Real bitcoin mining with copper pennies
 

This reminds me of what I was doing when I was really young.. Only I was blackening silver quarters.... haha



I cannot imagine where one would get the pennies to feed the thing, but you're pretty much printing pennies with that thing.. if you can find a good supply and manage to get the money changers to cash them back in

Have to handle 100,000 pennies to make $100-$250 though

PS: The machine cannot find wheat pennies, so, pop quiz for you wise guys.

"
Why does my machine reject some wheat pennies?
Check out this chart… it shows why some old Wheats are rejected. They have “mixed” alloys and the sheet stock the mint used was not purified enough. When using a newer sample coin, the machine is comparing the moving coins against the reference coin. If they do not match within a practical window of acceptance, it will reject the coin.

These coins were originally "rejected" by the Ryedale with a copper alloy reference coin installed. I was curious what was going on, so I used an XRAY Flourescence device to measure the metal content/blend in each coin. I think you'll find this chart interesting, as it shows that the coins have a wide variety of elements in the mix.

http://www.pennysorter.com/sites/def...pennyalloy.jpg

Can I use a Wheat penny to sort for Wheat pennies?
Short answer…no….Long answer…noooooo.

Here’s why..look at the chart in the Why does my machine reject some wheat pennies?

In the old days, each roll or sheet of copper could have had different alloy content, the purification process just wasn’t good enough, and the Mint had a larger window of acceptable metals in the coins. So…. Each old wheat penny could have slightly different metal/alloy content. "



What would be a good way to solve THAT?
I figured it out in about four seconds...

Fountains.

Oh my God I am rich
Thank you so much
:error
:disgust

I guess I could look for Niles Crane's wife and see if she might throw a few coins at me.. eh .. :1orglaugh

and the point of this?

I bought one of the machines at the beginning of this year and it pretty much paid for itself in a day. I had a local coin shop who would pay me 2 cents per copper penny.

Getting the pennies is the easy part. Here in Phoenix, you can drive 2 miles up and down any given major street and hit 10 banks. Most will sell you 2-4 boxes of pennies at a time. On one particular outing, I came away with $650 in pennies from various banks.

The hard part - getting rid of the non-copper pennies. My own bank took them the first couple of times but then told me they were going to start charging me. Coinstar makes the whole thing non-profitable. So that's the challenging part.

My local coin shop has since stopped buying the coppers, but you can still sell them on ebay for around 1.5 cents each.

P.S. I average about $6 in coppers per box. And the machine goes through a box in about 2 minutes. Longest time is spent opening the rolls, but I've got that down to a science.

Yeah I was thinking I could reasonably expect to get 1.5x and I don't think it'd be impossible to source the pennies,
I just cannot imagine what in all hell I would do with the zinc
10% fees to cash in the zinc would make the whole thing useless

Check in your area and see if you have a mid-first bank. They have a free coin machine for account holders. I opened a basic account so I could use it. If you don't have a mid-first, google "banks with free coin counters".

And.. I have the exact machine in your video. Works great. If you're interested I'll sell you mine.

i like pooper panties... :thumbsup

I don't get it, who is buying the pennies for over face value and why? are they melting down the pennies and selling the copper? it's against the law but probably very low risk to do it. if they're not melting them down i have no idea.

They're not melting anything, they're just selling the specific pennies for more than 1 cent each and then taking the zinc pennies back to the bank.

Wouldn't you make more money mowing a neighbors lawn?

And it grows back every week.

but mom! playing with currency is way more fun!

Hear no evil, see no evil. I have my suspicions what they're doing with them.. But I'm only selling them, which isn't illegal.

In theory.. they're hoarding them for when TSHTF.. but I don't buy that. Regardless.. as long as what I'm doing is legal, what they do is none of my concern.

The copper value is over 2 cents.

(P.S. Nickels are the same situation..)

Can't watch netflix and mow lawns in the nude.

Maybe you can't, lol.

Trust me.. I can't!

Anyways.. I can easily make $100 a day doing this with very little effort... at least I could when I had my local buyer. Since he stopped buying them and I had to turn to ebay, I've slowed it down to when I just need to make a few extra bucks quickly.

But yeah.. there are a lot of naysayers. Which is good for those of us actually taking advantage of the opportunity.

It would seem to me your banks would soon tire of dealing with you.

Yeah... turning in the zincs was a bit of a hassle at my regular bank. But then I found midfirst and they knew what I was doing and said they had quite a few other accounts doing the exact same thing. They were fine with it.

Money is money any bank should take them

"Should" and "Will" are very different things though.

Do the banks there have coin machines? Both of mine do and they don't charge me anything as long as i have an account there.

interesting way to make money

A note on the machines.. They do tend to jam up. If you buy one, be sure and buy plenty of the oil that comes with them. They say to oil the gears, but I also found that if you oil the slide as well they jam up less often.

The big fountains in Las Vegas have over $1000 each thrown in every month that is fished out and given away to charity.

Kid stuff:2 cents:

Like he said, it could be just a hobby.

Are you using this "dri slide" shit? https://www.youtube.com/watch?featur...ml66Y-dE#t=580 He talks about it at 9:40 which I tried to link to but fuck youtube

How much do you want for yours? I want one but 500 seems a little nuts

I was getting $.02 for wheat pennies 45 years ago. I would hope they are worth more today.

