Golden Age of Mining - page 2. | Bitcointalksearch.org

Ten98

sr. member

Activity: 1008

Merit: 250

Quote from: nibor on August 10, 2011, 06:47:05 AM

And those miners are getting a lot of sleepless nights worrying about their wallet.dat file.

Must be a nightmare if you have $100k+ in bitcoins and it is all dependant on you keeping one 256bit private key secure.
What is more you have no real "Police" or "Courts" to help protect you (as they do not understand bitcoins).

Also you have the dilemma of sell or not!

Luckily I only have 1.62 bitcoins that I bought just to try the whole thing out - so I really do not care if someone finds out my private key!

I think I'd be perfectly happy knowing I had a $100k wallet.dat and would not be losing any sleep over it at all Wink

Personally, I'd split the coins out over a few dozen wallet.dat files and keep them all on different USB drives in various places to reduce the risk of failure, loss or theft!

If I had $500k in bitcoins (at today's exchange rate), I'd sell maybe half and keep the rest, and buy gold bullion & real estate with the $250k. Diversification is key!

MiningBuddy

hero member

Activity: 927

Merit: 1000

฿itcoin ฿itcoin ฿itcoin

Quote from: nibor on August 10, 2011, 06:47:05 AM

And those miners are getting a lot of sleepless nights worrying about their wallet.dat file.

Must be a nightmare if you have $100k+ in bitcoins and it is all dependant on you keeping one 256bit private key secure.
What is more you have no real "Police" or "Courts" to help protect you (as they do not understand bitcoins).

Also you have the dilemma of sell or not!

Luckily I only have 1.62 bitcoins that I bought just to try the whole thing out - so I really do not care if someone finds out my private key!

I don't see why, it's very easy to create a completely secure offline wallet.

nibor

sr. member

Activity: 438

Merit: 291

And those miners are getting a lot of sleepless nights worrying about their wallet.dat file.

Must be a nightmare if you have $100k+ in bitcoins and it is all dependant on you keeping one 256bit private key secure.
What is more you have no real "Police" or "Courts" to help protect you (as they do not understand bitcoins).

Also you have the dilemma of sell or not!

Luckily I only have 1.62 bitcoins that I bought just to try the whole thing out - so I really do not care if someone finds out my private key!

coincat

newbie

Activity: 14

Merit: 0

im sure there are many miners that hoarded there coins,
and are now millionaires

lueo

member

Activity: 61

Merit: 10

Bitcoin believer

Yap. Unless you can foresee the future. Undecided

Quote from: Ten98 on August 10, 2011, 04:36:27 AM

Quote from: Mousepotato on August 09, 2011, 11:40:07 PM

Probably end of May 2011, right when the $ value of the BTC started to ramp up all stupid-like. I know a lot of people will say 2009 or early 2010, but those periods, while you could mine hundreds of Bitcoins per day on a Core2Duo, weren't nearly as profitable as they are today even with the recent diminished exchange rate.

Hundreds of coins per day?

Even if that's only 10% true and you could make 50 coins per day I'm literally foaming with jealousy.

If anyone was clever enough just to keep all their coins, they could be millionaires by now Shocked

Ten98

sr. member

Activity: 1008

Merit: 250

Quote from: Mousepotato on August 09, 2011, 11:40:07 PM

Probably end of May 2011, right when the $ value of the BTC started to ramp up all stupid-like. I know a lot of people will say 2009 or early 2010, but those periods, while you could mine hundreds of Bitcoins per day on a Core2Duo, weren't nearly as profitable as they are today even with the recent diminished exchange rate.

Hundreds of coins per day?

Even if that's only 10% true and you could make 50 coins per day I'm literally foaming with jealousy.

If anyone was clever enough just to keep all their coins, they could be millionaires by now Shocked

Vladimir

hero member

Activity: 812

Merit: 1001

-

Quote

When was the "Golden Age" of mining?

I'd say that your question is incorrect. Why was?

My bet is that 2009-2013 will be in history books as the "Golden Age" of mining.

Sometimes people do not see the forest behind the trees, don't they?

Dargo

legendary

Activity: 1820

Merit: 1000

I'm wondering, what makes you think a new golden age may be around the corner?

Oldminer

legendary

Activity: 1022

Merit: 1001

Quote from: Mousepotato on August 09, 2011, 11:40:07 PM

but those periods, while you could mine hundreds of Bitcoins per day on a Core2Duo, weren't nearly as profitable as they are today even with the recent diminished exchange rate.

They were if you hoarded your coins IMO

Mousepotato

hero member

Activity: 896

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Seal Cub Clubbing Club

Probably end of May 2011, right when the $ value of the BTC started to ramp up all stupid-like. I know a lot of people will say 2009 or early 2010, but those periods, while you could mine hundreds of Bitcoins per day on a Core2Duo, weren't nearly as profitable as they are today even with the recent diminished exchange rate.

caish5

sr. member

Activity: 324

Merit: 250

I'd have to say early June was the golden age. Difficulty was less than half of what it is now and prices were rocketing up to $30 per BTC.

btcgolong

sr. member

Activity: 451

Merit: 269

When was the "Golden Age" of mining?

During the history of bitcoin, when was the best time to mine? I know that only 50 BTCs are released about every 10 minutes, but I'm asking when was the best time YOU could have been the person to "win" them?

Has it been linear and always getting progressively harder (more work for less coins, so the first few early miners lucked out), or did something like the switch to GPU mining while bitcoin was relatively unknown offer those early GPU miners the best chance at scoring?

I'm not sure if the $$$ value should be included, but go ahead and include it if you think it matters, but lately that value was been all over the place.

I'd love to know when the overall best time to mine bitcoins was regardless of their value. I understand a new "golden age" might be around the corner...

Topic: Golden Age of Mining - page 2. (Read 2025 times)