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originally posted by: interupt42
SO my questions are:
1. Is bit mining worth doing anymore and at what levels?
2. What could I expect to earn or lose in using a single raspberrypi 2 as a miner?
3. My understanding the more miners the harder it becomes to mine and less payout, is that correct?
4. bitcoin has a limited amount of coins available, if I recall it was something along 21 Million? If so I assume the value of bitcoin goes up when its reached . but can other coins be used to overcome that limit? Hence reseting the value of the bitcoins? In other words do you think its worth the risk to buy coins today and sit on it till the max is exceeded?
5. What questions aren't I asking that I should be asking, lol?
6. Is their any monetary worth in buying bitcoin mining hardware like this?
I'm not sure what you're asking.
originally posted by: interupt42
OK , so I'm late getting into the game due to life and priorities.like most here, I have heard of bitcoin , but honestly I haven't put to much time to bring my self up to speed on it. Hence I never played with it or purchased coins.
So I'm looking for information or advice from those willing to give it as I slowly get started with it.
My thought was , since I know very little about it that I would not invest (ie: Purchase any coins) to get started. Secondly what better way to learn then to play with it which lead me back to my unwillingness to invest.
So What I would like to do is use my raspberry pi2 that I have laying around collecting dust and setup a raspberry pi bitcoin miner and join a mining pool .
I understand from what I read the mining coins is no longer worth the cost of investment. In my case I'm not looking to make this into a source of income but rather as a learning event . Although if it makes money or I see it has some potential to make money I wouldn't be opposed to making a server farm down the road when I become more knowledgeable on it.
The setup I'm thinking to make is with my raspberry pi utilizing my existing nas server, which I already keep running 24/7 as my media server. The rasp uses very little electricity and I'm even playing with the option of having it run of solar power. I'm also planning to use a mining pool as it appears virtually impossible to generate any bits by yourself unless you invest heavily on hardware.
SO my questions are:
1. Is bit mining worth doing anymore and at what levels?
2. What could I expect to earn or lose in using a single raspberrypi 2 as a miner?
3. My understanding the more miners the harder it becomes to mine and less payout, is that correct?
4. bitcoin has a limited amount of coins available, if I recall it was something along 21 Million? If so I assume the value of bitcoin goes up when its reached . but can other coins be used to overcome that limit? Hence reseting the value of the bitcoins? In other words do you think its worth the risk to buy coins today and sit on it till the max is exceeded?
5. What questions aren't I asking that I should be asking, lol?
6. Is their any monetary worth in buying bitcoin mining hardware like this?
BTW I did see that some here on ATS have done mining before from some of the threads here, but they were several years old and I started a new thread to see of any new updates for 2015.
Perhaps you could use the Raspberry Pi for something useful to you and that fits its specs.
Tech giant developing its own version of blockchain technology, plans to release open source software within next few months
They are modifying the original bitcoin code to operate without currency, ensure that contract details remain private and make it easier for companies to embed business rules into their smart contracts—for example, automatically paying for a package upon delivery.
IBM says it is aware of the issue and is working on solutions. For example, the company could have its ledger managed by a consortium of businesses.
originally posted by: UKWO1Phot
As above.
If you can get hold of quantum computer you might have an advantage..