All I know about those is that some motherfuckers buy huge bags of them and search them for a billion hours. I figured out a way for the ryedale to sort wheats out but there are very few out in the wild now

(never mind)

Hey, it's hard out here, for a Fred. :winkwink:

Honestly, even at the $500 it'll pay for itself fairly quickly. Getting the pennies is the easy part. Just hit up local banks and ask to buy 2 boxes at a time.. In my town, I can drive up and down any given major street and buy a bunch. I average about $5-$7 in coppers per box. Getting rid of the zincs is the biggest challenge.

Buy a couple of Home Depot buckets to unwrap them into. Use a razor to open them. Then just scoop them into the machine. The machine can go through a bucket full of pennies in about 10 minutes. And I always run them through twice.

I'd sell mine for $300 + shipping.. and I think I have half a bottle of the oil left that I'll include. The video doesn't tell you this, but I found that a drop of oil on the slide kept it from jamming up.

Thanks for the tip.. $300 is heavy for a $500 retail machine, I think, but it sounds like it'd be worth it to you to just keep it if I were to offer less.. and I understand that

Does the maker give any kind of a warranty on a new one, do you know?

While it's busy gathering dust, I don't imagine that you would send it to me and let me use it and split up the profits with you ... ??

I've tested a couple hundred dollars worth of pennies and 25% looks like a very realistic estimate. I sourced them from banks, convenience stores, and pawn shops

I'm not sure about any manufacturer warranties. I bought mine used from someone locally. But you're right.. I'm not in a real rush to sell it. Mine paid for itself the first day I had it.

To the next poster.. I get about 25% copper from the average box of pennies. Some boxes are better than others. Some really suck. I remember on one outing, I ended up with a box that was all brand new pennies. All 2013's.. No biggie. After unwrapping about 10 rolls and noticing a pattern, I just left the remaining rolls wrapped.

Do you live in the states right now? If so, maybe I could borrow it from you.. cut up profits with you then?

As an aside- I would like to know why everyone is saying that melting pennies is so illegal..

http://www.usmint.gov/pressroom/?act...release&ID=771

The mint cannot make laws.. it's called a "rule" and a "regulation"
Now, is this because they (or more specifically the fed) actually owns the physical currency? Or... what?

This kind of reminds me of back in the days when I was hustling H cards. DirecTV tried to get EBAY to disallow the sale of them because they said on the back that they were owned by ... whoever the company name was .. I kind of think it may be the same with out currency- but I don't think that the MINT owns them - I think it is the federal reserve bank. So why would the MINT be making RULES or REGULATIONS and why can't I find an actual LAW?

Also, if I add some copper doodads in and grind it all up into a fine dust, I'm still not melting anything, and I think that is legal.

Here we go
http://answers.yahoo.com/question/in...2005803AAINSRs
There is a Federal Law (e.g. language in the United States Code) - 31 U.S.C. 5111(d) - which "authorizes the Secretary of the Treasury to prohibit or limit the exportation, melting, or treatment of United States coins when the Secretary decides the prohibition or limitation is necessary to protect the coinage of the United States." (The US Mint is an agency of the Department of the Treasury.) That means that the first paragraph of xraytech's answer is entirely correct.

The US Mint's interim rule in December 2006, and their final rule in April 2007, which imposes penalties for exporting, melting, etc. certain quantities of US one and five cent coins, was issued pursuant to that Federal law:

http://www.usmint.gov/downloads/cons...lRuleDraft.doc
(This link downloads the relevant file - a Microsoft Word document - from the US Mint's website)

:1orglaugh:1orglaugh:1orglaugh:1orglaugh

Thanks for your input :thumbsup

You really are a moron. :upsidedow

Well, a lot of very wealthy men started out poor with this or that idea, the common thread amongst all self made men is that they kept an open mind and they never stopped TRYING.

So with this I think, well, if I put a lot of work into it I can make $100/day.
That may not seem like a lot to you, but there is a lot that I can do with that.

Now explain how I am such a moron. I've looked at all potential concerns(being able to cash waste pennies in/being able to sell the coppers/the quantity I must handle), done the math, etc. . I think it is a pretty good idea.

$100/day

Copper pennies sell @ 1.50c
$100 (10,000 pennies) / .5c = Find 20000 copper pennies to make $100

Assuming 25% copper pennies in the wild:
20000 x 4 (25%) = 100,000 daily

So I have to be able to buy 100,000 pennies on a daily basis ($1000 face value)
Estimated average weight of 2.6525 x 100,000 / 453.6 = 584lbs of pennies
(Coppers weigh 3.11 and zincs weigh 2.5 and assuming 25% copper)

100,000/800=125 minutes / 60 = 2hrs (Time it takes the machine to process that many if no jams occur.. they supposedly do 800 per minute)

Then I have to turn the zinc pennies back in... zincs weigh 2.5g
Return 75000 x 2.5g = 187,500g = 413lbs
So I have to be able to cash 413lbs of pennies daily as well


IF I can source and cash that many that is $100 per day for a total of about four hours worth of work. I can live with that for now if it can happen. Plus I have 20/20 eyes and kind of enjoy searching through them for rare ones.

Also- if I could source and cash more, I would go all out because I am nuts. I would process ten or twenty times that provided that I could ever source and cash back out that many. When I find something that works I am always willing to put 24hrs a DAY into it. I don't stop.

Holy Christ
http://www.goldismoney2.com/showthre...Processing-LLC

For fuck sakes, they're selling tonnage here
http://coincollectingenterprises.com/

Am I the only one who thinks this is pretty interesting?