Post
Topic
Board Beginners & Help
Re: What does mining do?
by
iwilcox
on 09/03/2013, 05:13:20 UTC
Whether or not it is profitable to mind on a laptop now, of course, depends upon how high the value of BTC goes.  If it skyrockets, I suppose laptop mining now could be profitable.

This is confused.  Even if BTC became worth more later, you'd be better off changing your fiat into BTC than mining at a loss now.

Of course, mining with a $30,000 machine will be immensely MORE profitable in that scenario.  In that scenario, the rich early adopters of $30,000 rigs will become vastly more wealthy than everyone who can't afford the $30,000 rig.

In general, to make worthwhile income as a miner, your kit needs to be faster than everyone else's.  It's all relative.

I take it that, to some extent, LiteCoin has done a better job here.

It didn't really work.  There's basically no proof-of-work that you can't design specialised hardware for that beats the crap out of CPU miners.  All relative, remember!