Bitcoin Forum

Noob here, so i created a thread asking a question about returning to bitcoin and i got some comments saying that mining is really not worth it anymore unless you spend tons and tons of money.

So is it really not worth it? i have an inspiron 1520 with duo 2 core and 8600mgt gpu. 
Is running the miner on amazon free VPS enough to make some money?

It depends if it's a CPU (Useless), GPU (Almost useless) or a ASIC. No matter what you hear, to everybody, the ASIC is GOD. As soon as they came out, GPUs didn't have chance, and GPUs took over from CPUs in 2009-2010.

But if it's a AltCoin, you could get a good profit from a GPU or a CPU.

Mining is always worth it.
It's just not about making some quick money any more. Those good ole days are long gone.
Keep your machine running, and aim for a long term.

Mining with that specs the only reward you will have is burning down your computer for a satoshi, if you really want to mine, spend 10k usd or better buy the btc itself

If power is free, it's always "worth it" as in there is no loss to be had. But I guess, is it worth your time? I gave up on the idea of mining, personally.

If I were going to put any time or money into mining, I would take the more speculative route and point my miners at low difficulty alts (pre-pump). You'll swing and miss plenty of times, but it seems like just a few of those massive pumps (like AUR or DRK) will more than make up for it.

What if you dont have $10,000 on mining gear.  :'(

How does one make btc then..

ditto. there is so much money in alt pumps. that's the way i would go too. too poor to be buying mining equipment right now anyway though. :-\

Btc mining for us common mortals is almost impossible, but if you want to earn some coins you can take a look
to the altcoins section and mine them with scrypt algo, but I think you will need a better gpu.

I've seen an ASIC machine with 5GHs rate for $270.  Is this machine better than say a $400  nvidia GTX 870 with intel i7 4770k?

5GHs is not much. You'll make $1/week at most. Mining altcoins with a Scrypt ASIC is way more profitable,and mining the newer algo's with a graphic card is more so. As you can see,with the increasing difficulty,it's impossible to get RoI with just 5GHs,and you'll always be at a loss.

What is alt pumps? i've only did bitcoin mining one day a year ago and gave up lol so now i'm trying again

is a 5GHs asic better than a high end gpu like the gtx 870?

I think its kinda a shame that it's not possible for newcomers to mine now. I would have loved to earn some coins by mining, but I guess that's your reward for getting into bitcoin early. Oh well, at least we can still hope were part of the early adopters on the grand scheme of things.

No. Even though you're making a loss on both when you take electricity into account,at least you can use the graphic card to do other things like gaming and you have resale value for both the processor and the graphic card. Further,you'll be making around $5/week on a gtx 870 compared to the $1/week on the ASIC.

I would like to mine too, but obviously cant without a lot of money spent. I might try mine an alt coin eventually but worry id be wasting my time.

Free VPS services doesn't give you enough BTC. It's not worth your time. My advice to you is mine x11 algo coins. Sha256 and Scrypt algos can't get you a lot money but x11 is rising right now.

Speaking of mining, I seen mining contracts... like pbmining.

Are they worth it? I`m in california, so electricity cost is high, it seems like this would be the only route for me.

Or is there other options..

if you want to mine BTC using your CPU, then forget it
try mine QuazarCoin (QCN), it's cpu only coin and sell your mining result to BTC
if talk about pbmining, i recommend you to read discussion here (https://bitcointalk.org/index.php?topic=484355.0)
many rational arguments post there about pbmining ;D

Mining contracts will never give a profit at the current rates. If you want to bet that the prices will go up in the future and that you will need Bitcoin for the future,go ahead and invest in a plan.

It depends if they're for altcoins, or Bitcoins. I'm guessing Piggy does fees, (I've only been on their thread one time.) and other things come to mind. Like their electricity costs, and a availability of miners. If it's for a altcoin, it's more profitable because there's not many Altcoins that are scarce.

