Anyone working with coin mining?

TrafficWizard said:

Whoever want to mine Bitcoin forget about it ! Even for Litecoin !
If you don't have more than 10$k to invest you will not be even with your power bills ! This could be big thing before years not now when there are factory size rooms filled with miners and they work 24/7 all around the year ! If you want to mine with your computer / or even your comp. network you will get more likely to pay more in electricity bills than you would "mine" !

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That would be because of low CPU power right?

How many CPU`s you would need to make it profitable? aproximate just to make an ideea.

Back in december 2013 I set up my own mining rig for $1350 (3 AMD 280x GPU). I Ran it for like 2 months, made $300 in dogecoin and $100 in litecoin, then stopped it because of electricity consumption : $110+ each month on my father's bills and I'm living in a country where the price of electricity is the lowest in Europe... Plus the fact that the rig is warming so much that I was required to let the computer on my balcony to cool it down.

But the main thing that made me give it up is the drop of the value of each currencies. I kept all my wallets on my drive, so I'm still millionnaire in DGC but I doubt that it will worth something one day...

So if you choose wisely your cryptocurrency, if you are lucky, and above all if you don't pay for your electricity (living on a campus or something) then it could be profitable. Otherwise don't waste your money and time and move on.

topmm said:

That would be because of low CPU power right?

How many CPU`s you would need to make it profitable? aproximate just to make an ideea.

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Well it depends if you mine with cpu but yes if you try to mine with cpu just dont you will waste resources of computer/network ! You can mine with 70pc's or with one with high end grapfic card results will be the same ! Card cost is = 700~ etc ofcourse power cost of 70~ pc running on high v. will be much more than that but I'm just giving example !

There are buyable miner kits online etc but believe it's over for normal users I've seen mani go into this with 1-7k and get nothing back and get negative results !

If you really want to try it dont do CPU mining mine with high end grapfic card 8 mother boards + 24 saphire cards could get you some buck's ! But I dont recomend there are plenty of bigg fish around who done it for years You will get something but will pay your bills etc ? I don know !


Only way as I see this if you put up 2-4 motherboards with 8 saphire cards(not so expensive) and mine some altcoin, you can mine them really fast since they are new etc. Pick up top 7 coins and mine them, when you get 1 coin to 100k, drop it move to next.. and hope that one of coins will go ALL IN someday!

Any suggestions from others ? I dropped mining half year back with all bitc. buzz competition took me out

p.s if someone is talking bad about out rig expenses you will know there are a lot of places where to sell it back and get back 60-80% of cash

Im on a webinar by Luke Sample, he's selling the opportunity to "buy in" on his next batch of bitcoin machines at a cool $4k each machine .....first time hearing about bitcoin mining and honestly I know Luke only sells off his latest gigs once its saturated, but I wanted to get your opinion on this?

tvfreak said:

Its hard to make money mining these days, better to trade or hold the different currencies.

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yeah, i think the same way. you are way too late to start minig, you've been should started with it a few years ago.

Cryptocin mining is a good option for making money. But BTC mining is has become less profitable. I think altcoin mining is much more profitable than BTC mining.

I don't think it as a good idea for a newbie to go for BTC Mining. Its not much profitable unless and until someone invest a large sum of money in it.

uplana009 said:

I don't think it as a good idea for a newbie to go for BTC Mining. Its not much profitable unless and until someone invest a large sum of money in it.

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I agree with you. I think it is not a good idea to invest on BTC mining for any miner. It is not the right time for BTC mining. Altcoin mining is much more profitable than BTC mining right now.

Bitcoin is really known nowadays but it is no saturated by any means. Still the market capitalization is very low(around 5Biliion $) so I would suggest you to invest on Bitcoin either by mining yourself or by buying it.

Can any one explain the coin mining?

SKY7692 said:

Can any one explain the coin mining?

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You contribute computing work to a network of coins, you get some coins as reward. That's how coins are born.

anyone here mining and get profit ? im always lost and going slow

You're not going to make any profit mining on CPUs. ASIC's have taken over the mining market, and often have a short self life before hash rates are too high to make a profit. On top of that, you need to account for your electricity bill which will destroy your net profits.