Newbie All-Day - Ask All Your Bitcoin Questions Here!

[EternalWingsofGod]

I'll throw in a fun one I saw here one before
Person X is at a restaurant and does two transactions one to a waiter to pay for his bill, one to give a tip seperate bitcoin address, and one to take a taxi and use Bitcoins to pay for a taxi (It's the future)
The mobile client they use does not allow for the spending of two transactions at one time until the first transacion confirms through the network that takes roughly 1 block or ten minutes on average as it complains about an unconfirmed Tx

What solutions can be done to prevent this issue.

[MrBarret]

How much can I make with over 5K investment over cloud mining. Please anyone?

[marcotheminer]

can someone link me the top rep escrow services on this forum, I forgot to book mark it... 

Most likely devthedev in my opinion here you go: https://bitcointalk.org/index.php?topic=708658.0

I am pretty sure he means escrow.ms. He is the most repped escrow agent on this forum and nobody has surpassed him yet (and I highly doubt someone will, unless escrow.me goes rough and starts scamming people. ).

He may be most trusted by everyone's habits but not very active/approachable from what I've read. Devthedev is contactable 24/7 and gets back to you with a short period of time.

[MelodyRowell]

How much can I make with over 5K investment over cloud mining. Please anyone?

None of the cloud mining is profitable, so its a nono.

[marcotheminer]

How much can I make with over 5K investment over cloud mining. Please anyone?

Not much, you wont get a ROI as mining is pretty much unprofitable nowadays. Cex.io allows you to resell your GH/s, however then it becomes a gamble to earn a profit.

I'll throw in a fun one I saw here one before
Person X is at a restaurant and does two transactions one to a waiter to pay for his bill, one to give a tip seperate bitcoin address, and one to take a taxi and use Bitcoins to pay for a taxi (It's the future)
The mobile client they use does not allow for the spending of two transactions at one time until the first transacion confirms through the network that takes roughly 1 block or ten minutes on average as it complains about an unconfirmed Tx

What solutions can be done to prevent this issue.

Do you mean the waiter takes the taxi after work (the TX from the customer has not yet confirmed)? Is that what you meant?

[Mitchell]

He may be most trusted by everyone's habits but not very active/approachable from what I've read. Devthedev is contactable 24/7 and gets back to you with a short period of time.

Really? He always responded quickly whenever I sent him a message. Oh well devthedev is a great guy as well.

[marcotheminer]

He may be most trusted by everyone's habits but not very active/approachable from what I've read. Devthedev is contactable 24/7 and gets back to you with a short period of time.

Really? He always responded quickly whenever I sent him a message. Oh well devthedev is a great guy as well.

Either or, I think both along with monbux should be used

[BeginToMine]

How much can I make with over 5K investment over cloud mining. Please anyone?

Hit btc calculator in google, but if seriously, you can not make a thing in cloud mining, insteadjust buy BTC,it would return you more.

[LiteCoinGuy]

thx for doing this marcotheminer

[marcotheminer]

How much can I make with over 5K investment over cloud mining. Please anyone?

Hit btc calculator in google, but if seriously, you can not make a thing in cloud mining, insteadjust buy BTC,it would return you more.

It's all about taking calculated risk really. If you believe you will be able to re-sell you GH/s on cex.io for a profit then go for it. However, it can go both ways and you may end up losing money.

thx for doing this marcotheminer

My pleasure, I saw that many threads were being created for simple questions that can all be asked in here; kind of a mega-thread for any bitcoin related question!

[shorena]

How much can I make with over 5K investment over cloud mining. Please anyone?

I assume 5K USD so 10.4 BTC available now.

First let us see how much hashpower that is. Pbmining* each GH/s costs you 0.0027 BTC, so we get 3,851 GH/s. That sounds like a lot, lets see how long it would take for out 3.851 TH/s to mine 10.4 BTC or more [1]. Lets say the difficulty rises with 13.5% [2], no electricity costs or fees. *click*



yep, no ROI 2014, no ROI 2015, no ROI 2016 and as you see the revenue will decrease further so you have no real chance to ever to get a return of investment. The only way that this could work is if the difficulty would increase less drastically. Lets see for 9% we get:



ROI at the end of 2015 and 0.5 BTC profit at the end of 2016

For 7.5%:



ROI middle of 2015, 1.7 profit end of 2015, 2.6 profit end of 2016, 2.7 profit end of 2017

So the question is: how much are you willing to bet that the average increase in difficulty is currently very high and will be (significantly) lower in the future?

PBMining is not the only cloud mining service and bitcoinwisdom not the only proft calculator, but I think you get a rough picture and have place to start your own research if you want to go that route.

Should you decice to buy gh/s on pbmining please consider using my ref link.

* prices will be different for different cloud services.
[1] https://bitcoinwisdom.com/bitcoin/calculator
[2] average of the last 12 increases according to: https://bitcoinwisdom.com/bitcoin/difficulty


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thx for doing this marcotheminer

My pleasure, I saw that many threads were being created for simple questions that can all be asked in here; kind of a mega-thread for any bitcoin related question!

