Monday 19 June 2017

Making money Bitcoin 'mining' is harder than it looks

Well, for one thing I'm not really 'mining' Bitcoin -- I haven't bought the hardware normally used to 'mine' new Bitcoin (apparently you have to have access to really cheap electricity to make it worthwhile - hence the big mining 'farms' are located close to cheap sources of hydro or geothermal power) and are only running a mining app on my home laptop that works as part of a cloud-based 'pool'. At least it is generating a few thousand Satoshi each day (unfortunatey a Satoshi is only 1/100,000,000th of a Bitcoin!) and every time the modest threshold is reached some Satoshi actually get transferred into my CoPay 'wallet'. So far I've had 22 transfers of around 5000 Satoshi, with my total Bitcoin balance reaching 0.00113797 BTC (worth around A$3.57 at today's rate). And I'm pretty sure the cost of the electricity used leaving my laptop turned on overnight is more than that amount ;(

And my other attempt to 'earn' Bitcoin via an app on my phone was a total rip-off. Having wasted time clicking on ads (which I'm sure earned the app developer some money), the 'payment' of the first 400,000 Satoshi I'd earned never arrived in my Bitcoin wallet. And all attempts to get 'help' were ignored by the developer.

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