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.
Thursday, July 28, 2011
Friday, July 1, 2011
Mining becoming impractical?
So I finally did my calculations this morning and this is what is currently projected when difficulty increases on the 6th
Difficulty should increase to about 1571212.0. So it is possible that my mining days are not yet over... However I do feel that it is no longer profitable to mine bitcoins in any fashion now if you are new to the game. My goal has been to get about 10 bitcoins then stop. I will most likely end up mining namecoins a lot more now though.
I keep wanting to come up with some type of side business dealing in bitcoin but I just can't think of anything good, or that someone hasn't already done yet, or that will take a lot of programming time. Programming time isn't an issue for me though its more for the fact that when I have an idea and finally get it working I find someone else has already written it up.
However, I do have a small project that I'm working on and would be interested in some feedback and perhaps a few testers. So if you're interested please post in the comments below and I will try to contact you.
| Coins | Dollars | |
| per Day | ฿0.38 | $5.76 |
| per Week | ฿2.69 | $40.33 |
| per Month | ฿11.68 | $175.15 |
Difficulty should increase to about 1571212.0. So it is possible that my mining days are not yet over... However I do feel that it is no longer profitable to mine bitcoins in any fashion now if you are new to the game. My goal has been to get about 10 bitcoins then stop. I will most likely end up mining namecoins a lot more now though.
I keep wanting to come up with some type of side business dealing in bitcoin but I just can't think of anything good, or that someone hasn't already done yet, or that will take a lot of programming time. Programming time isn't an issue for me though its more for the fact that when I have an idea and finally get it working I find someone else has already written it up.
However, I do have a small project that I'm working on and would be interested in some feedback and perhaps a few testers. So if you're interested please post in the comments below and I will try to contact you.
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