Bitcoin Forum

Hi all:

I just started acknowledge the existence of Bitcoins a few weeks ago. I have two wallets now and been to a few gambling and free Bitcoins every 30 mins-1 hour sites, but the topic I am most interested in mining.

http://www.ebay.com/itm/191046155543?_trksid=p2047675.m570.l4467&_trkparms=gh1g%3DI191046155543.N19.S2.M-22713.R2.TR2

that is the miner hardware I have right now, I only have 1 atm since I am a beginner and this is for gaining experience in mining only. Even before I registered this forum I read on here that 335mh/s is not gonna get me any coins. I am currently mining in slush's pool, and had a confirmed reward 0.00003938 BTC atm.

so my question is what is the easiest coins I should mine with this kind of hardware right now? Where I should mine them?

and what USB hub do you guys recommand if I want to use multiple miners.

Can't comment on the USB hub, but mine straight BTC; while you don't get many coins, the value of them is greater than the others right now.

can you give an estimate of how long before I can get 0.1BTC with this hash rate?

Dont bother with mining. Its only profitable for commercial operations which manufacture the ASIC chips. Hobby mining is DEAD, unless you are OK with mining at a loss to support the network.

At the moment you get 0.0002 BTC or so a day off 1 GH, so a long time (at least half a YEAR if difficulty remains the same as it is now).

supposely if I have the new Bi Fury which runs at 5 GH, I will get 0.001 a day right? yea, I can see that there is no way I will make anything with this thing lol, but experience is the important part.

I had seen some pretty serious setups in the past few days on youtube and the web. Those people who made their own "Bitcoin farms" which has many USB miners plugged into a giant powered USB hub must getting 1BTC per hour, lol.

I doubt anyone has even nearly enough USB miners to earn a Bitcoin per day.

The general idea behind the hardware is that if you are ONE OF THE FIRST to get the latest and greatest, you will profit. If you're not, you lose. The reason being that the market ends up overflowing with the hardware, so if you're not one of the first, others have watered down the profits you'd have otherwise made.

so now it comes back to that question. What is the best alternate coin to mine right now. It might be like that for Bitcoins, but maybe the alternative coins are still in the stage of what Bitcoins is when it first emerged.

I had seen someone on this forum said something about not blindly fanboying Bitcoins and mine some other coins first because you will never know when those coins will actually worth something in the future.

There are no altcoins (SHA at least) that are worth more than Bitcoins, so while you can earn MORE coins, your value will be less.

The issue with SHAs is that if anything profitable DOES pop up, everyone swaps their ASICs to it and kills it.

my point is why not grab some of those coins right now and save it to my wallet until it is profitable? before everyone swaps their ASIC to it and kills it?

hey, you never know.

You just bring it to the risk vs reward situation. Would you rather have a chance to win more with the chance to lose, or know where you stand?

It's all personal preference. I've personally jumped on some new coins in the past as well. Some paid off, some didn't.

it is all a gamble huh, sounds fun.

so if I want to stay with mining just Bitcoins, I'm signing myself up to a hardware competition. If I want to mine the altcoins, I'm in a game of risk and reward, am I right?

Basically you're at risk vs reward in either situation, Bitcoin just has less methods of failure (ie. if an alt tanks, you lose it all. If Bitcoin tanks, you lose it all even if you are all-in on alts). With Bitcoin you only care about one thing: how Bitcoin does.

But yes, it's also a hardware competition, in a sense.

Pretty much look at it as being an investment, and decide what you can risk and go from there.

I see, thanks for the heads up.

No problem!

If you want to do SHA and also want to go for most profitable at the time, you can also hit up Multipool.us -- the site has an autoswitcher for SHA so you will always mine the most profitable at the time. The trick is to sell those coins asap though.

It is strange, before you posted that, I am already on multipool's website for at least 10 minutes lol.

lol, that works. And set up an account at Cryptsy, and use their addresses (with autosell enabled) for your withdrawals with the minimum withdrawal amount. From there, it is pretty much automatic (although you'll need to check Cryptsy from time to time to ensure the orders got placed; sometimes they don't).

ok I will, doing it right now.

EDIT: I just realized that I had registered an account on Cryptsy before I even joined this forum lol

Perfect! And for the most part Multipool will be mining BTC. It's not often that it switches over.

yea I can see that, the scrypt coins are changing constantly, but the SHA is always in BTC.

Really hard to profit in mining. Difficulty is increasing like mad and ASICs is coming out for scrytp

Forget about mining bitcoin for profit.
And, never buy any mining hardware on eBay as they are all highly overpriced. :D