Can I mine Bitcoins?

By TheDreams ยท 9 replies
Jan 23, 2014
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  1. I know that to mine bitcoins usually you need quite a powerful computer, if I don't have the most powerful can I still mine them or do I run into the possibility of overheating or something of that sort?

    Didn't post in any other thread due to the fact that it deals with software and hardware.
  2. TheDreams

    TheDreams TS Addict Topic Starter Posts: 631   +68

    I think I will just rent so I don't risk it, only $10.
  3. SNGX1275

    SNGX1275 TS Forces Special Posts: 10,742   +421

    From what I understand, yep anyone can do it. The issue is you will spend more in electricity than you will make mining it. However, a lot of places you don't have to pay your own electricity (utilities included apts, college dorms), I don't know if its worth the effort though.
  4. cliffordcooley

    cliffordcooley TS Guardian Fighter Posts: 9,724   +3,697

    The problem there though, is you risk increasing everyones expenses as the utilities host looks for ways to cover their expenses. In the end you will pay; even if you were not directly involved in using the resources. The best thing to do is not take advantage of your utility host and report those who do.
  5. Archean

    Archean TechSpot Paladin Posts: 5,690   +96

    Then there is the fact that with passage of time, whichever rig you construct to mine bitcoins will return diminishing returns, since others will have better rigs than yours. Also, the value proposition of bitcoins (at least for me) is dubiously raised at this moment.
  6. captaincranky

    captaincranky TechSpot Addict Posts: 12,995   +2,528

    Mirob likes this.
  7. Archean

    Archean TechSpot Paladin Posts: 5,690   +96

    On merit of argument, I totally agree CC.

    It brings another proposition, I.e. if this disease errrr I mean thing really catches up, bitcoin wallets can become bigger targets for robberies than banks!
  8. Yes, you can mine. You will never make any money off of it as you are getting on the bandwagon far too late on what is essentially a Ponzie scheme. Even the other cryptocurrencies already have so many people mining them that an individual with a rig will never compete. By the time it's on mainstream media, you are already too late
  9. Carolyn Byers

    Carolyn Byers TS Rookie

    My country not allow bitcoin :'(
  10. captaincranky

    captaincranky TechSpot Addict Posts: 12,995   +2,528

    It's a shame there isn't a, "Nobel Smart Prize", your country would definitely be this year's winner.....(y)

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