Bitcoin Forum

http://phys.org/news/2014-07-entrepreneurial-teen-bitcoins-father-power.html

We have a bit of discussion on reddit and other forum on the profitability of bitcoin mining.

They not going into the details, but they saying he made a $2000 profit after paying his parents electric bill.

Wonder if it is one of our forum members or if someone knows him, just want to find out, how he managed to make $2000 profit and over what period.

Could have been Alt coins or mining in general, but bitcoin mining is mentioned.  ???

 

Maybe he mined some altcoin and make huge profit who know. It hard if he mined bitcoin more likely he hit jackpot with some altcoin.

Speculation on which who now maybe monero maybe he mined some x13 coin maybe reddcoin or some other.

Point is that he done it in precise the right time pick the right coin and then sell it in right time.

Well according to the article, he did it recently. But it seems as though he has been an entrepreneur, since the age of 11.

Another little Richard Branson in the making. There is no stopping them, when they get a sniff of money, when they young.  ::)

I would have been proud, if it was one of my kids.  ;D 

I would say that it is almost certain that he mined some altcoin as he would likely not have access to the capital required to make that much from bitcoin mining.

If I had to guess I would say that he got lucky, pick an alt that happened to spike in value, sold it for bitcoin, sold the bitcoin and profited.

  He claims to have mined 4.5 bitcoins.  He also claims he purchased 3 s-1's for about 1250 and sold them for about 900.  That is  a 300 dollar loss.  4.5 coins = 4.5 x 660 or 2970 .

2970 - 300 = 2670   and figure power   cost of 500 based on implied info in the article.  so 2670 - 500 = 2170.  he needed a switch and some cat 5 cables.

This was possible to have happened.

Thanks for validation of this article philipma1957 Thought it was a thumb suck from a journalist on crack again.  ;)

But we need to see some more young people getting into this, they are after all the future of this world.

Now to settle my bets on the other forums.  ;)

What we need is young people coming up with innovative uses/business ideas built on the Bitcoin/Blockchain platform, not more mining.

On another note, I fail to see what's so special about this kid getting his hands on some S1s and mining some profit.  He didn't actually do anything short of spend money, configure some options, and walk away. 

Well there is nothing really special about the kid, but when you a parent, like I am, you might understand.  ;) If you are a parent and you do not understand, you doing something right.

Most of my friends have kids and they all complain about teens sitting home playing games whole day. {Using electricity, not paying for it} They sometimes forget, that they were teens too.

Having kids paying their parent electricity bills and making a $2000 profit is pretty special in most peoples books.

We had a kid in the Beginners section, bragging about getting free electricity, living with his parents, about a month ago.

For the teens on this forum, paying their parents bills, with whatever they doing in crypto currency, 10 thumbs up from us parents. ;) 

I have kids. Point of this dont let them use you credit card or cash. Kidding.

If that is true or can it bee marketing trick?

Something is fishy in all this more like to be marketing edge on some product more then real article headline.

Well this is very innovative ---> http://www.cryptocoinsnews.com/news/meet-high-schoolers-developing-bitsell-150-bitcoin-atm/2014/07/21

Make the ATM's cheaper and hopefully the cost to the clients cheaper too. We have VERY talented teen out there indeed.  ;D

I looked it. Their project seem great. I looked their fundings (https://www.indiegogo.com/projects/bitsell) but they didn't got an average fund they need. I think they have to make a post on BT for more attention. I don't whether any other person donated(secretly).
Kindly,
      MZ