Bitcoin Forum

Hey guys,

is there still money in mining or do you get only the costs of computer and energy back?

Depends on what you mine with.

Cost efficient GPUs can still get you a profit.

But to really earn some money you'd be better of with ASIC based miners.

For GPU mining, it depends on your electricity cost. Run the numbers based on cost of electricity, hash rate and price of bitcoin.

The consensus around here is GPU mining is no longer worth the cost, but I ran the numbers and figured that even if difficulty triples, at current bitcoin prices I will still make some money by keeping my computers on, something I already do anyways ;D

Here is the site you want to look at:

http://www.bitcoinx.com/profit/

All depends on GPU or ASIC mining ...and what your electricity price is

I'm still mining and will continue to. If you have an interest in Bitcoin, it's not a bad idea to try your hand at mining. I'd recommend doing some extensive research and making only small investments to start.

Currently mining hashrate is over 100THash/s

This means that yes, for some people it is profitable. Hashrate keep increase  :)

I think that gpu card for mining is dead only ASIC miner now

only ASIC can get money

ASIC is the not so distant future of mining..

Think of mining as a way to preserve wealth.

Only if you are minning scrypt, keep your coin from scammers and wait the right momment to sell

It very much depends over what time period you are thinking.
People who started mining btc, ltc and have held for 2 years have done very well.
If you want to mine today and get rich tomorrow, then I doubt it.

only ASIC can get money

Many people underestimate the amount of electricity is used in mining. If you can get "free" power you can make a lot of money.

I guess there is
At least in my country (Argentina)
Electricity is subsidized and buying dollars is restricted right now so BTC are bought/sold using dolar's black market price (more than 50% higher than the official rate)


 

I travel a lot so I get to use hotel power lol.

Im in a condo in panama city right now so LOL.

As long as it does not crash my graphics card

Well there is if you buy ASICs but they generally cost alot of money

Depends on your cost of electricity also!

I usually leave my computer on when I am at work etc... so letting it run as a GPU miner does not really affect my power consumption to much. With that in mind, after about a month, I only have .25 btc. Looking into some of those 5ghz mining machines but not sure if I want to drop $250 into it.

I was searching for other companies that make ASIC miners (differente of butterflylabs, avalon)...., but I can't find any..
Someone knows about other ones?

Which 5Hgz mining machines are you looking at?

edit: There is also Terrahash for those that can only find Avalon and Butterfly labs, but I'd stay away from butterfly labs. Avalon is a lot more trustworthy imo.

USB-dongle miner here: https://bitcointalk.org/index.php?topic=217104.0;all

Depends, but yes, you can sit around and mine all the new alts coming out everyday and dump them before the coins dump...

It s going to be really hard mining with only graphic cards. Many ASIC devices are poping up everywhere....

im still making money mining litecoins, I got a 5970 for cheap, it gets me about 1 litecoin a day for $1 a day worth of electricity. Its also winter here so the extra heat is nice.

Pay a legion of hard hat clad workers and you're in business! Boom!

yes , if you are sn ASIC based miner.

Hello. Why would you prefer Avalon Systems over Butterfly Labs. We have been looking into Butterfly Labs products and would love to learn more about the differences between each.

-Quality
-Speeds
-Advantages one may have over the other
-Power consumption

Thank you!

I wouldn't mind purchasing one of these sticks or a couple, but I don't want to buy 50 in one go :(

@Addictivegaming

I would choose Avalon over BFL as you don't see any bad publicity for Avalon on the forums at the moment as they actually make the products and ship them.
BFL charged ridiculous amounts for things and showed nothing of it. They then promised release dates and kept pushing it back as more orders came in and kept creating more options to pre-order. Once they finally got the ASICs to start production (Months after actually saying they would be shipping) they figure out their plans are all wrong because it is actually making parts of the product melt as the plastic can't cool down fast enough. A couple of days ago they added an option for people to 'upgrade' their product even more to squeeze more money out.
They even refuse to refund some people.
Avalon is actually sending products out.
However I can not persuade you, it is up to you if you like the idea of a faster product or actually receiving a product.

-Quality
The products are melting due to attempting to make them look good appose to perform how they should.
-Speeds
Unable to actually tell you a price changing the size of their prices for ASIC three times since original pre-orders came out.
-Advantages one may have over the other
What?
-Power consumption
Product hasn't even been released and they don't say any specs that anyone other than they can confirm. I can say I've made an ASIC that is half the power consumption how would anyone know any different?

continue working, you will got coins.

How about alt currency?

i made some profit off of wdc but the big guys raped the difficulty =/

The 5ghz Jalapeno is only about $250, This would earn it's money back in 2 weeks surely?

Mining new altcoins with some decent hardware and dump them shortly after they appear on an exchange is profitable  :).

It doesn't seem worth it with a normal computer. I think if you had free electricity and a high powered computer it would be worth it.

Would be nice if BFL send it second day after paying for it. Something is not rigt...

Still getting a decent return with my gpu rigs. ROI is higher though about 5-6 months.

I think recent math is roughtly break even on about 25c/kwh electricity?
anything above 15c electricity makes GPU mining like a chicken rib.

I wouldn't mind purchasing one of these sticks or a couple, but I don't want to buy 50 in one go :(

---------------------------------
Please search for "Group Buy", such as this one (closing shortly): https://bitcointalk.org/index.php?topic=201577.0
People get together and order the required number on these forums (was 300 min, now 50 min) from AsicMiner.

These are only good for GPU and converting to Bitcoin immediately

Alt coins are good to immediately trade for BTC as said above. When the ASIC devices hit the network, altcoins *might* stay profitable for a bit with GPU's.

You said "dongle" hahaha, that's a funny word.

I thinK so, and even if balance is negative Ill do for a long time, because I expect that price of BT will raise next year.

BFL? if you invest now expect to be waiting awhile. I've been waiting since last august...

You can also invest in mining shares.

Asicminer pays out nice dividends (40% per annum!) and they have proved to be trustworthy. They also sell their own designed hardware so they don't only get income from mining.

Their shares are available at Bitfunder.com, Btct.co and Havelockinvestments.com.

To me it makes more sense to buy these than spend the money on a mining rig. Unless you already have a high end gaming PC and cheap electricity. You have to earn back the cost of the rig and the hardware depreciates in value. Whilst the Asicminer shares may appreciate in value (or maybe not). It's the dividend I find interesting though.

Disclaimer: I hold several of these shares. Do your own research to see if it is a good investment to make. Both buying and operating a mining rig and buying shares are an investment which you may or may not redeem.

That´s exactly what I was looking for. Thank you so much!

Mining is forever.

Litecoin mining is the way to go right now (or some other alt coin such as FTC).  Right now a 7950 will mine about 1 ltc a day depending on pool luck and cost anywhere between $0.20-$0.40 a day depending on how much your electricity costs and whether you've undervolted the card to gain better hashes/watt.  Even if you were to mine Bitcoin with the 7950, you'd still end up with around 90% of the value (converted to fiat) compared to Litecoin at today's difficulty according to dustcoin/coinwarz.

I think performance > appearance when it comes to mining.