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Old February 17, 2012, 12:01 PM
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Default Bitcoin Mining??

What is this the purpose of this? I see a lot of people mentioning that they are bitcoin mining but I don't really know much about it.
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Old February 17, 2012, 02:27 PM
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Bitcoins is an anonymous online currency that can not be traced. To "mine" bitcoins you setup your AMD GPU to crunch complex algorithms. After every block completed you are awarded bitcoins (not sure on the exact amount). The current exchange rate for bitcoins is 1BTC for around $5 USD. Currently it's not worth the powerbills to mine for bitcoins, but if the market picks back up to what it was like around a year ago (around $30 per BTC) it'll be worth it.
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Old February 17, 2012, 02:42 PM
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Hmmm.... my electricity is free O.o

So how can I use Bitcoins?
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Old February 17, 2012, 04:14 PM
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The odd online vendor takes them, there are various exchanges where you can get another currency in exchange for them, or one of the most popular uses for them is to buy items of dubious legality and/or origin on silkroad.
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Old February 17, 2012, 04:57 PM
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hhe I have had the stupid program for a long time and every so often I try to figure out how to actually get it up and running but I usually just give up lol
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Old February 17, 2012, 05:00 PM
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Wired had an excellent piece on Bitcoin in their December issue.

Read: The Rise and Fall of Bitcoin | Wired Magazine | Wired.com
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Old February 17, 2012, 06:04 PM
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I buy silver bullion with bitcoins :)
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Old February 17, 2012, 06:25 PM
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Quote:
Originally Posted by 4DoorGTZ View Post
I buy silver bullion with bitcoins :)
I would love to be able to do that if I could figure out how to get this thing working lol
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Old February 17, 2012, 09:40 PM
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Think about it, if every person can do it, then there's no real money in it. Maybe a $100 a year running your rig 24/7 at 100% GPU capacity.
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Old February 17, 2012, 10:49 PM
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I remember 4doorz IIRC saying that he makes almost 4xs that a month with no electricity bills.
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