Bitcoin Forum

Hi Guys

I have been looking at the BTC project for a while now and decided to start small...
I started with a GPU generating 227mh/sec running with 7 days with minimal failures earning a total of 0.00002243 BTC. I'm connected to the Slushy pool.

I have now purchased a Antminer U2+, using bfgminer 5.xxxx and i'm currently running at average of 2.3gh/sec from my basic calculations this does give me approx 20x more hashes.

Obviously if i'm going to invest in further hardware is it worth progressing with AM U2's using a USB hub, is it a worthy project, and how do i know when my calulations fail on BFGminer? I have the command prompt but can only decipher a few details.

I know starting a project like this is not profitable but an interesting "potential" investment for the future.

From an investment perspective it seems pointless. Its not profitable now and is unlikely to become more profitable in the future, which seems to be the opposite of an investment?

Everyone gets told its pointless to mine, but we need miners for BTC to function. So whats the deal? who is getting profits there then?

USB prices make them more for fun when comparing prices.

If you have additional capital I would look into bigger miner's.  The price per GH is just much better.  Of course do a ROI beforehand.

Mining is profitable but only in huge colocations with serious capital investment and knowhow. At least that's what I have come to conclude based on people's experiences.

You need space and decent priced electricity.  Electricity is huge factor.   With Asics personally I still am able to mine with profit so far.  I did have to stop GPU mining as summer made it where i could not mine with a profit, i was better selling off GPU's.

Sure wish I fell into this category.  Personally, if your primary motive is profit mining bitcoin is probably the last aspect of the ecosystem your going to want to get into.  Just imagine yourself purchasing tens of thousands of dollars worth of specialized hardware only to discover the the instant you pay for it price depreciation kicks in immediately...a price depreciation unlike any you have likely seen in your lifetime (no joke) and combine that with the ever increasing difficulty and what you have is a recipe for profitability disaster.

Yea, people generally discourage newbies from mining, but to my opinion it's not the best advice because more unique miners = better security for bitcoin network.
I think better advice is: Wanna try? OK, collect some info and go for it, but do not expect great profit and definitely DO NOT INVEST ALL YOU HAVE - bitcoin is still sort of experiment.

Back to topic.

Welcome fellow-miner Someoldpikey, I like your attitude and agree with you. Mining is interesting and has some sort of magic around. So don't let ignorant users (I mean those with simple answers "do no mine") to ruin your idea, if you wanna try, go for it. But make some calculations first.

Little advice
Calculate how much 1 Ghs cost you and compare price with some cloudmining service (e.g. PB minig current price is around 0.0028 BTC/Ghs). But also take into account you have to take care of setup and el. bills. while mining by own. 
Perhaps will be better for you to use their service. Sure, this also has pros and cons but final decision is up to you.

Good luck with your project.

Getting in the mining business is just like any other investment. Maybe you are now on a lose, but if BTC goes to 10k you'll recoup all of your loses.

minign at this stage in the game will lose you lot sof money. with how high the difficulty is and  how much it goes up each time you are going to never make your money back. th eonly way you will is if bitcoin goes up in price by a lot in terms of USD. which in that case u are still better off buying the bitcoin at a low price and holding.

At this moment, your 2.3 GH/s should bring you about 0.000048 btc a day, and the number will go further down as difficulty goes up.

Your mining profit depends on several different factor, and you can check a mining profit calculator like this one https://bitcoinwisdom.com/bitcoin/calculator.

You should sell your mining hardware and buy bitcoins with the gain, in my opinion you will earn much more coins in this way.

It all depends.

If you are lucky to have cheap electricity and lots of space... and can mine with profit.... why not?

Most don't mention it but you can do both trade and mine.  Yes mining is dead for most on GPU/CPU.  But depending on electricity asic mining is very much alive.

