bank creaming off their bit, it doesn't require the printing of any physical media

The biggest problem is contrary to popular belief today's PC's aren't very good at processing complex numbers like SHA256 ALG's 

I don’t see how not printing physical currency is positive when the alternative uses vast amounts of electricity. 

No your right in that sense but again, you can't forge something which doesn't exist .... you can't forge bitcoin media because there isn't any and @Ravenous you can't forge the ledger because it's block chain ..... an address number .... each sequential one points to a previous one  ....... as an over simplified analogy imagine trying to forge a number 23 house in a street of 50 houses .. you can't because the house is already there, been used and verified 

Quite a lot of Bitcoin has been stolen in the past.

$64 million in this case...

https://www.theguardian.com/technology/2017/dec/07/bitcoin-64m-cryptocurrency-stolen-hack-attack-marketplace-nicehash-passwords

I'm sure hackers are on the job as we speak. 

The trouble with cryptos as opposed to your money in a bank is when cryptos are gone they are gone, like losing your wallet.

If your bank is hacked your money is still there. 

Jez6345789

Being at least 5 years behind the times on such popular things as crypto currencies it was only looking at some 2nd hand parts to upgrade my old Hackintosh that I thought why have video cards gone up so much and then looked a bit further and a while ago people were snapping up banks of Nvidia cards to slave up to  mine bitcoin. 

As far as doing it now I am sure if you had 50k or something to throw at it you could make a few quid with these dedicated ASIC machines but on a home PC almost mission impossible.