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Old September 17, 2013, 12:45 PM
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Default Bitcoin Mining

Anyone doing this? Can teach me how?
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Old September 17, 2013, 12:50 PM
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Originally Posted by elec999 View Post
Anyone doing this? Can teach me how?
shell out with no return for power eats profits what i hear
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Old September 17, 2013, 01:15 PM
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You're better off mining Litecoin rather than Bitcoin right now unless you have an ASIC miner. Cryptocoin Mining Information And unless you have free power and multiple high end AMD cards it's not really worthwhile. I have a HD7870 chugging away in my work machine, it makes about $.75 a day. It will take over 8 months for it to pay for itself mining 24/7.

That being said, here's the pool I use along with starting instructions: WeMineLTC.com - Litecoin Mining Pool
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Old September 17, 2013, 01:28 PM
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anyone selling these coins?
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Old September 17, 2013, 01:57 PM
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KaptCrunch -
Quote:
power eats profits what i hear
Indeed. And anyone considered that the more BT are mined, the more complex the mining become and the harder it will be to mine new Bitcoins? I dubt that anyone have this all in their equations.
Don't get me wrong, we NEED alternative currency that the banks and govs did not control. But Bitcoin have serious limitations and it is just not it.


SugarJ -
Quote:
I have a HD7870 chugging away in my work machine, it makes about $.75 a day. It will take over 8 months for it to pay for itself mining 24/7.
And if you add electricity cost to the equation - will it ever even pay for itself?
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Old September 17, 2013, 03:57 PM
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Quote:
Originally Posted by SugarJ View Post
I have a HD7870 chugging away in my work machine, it makes about $.75 a day. It will take over 8 months for it to pay for itself mining 24/7.
Quote:
Originally Posted by trodas View Post
And if you add electricity cost to the equation - will it ever even pay for itself?
Yep, just a lot slower. If that card draws around 150 watts x 24 hours = 3.6 kWh per day. Hydro here is about 9 cents a kWh, so it would cost about $.32 a day to run. It would take 407 days to pay for itself at the current rate, IF I was paying to run it.

TBH, I bought this card for a living room 1080P gaming box, and it's just making back some of the cost while I collect other parts.

I think the only people making any decent money at Bitcoin mining these days bought ASIC boxes or run trojan botnets.

Quote:
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anyone selling these coins?
https://www.cavirtex.com/home
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Old September 17, 2013, 07:21 PM
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I turned off my bitcoin rigs a couple months ago..... now I invest and collect dividends on other people's mining endeavours. I still turn the profits into silver bullion that I buy for bitcoins at Buy Gold, Silver Coins, Bars and Bullion Online | Best Prices on Precious Metals - Amagi Metals on their site just change the currency at the top right to see the prices in BTC.

-Every time I see one of these threads I kick myself, mortgage/debt free if I horded what I mined instead of liquidating along the way.
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Old September 18, 2013, 05:54 AM
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Quote:
Originally Posted by trodas View Post
KaptCrunch -

Indeed. And anyone considered that the more BT are mined, the more complex the mining become and the harder it will be to mine new Bitcoins? I dubt that anyone have this all in their equations.
Don't get me wrong, we NEED alternative currency that the banks and govs did not control. But Bitcoin have serious limitations and it is just not it.


SugarJ -

And if you add electricity cost to the equation - will it ever even pay for itself?
The standard calculator is non linear. Yes we thought about this, it's the central tenet to bitcoin, asymptotically stable production rate.

Don't mine bitcoins with video cards anymore, we have all switched to BFL miners or other types of dedicated miners.

And as to whether or not it pays for itself, my rig has, many many times over

I also kick myself for not hording my bitcoins. The max profit I could have made for one year was 30,000 if I would have sold them at 300. I still made 1000s of profit though.
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Old September 18, 2013, 06:38 AM
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WOW! That website is much better than coinabul!
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Old September 18, 2013, 08:00 AM
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I've done some pretty extensive research/analysis on this lately -- the only way right now to turn a profit is to buy a dedicated ASIC gh box or the new 28nm cards -- but even then you need to get something capable of doing at least 100 gh. Furthermore, that's to say you get your ASIC miner within a month or two of purchasing, which isn't going to happen unless you are buying off ebay. All companies that can produce these are pretty backlogged and notorious for over promising and under delivering.

So the TL;DR version. If you have 15k + to invest in 200+ gh capable asic device it MIGHT be worth it, but the sad reality is it's probably not worth the time anymore.
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