Has anyone tried Bitcoin mining?
By Luci CJ
@LuciCJ (197)
Cluj-Napoca, Romania
September 29, 2016 7:29am CST
I've been watching some Youtube videos on Bitcoin mining.
From what I understood, basically you are paid for letting your computer perform some hash calculations while it otherwise would be idle.
Depending on the Bitcoin exchange rate and your PC's processing power, supposing you left your computer on for one week, you could expect to earn somewhere between 3 and 6 US dollars. This, depending on where you live, could be even less than your internet subscription and your electricity bill, so I'm not sure if it's worth the hassle.
Has anyone of you tried mining for bitcoins? Can it be profitable? Or has it been only at the beginning of this digital currency?
5 people like this
8 responses
@louievill (28851)
• Philippines
29 Sep 16
If you do more research you will discover that mining BTC using your computer is no longer profitable, please do some reading before trying it out so you do not lose time and money.
2 people like this
@LuciCJ (197)
• Cluj-Napoca, Romania
29 Sep 16
Hmm... I see there are the ASICS machines, far better than the PCs. This would explain why the youtuber I saw made so little money in a whole week of letting his PC online mining bitcoins.
What would be interesting would be if it were possible to calculate whether the investment in a specialized bitcoin mining device pays off (as from what I see they aren't really cheap, ranging at about $400)
1 person likes this
@louievill (28851)
• Philippines
29 Sep 16
@LuciCJ yes you need more powerful hardware now, PC mining use to be profitable, especially when the price suddenly shut up. You see bitcoin halving happens roughly every 4 years so the number of blocks you can mine lessens
One alternative is to mine other altcoins and exchange them for BTC, again research should be done, oh yes you also have to consider power usage.
@AkoPinay (11542)
• Philippines
30 Sep 16
I have no computer. I am making money online with smartphones. I haven't tried mining. I earned Bitcoin thru blogging at bitLanders last year. Now, I only buy Bitcoin using my online earnings with PayPal. Last year Bitcoin price averaged $300. This year BTC price averages $600. I also buy altcoin (Synereo AMP). It is a great investment. 
@Ranuka (273)
• India
1 Oct 16
IIt is not safe to mi e bitcoin in your computer or laptop. If you want , you can use gpu.
@LittleLiar (53)
• Manila, Philippines
3 Oct 16
I just collect bitcoins from faucets available online, though earning satoshis for every 5 minutes is not enough.
@thewritelife (13)
• Mumbai, India
30 Sep 16
Has anyone tried sleeping for 24 hours straight? Cuz I feel sleepy af.
@amitkokiladitya (171928)
• Agra, India
29 Sep 16
Yes I have heard about bitcoin.....but simply could not relate to it
As per its calculations if one invested in it shall never remain poor
Such an idea of so fast n easy money simply did not make me believe in it