Yep, its a great idea. I hope you dont mind if others answer the questions as well

[marcotheminer]

How much can I make with over 5K investment over cloud mining. Please anyone?

- BIG SNIP -

So the question is: how much are you willing to bet that the average increase in difficulty is currently very high and will be (significantly) lower in the future?

-SNIP-

That's the major gamble, if you invest and difficulty shoots up (as it is doing so currently) no ROI will ever be achieved. However if miners begin switching off their equipment, there may be a possibility you will ROI and even profit.

-snip-

thx for doing this marcotheminer

My pleasure, I saw that many threads were being created for simple questions that can all be asked in here; kind of a mega-thread for any bitcoin related question!

Yep, its a great idea. I hope you dont mind if others answer the questions as well

Haha! No problem as long as you're not answering every single one. Various answers are encouraged so that the person enquiring can get a few different sources of information for the answers he receives.

[marcotheminer]

Bump. (Dont count this as a post)

[gjarreau]

First I am not completely new but by the time I got into bitcoin, I was under the impression that mining is too difficult to be profitable unless you have asics or a server farm.. Is this correct? I mean you have to be the "winner" or in a pool to receive bitcoin, right? Do all miners receive transaction fees, and is it worth it just for that if you try to cpu mine with one pc? I doubt I could make anything with trying to out mine anyone.

I'm afraid I don't fully understand transaction fees (I know they would be small but not sure how they are earned).

[Undernoxo]

How much can I make with over 5K investment over cloud mining. Please anyone?

You are not going to make money with cloud mining so better forget about that

[DannyHamilton]

can someone link me the top rep escrow services on this forum, I forgot to book mark it... 

Most likely devthedev in my opinion here you go: https://bitcointalk.org/index.php?topic=708658.0

I am pretty sure he means escrow.ms.

Actually, considering the fact that he used the plural word "services", I suspect that he's looking for this list of escrow rankings:
https://bitcointalk.org/index.php?topic=276897.0

And not looking for either of you to be giving your personal opinions of the particular escrow provider that you prefer.

escrow.ms is on that list, but devthedev is not.

If you are looking for the unranked list of providers that includes devthedev, then you can find that here:
https://bitcointalk.org/index.php?topic=108716.0

[Kakmakr]

Ok, Sorry if this is a very newbie question for you.

Question : Why are people participating in "Cloud Mining" if all calculations shows, that it's not profitable at all?

[DannyHamilton]

Ok, Sorry if this is a very newbie question for you.

Question : Why are people participating in "Cloud Mining" if all calculations shows, that it's not profitable at all?

Your question has already been answered:

How much can I make with over 5K investment over cloud mining. Please anyone?

- BIG SNIP -

So the question is: how much are you willing to bet that the average increase in difficulty is currently very high and will be (significantly) lower in the future?

-SNIP-

That's the major gamble, if you invest and difficulty shoots up (as it is doing so currently) no ROI will ever be achieved. However if miners begin switching off their equipment, there may be a possibility you will ROI and even profit.

So, those that choose to get involved in "cloud mining" either believe that difficulty will stop increasing soon, or they are just bad at maths.

[heypson]

Will bitcoin eventually rise or it will fail and reach a value of zero dollars?

[DannyHamilton]

First I am not completely new but by the time I got into bitcoin, I was under the impression that mining is too difficult to be profitable unless you have asics or a server farm.. Is this correct?

Yes.

I mean you have to be the "winner" or in a pool to receive bitcoin, right?

Yes.  If you are solo mining, then you need to be lucky enough to solve the next block before the rest of the entire world.  If you a mining in a pool, then you will be paid a fraction of the block rewards of the blocks that the pool soves based on the fraction of total pool hashing power that you provide. Unless you have a very large amount of hashing power, the odds of solving a block through solo mining result in the very high likelihood that you will be mining for months, years, or decades without earning any bitcoins at all.  At current difficulty, if you are mining in a pool, you will earn approximately 0.0000000000000000000089447602 per hash that you provide to the pool (actually a bit less than that due to fees that the pool may charge for letting you participate).  However, if your computer is too slow and doesn't reach a minimum threshold of hashes in a given time (can't complete a share before a block is solved), then you won't receive any bitcoins at all.

Do all miners receive transaction fees,

With solo mining, the miner receives both the block subsidy, and the transaction fees from the block when they solve the block.  This is called the block reward.  With pool mining, it is up to the pool to decide how they will pay the participants.  They each have their own rules.  Some pools include the transaction fees in their calculations, and some don't.

and is it worth it just for that if you try to cpu mine with one pc?

No.

I doubt I could make anything with trying to out mine anyone.

I'm afraid I don't fully understand transaction fees (I know they would be small but not sure how they are earned).

A transaction becomes confirmed when it is included in a block that is mined.  The miner (or pool) that solves the block receives both the block subsidy and the sum of all the transaction fees of all the transactions that they included in their block.