If you want me to make some more videos on cyroto currency and mining other coins like *Etherem*, *LiteCoin*, etc just hit me up on Twitter twitter.com/barnacules and if enough people are interested I'll do it.
I'll maybe have to get you out to my companies newest mining location in the near future. :) We will be able to support around 10MW of power once it's finished.
Cryptocurrency is an accident waiting to happen. The tech may be sound but what these cryptocurrencies represent not. Making a vid about it might just entice more people into investing in it. The only ones profiting are those on top of the pyramid. Also mining costs a lot and it is unlikely returns will be great. Don't try this at home!
Make sure you guys come follow me on Twitter @Barnacules and Instagram @Barnacules since I post massive updates between videos on what I'm doing to both those places!
+Barnacules Nerdgasm hey could you do a guide on how to navigate coin base, and how to setup donations for your coin base wallet, so viewers and subscribers can donate bitcoin, or to easily transfer bitcoin person to person.
+NoFaithNoPain Or in Bitcoins case: 1) sell the shovels 2) use the shovels until they are no longer profitable 3a) deliver shovels to original buyers 3b) declare bankruptcy and run with all the money
Time to start mining bitcoin again, not for profitability but to heat my damn Makerspace because it's COLD!!! And let's be honest, even if it makes 1/4th what the power costs it's still cheaper to run than a space heater and just as effective 👍
Kevin Acasio You can't use these with Folding at home because they only process a very specific aalgorithm. But in theory someone could create a Cyrpto Currency based on the Folding algo, that would be awesome!
Excellent tutorial. Not only was it well put together, but your ability to speak publicly maintains attention. I'm totally A.D.D. So while I wasn't able to watch the entire video in one sitting, it was very painless to watch in blocks and then rewatch again at a later time. And brother, if you can keep my attention, you can keep ANYBODY's attention. Subscribed!
+Joseph Lauletta actually Bitcoin is going on the rise again, considering the volatility in the stock markets recently hinting at a deflation. This will lead to crypto urgency being worth more :)
That's a good idea. In many computer science departments, they have space for student projects to set up. I have seen them make things like a Linux clusters out of regular PCs. I should go back to school , and set up 20 of them for a "research" project..
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I've been coming across your video's at random for a while now and finally subbed today and have been on a marathon of your vids today. I'm also a bit of bitcoin geek. This is a great video. Hope yer still into the coin good sir. Very well though out, well informed and good video. Very informative and sharp. Yer a pritty rad dude :) Also I ALWAYS recommend Electrum as a wallet an not a web based wallet. It's a small footprint wallet that is non centralized. Any web site based wallet service is a ticking time bomb. also, I'd argue that it pronounced Doggie coin :) also; you should make that 5 hour video if you haven't yet, you have a great grasp as to how bitcoin works
FELiPES101 Doesn't make sense. You're still buying solar panels or windmills and the batteries which will take quite a while to give you enough return on that investment to make that system make sense, then on top of that you're having to wait for the mining hardware to make back that investment(which could very possibly never happen with difficulty increases). You'd have to acquire all the solar/wind hardware for FREE and even then with a MASSIVE system you'd be hard pressed to generate and store enough power to keep the miner running. We're talking a solar/wind system that costs tens of thousands of dollars here. Keep in mind the larger devices are industrial hardware that require power solutions to match, even the little one doesn't really work either... What you're suggesting does not make any sense, I can't see a situation where it would turn any profit ever...
Jesse Deptula What a really negative take on the idea. A situation where you could turn a profit is either moving into a place that already has solar power or waiting for solar power to become more efficient. derp....and even if alternative energy did not completely cover the power necessary for the system it would still be saving you a large percentage of money that would be lost through paying for grid power.
FELiPES101 Sorry man it's not negativity it's just how it is. Moving still costs money you'll need to recoup with mining(unlikely) then turn a profit and waiting will only up the mining difficulty. People using grid power(cheaper per kwh than moving or building a solar set up) right now are have trouble breaking even on the mining hardware alone and the hardware's efficiency will only decrease with time. It's not feasible.
