i got rich mining bitcoins reddit

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I got rich mining bitcoins reddit

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You are responsible for your own investment decisions. Please consult with a registered investment advisor before making any investment decision. Is bitcoin mining a legitimate way to make a living? Is this real everything I found online seems to be almost pyramid scheme or just some random website. Bitcoin miners use specialized computer hardware to provide the Bitcoin network with computing power.

Since electricity costs are a major cost factor and new, more efficient, mining hardware is coming out all the time the only way to earn money through bitcoin mining is if you have access to incredible cheap electricity. Acess to lots of capital and good access to mining hardware so you could get the mining hardware faster than other.

So essentially, if you are not a well connected rich Chinese person it is not a legitimate way to make a living. Most website that try to sell you shares of bitcoin mining operations are very shady and often pyramid schemes. It's a function of mostly geography. It's the same as buying and selling other currency, the risks associated with it are higher because it's newer, and not backed by a government. He could make a ton doing it, or he could lose everything. He doesn't have a diversified portfolio if he's just buying and selling Bitcoins, so if any decent-sized market falling he's going to lose quite a bit.

Except for the part about very few professional wall street traders , which means the markets are highly inefficient and it is much easier to actually make money But it would be crazy for a new person to start trading it now. I'm not really convinced one could say bitcoin markets are efficient or inefficient because there's really no good way to value bitcoin.

Traditional currencies can be roughly valued by using forward rate parity or even purchasing power parity approximately but that doesn't really exist in any meaningful way with bitcoin the former doesn't exist at all. It's simply valued based on sentiment at this point. I suppose that I am using the word "efficiency" to mean it is easier to figure out how the price will move because everything is not immediately priced in. Maybe its just me, but I can sense the sentiment changing before the price moves in many cases.

This depends on your definition of legitimacy. OR he made it has bonuses in the financial industry perhaps so usually he makes much less, e. Here you need a lot of cheap electricity. You either steal the energy from someone else, or you have a massive plant with tons of solar panales and tons of batteries to store that energy Tesla's powerball way , you can do it DIY. You also need machinery, this is a large hardware investment, and your machinery will become obsolete and depreciate.

So, you have to account for the cost of the hardware and the perpetual output that said hardware is able to produce. I doubt it. The market are really non efficient and there are plenty of money to be made here, among the "dumb money".

Buy and Sell, probably if he sets up a broker, this can be done. He owns the firm, he has small business risk, the more transactions are there, the more revenue his company makes, the more money he makes and the more the company is worth, thus enhancing is net worth. I've been proposed to set this kind of thing, though it's hard and I thought it wasn't practical in my situation.

You need to make your company looks legit a part from the fact that it has to be, legally , otherwise people won't come to trade on it. And a lot of real scammer ar doing it, so Since you will be mining at full speed for a long period of time, you will wear down your fans and since the whole system will be working at high temperature, it has a higher chance of breaking sooner.

I am not entirely sure how it happens on the level of integrated circuits, but since we are talking really tiny architecture, anything goes. I guess it would be best if you asked this question in a more specialised place - I'm not a hardware expert.

If you're going to be buying new hardware anyway, as many people do to keep up with rising hardware and software reqs then is there any reason to give up mining then? Also, even if mining may not be profitable assuming you sell at the time, you have to take into account the fact that you're getting Bitcoins, not USD - changes in value may mean the mining you did when it was unprofitable is now worthwhile, or vice versa. For most hardware it would still be cheaper to buy Bitcoins than to pay for electricity used to mine them.

So what we're essentially saying is that if you don't spend anything, you can only make a profit! Well, at least that's sorted. Yeah, more or less. As long as you keep your hardware maintained clean heat sinks regularly and make sure temps don't go above F You won't be hurting much.

You want to keep your PSU in it's optimal efficiency range while under high load. It will reduce energy waste as well as not shorten the lifespan of your PSU. On stock clocks and voltage, a pc can run hours a day at double that temperature for well over 5 years before things start going south. I realize this comment is old but people still use this thread for reference and F is lower than the idle temperatures for most systems.

