[UPDATE: This article is outdated, and I don’t plan on going through this again. 😄]
For most people, not really.
For your calculation pleasure, I present: http://www.bitcoinx.com/profit/
Short answer, you need to invest lots of cash, or build one seriously powerful custom rig, that can compute about 500G Hashes a second, for this to be profitable.
So what can I do with my uber video card? Play games..?.. I mean that is what you got it for, right?
Ok, ok, ok… lets say that you want to do a little more than play games… There are other crypto currencies out there besides BitCoin. Some of them are actually growing in popularity due to the declining inflation of the BitCoin. That is to say that BitCoin production is slowing down because there are so many in the market, that the software science behind BitCoin has a predesigned trigger to continually slow down the deflation of BitCoin. That is why last year this time, BitCoin was $60 ea, this year is it is over a $1K ea. Yay Austrian Economics!
Is this really a good thing? Well, like Euros and USD, BitCoins are still fiat currency. However, they are not dependent on any one bank or country. So they are truly an international currency. I would chuckle if one day the OPEC nations said that all oil trades would be in BitCoins. 0.01BTC per barrel. lol! 0.001BTC per Gal of gas. Damn that’s expensive gas. ;)
- If you are looking for BitCoin mining as a profit center, be ready to dump a lot of money into this beast just so that you can get some profit out.
- If you are looking to do business using BTC as your currency, watch the price changes in the market.
You may find that you are overpricing, or under pricing your goods or services without warning.
- I have 0.0000247 BTC in a mining pool that I cannot withdraw, because it would cost me more to pull it than I would get out of it. FAIL.
Anyone want to buy some good ASICs that I probably won’t use again.
I’ll keep one of them just as a reminder of my folly. 😊
If you like donating to a worthy cause, then send your spare coins to:
Adam Vs The Man: https://adamvstheman.com/invest/
- Donate Bitcoin: 1BWeuWdgjrP8PFAwBwgwU9BUqJNewScouy
- Donate Litecoin: LKeoQgbtHnbG1n3BW1SZgtq7kCzw915KVj
Why didn’t I talk more about LiteCoin or some of the others yet? Well, the summary of, there are other crypto currencies out there, is about as much time as I wanted to invest into the discussion.