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Title: Whats the best way to mine bitcoins? Post by: MystiQla on February 09, 2013, 04:12:42 AM So whats the best way to mine bitcoins?
I have heard that mining with CPU isnt as profitable anymore... Title: Re: Whats the best way to mine bitcoins? Post by: panda1 on February 09, 2013, 04:18:59 AM Get in the ASIC line.
Title: Re: Whats the best way to mine bitcoins? Post by: DeathAndTaxes on February 09, 2013, 04:26:44 AM Pen and paper. If you get really good you can get up to 1 mH/s
Title: Re: Whats the best way to mine bitcoins? Post by: eBit on February 09, 2013, 04:33:47 AM So whats the best way to mine bitcoins? I have heard that mining with CPU isnt as profitable anymore... CPU mining is done. GPU mining is still profitable though, for now. The future is this: http://www.butterflylabs.com/ I would wait until the product is proven though, and then use an online mining calculator to estimate how long your break even ROI would be. That requires knowing your electricity costs and making some other assumptions which are very difficult at this point in time. If you just want to mine for the fun of it, or to support the network, then of course all that number crunching won't be necessary. ;) Title: Re: Whats the best way to mine bitcoins? Post by: lassdas on February 09, 2013, 09:26:33 AM CPU mining is done. GPU mining is still profitable though, for now. Calculating break ROI on a future product requires knowing your electricity costs, but claiming that GPU mining is still profitable doesn't? ::).... .... I would wait until the product is proven though, and then use an online mining calculator to estimate how long your break even ROI would be. That requires knowing your electricity costs and making some other assumptions .. My GPUs are offline a couple of months already for a reason, although with the recent rise in price it gets back closer to break-even, yet still no profit in sight and with first ASICs being shipped probably won't be profitable ever again. It might still be profitable for you, but without knowing electricity costs for OP you can't tell if it would be for him too. But even if it would be, it's doubtful to get back the initial investment for GPUs. But besides the requirement to know about power costs there's a lot more one needs to know to give advice about what the best way is, for example when you want to start, or how much money you want to invest, if you want to do it for fun, or for profit,.... Probably best to not mine at all (at least for now, wait for ASICs to "be available") and look for other ways to get some coins. Title: Re: Whats the best way to mine bitcoins? Post by: mjc on February 09, 2013, 07:26:17 PM If I had taken the money I spent on mining equipment and bought BTC and cashed them in now I would have more than doubled my money. Once ASIC comes out, it it does I'll have to wait 6 months or more before I double my money. Don't do it to make money. Do it to have fun and help the network and you'll rewarded along the way.
However if you really want to get into it here's some information I put together on my blog: http://bitcoinsbs.wordpress.com/2013/02/09/btc-mining-considerations/ Title: Re: Whats the best way to mine bitcoins? Post by: jojo69 on February 09, 2013, 07:28:52 PM Pen and paper. If you get really good you can get up to 1 mH/s lol micro hash |