Timothy Richards wrote:Hi Kalle,
I don’t fully understand the interest in Bitcoin or any other crypto-currencies really. Why would someone want to use another “monetary unit” which has even less backing than any governments’ fiat currency? Being entirely digital seems to make it akin to vapor-ware and criminals have already been seen taking advantage of this by “disappearing with” huge sums of BitCoin, i.e. - Mt. Gox for example. How can any private individual have a sense of trust for this system?
Tim Moores wrote:My impression is that these days the main factor (though not the only one) in whether mining will be profitable or not is the price of electricity. If you have to buy electricity from a provider at the prevailing retail rate, there's no chance it will be profitable. It might have been 5 years ago, but no longer - too much computational power is needed to mine one bitcoin now.
paul nisset wrote:Joining a mining pool definitely makes senses.It's an interesting idea .
Whether it's a good use of natural resources/vast amounts of energy to produce a concept of money is another thing.
There are plenty of good articles that discuss the environmental impacts of BItcoin