Friendly reminder: Many people believe pbmining is a big ponzi.
Refer to this thread for the discussion. https://bitcointalk.org/index.php?topic=484355.new

You cannot mine Bitcoins on any VPS because the VPS provider would be terminating your VPS if you are occupying your CPU at 100%. You cannot use any normal computer to mine bitcoin since the difficulty is too high. You will need an ASIC, however some ASIC takes a long time to ship and you may never make ROI depending on your hardware cost and electrical cost.
-ranochigo

this


if u r not persuaded and u want to try, buy some gh on cex io, just for fun, and look the gains after one month  ;)

uhh, actually, i highly advise not investing in mining on cex.io. the only reason that place still exists is because newbies are so gullible and incapable of doing basic math to figure out that it is a horrible waste of time and money.

Never tried myself but one friend which was mining with about 60000GH/S or 60TH/s  about $130k worth made about 6% profit In few minutes trading His hash and mining at the same time. But Myself I didn't try It. Now when bitcoin Is going up so fast It was very smart to buy a lot of bitcoins in 1 week back It will be up $200 up soon and that's mad profit.

I think there is better money by simply buying/investing for most people -- the people that would be "casual" miners (as opposed to the big mining farms and what not). But I haven't crunched the numbers, either.

i told him to try, buy a couple of cheap gh and see what happens, just for scratch the mining itch (and realize that btc mining is not a good choice).

i know a lot of newb with mining fever that don't listen anyone and lose money in buying expensive asic

for me the answer is YES.
First time I started mining in January 2014 the profit was around $10/day, but now only 1-2$/day
Now I need a miracle to become rich with that little hash speed   :D

  :o :o What ASIC are you using? What is your electrical cost? Have you ROI yet?

Indeed, I've been mining myriad coins for a couple of weeks now cause I really think they will explode any time soon. :)

What are myriad coins? can you link the thread for this new coin?

I wouldn't recommend mining to anyone, unless they get the ASICs for free. I know that it will not even cover the electricity costs, but hopefully in the future the exchange rates might increase. Another option is to mine for altcoins such as Litecoins and Terracoins, and to convert them to Bitcoin using exchanges such as BTC-E or Vircurex. Slightly more profitable.  ;D

 :D

Not much profit for most alt coins, ASICs are coming out for Scrypt already.

how much more money can i make mining litecoin with a 5GHs making vs mining bitcoin in  week or month?

5GH/S Litecoin???? No its impossible to have 5GH/s Scrypt miner. Litecoin is less profitable nowadays, you need high-end ASICs to mine Bitcoin and litecoin. Litecoin uses Scrypt while Bitcoin uses SHA256. Scrypt is slower than Bitcoin by around 100 times. GPU mining scrypt typically have hashrates in Kh while Scrypt ASICs have hashrates in MH.

It should be this one. https://bitcointalk.org/index.php?topic=483515.0
For the price movement, you can check https://coinmarketcap.com/myr_90.html. :)

Depend, if you are mining new coin and it went up like darkcoin, you will make a lot of money.

For your setup check out the x11 or x13 coins to mine, especially the ones that launch (like the OPEC coin in a few hours)  You could make a few off of CPU mining to get an idea of how it actually works

If you have a solid amount of money to invest into mining bitcoin or alts you can make profit, but the question is why you should mine bitcoins If practice shows that just keeping a solid amount of bitcoins pays off much more than mining bitcoins or alts. Like If you look 10 days back bitcoin was about $450 and now It's $620, that's $170 up. Think If It's worth buying $10k worth of mining If you could of bought about 21 Bitcoin for $10k when the price was about $450 you would have $13k now and that's $3k profit just in over 10 days. And that wouldn't be possible to do that with mining rig worth of $10k. And I think there will be more ups like that so It's still time to buy and you can even make extra money by buying/selling at the smaller ups and downs. So in my opinion mining Is not worth It.