Bitcoin Forum

Hey guys, I was just wondering how many of you successful people got your start.  I other words, how could one go from hashing one bitcoin in 3 months at a rate of 28 Mhash/sec to running multiple rigs in the Ghash/sec range using only bitcoin?
As it is, I've found it to be a waste to try hashing bitcoin at that rate since I only get maybe .01 BTC every 3 days or so if I'm lucky, so I've been using my hardware for BOINC to help with scientific and medical research.
I'm open to suggestions if you've got 'em.  I'm on a low budget so I can't really be spending any money on equipment other than what I generate; so I'm looking for ways to make BTC.  I've taken to selling items for BTC, but it's slow going.

Can anyone offer any advice?
And what are the chances of me hitting a block with that small of a rate?

You could try micro-investing on the bitcoin stock exchange the GLBSE - https://glbse.com/

Hmm, thanks.  I wasn't even aware of this.  It's like the flip-side of MtGox I imagine.

Check this board for the relevant security's listed on the exchange -   https://bitcointalk.org/index.php?board=78.0

Try asking around for scrap metals like copper or lead batteries. Sell them at salvage place for money. Buy btc.
Amazing how many people have old car batteries and junk extension cords laying around.

In the UK we have vans going round every week doing that.  I remember as a child seeing the Rag'an'Bone man going round on a horse an cart doing the same but for stuff like old clothes too.

You could start a minig company on glbse, using the ipo funds to buy some decent mining equipment.

I think most people spent a handful of FIAT to make their bitcoins in the start

I did something like this, but I started properly mining with a single 6950 towards the end of May last year.
Actually spent the majority of my BTC on other things, but I've still got ~2.2Ghash/s worth of equipment mining (3 7970s in my main PC and a 5830 in the media centre PC under my TV  :D) through a hopping proxy, which still gives me a not insubstantial BTC income. I'd have picked up some more hardware with what I've mined over the past few months but with the uncertainty surrounding ASIC introduction I've stayed away from that.

I got started buying 2 refurbished 5750's for $65/ea about a year ago. Used my coins to purchase 3 mobo's, 8 5830's, riser cables, molex to 6pin cables and a power supply. Even traded some BTC for Amazon GC's to purchase my Antec TPQ 1200 PSU. Not bad off a $130 investment.

Mining is not a get rich quick scheme

Seems to be close to it tho if you have very low power costs and seed money for hardware. The roi is fantastic over last year and a half.

Take your BTC1 and use one of the referral links in my sig to join Pyramining.  You will start to earn 10+% on that investment immediately.  Then start recruiting others to join under you and increase your earnings!

Assuming current difficulty would stay the same, your average time to find a block would be a little under 12 years.

You might want to look into a litecoin mining pool. I understand the profitability is around that of bitcoin mining or maybe a little better but I haven't run the numbers in the past week or two. There are a few exchanges you could trade your litecoins to bitcoins or just hold on to them.

But like the others are saying, I got started with mining by spending some money to invest in a pair of 6950s. Bitcoin didn't pay for them initially, but they have paid for themselves. I don't think mining casually is a great way to make lots of money. I don't count on my mining income for anything, because it seems to me as more and more specific hardware comes out (FPGAs and ASICs) it is becoming profitable only with a strong business plan and a strong understanding of the technology market.

Where in Gaben's great shadow did you find 5750's for $65?? Even refurbished??

Geeks.com, they rarely have any openCl capable Radeon's but they had those then, it's worth keeping an eye on.

EDIT: looks like they have 5750's for $64.99 right now  http://www.geeks.com/details.asp?invtid=HD5750-PCIE-1024-PB&cat=VCD

maybe i am confused but you can get a 5830 on ebay for about 60 bucks if you are patient and keep putting
in lower bids up to that level....

which is very true, last year tho 5830's were going for a good bit more, plus I wasn't ready to dive head first into Bitcoin so the 5750's were a safe bet because if this "online money thing" (as I looked at it back then) didn't pan out I could at least crossfire my 2 5750's and have decent video on my desktop.

People who start mining and ask about their 28Mh/s setup make me laugh..
Solution = quit mining with your usless hardware UNLESS you are learning and then LEARN TO SEARCH first

If it isn't you're doing it wrong.

Show me any other investment where you can forecast 100-140% return in your first year.

price is coming down. onlly 59.99 now

You know the resale on these is going to be virtually nil once asics hit, right? 

M

Right, because we all know there's no market for graphics cards outside mining  ;)

Just buy bitcoins ?

For cards that are two generations old when thousands of miners are trying to get rid of them? 

Probably not...

M

I'm glad my 7970 will still be a very good value when I am done mining with it.

Not so sure about a 5850 however.

Don't sell your card before you see the ASIC's because it could be a SCAM too.

LOL anyone who is looking to sell their cards cheap pm me, seriously.  5770 is my favorite video card.