Thursday, January 5, 2012

Bitmining? What in the 9 Hells is This?!?

      So, I am building a computer.  Just because I want to use something that isn't as old and slow as my laptop.  Then I started reading about graphics cards.  It turns out that there are a whole bunch of people using their computers, or more importantly their graphics cards, to make fake money.  They are "mining" for bitcoins.  Bitcoins are a virtual encryption based currency which was created by the labs at MIT.  Even though they are not real and have no real value people have been flocking to them.  And since they flock they drive the price up...  They are currently worth around 5 dollars each, but started at nearly nothing and have been up to around 30 dollars.  The distribution of new coins proceeds at a slow pace, but is governed by bitmining.
      I figure if I start with my graphics card I will make about 3 dollars per day.  Now if I had to pay for my own electricity this would probably bring profits down to about 1 dollar per day,  but I don't.  I am moving in to a place where the electricity is included in the rent.  Hopefully my graphics card will pay for itself in about 6 months, and I can get another one.  Hooray for 3-way Crossfire!

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