***** Yea but the power company will pay you for using solar panels. Atleast in Georgia, and if it covers your whole house you can for sure run that. Also depending on where you live and weather conditions.
The profits that can be made on bitcoin to my understanding are getting lower each day... the more and more people get into mining the less people will accualy make not to mention the companies that are selling the mining equipment are making the real money here i would feel better going to gamble because i accualy do not have to spend anything besides a little amount of money to enter the game as well as not wasting electricity and having fun ....
Spoderman Swag i think it was one of those things that you could make millions on if you jumped onto it early on ... but now that people know about it its a waste of time
watched this video from beginning to end. this is probably my 3rd or 4th video I watch from your channel and I am officially subscribed. keep up the great work man. thanks
Barnacules Nerdgasm, that was a great video. I'm not sure that I would get into that Liftr coin thing. It has a lot of weird retail network aspects and a closed network infrastructure, and the whole $1 value concept gets a little fuzzy in the small print. (It becomes a 'discount' currency, like a cheesy baseless coupon.) They're also giving away 300 million of them, and reserving 25 million for their 'employees and advisors' for incentives, and to 'increase adoption'. The whole thing seems kind of fishy really. If they're worth $1 / coin, they gave away what most start-ups take 5-10 years to produce in revenue before they even actually open the business up fully. I'm not entirely sure this one will work out. It also, being such a closed system, seems like it would be more susceptible to issues like taxation audits.
I agree on all counts, the only reason I mentioned it is because it's a coin that can still only be mined with GPU's when it goes public so people with GPU mining rigs can be competitive on the network again with ASIC's just rolling in and taking over everything. That being said I did spend about $100 on ZiftrCoin (knowing the risks) just to see what happens. I'll let you know if I lose my ass on it :D
Barnacules Nerdgasm I may jump in for a very small amount to see if the initial hype makes anything. Worst case, I'll lose a little more of my ass. I'm pretty much screwed, since I lost my job and don't have any benefits left. And you thought your situation sucked. :-(
Barnacules Nerdgasm ZiftrCoin is a open network, designed to get the next 10 million consumers into Bit Coins and other Alt Coins. There is a mobile wallet that supports bitCoin, LiteCoin, Doge Coin, and others. You can sign up to get 100 coins for free, or Mine them with GPUs when they launch in Feburary 2015. For more on Ziftr check out go.crn.com/1w6l0kY
I have privately build a thorium reactor in the west coast of Nigeria which supplies all my energy needs, I pay literally nothing on energy cost now, I use hypo quantum chips and am making over 1 billion bitcoins per nanosecond.
Wow! Well done on this video, very informative and yet i still understood 100% of it. My knowledge of crypto-currencys has gone from like 5% to 99%. One question, the 25 bitcoins that gets given when someone figures out the number, where does that come from? Thanks!
It's an automated system, calculated by the miners themselves. Each payment has to be 'confirmed' by many different miners, this is why it cannot be forged.
The are the equivalent of buying a 'DIY kit' that has all of the materials and instructions. They dont worry about volatility, and you get a slight discount on the bitcoins you 'pay' for.
if you rewind the time two centuries ago, there was the Gold Rush......many people went for the gold, but the ones who made out quite well were not the ones looking for Gold, but those who sold the picks and shovels.
Because mining is a risk, and by risk I mean they aren’t %100 gonna get bitcoin. They could waste power and not get a reward, but if he rents it, he knows for a fact he will get money.
they let other's to work for them . Smart move so they can monitor users activity and find the best practices . And why not to let others work for them free of cost 20%+cost of cloud hosting still a good investment if manageable the right
you need a large operation of several hundred machines. some places in china has buildings with 1000's of bitcoin machines. electricity is cheap there but they still end up paying $80k usd for electricity although some building can make upwards of 1.5million per month from it
This is my first time watching one of your videos and you are one of the most chill guys on youtube and this video was super informative. Sub and like.
great work bro ! subbed.. keep up the great work.. your ability to constantly speak content with out stopping is truly awesome ! you found your niche !