It depends on your hardware, pcpartpicker. Running any hardware at high temperatures for long periods of time will reduce it's lifespan. As by how much, I'm not sure. Every transistor has a finite lifespan, but it's temperature related. At high temperatures, the voltage across the various structures causes migration over time By the time you get down towards room temperature, it's essentially infinite. You get them instantly, but the coins need to mature for some confirmations as far as I remember before they can be spent - this is to prevent double-spends in case of some blocks being orphaned.

As long as you have broadcast the newly solved block and it propagates through the network, you will be credited. If your wallet becomes corrupted due to sudden power outage of the computer, there might be a problem with spending those coins. You can use as many computers to mine at the same time as you wish - only one computer needs to run bitcoind and act like a pool, while others would be simple miners connecting to it.

Your wallet is a file on your computer that is generated at random - you can and should backup it regularly to protect your money. You can move the wallet between multiple computers without a problem - just copy it as any other file. You shouldn't be using the same wallet on multiple computers at the same time though - the files will start drifting apart and grow different from one another over time.

Best use a given wallet only on one computer. Is this the right way? No username , password , email , or anything related? Your wallet is a file created on every computer you use - it won't be the same unless you copy that file over. And yes, you don't need to sign up for anything - Bitcoin doesn't need usernames, email or the like, although securing your wallet with a password is advised. But the time I want to exchange my money , I use that Address? Lets say I copy the wallet data from someone's computer!

Will I have there wallet?? If you want to exchange money, someone will provide you with their address to send the money to. If you copy the wallet from someone else's computer, you will be able to spend their money, provided you also know the password. I should note that a wallet and a bitcoin address are two completely different things. A wallet is simply a private key that only you know. You can set up the same wallet on multiple computers using that private key. A bitcoin address points to a particular wallet and can be thrown away or kept at your discretion.

Meaning: Addresses can be a one-time use thing or you can use the same address for a long period of time. I'm curious now. I run folding home already. Why not recoup some of my costs while support bitcoin? You can exchange them for bitcoins and still use your CPU. Factor in your electricity costs keeping your GPU on all day long, you're probably not making any money. NO you will not make money mining. The "lol GPU mining is no longer profitable" circlejerk has been around in this subreddit since December and it's getting old.

Funnily enough.. Probably because redditors here don't want to see people go out and spend money on GPUs that will never pay for themselves. If you have a GPU now, okay sure, mine with it. Buying a GPU now is a bad idea, and if you suggested that in December and someone followed your advice, then you may have caused that person to lose money. Is CPU bottlenecking an issue with bitcoin mining?

Also, do which statistic is the most important when GPU mining? It will cost more money in electricity to mine with a than you get back in coins when the difficulty adjusts for ASICs. This could be as soon as two months from now.

The short answer is: Calculate what you will earn from the card. Calculate what the card costs to run. Decide if this is worth it to you. You currently get 0. It uses watts roughly. When difficulty is 3. If I move in to the dorms on campus and set up a few of my machines for the next 3 or 4 years while I'm finishing up my degree, you're saying that? No ASICs are now a reality. It's a matter of months not years before you will have a hard time making back your capital investment.

That said if you have a GPU now and don't pay for electricity go for it. I leave my computer on 24 hours a day, 7 days a week. How much electricity is it using? It won't use more if it is mining will it? A uses about watts or so as I said above. Perhaps you could offset heating costs via mining in the winter? I think there was a xkcd on that. You are responding to a 3 month old comment. My intention is to mine with it when not using it for playing games etc It really will not pay for itself in any time soon however like you said buying to have as an actual card to play games on is worth it.

Im just mining until more ASIC's hit the market and the difficultly goes up too high. Im hoping it will pay off in the long run and not be a short term thing. Are you sure? Okay if you want to make like thirty dollars a month running your computer non stop just to get one Bitcoin. I bet some people would consider that a profit I commend you for doing so! If there ever comes a time when the network is under attack I will definitely put as much processing power as I can back into the system.

