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So is this a good time to buy some bitcoins?
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Why did the value of 1 BTC fall from ~1100 USD in December to ~450 now? I can understand volatility for a couple 100 dollars even, but the value has almost halved. Is this due to the Mt. Gox hacking?
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mining doesn't cost me more than running my computers already does.
Mining will cost more than having a PC sit idle, always. If you're mining, the CPU or GPU is FULLY utilized and will typically require MUCH more electricity to use than if it were doing nothing or just running a screen saver. Plus there will be significant cooling required, so whatever fans the PC has will likely be going full speed. Yes, but my PC's never sit idle. If I weren't mining, I'd be running BOINC, or 10s of VMs. So its not much different, since BOINC would be eating all my cores if mining wasn't. Good point. Then there is really no downside. You have no investment cost and no increase in operating costs. ASICs have hit scrypt, so consider mining scrypt-n (vertcoin) or something else that is equally ASIC resistant. Get a couple good mind-range GPUs like R9 270. The 270 is about $200 and will do 225khs on scrypt-n (450khs on script). Nothing is good for CPUs right now. If you have free credit, just mine the same thing as your GPUs are mining, or maybe target a newer coin with very low difficulty. Check out whatmine.com. There are profitable coins listed with a difficulty below 1. Sounds like a good place to target a CPU. If lower difficulty equals better return, protoshare should be very good, right? Difficulty: 0.036228 |
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mining doesn't cost me more than running my computers already does.
Mining will cost more than having a PC sit idle, always. If you're mining, the CPU or GPU is FULLY utilized and will typically require MUCH more electricity to use than if it were doing nothing or just running a screen saver. Plus there will be significant cooling required, so whatever fans the PC has will likely be going full speed. Yes, but my PC's never sit idle. If I weren't mining, I'd be running BOINC, or 10s of VMs. So its not much different, since BOINC would be eating all my cores if mining wasn't. |
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Nothing is good to CPU mine because botnets would mine it and dump it to below electric costs. GPU mining is barely profitable anymore. If you want to get into crypto you are probably going to want to either just buy the coins or buy an asic for scrypt coins or a GPU for asic resistant coins.
Well, I have lots of free credit on Amazon and DO for virtual servers. So at this point, my mining costs would be 0, anything I make would be considered profit. Do you mean botnets would lower its value? Which GPU should I buy? I don't want to get a top of the line ultra costly GPU. If I'm understanding it correctly, bitcoin exchanges operate similarly to stock exchanges, right? I have my computers running 24x7 anyway, so mining doesn't cost me more than running my computers already does. |
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Sorry for the newbie question. I realize I'm pretty late in joining the cryptocurrency bandwagon. I do not have a GPU or an ASIC miner, hence I absolutely can not mine bitcoins. I have an i5-2500K. Which currency would be the best to mine on this CPU? I am currently mining primecoins, and I have joined a pool as well. Is dogecoin going to be better? How about Quark? Since I am pretty new to the mining scene, I prefer a GUI miner over a CLI one, similar to what ypool provides. I also prefer coins which can be mined on Linux over others. Having a wallet for iOS and Android is a big plus. Also, since I plan on moving from physical currency to cryptocurrencies as much as I can, I prefer a less volatile currency. Bitcoin looks extremely volatile. A while ago, it was $1000+, now its less than $500. Also, which bitcoin exchange is the best? btc-e? I'd rather not go with anything which had any ties with Mt. Gox.
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