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Should i start mining cryptocurrencys?

Discussion in 'CryptoCurrency' started by jamessbaileyy, Mar 12, 2014.

  1. jamessbaileyy

    jamessbaileyy Newbie

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    im considering getting into mining but not completely sure.

    i would start by buying a raspberry pi and 1 or 2 antminers (1.6GH/s each) and then buy more with the profits ()

    anyone have any experience? not sure how long it will take to get the cash back....


    ps, if this in the wrong section- i don't have clue where else would be relevant?
     
  2. Tyrannis

    Tyrannis Regular Member

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    From what I learned (this was back when there was only bitcoin) it takes a lot of rigs to make a good amount of money, and a long time to get a return on your investment.

    Regarding the new cryptocurrencies, I simply don't know how profitable it is to mine each currency so I will let someone else answer. I would assume that it is way easier to make money with things like Litecoin or Dogecoin though
     
  3. YouFeelMeDawg?

    YouFeelMeDawg? BANNED BANNED

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    Dude , honestly am not that pro when it comes to cryptocurrencies, but even I know not to buy those overpriced antminers.
    You won't even break even.

    1.6ghz will get you around 8-11 cents a day running 24 hours at the current difficulty.
    Do what I did, just buy some good priced contracts. I had some money laying around, and I didn't want to fuck with running a bitcoin rig. I just wanted to get some bitcoins, and I didn't do it because I wanted to make money just so I can have some bitcoins for the fuck of it.

    I spent 120 on buying a 6 month contract at 10gh/s
    That is 12 dollars per gh/s and I don't have to spend money on electricity .I get around 0.0012 - 0.0014 bitcoins per day at 10gh/s
    If you would have the antminer at 1.6ghz mining, you would get like 1/6 of what I get, and you would have spent like 30-40% of what I paid on just one miner.What your doing is not logical.
     
  4. norm1388

    norm1388 Jr. VIP Jr. VIP Premium Member

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    its waaaaaay to late to try to mine bitcoin directly, you'll never see a ROI, scrypt coins on the other hand are another story and are slightly profitable. the entire market is rather fragile so its a risk no matter what you do.
     
  5. infantry

    infantry Newbie

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    This is a great profit calculator for Bitcoin. http://www.bitcoinx.com/profit/

    My opinion is you will need to start with a machine that gets 200 GH/S and grow from there. Obviously mining as a member of a pool.

    I disagree that it is too late to get into anything, obviously there are risks and the financial expense now to get started is much more than it was just 1 year ago.

    Hope this helps.
     
    • Thanks Thanks x 1
    Last edited: Mar 14, 2014
  6. myinternetempire

    myinternetempire Jr. VIP Jr. VIP

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    You have mentioned that you want to mine Cryptocurrency. What currency do you want to mine? If you are thinking about BTC, forget it. BTC mining is dead. Think about Altcoin mining.
     
  7. RyanPumper

    RyanPumper Newbie

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    Mining is a necessary part of Crypto as there would be no market without it... But, I will say that if your intention is to make exponential profit from crypto, very fast - then you need to be trading instead of mining.

    Mining is too labor intensive, quite costly and a lot of hassle to go through the make a couple of BTC every month.

    On the other hand, trading is very straight forward. You asses the market and you buy into the coin with the strongest fundamental and technical factors and ride the waves.

    Many people make ridiculously large monthly incomes from trading altcoins.
     
  8. narf79

    narf79 Newbie

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    It depends, how much are you willingly to spend? You missed out Bitcoins and Litecoins. If you have money to throw away, then yes, mine all you want. I would put half in USD and use the other half for mining rig. You don't want to lose everything. hehehehe
     
  9. cwscontentwriter

    cwscontentwriter Power Member

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    mining with antminers is good, but you should calculate your cost of electricity and other cost involved before you decide on the amount of Gh/s to mine with, there are many mining calculator available on the net use them to get an approx value and an idea, I prefer Cloud mining rather than HW mining