Veteran Bitcoiner here. AMA

Been following bitcoin for 4 years. Been involved for 2.

I am a miner, I do some programming, and if you got questions, ask away.
I'll be posting as much as I can in each thread in here to help out.

Viva la Revolution.

Total earnings? 

Computer specs? 

Total earnings depends on the price of bitcoin. Right now it looks like I will be able to pay for college fully and move to another country and still have some left over money.

I mined bitcoin first on a Nvidia GTX 450, and the later on an AMD 4850.  Never sold those coins, and now the... 10 I mined got me a nice TV once we hit a hundred each.

Took out loans to get a BFL FPGA Minirig, right at the end of the shipping time period for the FPGA. The FPGA is what I made most my money on, and the ASIC upgrade was debatably a waste of time and money.

in you opinion what's the best way to get into mining now? as iv been looking at some usb 330mh miners that consume 2.5watts.

Buying bitcoins now. Yes or No?

That depends on you really.
For me, if I had extra USD, I would buy some more. I value bitcoin around 15k a piece, if not higher. Right now bitcoin has exploded in price though. You can play your bets and hope it crashes down to 100 again, but I don't see it. On most exchanges it takes over 8000 coins to be sold at once at market price to bring down the price to 500 USD.
The increase in price is due to the fact the US has had 2 senate hearings which basically said that the US is not going to persecute people who use bitcoin, bitcoin is legal, and they want banks to stop being pricks about it in the US so that bitcoin business can be based in the US.

Also China has no investments besides the housing bubble over there, which has led to entire ghost towns without anyone living in the houses, but the houses being traded like a commodity. Bitcoin fits in REALLY well over there as an investment strategy. Also their government has had a talk about Bitcoin earlier last month I believe, and decided bitcoin was basically legal, causing people to start buying it over there.

Overall, it is up for you to decide, but bitcoin has  a chance to replace many systems of banking, credit cards, and other areas in the world. It has a lot of ability to go past 10x growth every year... which on a log scale makes bitcoin look like it is behaving properly.

That thing is worthless. The better investments cost 5 grand right now, so I say just use your money to buy a bitcoin. Anyways you're relying on price to keep income going. Due to the surging of difficulty over the next 2 months, it will be very difficult to get the same number of coin if would have just bought bitcoin instead.

but if you still want to mine: Kncminer, and Cointerra are my two preferred hardware sellers at the current time.

but the big question is, what happens when we mine out all 21mil coins in the next 2 years? will the value go down?

Current estimates are that we hit 21million in about a hundred years.
Anyways bitcoin price will be more valuable each time it is that the amount of bitcoin awarded per block is halved.
Miners will be paid mainly by the fees per each transaction at that point, and people will still be using it.

until the quantum computers hit the market :P

thanks man for the answers ;)

How many in your wallet, right now?

I'm rocking a solid 0.00.

Bitcoin is almost immune to quantum computers. There are a few papers on it, but I'm a scrub and don't understand the math entirely behind that.But there have been peer reviews of it and it is common discussion.

I would prefer to not disclose this. Just that in one of my wallets I have 10. And I have a lot of wallets.

the kc miner guys are touting 1 gh per watt witch is pretty intense tbh, what if i deducted energy cost from the usb miner how long would it take for a 330mh miner take to pay for itself roughly if costs 25 dollars? currently buying bitcoins and siting on them seems to be the best thing atm in my opinion.

I understand. If someone got into my wallet, oh my...


why so many wallets?

Essentially: I'm from poor family. I have them set up in wallets I can't access unless absolutely needed, and my idea is to hold my coin for at least 2 -5 years depending on the wallet.

On that subject, be careful when running your wallet file on a PC, and be careful if you store your coin online. A lot of people have been burned...

makes sense really.

It would take about 1 - infinity years depending on hashrate of bitcoin network. by january you're looking at 11 months or so for earning it back.