True, but you'd be operating at a loss. Instead, take the money that you're throwing away and spend it on buying bitcoin. You'd support it a lot more that way. For the extra-paranoid Well, okay, that's not how I actually feel. But, I do like the idea of having a steady supply of bitcoin that I don't have to buy from an exchange. It's not that exchanges aren't good for Bitcoin overall, but sometimes I find it very frustrating that they seem so unreliable. Edit: Unreliable in the sense that it's VERY hard to make a reasonably sized purchase in a reasonable amount of time.

Sometimes it works for me, and sometimes for some unknown reason the transaction doesn't go through. At least I'm not getting charged for coins I never see. Well without mining, there wouldn't be a network, but mining speed is at an all-time high right now. I didn't know that without mining there would be no network. So, once all the coins are mined, why would anyone still be mining? Fees will play a much larger role once most bitcoin is distributed from mining.

I assume there will be a large decline in mining when that happens, but people will still mine for the fees. I've already hit my break even cost with a GPU. Everything from here on out is profit, but yea not much. I plottet some numbers into the calculator, and even with high power price it seemed to be a pretty good earning. When will the next difficulty level be and what will it be?

Are there always 25 bc in a block? Difficulty is adjusted every 2 weeks more or less quicker when the power of the network is rising. Block rewards halve every 4 years, so for the next 3 it will be constant. For the ASICs you probably will need to get some basic computer with them as well, but that probably doesn't need to be anything fancy.

It is adjusted so as to make the average block be created every 10 minutes. If the mining power doubles, the difficulty will double. Times 10, times I'm guessing it will go x10 in a couple months once all companies start shipping , and probably x in a year if not more once ASICs are produced in regular batches. Oh, sure!

I see a lot of growing interest and a lot of volume trades in the charts. I think we could be in for quite a ride this time. Where do you get a rig like this? So these particular ASICs, no. There is another company avalon which has shipped some units. But not many and the buy-in was north of seven grand last i checked. You need to keep in mind that everyone else is also looking at that "pretty good earning" and ordering ASICs.

If the answer is not "I can afford to lose that money, lets try it! YMMV i guess Did you factor in the power costs also? Your computer, when not used, can idle at drastically lower power. In my case, I don't have working power management, so my computer never sleeps. Motherboard issues. So my cost in electricity would be a lot less than if your computer shut down or went to sleep when it was idle. Thank you, been looking for alot of these answers for awhile. This seems like a fun project to tinker with to really learn the process before investing serious hardware in.

Thank you so much. Using a 16 Gb Ram, 2 Gpu's TI would i be able to make a profit, considering i do not pay the electrical bill? NVidias aren't the best miners. In the course of a year. The unit costs dollars. Well, you can always speculate on future price rise.

At any rate, if the numbers don't add up, they don't add up. Oh, didn't see that part of the estimation Thuis may be a little off topic, but does anybody know what those botnet BTC mining programs look like that piggyback on your hardware? Are they profitable? On the other hand, you might have some malware that is just out there to steal your wallet - beware of decrypting it and so forth.

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They started the career path in Facebook and paid attention to the cryptocurrency at the earliest stage of development. Being among the youngest millionaires from Bitcoin, Charlie Shrem actually started his way as a co-owner of Evr, a well-known gastropub in Manhattan. By the way, this place was among the first to accept Bitcoin payments. Later on, he organized Bitinstant - a physical store where people could buy Bitcoins.

At the moment, Bitinstant serves as an exchange platform. Some say that Andresen is the mysterious Nakamoto himself — the man denies such claims. Meanwhile, he continues doing his job making Bitcoin easier in maintenance. He has been paid by the Bitcoin Foundation for the help he provided and cashed out a few times. Of course, the payments were accepted in Bitcoins.

Roger Ver also invested in Bitistant and together with purchasing Bitcoin gave the coin away. To make people learn about this technology: Roger views it as a reliable way to store valuable assets and aspires to make it wipe out the fiat currencies. Therefore, Ver was the pioneer of startup investments. This Bitcoin kid millionaire started his way in Bitcoin by mining it when he was a student living in New York. A bit later, he created Avalon - the company that specializes in building of mining hardware.

