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Anyone here do any Bitcoin mining?

 
dukusprime
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User ID: 72896344
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11/16/2016 02:16 PM

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Anyone here do any Bitcoin mining?
Whether it be a large scale operation or just a home based hobby? I'm curious about it, and would like opinions. I have heard that depending on the electricity rate in a given area and equipment used it may not even be profitable and in some cases would be better to just purchase bitcoin.
The way I'm thinking though, even if it is not profitable right now the price of bitcoin could skyrocket 2 or 3 years from now. Any recommendations on mining hardware?
dukusprime
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United States
11/16/2016 02:18 PM
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Re: Anyone here do any Bitcoin mining?
Use your money to buy the coins instead of mining
Anonymous Coward
User ID: 40965935
United States
11/16/2016 02:19 PM
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Re: Anyone here do any Bitcoin mining?
Indirectly.

Meaning that I mine the alternate cryptocurrency de jour and then use and exchange to convert it to Bitcoin.

You can mine Zcash, Monero, or Ethereum currently and they are profitable today. Of course, if you are thinking like I am, you are just paying an electric bill for a huge return in the future. Yes, get busy!
Anonymous Coward
User ID: 26853195
United States
11/16/2016 02:20 PM
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Re: Anyone here do any Bitcoin mining?
You're a little late bro....takes forever these days. only 21 million will ever exist. Miners are scraping the bottom of the barrel at this point.
dukusprime  (OP)

User ID: 72896344
United States
11/16/2016 02:31 PM

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Re: Anyone here do any Bitcoin mining?
Indirectly.

Meaning that I mine the alternate cryptocurrency de jour and then use and exchange to convert it to Bitcoin.

You can mine Zcash, Monero, or Ethereum currently and they are profitable today. Of course, if you are thinking like I am, you are just paying an electric bill for a huge return in the future. Yes, get busy!
 Quoting: Anonymous Coward 40965935


Yea thats what I was thinking. Even if I was only able to accumulate several bitcoin I may one day be happy I did. The way I figure it, one ant miner S7 @ 4.73 THZ would bring approximately 0.1 bitcoin every 3 weeks to a month. So in approx 10 months I would have a bitcoin worth approx $720.00 at todays value. Now I also know that miner uses 1200-1300 watts and would run all the time. That would be almost like running one of those 1500w electric space heaters all the time or 12-13 100w light bulbs. Maybe see a little increase on the electric bill but if the coin value goes up to 2 or 3 thousand each one day or even more It would be well worth it. If it goes down oh well I paid a higher electric bill for a couple of years and had some fun doing it.
dukusprime
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11/16/2016 02:32 PM
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Re: Anyone here do any Bitcoin mining?
Mining is not worth it at the moment. If you can buy coins, they are an excellent value with respect to mining.

I'm not sure why, but China seemed to have tried to corner the mining industry...

Bitcoin is either going to like 1M usd a peice (today's value, but in the future)

or

it'll die.
Anonymous Coward
User ID: 73425286
Spain
11/16/2016 02:41 PM
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Re: Anyone here do any Bitcoin mining?
Check out nicehash.com

Its very convenient, you don't have to deal with all kind of coins and storing, exchanging them, they just pay out Bitcoin.

A rig with 4 GPUs could make about $200 gross a month.
It would take ~ 850W and would cost ~ $ 1.400
You would be just mining, Nicehash is taking care of the rest.

A GPU rig is made from off-the-shelf computer parts. For a newbie I wouldn't recommend buying specialty ASIC hardware from sinister sources. Its mostly crap what is delivered and if it burns out there won't be any warranty.
dukusprime  (OP)

User ID: 72896344
United States
11/16/2016 02:46 PM

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Re: Anyone here do any Bitcoin mining?
Check out nicehash.com

Its very convenient, you don't have to deal with all kind of coins and storing, exchanging them, they just pay out Bitcoin.

A rig with 4 GPUs could make about $200 gross a month.
It would take ~ 850W and would cost ~ $ 1.400
You would be just mining, Nicehash is taking care of the rest.

