Bitcoin Currency

http://www.bbc.co.uk/news/technology-33974826

https://www.bitcoinmining.com/

Bitcoins. Bitcoins are a fairly strong coin that was the first virtual currency to make a large impact and to hit the stock markets, averaging out at £153.50 per 1 Bitcoin. That’s a fairly high rate, however it’s difficult to make a profit due to how much power they need and how few they actually make. The best Bitcoin generator you can get is Spondoolies Tech SP20 Jackson, earning you about 0.46477508 Bitcoins per month. Now that you factor PER MONTH into the equation, you can see that this operation can be a slow process unless you purchase multiple Bitcoin miners. When you also consider that the Spondoolies Tech SP20 Jackson costs you £499.97 for ONE machine, you can also see just how expensive it is. With just the one Jackson, after 3 months you haven’t even made yourself a single Bitcoin yet, showing that if you truly want to make any profit, you need to purchase multiple Jacksons. If you wanted to go cheaper, then you could buy the BMPC Red Fury USB, costing you about £34. As you can work out however, the price difference means a HUGE production difference. After 80 years with your BMPC Red Fury USB you still haven’t made a single Bitcoin. If you ask me, you’ve got to already have a lot of money to be able to use these to make profit, especially if you factor in the money you have to pay for electricity to run the machines.

Advertisements
This entry was posted in Current Learners. Bookmark the permalink.

3 Responses to Bitcoin Currency

  1. Leia says:

    Well researched.

  2. chibbsitec says:

    I found it good that you brought the figures presented on the article into real world terms. I Would however have liked to have seen a broader view on the subject, perhaps a quote from BitCoin’s inventor. Given what you have read about BitCoin, Would you invest in it yourself given the opportunity?

  3. cdineenitec says:

    That all really depends on if I could see a larger time graph of Bitcoins. I wouldn’t invest in them now as they’re going far too cheaply, but if I could predict stock crashes or sores then I probably would.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s