Tuesday 1 May 2012
Is it a good time to Mine Bitcoin?
I think I have given an introduction on Bitcoin, how to install the client and how to start mining. But is it time to invest in Bitcoin rigs to start mining? Granted that normal computers can no longer do effective mining. It will take customized Bitcoin rigs or FPGAs given the current difficulty. Is it time? You can use a Bitcoin Calculator to decide for yourself. My opinion is, given the current difficulty, a lot will depend on the availability of cheap electricity for yourself. Buying FPGA is a heavy investment, but you can get relatively cheap boards with PCI-e 16 and also go to Ebay to buy some cheap GPUs to start mining. Second hand stuff will cost much more reasonably and to allow you to proceed with the mining without incurring heavy costs.