Bitcoin Forum

Hi All,
I just read about allllll the news and research about bit coin mining.
My current spec is made for gaming i3570k OS win 7 with 8 gig ram and hd 7970.
residing in US, CA and electricity bill avg $30 month.
now i used all the calculator provided online but I want to see if someone with a similar rig etc actually found it profitable.
cause #1 wear and tear these gpu cards are expensive.
#2 all those statements saying pools are low and steady but still the amount shared is varied by workers so the x value is still unknown.
I still feel like theres alot to learn prior to mining so wondering if anyone out there could share their story before i ruin my 1.4k gaming rig lol. (could really use side money).
Bitstamp is buy/selling for ~$600 usd per coin?!?!? how would it usually on average take to farm that?.

now before people rage about using google I did, but their explanation is vague or very little detailed ( some too detailed ).

Thank you in advance for taking your time and reading!
Please share!

Your single 7970 will earn you about $5 bucks a day in bitcoin.

I started mining a long time ago with four 7970's. Today, I have over 50 GPUs hashing away, all from previous mining profits. My story is useless to you, because you are entering a totally different market.

You say "too detailed," but I say you haven't read enough. I have over twenty days of activity on my account, on this forum alone.

Really about all I can add to this...

By the way, how long did it take you to study "allllll the news and research about bitcoin mining"?

It takes about probably a week, to get the entire info on whats going on to make bitcoin because after consuming all that info.

You`ll come to the realization of mining is dead based on doing it directly unless you have some serious cash.

The best thing is to just focus on earning dollars, and buy it when its cheap.

Perfect example of overpaying and not getting your performance is CoinTerra with the 2 THs = actually mines 1.2THS which is a huge difference than most people think.

Heres a guy that goes into detail, plus even tweaking it says about performance.

https://bitcointalk.org/index.php?topic=461077.0

I'm very new for the coin mining but i think it not worth trying

Nowhere even close to that, you're off by like 100 times (closer to $0.05 /day).

Mining bitcoins with graphics cards is no longer at all profitable, you can only mine bitcoins with ASICs, but it's almost impossible to buy an ASIC that will actually pay for itself with the rate that difficulty is going up, and the few that are likely to require an initial investment in the thousands of dollars.

However, there are altcoins you could mine that might be profitable, and then sell them for bitcoins.

If you had really read "allllll the news and research" then you would know that mining Bitcoin with a GPU is not profitable. Your 7970 has a hash rate around 800 MH/s which will probably mine less than 0.008 BTC over the next year or about $5 (I don't know where the other guy got $5 per day). You will pay much more in electricity than you will mine.

SHA256 (including bitcoin) Coins are not profitable with you hardware, you'd want to mine a Scrypt(normal ,-n or jane) or Keccak based coins with your gpu, and with your cpu mine some cpu only coins, your HD7970, your pc won't make rich, but you can some decent pocket change with your pc

underclock your 7970 andyou are good to make profit, just look carefully into which coins to mine.

It's not worht it op, just mine an alt coin instead.

yes, they are overpriced and will make you rich :)

nice to see you wake up from your 3 year coma.

mining isn't profitable anymore in bitcoin without enough hashing power.  your 7970 is not up to par with today's standards and that's a huge overstatement.

anyway it would be better to try and look for something new out there, like ripple.  you can read more anout it here:  https://xrptalk.org/forum/61-faq-and-guides/  (http:// https://xrptalk.org/forum/61-faq-and-guides/)and here:  http://coinjoint.info/ripple-might-want-pay-attention/ (http://coinjoint.info/ripple-might-want-pay-attention/)

So u want to do GPU mining?? if so u need to mine scrypt coins like litecoin

if you can find someone you believe is knowledgeable and trustworthy to guide in the field of mining bitcoins and you have the extra funds to make a decent setup.  I'd say weigh your options and if you feel it is worth the time effort and money then I say go for it and good luck!

Alt coins are probably the way to go, yep. Otherwise it's not worth it.

As others suggested, you should forget mining bitcoin with your GPU.
Bitcoin (SHA256 coins) mining hashrate: https://en.bitcoin.it/wiki/Mining_hardware_comparison
Bitcoin mining calculator: https://bitcoinwisdom.com/bitcoin/calculator

You may try to mine altcoins, but don't expect to get rich from it. :)

Litecoin (scrypt coins) mining hashrate: https://litecoin.info/Mining_hardware_comparison
Litcoin mining calculator:  https://bitcoinwisdom.com/litecoin/calculator