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Mining Bitcoins – Is It Worth Mining

Over the last couple of weeks, everybody has been weighing in about Bitcoin, the digital currency that might be the money of the future, or a bubble bursting right in front of us. After being worth only $30 in March, on Wednesday, Bitcoin reached an all time high of $266, then plummeting to just over $100 in a few hours, and now stabilizing around $120. When Bitcoin’s price started to increase unexpectedly, it became the one thing everybody in Silicon Valley was talking about. (For those who don’t know what Bitcoin is, this video explains it perfectly in 3 minutes).

Think about it as work performed by group of people that use complex computer equipment to solve complex mathematical equations. Just understand that for each block mined you get 25 coins or, at current rates, $4,722.25. Currently a single Bitcoin Evolution Review is valued at $188, an alarming result that is possibly caused by finance movements related to Cyprus and a general bubble-like excitement over the system in general. In fact, many wager that the DDoS attacks on lots of bitcoin-related services are direct response by hackers to inject vulnerability so as to decrease the value.

12/18: Episode 12. Our guest is PokerStars Team Online member, occupational therapist, and all-around delightful poker player Adrienne Rowsome. She talks to us about getting more women into the game, getting everyone to have more fun at the table, taking a shot at a 300/600 Omaha 8-or-better game, and meeting her husband through poker. [Visit Website] [Download MP3].

12/21: Andrew Feldman is joined by Bluff’s player of the year, Marvin Rettenmaier. Plus Antonio Esfandiari drops by to talk about his bitcoin dominant year Visit Website Download MP3].

12/8: This week’s show takes a look at a number of stories, from more Reid/Kyl support (or the lack thereof), New Jersey taking another crack at online gaming, and the UK thinking about new ways to tax offshore online providers. [Visit Website] [Download MP3].

12/5: South Florida native Noah Schwartz joins the guys to talk about his big win in November at the WPT bestbet Jax Fall Scramble. BIG Dave and Joe also discuss the diminishing hopes of national online poker regulation, along with the recent controversy regarding multiple entry tournaments. [Visit Website] [Download MP3].

It is perhaps inevitable that this type of digital, peer to peer, currency would rise, but it is the flaws in the current systems that are giving it a boost. As people lose faith in the government and banks, they are going to be looking for something that will provide more options. They will see the advantages of skipping the middleman of credit cards. International transactions will start to happen skipping the middlemen of banks and wire services. As national currencies destabilize, they will start to see an electronic, non-national, currency as a good reserve currency to hedge against inflation, runs, etc.

The man was arrested at the San Francisco Public Library, Glen Park Branch, at 3:15 p.m. on Tuesday. Ulbricht was known by a nickname online, “Dread Pirate Roberts.” The FBI teamed with other government agencies on the take down of the Silk Road website. The IRS, Drug Enforcement Administration, Department of Immigration and Customs Enforcement. The FBI was able to seize $3.5 million in bitcoins during Ulbricht initial arrest.

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