Mining Bitcoin to feed yourself as a starving artist

The most difficult thing for artists that don't have a big enough audience to sustain themselves financially is just that- sustaining themselves-

How to eat, pay rent etc and still have the time to be able to work on your art/film/music?

Time is the valuable thing- we have to trade our time in order to get money to live- and we end up trading all of our time just to make the money with no time for our art-

Here in the U.S. in the past you could work a part time job in a cafe or something similar and still be able to make it- NOW everything is so fucking expensive its impossible in most places-

If there was only a way for us to make money while spending little to NO TIME doing so....

ENTER BITCOIN MINING

This article is making the rounds on the net- So how about this?  Buy the most powerful miner you can afford right now without going into debt of course- run that thing 24/7- let the money trickle in as you work on your art!

Of course you'll have to live a humble lifestyle as its not going to make you rich and you'll probably barely get by BUT you'll get by and be able to work on your art and that's what we all live for right!!!

I had looked into mining in the past but the cheapest machine I could find was $1500 which I couldn't afford at the time but with this new little $275 miner I can afford this!

Let's call this new miner the STARVING ARTIST BOX ^_^

The Butterfly Labs site is slammed right now and there's a few offerings on ebay

For even lower budgets you can get a Usb key miner as well

I'm going to buy one as soon as I can and it will hopefully help fund my tiny animation studio for years to come ^_^

UPDATE: I just bought the smallest Butterfly Labs cheapest miner so I'll see how it goes- I know their orders are backed up so I hope to get it this year- I'm going to run it in Iceland as the power is cheaper than it is here and its COLD.

UPDATE: Commentary on Bitcoin mining wtc from blog reader Teknoarcanist


Basically how bitcoin works is this. Currency is backed by a finite commodity (say, gold). For bitcoins, that's this huge encrypted algorithm -- essentially it's a super-complicated math problem that only a computer can solve (it would take a human hundreds of years).  
"Mining" bitcoins means using your computer to solve one of these "blocks" of encrypted code. Upon doing so, you receive one bitcoin. 
This mining also helps to secure the bitcoin code itself against tampering (I'm fuzzy on the specifics there) as the bitcoin code is not just an arbitrary math problem: it's also a history of every bitcoin transaction ever made. 
The problem is, bitcoins have become so valuable (1 bitcoin = $150+ USD) and so many people are trying to mine them now, that you need a specialized super-rig just to compete.
Those who don't have them either turn to Litecoins (Bitcoin's shrimpier cousin) or team up and join "mining pools", which will split a block of code (and the resultant bitcoin) between them.
There's not really much "risk" to mining bitcoin. Though below a certain threshold of profitability, you have to start questioning whether you're actually turning a profit on it, based on the power costs to run the computer doing the mining. 
As a currency, anyway, Bitcoin is much more stable than, say, the dollar, because there are no outside factors like the price of oil or the collapse of a bank to screw up its value. Pretty much the only factor in bitcoin's value/stability is how much code there is left to mine -- as the more code is "solved", the more difficult the math problems become. Meaning there are fewer bitcoins left to mine, meaning the commodity backing the currency has just become more precious, meaning the currency has just become more valuble.

I've invested all my extra money into Bitcoin this year and I have high hopes that it will change the world for the better- the possibility of feeding starving artists and allowing them to make art is a pretty awesome possibility!

For droppin coin on this artist ^_^





Comments

  1. I was dabbling in bitcoin-mining a while back. It's a little trickier than you might think. Because everybody's doing it, bitcoin-mining has gotten to the point where it's extremely difficult for a single average computer to actually do it -- you either need a supercomputer NASA rig, or you have to join what's called a "mining pool". Otherwise you just can't complete blocks before somebody else does.

    You might also check out Litecoins. They're like bitcoins, but they're worth less and less-popular, so they take less power to mine.

    It's a cool idea, though, especially when I imagine you're already familiar with networking stuff together for rendering.

    ReplyDelete
    Replies
    1. Oh really? Yeh I got my first litecoin last month ^_^

      What would you suggest a starving artist do? I'll add your answer to this post for everyones benefit ^_^ Thanks!

      Delete
  2. im still a little fuzzy on the bitcoin thing. Ive looked it up and tried to read a 'bitcoin for dummies' type article about it and im still in the gray area here.
    But from what you just posted I kinda see it as...
    The stock market. But instead of buying stock, youre mining bitcoin? Am I close or way off? If im right bitcoin seems to be a moderately risky gamble to me.

    ReplyDelete
    Replies
    1. Basically how bitcoin works is this. Currency is backed by a finite commodity (say, gold). For bitcoins, that's this huge encrypted algorithm -- essentially it's a super-complicated math problem that only a computer can solve (it would take a human hundreds of years).

      "Mining" bitcoins means using your computer to solve one of these "blocks" of encrypted code. Upon doing so, you receive one bitcoin.

      This mining also helps to secure the bitcoin code itself against tampering (I'm fuzzy on the specifics there) as the bitcoin code is not just an arbitrary math problem: it's also a history of every bitcoin transaction ever made.

      The problem is, bitcoins have become so valuable (1 bitcoin = $150+ USD) and so many people are trying to mine them now, that you need a specialized super-rig just to compete.

      Those who don't have them either turn to Litecoins (Bitcoin's shrimpier cousin) or team up and join "mining pools", which will split a block of code (and the resultant bitcoin) between them.

      There's not really much "risk" to mining bitcoin. Though below a certain threshold of profitability, you have to start questioning whether you're actually turning a profit on it, based on the power costs to run the computer doing the mining.

      As a currency, anyway, Bitcoin is much more stable than, say, the dollar, because there are no outside factors like the price of oil or the collapse of a bank to screw up its value. Pretty much the only factor in bitcoin's value/stability is how much code there is left to mine -- as the more code is "solved", the more difficult the math problems become. Meaning there are fewer bitcoins left to mine, meaning the commodity backing the currency has just become more precious, meaning the currency has just become more valuble.

      Delete
  3. I'm still not getting it really what exactly is this "huge encrypted algorithm" that is so complex it needs a army of super computers going to do? and who is actually paying the 20$ a day for you to do it? are they making the one world order operating system, or trying to bring skynet online?

    ReplyDelete

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