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 Post subject: Do you mine?
PostPosted: 11 May 2019, 20:54 
Knight
Knight
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Joined: 28 May 2006, 02:55
Posts: 3072
Location: Wigan, UK
Anyone mine bitcoins, and have you had much success I've just started to try this thing out and wondered if anyone has any advice

<a href="http://www.freebiebitcoin.com">Earn free bitcoin</a>

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 Post subject: Re: Do you mine?
PostPosted: 22 May 2019, 04:22 
Knight
Knight
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Joined: 23 Feb 2012, 17:45
Posts: 1234
dear 4th mortal enemy of the howard,

there's a ton of info on the web about bitcoin. if you're just a hobbyist, let your miner run and you'll fractionally earn yourself a little bitcoin over time. it won't make you rich, but it won't make you poor either.

if you're trying to set up a mining farm you will need thousands of dollars (or pounds) in high grade equipment and a lot of electricity. estimates are around $5000 US to mine 1 bitcoin.

that's fine when bitcoin was trading at almost $20000 US, but in 1 year it went down to $3400 US. that's like an 87% loss in value in just 1 year, and there are youtube videos of people totally melting down because of that lol. bitcoin is also not regulated as far as i know, so add fraud to the risks of bitcoin

personally i chose not to bother, even as a hobbyist. i'm sure people have made money with bitcoin, but i'm also sure many more have lost money with bitcoin. there are much more prudent investments out there that aren't a hail mary for your portfolio. play the lottery, you'll have a better chance of getting rich quick in my opinion. good luck!

disclaimer... i am NOT a financial advisor, i just work in the industry and have dabbled in a variety of investment products during my time :happyx:

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