News I mined bitcoin for a year and a half. How much did I make??

Discussion in 'The Howard Stern Show' started by Mr Pink, Apr 24, 2016.

  1. Mr Pink

    Mr Pink Well-Known Member

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    Back in July 2014 I decided to try out bitcoin mining. I dove right in and bought a special computer purpose built for this one task (Antminer S1). It requires a surprising amount of computing power (and therefore, electricity) to run the calculations needed for mining. One of the main roadblocks to mining is that the electricity bill required to power these things often cancels out the small earnings. But...I lived in a place where electricity was included with the rent.

    So, after configuring the machine, I just let it hum away in the corner. No interaction required. Because of the way mining works, these machines become outdated surprisingly quick. In 7 months I had to upgrade the machine so I bought a more powerful one for $150 (S3). Same routine: turn on, configure, let it run.

    Well, I had to move and sadly, my new place doesn't include elec. So my bitcoin mining adventure is over. I might try to sell the machines, but they devalue extremely quickly as new, more powerful ones come out. I might get $100 for both.

    So, how much did I make??????

    $1000!!!!!!!

    Add in the cost/sale of the machines, I netted about $700 for doing absolutely nothing.

    Pretty cool huh?

    Now the question is, what do I do with the bitcoins I earned? You can think of them as any other commodity (although much more volatile). They could go way up, or they could go way down...to zero possibly -- depending on who you ask. Right now they've been on a nice even uptick - $450 currently. I'll probably put a protective stop at $400 and just let them sit in my account.

    For those who discount the whole bitcoin thing as a scam or flash-in-the-pan, don't forget that the Winklevoss twins (Facebook), along with many other big hitters have invested heavily in the currency and technology.
     
  2. Tickle Shits

    Tickle Shits Special Needs Typist. Gold

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  3. Mr Pink

    Mr Pink Well-Known Member

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    Not even close. I could instantly exchange it for cash right this second if I wanted to. Also, it's insured against Mt Gox shenanigans. Coinbase.com https://www.coinbase.com/?locale=en takes care of all of this stuff.
     
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  4. One Fat Vegan

    One Fat Vegan Well-Known Member

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    The American Dream
     
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  5. One Fat Vegan

    One Fat Vegan Well-Known Member

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    Is there a Bitcoin ATM near you? I'd cash out immediately and put it in my 401k or IRA
     
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  6. dawg

    dawg In The Dog House Staff Member

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    I wonder if the electric bill cost evens out, i doubt it
     
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  7. MAEROZE

    MAEROZE Well-Known Member

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    I briefly looked into bitcoins but didn't pursue it. Your post has sparked my interest. Where did you get your research?
     
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  8. Tickle Shits

    Tickle Shits Special Needs Typist. Gold

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    My people trade in wampum. Iron clad... what's in your safe.
     
  9. Dirty South

    Dirty South Large Member

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    Almost as profitable as my Sim Card investment. :winner:
     
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  10. Wiggy

    Wiggy Well-Known Member

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    So basically you fucked your old landlord over for a meager $700. Congrats.
     
  11. Mr Pink

    Mr Pink Well-Known Member

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    I can exchange to cash instantly it on that web site I use then transfer to my bank if I want. But what if it doubles, triples or more?
    That's the catch, unless you have free or cheap electricity, you may not make much at all.
    Research regarding what part of it?
     
  12. OV

    OV Rapscallion

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    Funny, one of the NADEX binary options you can trade is bitcoins. Don't know much about them, the laws of marketplace supply and demand, etc, but maybe I should take a closer look :dontknow:
     
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  13. Mr Pink

    Mr Pink Well-Known Member

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    Wrong.

    I
    was paying for that electricity via my rent. It was mine to use as I saw fit. I didn't fuck anyone over.
     
  14. thegroovologist

    thegroovologist Well-Known Member

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    "Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k

    The meteoric rise in bitcoin has meant that within the space of four years, one Norwegian man’s $27 investment turned into a forgotten $886,000 windfall.
    Kristoffer Koch invested 150 kroner ($26.60) in 5,000 bitcoins in 2009, after discovering them during the course of writing a thesis on encryption. He promptly forgot about them until widespread media coverage of the anonymous, decentralised, peer-to-peer digital currency in April 2013 jogged his memory.
    Bitcoins are stored in encrypted wallets secured with a private key, something Koch had forgotten. After eventually working out what the password could be, Koch got a pleasant surprise:
    “It said I had 5,000 bitcoins in there. Measuring that in today’s rates it’s about NOK5m ($886,000),” Koch told NRK."

    https://www.theguardian.com/technology/2015/dec/09/bitcoin-forgotten-currency-norway-oslo-home
     
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  15. Mlaw

    Mlaw Quite Contrarian Gold

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    so you have a bitcoin? a part of a bitcoin?
     
  16. Wiggy

    Wiggy Well-Known Member

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    Just fucking with you buddy.
     
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  17. quitefrankly

    quitefrankly Well-Known Member

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    still trading beaver pelts in my area
     
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  18. MAEROZE

    MAEROZE Well-Known Member

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    Is there one or a few sites that you visit to buy the machines?
     
  19. Mr Pink

    Mr Pink Well-Known Member

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    I have 1.89463653 bitcoins (I spent some on the second miner and bought Fallout 4).
    Perhaps a little of my self-guilt seeping through? I did consider that moral question but was able to justify my using the elec.
     
  20. BethsBraneCell

    BethsBraneCell Sandy Cunt Banned User

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    @garypagetwo needs a gold membership. Perhaps you can send some bitcoins his way?
     
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