Not really even with loads of space and cheap electricity, difficulty would be rising too fast. You need a large sum of money and to take risk as the faster you get the most efficient ASIC available, the more probability you would have to ROI. That involves preordering which have a lot of risk as the manufacturer may not ship the device. You also need to risk the device malfunctioning and manage your cooling. It is very hard to find space, cheap electricity and money.

I also started today, it will be a long way until my first BTC. Good luck everyone.

Agree with him. Just a small theory of mine, when is the last time you heard of a wholeseller or manufacturer die in the industry? They are always the last to die. first to earn. Think about it.

Don't mine, just but bitcoins with the money.

Are you referring to a potential very high bitcoin price in the future?
IMO, the future price shouldn't be in consideration at all as you can use the money to buy bitcoin directly now.

I'm currently selling out my 10 GPU mining rigs - I did mine something durign the last year, but now it doesn't make sense any more. Just buy Bitcoins for money (you can afford to lose) and hold. With mining you always need to worry if everything is working, if devices are alive, are pools down, is electricity too expensive blah blah blah...that's for big guns now.

Might consider looking at some other cryptos besides BTC.  A lot of those can be mined/traded for a profit right now.

The hobby can be quite expensive depending which route you take.

I`d just advise on the mining nonsense and just buy bitcoin when its low like these days have been, and hold.

Welcome to the hobby!  Myself I enjoy experimenting with different miners and settings.  I've tried various machines and these are my results so far:

CPU and gpu of doge coin and Litecoin: not very efficient so no longer mine with them.

5 chip gridseed miners.  1 died, the rest I'm using to mine just Litecoin at the moment and getting ready to try xdual mining.  Waiting on some new measuring equipment to monitor power consumption.

U2:  I've found bfgminer the best software to mine with u2s. However I've found they have a very high mortality rate-like 40%!   Not sure if this indicative of the hardware, or the fact I purchased these used, which I've done with all my hardware miners.  Since folks are selling their miners as they either exit mining or buy newer equipment I can get pretty good prices on used miners.

Block erupter cubes.  These have worked ok, but I've never been able to get them anywhere near their maximum rate, even when I over locked them and trying several different pools.  And when I over lock them they tend to melt the fuse. 

S1: my most successful experiment so far. I get the typical hash rate with no problems(180). And their costs used keep dropping, the average seems to be about 150$ per unit.

Good luck and have fun.

Jack

You're too to see lots of people with a bunch of BTC ...try to realize they got lucky but it's unlikely you'll make te same kind of cash. Keep it a hobby and don't invest too much

If you looking fr a profit than start up with some other altcoins rather than btc,It's hard to earn a quick profit starting with such hardware.Other alt cryptos are real good for mining and making quick profit

We missed our lifetime chance to get rich. Let's all get together and cry. Free hugs  :'(

For Now if you don't have not enough money for the investation, you have to think twice if you want to invest your money into bitcoin mining as CEO.IX or PBmining.com. it because of the fluctuating price of bitcoin, so you can not predict how much profit will be earned, maybe that should be calculated first is how long it would return on investment

Thats what you should call this, a hobby. Do not take it toooo seriously. Might be the biggest regret of your life.

Actually, I wouldn't recommend any cloudmining at the moment, as none will return a profit or ROI.  If you absolutely must, at least pick one with a reasonable price tag.  Know going in that you won't profit probably, but at least you're getting decent bang for your buck:

https://www.hashnest.com/

http://gawminers.com/pages/hashlet-solo/

Buy a few hashes, accrue some coin, but if you truly want to gain the most Bitcoin with the least effort and time, just buy it at an exchange.

Cloud mining isn't profitable at the moment but nobody knows if it will be in the future,
my advice is to invest your earning in bitcoin and hold them for the long term.

yah, i think mining cost a lot.The money you mine, you buy btc and invest.

Got that man..The thing is where to invest?

IMHO, just buy some bitcoin with your spare money, keep it safe and wait for the bitcoin price to go a lot higher.
Don't invest more than you can lose, as you never know if bitcoin price will go up or down.

