Bitcoin - anyone here do this?

anotherwindowsuser · Nov 14, 2020

Hi,

I would like to start learning about Bitcoin, I just watched a very interesting video o YouTube in which a guy who has solar panels for a home setup, would have made $3000 selling electricity back to the electric grid, however having used them to mine cryptocurrency instead, made $5000. I don't have that kind of space however, give the volumes of money made and that I may well just have a load of solar panels in the back of my car being used while the car sits idly, making money there possibly using these cheap usb crypto miners, I wonder if I am onto an idea for a small passive income.

I have watched three videos on bitcoin on YouTube and despite being quite used to computing and science, indeed I consider myself an intellectual, it just seems confusing (or possibly those videos were not very clear). My brother maintains complex websites for a living and he told me he gave up on it lol. Surely there is an easy way to learn this?

Thanks in advance

ulrichgood · Nov 10, 2023

It's awesome that you're curious about Bitcoin and exploring the potential for passive income.
It can seem confusing at first, but don't worry; there are simpler ways to get started.
You might want to check out some beginner-friendly resources like online courses or forums where you can ask questions and get guidance.

Neemobeer · Nov 14, 2020

Crypto currencies are not backed by any governing body and have no regulations. They're also extremely volatile and can vary in value from one day to the next. They're not widely accepted, so they're value is only good at particular places. They're also not protected really. Look up crypto coin thefts and you can see people having them stolen all the time.

It's always been my opinion that they're not worth the time and money you need to invest in hardware to mine them.

kemical · Nov 14, 2020

anotherwindowsuser said:
Hi,

I would like to start learning about Bitcoin, I just watched a very interesting video o YouTube in which a guy who has solar panels for a home setup, would have made $3000 selling electricity back to the electric grid, however having used them to mine cryptocurrency instead, made $5000. I don't have that kind of space however, give the volumes of money made and that I may well just have a load of solar panels in the back of my car being used while the car sits idly, making money there possibly using these cheap usb crypto miners, I wonder if I am onto an idea for a small passive income.

I have watched three videos on bitcoin on YouTube and despite being quite used to computing and science, indeed I consider myself an intellectual, it just seems confusing (or possibly those videos were not very clear). My brother maintains complex websites for a living and he told me he gave up on it lol. Surely there is an easy way to learn this?

Thanks in advance

This forum may be of some help?

Link Removed

Henrick73 · Nov 20, 2020

I have heard about Bitcoin from different sources. But I didn't invest there yet.

bochane · Nov 20, 2020

To get your with ransomware encrypted files back, they let you pay with bitcoins, there are lots of fishing emails telling you can get rich with bitcoins, just one click ahead.
Do we really need bitcoins?

Mike · Nov 20, 2020

I mined altcoins for awhile with a bunch of graphics cards and while I made some money from doing so, it was amateurish compared to the complex situation going on now. @whoosh and @Josephur also mined. But it's now at the point where you would need a friggin data center due to the way it works. As far as investing or trading it is volatile. If you're more interested in how it actually works there is so much literature online. It is mind boggling. An actual primer should readily be available if you search Google or Youtube. Just remember to separate the actual coin (BTC) from the blockchain technology. But also, be careful putting any money into it, and... It's going up recently, as far as I can tell, because PayPal recently went mainstream with it. But other factors as well.

Jimbo22 · Nov 23, 2020

Mike said:
I mined altcoins for awhile with a bunch of graphics cards and while I made some money from doing so, it was amateurish compared to the complex situation going on now. @whoosh and @Josephur also mined. But it's now at the point where you would need a friggin data center due to the way it works. As far as investing or trading it is volatile. If you're more interested in how it actually works there is so much literature online. It is mind boggling. An actual primer should readily be available if you search Google or Youtube. Just remember to separate the actual coin (BTC) from the blockchain technology. But also, be careful putting any money into it, and... It's going up recently, as far as I can tell, because PayPal recently went mainstream with it. But other factors as well.

Are you still mining? If not what are you doing with all those GPU's? I'm in the market for a good 2nd hand one for my son's PC if the price is right.

kemical · Nov 23, 2020

bochane said:
To get your with ransomware encrypted files back, they let you pay with bitcoins, there are lots of fishing emails telling you can get rich with bitcoins, just one click ahead.
Do we really need bitcoins?

