Bitcoin Forum

I am trying to build a dedicated mining rig with a budget of roughly 10K.

Should I buy a bunch of GPUs run the hell out of them, and them sell them when the ASICs chips come out?

I hear a lot about how GPU mining is not worth the investment, but if you are new and want to front run the ASICs cards. And then use profits to purchase to upgrade is this a feasible solution?

A lot of ASIC chips are already out there hashing. Unfortunately GPU mining is working only for altcoins nowdays - ASIC is far more effective and profitable. But then again - you have to invest A LOT to gain a profit out of it.

don't!
it's not profitable anymore IMHO.
gpu-s are expensive, high power consumption and scrypt asic-s are behind corner.
you'll never gonna make ROI.
if you think you'll gonna resell those gpu-s think again. shit load of them will be for sale everywhere after people stop mining with them! if you think people will made up some XY coin with XY algo to keep gpu-s in mining business think again.
my advice, keep away from gpu mining.
wait for next generation of miners (5-7TH) since there is no peace of asic gear worth of buying right now and be fast on buying.

For bitcoins sure is not a good idea

Have a look at Alpha Technology. They are promising the first ASIC scrypt miner. I have a group buy going if you are interested.

Only worth it for mining altcoins. As to how long, depends on how long ASIC's (alpha technology and others) takes to ship.

It's so hard to figure out what the best bang for the buck is with the upcoming hardware coming out.

The Antminer S1s do not look to bad, but how quickly will they stop breaking even in the near future?

I know that I could hold onto a few for a x-amount of time, toss it on ebay and screw some poor person.

Hmm, decisions, decisions.

I would rather not buy straight bit coins because I have some thing up my sleeve.

Any help would be welcome because I am looking to start ASAP.

Hi - I'm brand new here, and brand new to mining.

RE: Mining bitcoin via GPU not being a good idea - is this because of the difficulty curve that I read about, which adjusts as more bitcoin are mined, and as technology advances?

Thanks!

Mine altcoins using multi mining pool, combine it with CPU mining and If electricity is cheap then it can be profitable.

yes in scrypt, not in SHA. Right now you can mine more BTC per $ if you build scrypt machines (including electricity) than buying an equal costly SHA machine.

You would be better off buying those ASICs now, a lot of manufacturer already selling them..

GPU mining for bitcoin no longer makes sense. The power per hash is large compared to ASICs and the speed is slow. And it is only getting worse.

absolutely not

Looks interesting. But I'm assuming their 'product' is still at the drawing board? Have you heard a timeline for production?

You guys do realize that Asic Scrypt miners are being sold on the forum as we speak right?

Asiabtc sells them and there are groupbuys from BeastlyMac and cxboyminer

i know asics do better than cpu's for sha256 but how about for script mining?  I ask because the price of blade servers is going down all the time.. and if dells older equipment pull 5k watts for a fully populated 20 blade chassis...  it would still be less of a power draw than some of these GPU rigs  but not sure about the performance  but i would imagine depending on configuration it would be my cycles than a GPU rig...

if AMD actually made a GPU farm the way nvidia did that would have  been even better..

You can still make profit in altcoins script mining. Join some profit switching pool and good to go.

Which pool would you recommend?

Not true at all.

For 1000$ lets see what can you get. in USA R270 costs about 200$ for one, one can make about 400-420Kh/s
You need some normal PSU ( some 600w ) thats some 100$ ( well a good one not the cheap one ) to run 3xR270. Then you motherboard, cpu and memory some 150$.
So 600$ for 3xR270, 250$ for PSU and other stuff. You need extenders, then frame, and USB flash ( for Linux ) that shouldnt be mroe then 70$
So for less then 1000$ you get 1,200Kh/s thats more then 12,000kh/s with 10,000$ investment.

With that much hashrate he can make about 100LTC per month, if he mines alternate currency probably some 120-130LTC when he sells and buys them.
LTC price atm is kinda low, "only" 18$/ltc, but scrypt asic miners wont be delivered until Q2 ( some say not even in mid Q3 ). And also lets face it even if they are delivered there wont be many of them out there, so he still has some 3-4 months of mining. In that time he can make 300-500LTC ( lets say 400LTC ). If he sells them for 20$ he wont make much ( granted he will lose ), but if he waits and sell when the time is come ( and some say price will go to 50+ when reward get lowered ) he can make a lot.
Then he will still have hardware, you can't expect to sell for 100% of what you payed but even if he sells for 70% ( and he will ) thats 7000$ back.

Or he can buy 500LTC for that price and gable on that. This way he stands to lose 30% ( if he buts gpus to mine ), and to cover expanses by selling them, while he makes them...

Very simple.
It is definitely not profitable to mine bitcoin with GPU.
It is still profitable to mine scrypt coin with GPU.

It is still worth to invest in gpu mining. But altcoins are the only solution.
Use this site to find best profitable coin and mine it. Then exchange to whatever coin you like.
http://www.coinwarz.com/cryptocurrency

Hopefully not off topic;  but I would suggest not to make that investement.. having said that,  the question that araises me is, will all bitcoins ever be mined? since there are still quiet a bit to mine and the level of difficulty and the amount needed to invest...

Makes me wonder..

