Bitcoin-based online gambling

[Blitty]

I'm down with mining for drugs, yo.

 

[Matty]

Apparently mining is not profitable anymore for hobbyists, only for those with industrial-grade rigs.

I don't claim to understand even 25% of what's going on here.

 

[roguejuror]

Mining this stuff was/still is the way to go. We need to get a syndicate together and group purchase a coin rig.

How much an adequate one would go for?

 

[Blitty]

http://www.ebay.com/itm/APRIL-BATCH-Butterfly-Labs-Single-SC-60-GH-s-PRE-ORDER-/140947401715?pt=LH_DefaultDomain_0&hash=item20d11eabf3

http://www.ebay.com/itm/0-01-Bitcoin-BTC-Bitcoins-Quick-Delivery-Bit-Coin-1-100-One-Hundreth-BTC-/281086554043?pt=LH_DefaultDomain_0&hash=item4172106fbb

 

[xpansive]

I just bought a Casascius coin. Mostly for shits and giggles.

Those things look crazy. Liking hologram technology...

 

[xpansive]

Apparently mining is not profitable anymore for hobbyists, only for those with industrial-grade rigs.

I don't claim to understand even 25% of what's going on here.

Matty, after crunching some numbers for a 5k layout you could make around $160 per day given current prices. And a hashrate of around 60GH/s

In short, yes it would be profitable

 

[Blitty]

$174!

 

[rito]

Matty, after crunching some numbers for a 5k layout you could make around $160 per day given current prices. And a hashrate of around 60GH/s

In short, yes it would be profitable

So why isn't everyone in the world doing this. 250k investment should net you about 3million this year. Where do I sign up?

 

[xpansive]

So why isn't everyone in the world doing this. 250k investment should net you about 3million this year. Where do I sign up?

Rito, don't think I don't ask myself the same question.

Thing is, majority of people in western world are too lazy to want to learn the technicalities of it all.

You go ask someone with old money about bitcoin and watch how quick they laugh at you.

Then explain the up to nearly daily 30+-% swings to someone who has a traditional market mentality. That kind of risk to someone of little understanding is enough to scare 9/10ths off already.

Lack of understanding + fear= forget about it.

Rito, what do you know about the new 60GH/s units that have been newly released?

From my understanding atm they are able to mine 1 coin per day at current rate of chain speed, although I make no claim in fully understanding this but am a keen learner...

 

[roguejuror]

just create a botnet to mine them, free resources

http://arstechnica.com/security/2013/04/malware-spread-on-skype-taps-victim-pcs-to-mint-bitcoins/

 

[xpansive]

http://www.bitcoinx.com/profit/

This proves the profitability of btc at current prices...

 

[Blitty]

http://www.prlog.org/12113502-tenants-can-now-pay-rent-and-maintenance-in-bitcoin.html

 

[Matty]

My Casascius coin has yet to arrive and it's already worth more than the 30%-above-going-price I paid last week.

 

[FreeFall]

rito the hard part is getting the gear.

http://www.butterflylabs.com/

are the talk of the town for specialized mining and people at bitcointalk have claimed it takes them months to get the product. I'm sure the waiting list has already grown even more since then.

 

[Matty]

Buying the coins seems like way less of a hassle. Your rig's profitability can disappear in a matter of days.

 

[Matty]

Anyone wanna lend me $100k for a couple months?

 

[FreeFall]

Buying the coins seems like way less of a hassle. Your rig's profitability can disappear in a matter of days.

What do you mean?

 

[Matty]

So why isn't everyone in the world doing this. 250k investment should net you about 3million this year.

Not really. The higher the profitability on paper, the higher the difficulty in mining btc, since a lot more people are suddenly willing to mine. That 50GH/s rig is probably gonna be a losing proposition as soon as next month.