Yup, thats the best investment right now..

mining at this stage will lose you a ton of money dude. dont even bother. its all loss. seriously. stop mining its not worth it. u can get 2000 free satoshis if you play dicing on win.88 lol

Yup, none of the mining is profitable.. the noob need to start reading and buy btc instead..

2.3 GH/s are 2300 MH/s, so you've now got about 10 times the hash rate than before. You may look into buying larger miners. Maybe the new ASICMiner tube. They're in stock and have a lot more power. Also, they're much more efficient, they use less than 1W/GH/s!

ASICMiner is good and legit, but the minimum direct order is 40 hashing units which is 200-215GH/s each, ie. 8TH/s total.
https://bitcointalk.org/index.php?topic=735728.0

For smaller order, you may consider CanaryInTheMine's GB. https://bitcointalk.org/index.php?topic=735982.0

Bitcoin is more stable and is backed up with maybe a million users. Stick with BTC. Hold your BTC. Learn more about it and then decide.

Great! A newbie.. Can you update how much your btc is right now?

only the big farm make profit, because they are far ahead of us, and they can keeps fill their farm with other asic, in not time

Why? Do you think btc is not a good coin to start with? You can still trade btc with real cash.

We don't need that many miners, actually. We just need a rather distributed amount of miners. Bitcoin could theoretically work with a handful of miners who only use their CPUs... (It would be rather vulnerable, yet it would work just as well).

If you are a newbie and might want to start mining. What is the right budget for that?

haha who does not like if something could be a field of money :)
moreover bitcoin is very easy to become money but it takes persistence and seriousness in her live :)

As an update I ran the numbers this month for mining over the summer and my electricity bill is too high to do this as a hobby, so I've decommissioned everything but my S1's; and I'll be moving them to my datacenter cabinet (until I need the space for production machines) since I'm paying for the empty space and not using it all at this time.  So if you're doing this as a hobby keep an eye on your electricity costs - or find cheaper electricity.
Jack

I guess You should save your pennies everyday and buy btc weekly. Then note it down (how much you bought and what price).
I guarantee you'll have at least 10 times of these changes. :)

Now BURST is the hottest coin.
Even Note can earn money with HDD.

I didnt even know that coin. Are you joking?

He was talking about this https://bitcointalk.org/index.php?topic=731923.0.

And nope, it is definitely not the hottest coin.

I don't think investing on mining is a good idea. You should think about something else rather than mining. You can try for BTC trading.

Even burst coin isnt profitable anymore.

Bitcoin trading is even more risky than mining.
You could lose 10% easily in just a day, and so you should try it in a small scale and should never put in more than you can lose.

Run your miners as long as you can afford to. The btc mined could be worth many times what it is in the future. Unless you are paying more in electricity than it would cost to simply buy direct, you are good. You've already purchased the miners and you won't get what you paid for them if you sell, so you've got to ask yourself "what do you have to lose?"
Plus you don't want to regret not mining if btc hits 10000 or greater.

I'm new too, I have tried to mine with a couple of block erupters but I think that faucets are better..

so how much should I invest if I want to buy a mining hardware? How much is the budget?

Whatever this costs:

https://i.imgur.com/Ek4O316.jpg

Miners, rack space, cooling costs, datacenter costs, support costs...

Whatever that's involved in this picture is what it's going take to mine seriously for profit close to breakeven or maybe even a loss.

If you're just mining for hobby at home, just grab a single Antminer S1 or S3+:

https://bitmaintech.com/userfiles/image/00320140701102230441fGxsJ333065E.jpg

Welcome to Bitcoin, and good luck :) I do it as a hobby too!

Good luck with that sir!  ;D

If I was you, I would seriously consider investing into some new 2.0 POS coins. BTC mining is not profitable and it is not seen to become profitable in the near future!

I have also been getting tons of feedback saying that mining is not worth it. If anyone is indeed interested in trading/mining alt currencies, DigiByte is currently #1 in profitability of all of them.

-T