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Bitcoin Mining as a Business

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  • 24-03-2015 11:30am
    #1
    L.Jenkins
    Moderators, Computer Games Moderators, Technology & Internet Moderators Posts: 19,240 Mod ✭✭✭✭


    I just thought I'd ask the question, is Bitcoin Mining worth it as a business. I know that Bitcoins value is open to wild variations in price, but from a Hardware/Cost point of view versus the potential return/loss, is it worth it? I know that it requires serious Computing Power to operate a machine, even a cluster of machines and the need to cool them, but I'm wondering what the payoff would be as a ratio of Hardware Costs/Maintenance to Profitable Output.


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    #2
    jimgoose
    Registered Users Posts: 20,175 ✭✭✭✭jimgoose


    The Bitcoin ship sailed about four years ago. Unless you fill a warehouse with ASICs you'll do well at this stage to get one actual BTC every six weeks or so. I'd say the cost of electricity to produce it would be more than break-even too.


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    #3
    jimgoose
    Registered Users Posts: 20,175 ✭✭✭✭jimgoose


    Mmm. I suppose when quantum computing comes properly on-stream that might kick-start the whole shebang again somewhat. That's well-and-fine, but quantum machines they're are a pain in the arse when applied to cryptographical problems. They can kick the shít out of 512-bit encryption in about 400ms, but the trouble is at the end they present an infinite number of solutions, most of which are incorrect in this Universe. So figuring out which solution is the right one for the local implementation of physics is what you'll need the warehouse-full-of-ASICs for at that point! :D


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    #4
    ED E
    Registered Users Posts: 36,165 ✭✭✭✭ED E


    You wont compete with the chinese farms. Cheaper labor and cheaper energy rates. And they dont pay VAT and duty on ASICs they buy.

    You could gamble with alts, but its just that, a huge bloody gamble.


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    #5
    L.Jenkins
    Moderators, Computer Games Moderators, Technology & Internet Moderators Posts: 19,240 Mod ✭✭✭✭L.Jenkins


    ED E wrote: »
    You wont compete with the chinese farms. Cheaper labor and cheaper energy rates. And they dont pay VAT and duty on ASICs they buy.

    You could gamble with alts, but its just that, a huge bloody gamble.

    I gathered that was the case, but I needed some expert opinions on the matter.


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