@ admin, hopefully not off topic, if so ,my appologies in advance

Granted I already have a rock solid motherboard/CPU P9X79 Pro Intel 4930K, about to be water cooled with 16 gigs of ram.

My rig is not the problem.

If I drop some cash on 3 R9's would that be suitable.

And I can safely OC the shit out of it.

I need to learn more about altcoins

is it worthwhile to build my own rig of G9s or buy from butterflylabs or KNCminer?

dont listen to this agenda faggots. I bough 2 7970's 3 weeks ago and i am already in profit.

Not worth buying GPU at all, since the price has dropped due to some panic sell, it might be a good chance to buy Bitcoin or Litecoin instead.

Or just buy FAS

Set it and forget it...
https://cryptostocks.com/securities/87 (https://cryptostocks.com/securities/87)

With the recent drop in bitcoin price, it is now a good time to buy some cheap coins.
Instead of buying GPUs, you should get better return and less works by buying bitcoin directly.

Its all about what you mine when, and the future value of the coin.i dont care name any coin in history, If you got in and started mining if the first few hours of release you made a lot of btcs
.

Prices of GPUs have gone up a lot in the last couple of months because mining alts became fairly profitable again. I'd say it's still worth it if you can get a good deal on graphics cards and have cheap electricity

GPU mining is certainly still profitable on Scrypt.

It is not profitable to mine any coin built on SHA-256.

Things to consider about starting to acquire a fleet of miners or GPUs: heat & electricity. Also, you should have some sort of fire suppression system in place if you care about the building you are doing this in.

It was never a good investment.  Treat it as a hobby.  BTW, people spend more on their hobbies than 10K so you are in the ball park.

Buy one rig, spend $2000, see how it goes.  If it is not for you, sell the cards, use the computer for something else.

As I stated in another post, consider this.  I made a pantload off GPU mining Bitcoin, but the only people who got true ROI were those GPU mining in early 2011.  I spent $150 for each 6870 and I could have bought 75 BTC instead.  Would have been much easier to just buy the coins.

You can still make $ by mining, but if the coin shoots up 10x you would have been better off buying the coins.

ASICs for scrypt is already out...

Yes for altcoins

No for Bitcoin

I would love to see some effective cheap ASICs coming up in the market so that break even time (5-6 months) is reduced

Is x profitable? Who knows? Yes so long as you don't mine and dump.

Seriously, I was mining 3 LTC per day last April. A few dollars profit per day. Had I kept them and sold at the top - VERY profitable but no I just sold them at market value didn't I?

Mine something that's going to stick around and hold it.

But I'd spend half that 10K on coins themselves. BTC, LTC and 1 other in a 40-40-20 split.

It's not profitable as shown there always %5-20 less. But if you like the idea of mining it's joy.

at this point in the bitcoin mining difficulty, i would not mess with anything less than the antminer s1 which sells for $1700 on amazon and hashes at 180 g/h.  i punched in a few numbers in the profitability calculator and it seems like it would take about 3 months to make that money back; everything you make after is profit, unless the price of bitcoins goes up or down.  i personally plan on getting a machine that gets at least 2 t/h (2,000 g/h) because i want more bitcoins.  i'm in the bitcoin game for the long run and am one of the believers who thinks that a bitcoin will be worth at least $10,000 in under 10 years.

go for other coins like litecoin or doge

You sir.. are a liar. The per Mh/s profits are very public. So unless you are making 5X everyone else...

go for gpu as your future proof.

why anyone would buy asic and be stuck on a few select scrypt coins is mad

For now, just buy the coins and hold. Prices are down, coins on sale anyone?

Hi guys I'm new to bit coin . Could I ask what Setup would I need to get 1bitcoin a month ? Also is it guranteed ? Thanks

You seriously need to do some reading first....

Take a look at nvidia 750 ti gpus.
Low power and pretty good hashrate and easy to scale up.
Also you can put your cpu to work by mining xpm or similar, thats what i currently do.
You wont be a millionaire on cpu mining, but it will help some on your roi since you need a cpu anyway.
Regards

agree, just stack coins up and have patience. it will pay up






.

Alot of people beleive in future value. Mining Bitcoin isn't a question of profitability off of the current price anymore, but off of the beleived future price of optimists :)

With 10k preorder a 250 mh/s scrypt miner from knc. If you don't wanna wate, you could buy 3 of the new gridseed miners that hash at 5 mh/s and are in a antminer s1 form factor. Or buy a bunch of gpu, mine scrypt/x11/scryptn/you get the point. Or several antminer s1's. At 400 ish a pop, that's around 20 antminers (still need to buy psu's) that's 5 terahashes right there, should make more than 1 btc a month. Idk how long, but for right now 5 th/s is quite a bit. From there I'd probably resell them and buy the s2's, black arrow, or spoodlio (or however you spell it).

I actually do all of the above, bought gpus for scrypt-n or others when/if it takes off, scrypt asics and sha asics.
Currently mining 3 different algos at same time.
And, ofc hold or buy some coins to save, Ltc,Btc and xpm.

I have both GPU miners for alt-coin mining and ASICs and the ASICs are way easier to run and make more money. there still is value in having new algorithms/coins for competition

i do GPUs all the time and it works fine for me

GPU mining is not worth it, ASIC/FPGA is already mining darkcoin and later on other profitable algo. So sooner or later ASIC going to kill GPU market completely.