Your videos are really fantastic! Well made, well produced (without unneccesary background noise) clearly spoken and explained. You have a talent for doing this. I wish you all success. :)
specifically an apartment where units are hooked to the same meter so they cannot raise your electricity price. units that have their own can raise it. but combined power apartments make it illegal to jump on an individuals ass. at least here
No one can explain bitcoin mining in a simple way that you did mate. Best and simple and easy to follow video on bitcoin, i understand bit coin mining now :)
Good and informative video that covers the fundamental basics of Bitcoin. I am currently writing an essay on Bitcoin for one of my courses at the university. The thing I can't wrap my mind around are the cloud mining services. I mean: - There are the providers of the service that own the required hardware - They rent the computational power to people --> This means that the price to rent the hashrate has to be lower than the expected profit for the people who rent it. Otherwise you would loose your money ;-) The question I have is this: Why do these services use their hardware not directly themselves to mine Bitcoin (or alternate currencies)? This would have to be more profitable! Or does someone know what I am missing?
Stability is the answer. They rent the hardware based on contracts so they have guaranteed income. If Bitcoin crashes during the month your contracting the hardware they still get paid. However if it goes up you get paid. It's just a way for the, to secure more steady predictable income as far as I can tell.
Barnacules Nerdgasm Uhhh, a reply from the man himself ;-) I can see the income stability argument. Currently I think a payment system that eliminates the need for a third party, like Bitcoin does, will be the future. But with all the research I did on it, I believe Bitcoin might not be successful implementation in the long term (but then again the developers could still refine the system). Anyway, I am looking forward to hearing from you're experience in the longer run.
Dude, you are the man. You have motivated me to pursue my own channel which should be coming by the end of 2017. I will be using your advise of the video you posted on the 12/11/16 of the 'Top 5 Best Equipment'.... You have a new fan and follower.
Lets say one were to mine bitcoins successfully enough to support yourself (like the chinese farms or something but in a smaller scale). How do you sell the bitcoins? And how do you sell them without having to pay taxes? The governments are looking into it more and more. People will start getting caught eventually even if it's a bit of a grey area at some locations.
+Barnacules Nerdgasm No you dont have to pay taxes if you have heavy artillery weapon, like people in Donbass. In Donbass you can do whatever you want, if somebody is asking question you just kill him, and you say that russians killed him.
do some sketchy deals with some people looking for bitcoin for lower price like 3 cents lower for your bitcoin and i think theres like buy and sell sites
***** i have never mentioned a guitar or me wanting to be in a boy band in any of my comments... I think you are the one who is on drugs lol. And jokes on you because i know how to play the guitar.. oh how you make me laugh haha
***** Damn this guy is legit, he figured out my lifestyle in the matter of seconds. Boy of boy am i lucky to have the chance to experience something like this.... Jokes, this isnt even close lol man you crack me up :) (im being serious, youre funny man lol)
Matt Hannel it's a new monetary introduced a few yrs ago, just 1 bitcoin is valued around $900+ & just like precious metals [gold, silver] & stocks. it's main use in beginning was on internet black markets like SilkRoaddotcom website where all sorts of illegal items were bought & traded, it's also referred to as the "deep web" it was hard to trace.
As of 2016, Bitcoin mining is no longer profitable using *any* commercially available hardware, even with free electricity and even if you get in early on a fresh batch of hardware. As an example, I recently entered the latest, most efficient high power miner into a calculator. I used a power cost of $0. I entered an assumption of $500 up front cost even though these devices sell on eBay for $1,300 and require a separate psu. With all of these unrealistically low costs, mining would still *never* create enough income to be worth your effort. You'd be better off putting your money in a bank paying 0.05% interest. ASICs have completely killed mining for all but a few very large scale commercial data centers with custom hardware. :(
first time ever viewing one of your videos and i was very impressed. Super well thought out you knew your shit and it was very educational. i had to give you a like and a sub.
