Here’s the result of the bitcoin experiment

As I wrote yesterday, for experiment, I rented on eBay a 6 GH/s bitcoin miner for 24 hours, paying it 6 euro. Before renting it, I calculated that, in average, a 6 GH/s rig in 24 hours makes around 4 euro worth of bitcoins (quite obvious, if it was more profitable, the seller would have kept the gain for himself, right?), so I gave instruction to mine alternative cryptocurrencies, that I would have exchanged later for an higher profit.
I got:
  • 2.84346867 Freicoin
  • 33.96338019 Zetacoin
  • 0.72134190 Terracoin
That, if they were exchanged immediately at the moment which I bid on the eBay auction (18 hours before the actual start), they would have been worth a dozen of euro.
But, I got them much later: 18 hours for the auction to expire, 24 hours to mine them, other 18 hours waiting for my “shares” to be completed and finally 5 hours to see them credited on my Cryptsy account. Almost three days have passed, and now those coins are worth around 2 euro…

Well, at least now I can have fun on Cryptsy doing “virtual” forex:

And I can create orders to get rid of those cryptocurrencies that are useless to anyone except speculators.
Conclusion: this approach isn’t profitable, even if teached me a lot on this world. If I’m good in exchanging this coins, seeing the extreme volatility of those currencies, I could recover my losses (now: 4 euro)
Before doing this experiment and renting the 6 GH/s for 6 euro, I evalutated the situation carefully, I saw people on eBay that paid 15-20 euro for renting just 1 GH/s: I thought that they were professionals, that they would have got back the money, instead they were just crazy. Meh.

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