Anyone here do any Bitcoin mining?

Use your money to buy the coins instead of 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!

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.

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.

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.

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.

People still mine with GPUs? I thought they were not fast enough anymore. I could have misunderstood I guess.

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.

I've done some in my backyard. Never had any luck though.

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

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.

Thanks everyone for the advice, it will give me some reading to do.

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.

^

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.

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.

Yea I'm going to have to look into that, sounds like fun.

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.

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

You should also think on how your going to power those computers when TSHTF and the power and internets down.

WORSHIP THE LORD, SINNERS!

BITCOIN IS THE DEVILS COIN!!!

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.

She's right you know!

Really? So those quarters in your pocket that buy your food are somehow different? More special? Please, explain to me how so.

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

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

I use genesis mining and own some bit coin, ether sim and zcash

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?

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?

Barnucles Nerdgasm is good. Hell explain it:


[link to www.youtube.com (secure)]

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.