Depends on what your buying..

tev43 · Nov 24, 2020

I think that the price of bitcoins rises again last week.

TimMeans · Feb 8, 2021

Well, you were right. The price now is almost 50k, and it has been like that for a few weeks. I remember reading about the rising of the BTC price on some forum last April, and I really did not believe in it. Now I just wish I was not so stupid, and I wish I would have bought some BTC then... That is the thing with BTC, you can never know which way will it go, at least that is the situation now. At the beginning of the year price was changing every day, and it was 5K dollars every day... That must have been stressful for the people who own it. I stuck with forex trading then, and for now I will keep doing it, it's a bit more reliable, and when you have a good broker there is a big chance of profit.

kemical · Feb 10, 2021

TimMeans said:
Well, you were right. The price now is almost 50k

Yup, Elon Musk tweeted about Tesla buying 1.5 Billion Bitcoin in preparation for selling their products. The market went crazy and BTC shot up to £34000 per BTC.
It's now dropped to £32000 per BTC and seems to be steady.. For now

bochane · Feb 10, 2021

In the news: Europol has traced 8 hackers being accused of stealing of $ 100.000.000 of crypo valuta.
Are bitcoins as secure as your computer?

kemical · Feb 11, 2021

I guess anything I.T. wise is vunerable to attack nowadays?

apostoins · Apr 22, 2021

This is called GPU mining. It is a common way of making money on cryptocurrencies. It is the safest way of making money on BitCoins because the risks of losing money are very low, and your profit never depends on the price of the BitCoin, because it is always positive. The main disadvantage of this method is that you need to do some big investments at the beginning. First of all, you will need to buy a lot of equipment like the latest graphic cards that are very expensive. Also, the bills for electricity will be very high, but this is not a big problem.
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ulrichgood · Nov 10, 2023

It's awesome that you're curious about Bitcoin and exploring the potential for passive income.
It can seem confusing at first, but don't worry; there are simpler ways to get started.
You might want to check out some beginner-friendly resources like online courses or forums where you can ask questions and get guidance.

ulrichgood · Nov 21, 2023

ulrichgood said:
It's awesome that you're curious about Bitcoin and exploring the potential for passive income.
It can seem confusing at first, but don't worry; there are simpler ways to get started.
You might want to check out some beginner-friendly resources like online courses or forums where you can ask questions and get guidance.

Also, consider using USB crypto miners for a small-scale start; they can be a good entry point.
And if you're looking to manage your cryptocurrency securely, you can try out an mpc wallet as a service for convenience.

Vasitrov · Mar 24, 2025

Is Bitcoin mining with small USB miners a viable option? While the idea of generating passive income through mining sounds appealing, the reality is that USB miners are unlikely to yield significant profits. Successful Bitcoin mining typically requires powerful ASIC hardware, which outperforms USB miners by a large margin. However, one way to potentially reduce electricity costs is by using solar panels to power your mining setup. That said, running high-performance mining equipment demands substantial energy output, so it’s essential to plan accordingly.

If you're new to Bitcoin and mining, it’s worth starting with educational resources like Bitcoin.org , Coinbase Academy, or Binance Academy. These platforms provide clear insights into how Bitcoin works and what mining entails. Before diving in, take the time to research profitability and understand the investment required.

WindowsForum AI · Mar 24, 2025

Bitcoin mining with small USB miners is generally not a viable option for generating significant profits. These devices lack the computational power necessary to compete with more advanced ASIC miners, which are specialized for efficient Bitcoin mining.
Combining renewable energy, such as solar power, with mining could theoretically reduce electricity costs. However, the initial setup would require considerable investment in both efficient solar panels and powerful mining hardware to be truly effective.
If you're considering diving into Bitcoin mining, starting with educational platforms like Bitcoin.org, Coinbase Academy, or Binance Academy can provide valuable insights into the intricacies of mining and cryptocurrency.
Would you explore solar-powered mining, or do you think avoiding mining altogether is more practical?

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Bitcoin - anyone here do this?

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