A GPU rig is made from off-the-shelf computer parts. For a newbie I wouldn't recommend buying specialty ASIC hardware from sinister sources. Its mostly crap what is delivered and if it burns out there won't be any warranty.
 Quoting: Anonymous Coward 73425286


People still mine with GPUs? I thought they were not fast enough anymore. I could have misunderstood I guess.
dukusprime
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User ID: 73425286
Spain
11/16/2016 02:55 PM
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Re: Anyone here do any Bitcoin mining?
GPU mining is still full on, more than ever, since Ethereum.
There will always be something to mine on GPUs.
Nicehash is the coolest thing ever, for hobby miners, unless you really want to get into it.

I got one in the bathroom as a heating and it makes some BTC on top, which I exchange for my coins of choice then.

The mining profit could go directly to an exchange or a crypto bank, like coinbase, bitstamp etc.

Anonymous Coward
User ID: 73163033
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11/16/2016 02:56 PM
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Re: Anyone here do any Bitcoin mining?
I've done some in my backyard. Never had any luck though.
Anonymous Coward
User ID: 68994051
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11/16/2016 03:11 PM
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Re: Anyone here do any Bitcoin mining?
You're a little late bro....takes forever these days. only 21 million will ever exist. Miners are scraping the bottom of the barrel at this point.
 Quoting: Anonymous Coward 26853195


this poster is right
nowadays is better to buy bitcoin than mining due the difficulty to mine it. a better option to mine is ethereum, it's a promising crypto, you can sit on it; buy bitcoin with it; or cash it out
Anonymous Coward
User ID: 73425286
Spain
11/16/2016 03:14 PM
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Re: Anyone here do any Bitcoin mining?
You're a little late bro....takes forever these days. only 21 million will ever exist. Miners are scraping the bottom of the barrel at this point.
 Quoting: Anonymous Coward 26853195


this poster is right
nowadays is better to buy bitcoin than mining due the difficulty to mine it. a better option to mine is ethereum, it's a promising crypto, you can sit on it; buy bitcoin with it; or cash it out
 Quoting: Anonymous Coward 68994051


It is still profitable, otherwise it wouldn't be done.
You just need the latest hardware, but you won't get it. The mafia making that hardware uses it by themselves and only sells out the outdated shit to the general public.
dukusprime  (OP)

User ID: 72896344
United States
11/16/2016 03:16 PM

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Re: Anyone here do any Bitcoin mining?
Thanks everyone for the advice, it will give me some reading to do.
dukusprime
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User ID: 73425286
Spain
11/16/2016 03:24 PM
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Re: Anyone here do any Bitcoin mining?
Thanks everyone for the advice, it will give me some reading to do.
 Quoting: dukusprime


As a general advice:

Never buy anything on Alibaba!
Its all junk, without exception.
Don't even talk to any seller there, they're all liars, all of them.
Anonymous Coward
User ID: 73044536
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11/16/2016 03:28 PM
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Re: Anyone here do any Bitcoin mining?
Use your money to buy the coins instead of mining
 Quoting: Anonymous Coward 73062584


^

This

I ran a BTC mining company a few years back. Sold seven figures worth of hardware. Mining is only done in China, not only is the power cheaper, lot of money lost in shipping for other miners (as it's all made in China).

The exception to the above is if BTC jumps to the Moon again. But like the other fella said, better off just buying BTC at this point.
Anonymous Coward
User ID: 73425286
Spain
11/16/2016 03:39 PM
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Re: Anyone here do any Bitcoin mining?
Use your money to buy the coins instead of mining
 Quoting: Anonymous Coward 73062584


^

This

I ran a BTC mining company a few years back. Sold seven figures worth of hardware. Mining is only done in China, not only is the power cheaper, lot of money lost in shipping for other miners (as it's all made in China).

The exception to the above is if BTC jumps to the Moon again. But like the other fella said, better off just buying BTC at this point.
 Quoting: Anonymous Coward 73044536


I love GPU mining, it has something to it.
It is so easy in the meantime. I started about 3 years ago, it was much more of a hassle back then.

dukusprime  (OP)

User ID: 72896344
United States
11/16/2016 03:51 PM

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Re: Anyone here do any Bitcoin mining?
Use your money to buy the coins instead of mining
 Quoting: Anonymous Coward 73062584


^

This

I ran a BTC mining company a few years back. Sold seven figures worth of hardware. Mining is only done in China, not only is the power cheaper, lot of money lost in shipping for other miners (as it's all made in China).

