Bitcoin

Snowpeck

Snowpeck

Member
Hey NS,

I was wondering if anyone here has had any experience with mining Bitcoins. I was thinking about setting up a bitcoin mining pool with a couple of my friends.
 
topic:Snowpeck said:
Hey NS,

I was wondering if anyone here has had any experience with mining Bitcoins. I was thinking about setting up a bitcoin mining pool with a couple of my friends.
Click to expand...

I've heard they use bitcoins in exchange for kidnapped kids which is illegal
 
From my small amount of knowledge (source: my old coworker used to mine bit coins at work lmao) he had like 10 miners running around the clock like 3 years ago and he made like $.10/day and he stopped because it went down even lower. So without like 100 GPUs setup mining you're probably not making money, not even considering the cost to operate.
 
13788688:eheath said:
From my small amount of knowledge (source: my old coworker used to mine bit coins at work lmao) he had like 10 miners running around the clock like 3 years ago and he made like $.10/day and he stopped because it went down even lower. So without like 100 GPUs setup mining you're probably not making money, not even considering the cost to operate.
Click to expand...

This. Mining bitcoins as an individual is basically futile now. You're going to be competing with massive operations over in China, Russia, and other Asian countries.

The time to mine bitcoins was ~4 years ago.
 
13788688:eheath said:
From my small amount of knowledge (source: my old coworker used to mine bit coins at work lmao) he had like 10 miners running around the clock like 3 years ago and he made like $.10/day and he stopped because it went down even lower. So without like 100 GPUs setup mining you're probably not making money, not even considering the cost to operate.
Click to expand...

This. if you were just to start a small mining operation with just a few friends you wouldnt make any money really.
 
13788688:eheath said:
From my small amount of knowledge (source: my old coworker used to mine bit coins at work lmao) he had like 10 miners running around the clock like 3 years ago and he made like $.10/day and he stopped because it went down even lower. So without like 100 GPUs setup mining you're probably not making money, not even considering the cost to operate.
Click to expand...

1 bitcoin is 1015 usd as of right now which is almost as much as the peak in 2014.
 
13788723:Snowpeck said:
1 bitcoin is 1015 usd as of right now which is almost as much as the peak in 2014.
Click to expand...

Right but you're not going to be mining 1 full bitcoin...You'll be lucky if you get 1/10th.
 
13788733:.MASSHOLE. said:
Right but you're not going to be mining 1 full bitcoin...You'll be lucky if you get 1/10th.
Click to expand...

More like 1/100 in a day with 100 gpus, could be even less I dont have an exact number to go by here, but you're making like 1/100 of a penny a day per miner probably.
 
I used to dabble in dogecoin. Back when the meme was cool.

Bitcoin is taking exponentially longer to mine so it's probably not a great investment to get a big gpu mining pool going.
 
So as far as I know this was profitable until maybe 2012. As of late the electricity costs of a computer bank capable of mining are higher than the value of the expected bitcoin return.

You may or may not be aware that as more bitcoins become available, mining for new ones becomes more difficult at a proportional rate

Unless you're a very experienced programmer with an informational edge this will likely not be profitable.
 
Its too expensive for anyone just to start and its very slow. You need a lot of hardware to actually make anything profitable and the electricity bill will be high. Also bitcoin value can drop suddenly very fast and you can lose a lot of money.
 
I think the moral of this story is that bitcoin is a massive waste of time and money unless you have one of these lol
ASIC-Mining-640x353.jpg
 
Bit coin is definitely an interesting experiment in economics. I own a couple of bucks worth just for fun.

I think the next generation of crypto-currency could be huge though. If anyone knows what that is let me know lol
 
13790330:GnarshoSapian said:
Bit coin is definitely an interesting experiment in economics. I own a couple of bucks worth just for fun.

I think the next generation of crypto-currency could be huge though. If anyone knows what that is let me know lol
Click to expand...

you've probably missed the mark as for the time to invest, but monero (xmr) is gaining a lot of traction and went up insanely in value over the last few months
 
If you can plug one in at work you get free internet and free power its definitely worth it but otherwise its not super cost effective. All you are doing is installing an active server and supporting their operation. Genius really.
 
You must log in or register to reply here.
Back
Top