The main goal of this initiative is to promote the development of Bitcoin and maintain network availability down the road. Tony has long ago become a millionaire: Bitcoin was just another initiative that helped him to multiply his income.

Gallippi has a rich experience in financial sphere - he's founded a company that processes payments. Dave Carlson is a self-made millionaire: he invested in equipment and mined hard. After earning enough money he has found MegaBigPower that allowed mining at an industrial scale — the facilities are placed in his basement.

This Bitcoin millionaire story is pretty sad. Despite its digital nature, Bitcoin is a two-sided coin, and the anonymous character of transactions makes it impossible to track the exchange of the currency. That led to the appearance of the dark net and illegal operations done via Net.

The man got a life sentence, and his black market was shut down. Here are some facts about him:. If you're ruing the decision not to dip your toes into the cryptocurrency market, and feel like you are one of the few that missed out, don't worry, you're not. And at the other end of the scale, the number of addresses with balances between , and 1,, is three, or 0. And in monetary terms, the bitcoin millionaire buzz is more a fuzz.

Just 0. Again, not really the case. While concentration of wealth in U. According to New York University professor, just However, reddit threads and chat rooms remain clustered with enthusiasts. In other words, 0. Minus tax. Minus transaction costs. And with the recent slide in the price of bitcoin this small section of society may become less well-off.

Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. Your Money. Personal Finance.

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In this Bitcoin millionaires list, we compare the revenue obtained from trading and investing in the currency. Anyway, the revenue he's received impresses — not so many traders manage to make millions. Winklevoss twins were among the first to join the Bitcoin club even when the cryptocurrency wasn't popular at all. They started the career path in Facebook and paid attention to the cryptocurrency at the earliest stage of development.

Being among the youngest millionaires from Bitcoin, Charlie Shrem actually started his way as a co-owner of Evr, a well-known gastropub in Manhattan. By the way, this place was among the first to accept Bitcoin payments. Later on, he organized Bitinstant - a physical store where people could buy Bitcoins. At the moment, Bitinstant serves as an exchange platform. Some say that Andresen is the mysterious Nakamoto himself — the man denies such claims.

Meanwhile, he continues doing his job making Bitcoin easier in maintenance. He has been paid by the Bitcoin Foundation for the help he provided and cashed out a few times. Of course, the payments were accepted in Bitcoins. Roger Ver also invested in Bitistant and together with purchasing Bitcoin gave the coin away. To make people learn about this technology: Roger views it as a reliable way to store valuable assets and aspires to make it wipe out the fiat currencies. Therefore, Ver was the pioneer of startup investments.

This Bitcoin kid millionaire started his way in Bitcoin by mining it when he was a student living in New York. A bit later, he created Avalon - the company that specializes in building of mining hardware. The main goal of this initiative is to promote the development of Bitcoin and maintain network availability down the road. Tony has long ago become a millionaire: Bitcoin was just another initiative that helped him to multiply his income. Gallippi has a rich experience in financial sphere - he's founded a company that processes payments.

Dave Carlson is a self-made millionaire: he invested in equipment and mined hard. After earning enough money he has found MegaBigPower that allowed mining at an industrial scale — the facilities are placed in his basement. This Bitcoin millionaire story is pretty sad. Despite its digital nature, Bitcoin is a two-sided coin, and the anonymous character of transactions makes it impossible to track the exchange of the currency. But in December Shrem was found guilty of money laundering in The Silk Road online black market.

In , when he was released from prison, he founded Intellisys Capital, selling investment portfolios in blockchain companies. Roger was already a millionaire when he got involved with Bitcoin. He makes donations to charity, and he was the first one to invest in Bitcoin Startup. Charlie and Roger are very close friends.

Brian is an experienced journalist and crypto enthusiast. Founder of CryptoCurry — famed for his insightful input on the future of cryptocurrencies and blockchain technologies. Get our latest posts and announcements in your inbox. Terms and Conditions - Privacy Policy. October 2, by Brian Forester. No Comments. Share Tweet Share Share Pin it. Can Bitcoin make me rich? The answer is yes,. Do you need some inspiration? Then check out these people below.

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