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What are your thoughts on an Open Source currency like Bit-coins? |
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You cannot break even for the cost you invest in hardware in electricity unless you're folding in a huge group and they might not even get you anything. If you find someone giving away free electricity and you have some spare machine's you should still go for something beneficial like any of the (folding)@home projects or SETTI. |
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I mined 13 BTC in February, it took about 2 weeks i think(not mining 24/7). Now the value has increased from 1 dollar to 16 dollars so I will have more then what the electricity cost. Starting to mine now might not be a good idea tho because the value might not increase enough to pay back what it costs. |
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I wasn't really looking for thoughts on Mining Bit-Coins - but thanks for the feedback. I was more interested in the idea that such a currency could exist, a currency controlled, sort-of, but open source code, code that anyone and everyone can see. Do you think that problems will arise with people over-mining BC, flooding the online economy with it and therefore decreasing its value? The BC has shown substantial growth in the past year, but will it last. I am still reading and researching Bit Coins, there are some very good in-depth analysis reports out there. |