+MickyAvStickyHands its only value is what the people using it believe its worth, its air, it could just vanish in seconds, that why most businesses stay away from it like the plague & some large countries have outright banned the use of them.It was good to get into at the start when not many people were doing it, then it was worth very good money but now its too hard, you're better off working for 1 day & earning 10 times what you'd get from mining. Now the Chinese are in on the act & they have 1000s of machines in huge techno warehouses producing millions each year, against that competition earning coins is only getting harder & less profitable over time.
Wouldn't it make more sense to actually combine cryptocurrency with protein folding? This way our collective horsepower is doing a greater good like finding medicines? Because it's all well and good people make money off this and nothing can technically be corrupt but we are still using electricity, natural resources etc and literally just brute forcing a number that serves no purpose. Imagine if the bitcoin reward was for figuring out proteins, it's the same principle but has benefits! :D
I got $0.24 in UK. Have it Germany. Makes up for one of the world cups fucker :D (which applies to both the German and the Aussie (fuck it sux being in England) (I mean that as a joke from the loser rather than actually being some bitter SOAB)
The cost of power on the east coast is $30+ cents a KW. But lucky for me I live in Washington State, USA and we have Hydro Electric power which is dirt cheap.
Very very helpful video. I've been trying to understand and have someone explain bitcoin mining to me for awhile now to no avail. You have succeeded where many others have failed, lol. Thank you so much for this video, I look forward to hearing how everything is working out for you.
Bitcoin mining is a BIG LOOSER.. Unless you can get the hardware super cheap direct from china (where ALL ASICS are made) and then fill your ENTIRE GARAGE with them and front he $5000 electric bill.. You may replace your job at McDonalds..
I don't disagree at all, to replace your job you would need one hell of a farm and even then it would be high risk. This is why I focused at several times in the video on how to compute profitability and other alternatives like cloud mining, etc. But calling it a BIG LOOSER doesn't really fit well since it is a globally accepted currency now and even is accepted by Microsoft, Newegg, Expedia, etc. I just think it's harder for the little guys to make a lot of money because of all the big farms out there and I completely agree with that.
I think you were pretty fair in your comments in the video. I just wanted to outright say it in flat blunt english to dissuade those that are not good at math. As far as the technology of Bitcoin - I am a full believer. I even came up with a way to create a bitcoin credit card at www.mybtc.cc which was an open design and open source. It failed only for lack of funding. HOWEVER, As far as the US legal aspects I think bitcoin is a big looser. NONE of the wallet companies help calculate capital gains or losses for tax purposes - meaning the bulk of people are probably skating the IRS rules/laws. And this is one place where you lacked competence completely - unless I missed it. If you mine a bitcoin at $330USD and sell it at $340USD you have to claim a $10USD capital gains income for taxing purposes. GOOD LUCK DOING THAT.
Barnacules Nerdgasm But none of the "basic" industry doesn't support it. And that's what making the world roll. Calling Bitcoins globally accepted currency is quite overrated. Ie. I couldn't buy anything physical with it in my country. Obviously I could if I turned them to another currency, but until that's it's just number that fluctuates vastly. Personally I don't see any sense in Bitcoining. Value of devices and electricity could be more easily turned into more profitable ie. normal stocks or funds. There's not a single factor what could indicate where Bitcoin is heading.
jothain I am pretty sure you are wrong. It does not have the saturation of state issued currency - but then NEITHER DID VISA/MASTERCARD in the 60's. Now they are accepted in many many places. You just lack foresight.
tempersne Visa/Mastercard reference has nothing to do with the subject. Likewise I think you're wrong as Bitcoins aren't backed by any basic industry standard. Bitcoins, litecoins...Already forgot what happened to oh-so-great Mt. Gox? Try to Google out cryptocurrencies [i]"There were more than 530 cryptocurrencies available for trade in online markets as of 7 November 2014 but only 10 of them had market capitalizations over $10 million"[/I] What a joke cryptocurrencies are.
I know its an older video, but I liked your video. People seem to think that they'll be rich becoming a Bitcoin Miner, it's just not the case. I think you explained that, as well as the general information about Bitcoin very well. Thanks for the info.
nope. completely different. paypal is a centralized company with control of your funds. bitcoin is a decentralized network (no middlemen) - where you have total control of your funds.