The exception to the above is if BTC jumps to the Moon again. But like the other fella said, better off just buying BTC at this point.
 Quoting: Anonymous Coward 73044536


I love GPU mining, it has something to it.
It is so easy in the meantime. I started about 3 years ago, it was much more of a hassle back then.


 Quoting: Anonymous Coward 73425286


Yea I'm going to have to look into that, sounds like fun.
dukusprime
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User ID: 56681215
United States
11/16/2016 04:03 PM
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Re: Anyone here do any Bitcoin mining?
Whether it be a large scale operation or just a home based hobby? I'm curious about it, and would like opinions. I have heard that depending on the electricity rate in a given area and equipment used it may not even be profitable and in some cases would be better to just purchase bitcoin.
The way I'm thinking though, even if it is not profitable right now the price of bitcoin could skyrocket 2 or 3 years from now. Any recommendations on mining hardware?
 Quoting: dukusprime




its not worth it. you will have to pay income tax on the bitcoins mined. This will eliminate your tax writeoff on the hardware. after that, you have to hold the bitcoin for one year to sell it at a profit to get the 15% 20% tax on your profits.

therefore, u should just buy the bitcoin straight out. this way you avoid the income tax and the one year wait on ttaking profits if you chose.
W0RD'SW0RD

User ID: 73508923
United States
12/18/2016 09:18 PM
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Re: Anyone here do any Bitcoin mining?
Zcash is where it's at these days for GPU mining. Take a look at this site:

Whattomine.com

Here you can calculate your profits given certain GPU types and algorithms. Get the nicehash miner .exe and get going! I make about $.50/day mining with CPUs only (slower than GPUs), and am in the process of constructing my GPU mining rig which should be ready by Christmas. I'm a little bummed I missed out on the zcash frenzy about 2 months ago, but oh well... Neww ones will come.

Just look at that btc price chart... it's going UP UP UP!

Mining for bitcoin itself is pointless. I bought a couple usb asic miners a while back, and would have made $0.15 cents for myself if they had eacvh been mining a year straight. Total waste.

If you're into btc, either buy it or mine an alt-currency like zcash/ethereum/monero/etc and then convert it to btc (which Nicehash Miner does automatically).

Last Edited by Rest on 12/18/2016 09:26 PM
For my yoke is easy and my burden is light
Judethz
Israel is Eternal

User ID: 69883546
United Kingdom
12/18/2016 09:27 PM

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Re: Anyone here do any Bitcoin mining?
Thanks everyone for the advice, it will give me some reading to do.
 Quoting: dukusprime


9teen You should also think on how your going to power those computers when TSHTF and the power and internets down.
Anonymous Coward
User ID: 52099440
United States
12/18/2016 09:39 PM
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Re: Anyone here do any Bitcoin mining?
WORSHIP THE LORD, SINNERS!

BITCOIN IS THE DEVILS COIN!!!
W0RD'SW0RD

User ID: 73508923
United States
12/18/2016 09:41 PM
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Re: Anyone here do any Bitcoin mining?
Thanks everyone for the advice, it will give me some reading to do.
 Quoting: dukusprime


9teen You should also think on how your going to power those computers when TSHTF and the power and internets down.
 Quoting: Judethz


All things of value are exchangeable for other things of value. Some day I'll exchange my btc for usd, and then exchange that for food/shelter/necessities. It's all about knowing the right time to step away from it. It has a lot of growth left in it yet. As btc continues to rise, I'm able to pull more and more out of btc to support my living in the real world... It's not a godsend, but has been a miracle for me who at one point had no other source of income.
For my yoke is easy and my burden is light
Anonymous Coward
User ID: 73629696
New Zealand
12/18/2016 09:42 PM
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Re: Anyone here do any Bitcoin mining?
Thanks everyone for the advice, it will give me some reading to do.
 Quoting: dukusprime


:9teen: You should also think on how your going to power those computers when TSHTF and the power and internets down.
 Quoting: Judethz

She's right you know!
clappa
W0RD'SW0RD

User ID: 73508923
United States
12/18/2016 09:43 PM
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Re: Anyone here do any Bitcoin mining?
WORSHIP THE LORD, SINNERS!

