Anyone tried this?
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Bitcoin mining
Collapse
X
-
-
-
Originally posted by Project Monkey View Postin a landfill in South Wales was it?Comment
-
Decidedly less attractive after all the hoohah in the Underworld at the moment.
Who knows what unwelcome attention you'd attract after you found a vein?"I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
- Voltaire/Benjamin Franklin/Anne Frank...Comment
-
Unless you're willing to invest a fair amount in dedicated hardware, plus the running costs, then I wouldn't bother.
As I've said before, it's not a process whereby you earn an amount based on the work you've done, it's a lottery based on who completes the work - the final piece.
You may be lucky, but because the "professional" miners are able to complete many more calculations per second then they are much more likely to get that final piece, and take the prize. They'll probably be working in syndicates, and may each be running several dedicated machines.
Here's a link listing some of the machines dedicated to bitmining:
https://en.bitcoin.it/wiki/Mining_Hardware_Comparison
About a year ago or so I remember a lot of discussion over the cost / benefit of just the electricity, and whether it was really worth it. Of course, with the value ballooning recently that calculation may be less balanced, but with the number of competitors probably joining the hunt then you are still less likely to win, so perhaps not.
Of course, you could give it a go on a crappy old desktop (with half decent graphics card(s) to do the processing) and all you're losing is the cost of the leccy, but don't expect to become a millionaire - you missed that boat by a fair few years now.
EDIT: And take a look at this, gives a profitability calculator: http://www.bitcoinx.com/profit/Last edited by Ticktock; 3 December 2013, 13:49.Comment
-
Don't bother, homebrew miners can't compete these days.
The secret Hong Kong facility that uses boiling goo to mine Bitcoins | The Verge"Being nice costs nothing and sometimes gets you extra bacon" - Pondlife.Comment
-
So what exactly does bitcoin mining entail? A reference to a summary of the problem would be useful.
Is it some arithmetic algorithm for finding large inaccessible numbers, such as prime factors of given large integers? (I'm sure that isn't it, but using that for the purpose of example).Work in the public sector? Read the IR35 FAQ hereComment
-
Originally posted by OwlHoot View PostIs it some arithmetic algorithm for finding large inaccessible numbers, such as prime factors of given large integers? (I'm sure that isn't it, but using that for the purpose of example).Comment
-
Originally posted by AtW View PostMore or less it's something like that. Bitcoin mining did not make sense without ASICs 12 months ago, nevermind now.
It does seem to be getting progressively less lucrative (by design) and more technically demanding now more and more people are involved. Darn - another boat I've missed!Work in the public sector? Read the IR35 FAQ hereComment
-
Originally posted by OwlHoot View PostIt does seem to be getting progressively less lucrative (by design) and more technically demanding now more and more people are involved. Darn - another boat I've missed!Comment
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Comment