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Bitcoin mining

Discussion in 'CryptoCurrency' started by irdeto, Jun 14, 2014.

  1. irdeto

    irdeto Regular Member

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    So, is anyone out there bothering with this at all?

    I've been half considering purchasing some hardware (yes i feel the need to burn some money as a side project) - but I thought I would throw the question out there: Is anyone here actually making money on it?

    Im happy to burn a couple of thousand dollars to get it going but is it even worth my time?
     
  2. dkwholesales

    dkwholesales Regular Member

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    Hello!

    There are tons of people mining, proof of this is the difficulty constantly increasing. :)

    It is a tough call and no one can tell you for certain if it will work out or not.

    You have to look at it in a clear and concise manner.

    1. Can you afford to lose the money?

    2. How soon are you looking to make profits?

    3. How much do you "believe" in Bitcoin?

    4. What are your overall goals of mining?

    I think if you answer these questions honestly, you will have your answer. :cool:

    Best of luck!
     
  3. sassafras

    sassafras Junior Member

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    I don't think so. The price of bitcoins is just far too unstable. You could invest thousands in all the equipment and then a week later the price of bitcoins could literally halve, this has happened before.
     
  4. mazar

    mazar Regular Member

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    im still mining but i mine ppc with some block eruptors, im considering buying a few antminers while they are still cheap from ebay while the difficulty is still low ,it will regain its value over the coming months i think .
     
  5. coitza

    coitza Jr. VIP Jr. VIP Premium Member

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    isn't it a little too late for this? had a friend who wanted to do it and after a few days of research decided not to, maybe you should read more and ask someone that's really doing it..
     
  6. SEO1337

    SEO1337 Jr. VIP Jr. VIP Premium Member

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    I know a big computing company in the UK called Aria PC, they mine with powerful rigs but they only make a few pounds each month after all costs. They just do it for fun really, they don't make much profit.
     
  7. akacash

    akacash Jr. VIP Jr. VIP

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    Bitcoin mining, not a chance, not without investing a ton into hardware and elecrticity. Look at the difficulty and the patters of it's rising. I've seen that network hashrate increase from 35ish PH/s just 3 months ago, to over 100 PH/s now. Competing with that now from scratch would be suicide.

    If you really want to mine go Scrypt, I thought about doing a thread on this while back for people but the risk in investing back then was too high. However, if you can get your hands on a Scrypt ASIC, then you can turn a profit pretty fast. If you bought a KNC Titan (1st Gen) and paid the full $10,000 USD asking price you would've gotten a rig capable of mining at around 300 MH/s. There's a guy in my Litecoin pool with 3 of them. Might sound hard to believe, but with the right investment, you could actually have your entire investment paid back in less than 2 months, and use the next 6-1 year , or longer to mine at full profit.

    KNC Titan @ $10k x 3 = $30,000 USD. 300 MH/s x 3 = 900 MH/s give or take, let's say you get 875 MH/s. 875 MH/s @ the current rates would get you roughly 85 LTC per day. Let's say the exchange rate is $10, that's around $850 per day you'll be grossing. Including power, and other potential misc costs, you'd be looking to break even in about 45 days.

    2 things to consider there as well, 1st off, Litecoin's difficulty while it's shot up quite a bit in the last month is still very reasonable. 2nd, LTC is at the lowest price it's been at in about a year now. If you believe it rise again, then you can do the math and see how this can become fairly profitable. It's not hard to make some nice bank when you can cover your initial investment in the 1st 30-45 days.
     
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  8. irdeto

    irdeto Regular Member

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    Thanks for your reply man.
    I actually decided to do the sums and you are right, even with good hardware, the break-even point will never be reached.
    I was basing this on a 1000 GH/S ASIC machine. Investment was only about $2,600 or something like that. But once i actually used a calculator online to predict how much i would make now and how it is likely to get more difficult, it was very evident that i would never make the money back and the equipment would be out of date the moment i buy it anyway.

    It's funny you mention Litecoin - that was the next thing i was looking into. Will definitely do a bit more research on that one!

    I will look into what you have said above.
    Out of interest what is power consumption like? There is a myth about how much power these things chew but at the theoretical 900MH/S Im guessing we are talking a fair bit of power consumed?
     
  9. Baraba

    Baraba Regular Member

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    Mining would be profitable if you own power plant or secretly install a rig at work and don't have to pay for electricity. Else returning the investment is very hard and you are risking a lot. I was thinking about installing a solar powered device with miner software, but with current difficulties it may turn out to do it only for the fun of it. I saw a solar powered mining device for 159$ which is not much to lose I assume. Even if I make 20%-30% of the device cost, it will be fun trying at last.
     
  10. akacash

    akacash Jr. VIP Jr. VIP

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    The total power usage for the Titan is around 1,000 Watts. Considering my 2 GPU's were using almost 900 Watts and they were 300x slower, power consumption isn't an issue here. It's pretty crazy considering the hashrate you're getting in return.
     
  11. Techxan

    Techxan Elite Member

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    I read a news article the other day where some student used the supercomputer at a university for mining bitcoins.

    He used $150,000 of resources, and mined only 10,000 worth of bitcoins.

    Then he got caught.
     
  12. akacash

    akacash Jr. VIP Jr. VIP

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    Lol, I saw some stories like that too. There were kids mining DOGE with one as well, but even still, CPU's just can't keep up.
     
  13. irdeto

    irdeto Regular Member

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    Every website i have visited these scrypt asic units are on order. so annoying lol.
     
  14. Baraba

    Baraba Regular Member

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    If he wasn't caught he would had $10,000 pure PROFIT. I guess he didn't knew when to stop.
     
  15. irdeto

    irdeto Regular Member

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    I'm sure he still kept that profit lol.
     
  16. howdy21

    howdy21 Newbie

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    The elephant in the room with bitcoins is, you could lose money for 10 years straight then one day something happens and bitcoins rocket up to 2k ea.
     
  17. paypalfixer

    paypalfixer Newbie

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    Mining of Doge doesn't work anymore.
     
  18. chrlie

    chrlie BANNED BANNED

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    Doesn't seem like BTC mining is profitable anymore. The difficulty and the sheer number of people doing it are too high for it to be lucrative and profitable.

    With that said, there are still some companies that are still trying to make money with a lot of mining equipment. Not sure how they're doing though....
     
  19. xcivicdx

    xcivicdx Newbie

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    I have multiple machines that are mining bitcoin. I know there were alot of infected machines back when cpu mining was worth it. now the bots have switched more so to litecoin mining.

    I have knc miners and also cointerras which were the worst investments ever(cointerras).
     
  20. xcivicdx

    xcivicdx Newbie

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    O also, people were paying huge money when bitcoin was over 1k, when it dropped down people were upset that they paid for such expensive equipment, some of it in the upwards of 10k and more depending on what your were buying and how many units. Its important to run any type of hardware purchases through the bitcoin calculator. I recently stopped mining litecoin(scypt) with my gpu rigs because it just didnt add up anymore.