BITCOIN IS THE DEVILS COIN!!!
 Quoting: Anonymous Coward 52099440


Really? So those quarters in your pocket that buy your food are somehow different? More special? Please, explain to me how so.
For my yoke is easy and my burden is light
W0RD'SW0RD

User ID: 73508923
United States
12/18/2016 09:44 PM
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Re: Anyone here do any Bitcoin mining?
Thanks everyone for the advice, it will give me some reading to do.
 Quoting: dukusprime


9teen You should also think on how your going to power those computers when TSHTF and the power and internets down.
 Quoting: Judethz

She's right you know!
clappa
 Quoting: Anonymous Coward 73629696


meanwhile I'll just lol my way past $1mill usd. You'll be asking to take shelter at my ranch when shtf.
For my yoke is easy and my burden is light
Anonymous Coward
User ID: 73629696
New Zealand
12/18/2016 09:51 PM
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Re: Anyone here do any Bitcoin mining?
Thanks everyone for the advice, it will give me some reading to do.
 Quoting: dukusprime


:9teen: You should also think on how your going to power those computers when TSHTF and the power and internets down.
 Quoting: Judethz

She's right you know!
clappa
 Quoting: Anonymous Coward 73629696


meanwhile I'll just lol my way past $1mill usd. You'll be asking to take shelter at my ranch when shtf.
 Quoting: W0RD'SW0RD


No can guarantee you that won't happen.
I have my own 'ranch' and home grown food. No need of electronic silly bitcoin money.
DoomPorn

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United States
12/18/2016 10:10 PM
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Re: Anyone here do any Bitcoin mining?
I use genesis mining and own some bit coin, ether sim and zcash
W0RD'SW0RD

User ID: 73508923
United States
12/18/2016 10:34 PM
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Re: Anyone here do any Bitcoin mining?
...


9teen You should also think on how your going to power those computers when TSHTF and the power and internets down.
 Quoting: Judethz

She's right you know!
clappa
 Quoting: Anonymous Coward 73629696


meanwhile I'll just lol my way past $1mill usd. You'll be asking to take shelter at my ranch when shtf.
 Quoting: W0RD'SW0RD


No can guarantee you that won't happen.
I have my own 'ranch' and home grown food. No need of electronic silly bitcoin money.
 Quoting: Anonymous Coward 73629696


OK see, I had nothing, now I have a lot. That's why btc is special to me and many others. I understand you had and have no reason to be interested in it, but that is no reason whatsoever to put it down and call it "silly". It's money. If money is silly, then I guess btc is too, but no more or less than usd. BTW, if it means nothing whatsoever to you... what's processing and rendering for the device you are on GLP with?
For my yoke is easy and my burden is light
W0RD'SW0RD

User ID: 73508923
United States
12/18/2016 10:38 PM
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Re: Anyone here do any Bitcoin mining?
I use genesis mining and own some bit coin, ether sim and zcash
 Quoting: DoomPorn


How's genesis? That's the cloud mining, right? I've heard nothing good about any cloud mining operation, except I have heard a couple good things about genesis... what's your experience?
For my yoke is easy and my burden is light
Anonymous Coward
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Canada
12/18/2016 10:43 PM
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Re: Anyone here do any Bitcoin mining?
Barnucles Nerdgasm is good. Hell explain it:


[link to www.youtube.com (secure)]
Anonymous Coward
User ID: 73622307
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12/18/2016 11:21 PM
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Re: Anyone here do any Bitcoin mining?
Bitcoin mining is so old school
and arcane. You need to find
other ways of investing with
the coin to make the real
$$$. Mining it ain't gonna cut
it, but we still need them bottom
feeders, thank you so much for
proce$$ing those large bitcoin transactions my friend.





GLP