Thursday, July 28, 2011

Bitcoin Mining at an end.

Well I don't know if you're still mining but if you haven't been it isn't time to start. It is no longer profitable to continue to mine bitcoins. The difficulty has climbed too high to even begin to make a decient profit on it with the price of BTC hovering around about $13 - $14.

The good thing is that the price seems to have stablized and in my opinion this will allow more business to jump in to this area. Nothing like having a volitile market when trying to sell goods. If you price it at say 5 BTC and you're expecting to get $13 USD per BTC that's about $70. If it is volitile then it means that your 5 BTC could become only $50 if the market is at $10. Then if you don't spend it or convert, you risk losing all of it.

I don't know how wide spread adoption will be until they come out with a good point of sale option. Also distributors/manufacturers of goods would need to start taking bitcoins. So if I run a bitcoin shop I can buy with bitcoin my goods and then sell them for bitcoin.

Anyway that's my update for now it has been a while since I've posted and right now I've also stopped mining mostly. I may mine again to get my Bitcoins up to a nice round number but that only brings in about .3 BTC a day if that.

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