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321  Other / Beginners & Help / Re: Pool or solo mining? on: December 14, 2013, 04:18:15 PM
If you have an ASIC for Bitcoin mining, can you use this also for certain alt coins?
322  Other / Beginners & Help / Re: BTC maxed before 2140 on: December 14, 2013, 04:15:50 PM
So for newbie like, is it better to trade instead of investing in mining?
Trading I would say.

Yeah, I've been wondering the same thing.  If difficulty is adjusted according to network hash rates, it does seem that investing into mining, at least buying your own mining equipment is not a good option, unless you have like $50k.

Is there any way to "rent" mining power? For example : pay $XXX/Thash/day or something like that?

I'm sorry, I am new at BTC and haven't figured out many things yet. Sorry if I am asking wrong stuff Smiley
Yes, there is. Google something like: bitcoin rent hashing

Yes will reach 21m much faster. Maybe dozens of years earlier because of the constant rise in difficulty.
The 2016 blocks before each adjustment are being mined as early as in 11 or 12 days right now instead of 14.
No, you are wrong. Read: https://en.bitcoin.it/wiki/Difficulty
323  Other / Beginners & Help / Re: BTC maxed before 2140 on: December 14, 2013, 02:15:35 PM
No, it will be around that date. Every 10 days the difficulty is adjusted to the hashing power, so that a block will be mined every 10 minutes.
324  Other / Beginners & Help / Re: Why is it so hard to buy coins? on: December 14, 2013, 02:08:59 PM
Because it is hard to set up an exchange, I imagine. And with already having an exchange in place (with Bitcoin), you can easily use it as an medium to trade Euros for alt coins.
325  Other / Beginners & Help / Re: Mining - Cloud computing - Complications on: December 14, 2013, 01:22:54 PM
- When Bitcoin fails.
- Only thing I could think of is security.
- Off the shelf solutions for protocols that need security.
326  Other / Beginners & Help / Re: Profit Margin for Miners is negative 627%???? on: December 14, 2013, 01:19:13 PM
Code:
* Electricity consumption is estimated based on power consumption of 650 Watts per gigahash and electricity price of 15 cent per kilowatt hour. In reality some miners will be more or less efficient. 

Obviously they haven't updated their estimations for asics.

Yep, nowadays it's about 5W/Ghash.
327  Other / Beginners & Help / Re: Environmental concerns of Bitcoin on: December 14, 2013, 01:00:39 PM
Well, the Bitcoin network does not waste a lot of energy. It is in direct proportion to the security of the network and thus usefull, and inherent to the protocol.
I very much like the analogy described on this site:
http://expectedpayoff.com/blog/2013/03/22/bitcoin-and-the-byzantine-generals-problem/
It shows that you must do some kind of work to make sure the network is not flooded with messages.
That is the price to pay for having a secure decentralized currency.
Centralized currency also have to secure their use in a different way, which is also wasting energy. So essentially it is a trade-off.
When you add all the power used by the network it seems a lot, but just look at what it costs to power the LHC. You have to put things in perspective.
328  Other / Beginners & Help / Re: Just wanted to make a bitcoin related site.Needed Suggestion...... on: December 14, 2013, 12:10:51 PM
Best way to get a lot of traffic is to give away free Bitcoins, like in a Bitcoin faucet.
329  Other / Beginners & Help / Re: Rig hashing at 64 mhash/s on: December 14, 2013, 12:03:15 PM
You could by an ASIC, but be aware that you most likely never get your investment back. It's expensive nowadays to mine Bitcoins.
Not to throw you off, but you are always welcome to mine for increasing network hashing power for a better security.
330  Other / Beginners & Help / Re: Hello Bitcoin forum on: December 13, 2013, 04:04:43 PM
Can people who are mining alt coins tell how much you can earn with that?
Would be nice to have some kind of list which states how much you can earn as function of hashing power.
I am mining Bitcoins myself and can mine 0.0015BTC per day with 5Ghash.
That's about 1 euro per day.
331  Other / Beginners & Help / Re: Anyone Gamble With bitcoins ?? on: December 13, 2013, 03:56:49 PM
You can also check sites with a collection of sites which use Bitcoin.
For example: http://topbitcoinsites.com/ and http://betwithbtc.com/
I think the last one also reports if a site is a scam.
332  Other / Beginners & Help / Re: Pool or solo mining? on: December 13, 2013, 03:41:35 PM
Reading all the stories it sounds real easy to get a quick profit with mining. But I believe these days are long gone.
I bought my first 5Ghash asic in march this year. I got it finally in October and since then I barely got my investment back.
Now I mine 50 Euro cents per day, and that's already minus the electricity costs.
With the prospect of a rising difficulty and many more miners, I wouldn't recommend mining.

But if you just want to contribute to the safety of Bitcoin by adding mining power, I can only welcome that.

BTW, you can probably make more money by trading Bitcoin.
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