The Best Way to Get Started
Has anyone here considered Bitcoin Mining? Its an easy way to make money. I’ll be making about $600-700 / month with only a $2,300 investment.
In a nut shell what it is, adding processing power to the Bitcoin network. As you know, the bitcoin network is a peer to peer value transfer infrastructure. There is no central authority. The network relies on individuals to build out the network. That network has skyrocketed over the past year.
since the difficulty is pegged to the Hash Rate an increase 10x in the hash rate will increase the Difficulty 10x
25 TH = Difficulty 3368767
so 250 TH = 33687670
The block reward halves every 4 years. At the time I’m writing this we are 1 week away from the first ever split. So my calculations are based on 25 BTC block reward.
$11.68 per BTC
Power is cheap where I live
0.0495 $/1000 watt hours
120 W ( same power as two light bulbs)
Power costs are like $0.14 / day
Total take home per day is $20.78
Per month that will be $600
The expectation is that by the end of Jan 2013 we will be at 150 Th and by end of March at 250 TH, by end of year 500 TH. So there will be more money the first half of the year.
With the ability to pay off the devices in 4 months and let the remaining months be pure profit. this is a good time to investigate Bitcoin Mining.
For starters check out my book on Bitcoins. I’ll post more about mining as the days progress.