Bitcoin Forum

Hi, I used to have a mining rig for dogecoins/scrypt coins. It had 2x ASUS R9 280x. However, I sold that a few months ago (the full rig) and just made £80-£90 after electricity costs and loss from the cost of the rig. The good part was that I made £400 in the first month and £200 in the second. I stopped in the fourth month I think.

But my question is that - is it still feasible/can you make money with a mining rig in the UK where electricity costs are £0.14 per kWh. My mining rig used to take 650W and that would cost me £60 per month. And also the difficulty has gone so high ?

Mining BTC with a GPU?  Maybe a couple years ago...

Mining with GPUS was over by 2012 early 2013.  We are neck deep into the ASIC mining era for all algos, SHA-256 and SCRYPT coins.

If you don't have an ASIC chip based miner, you're not really mining.

Probably the 2 most reputable manufacturers on the block:

https://www.bitmaintech.com/product.htm


http://www.spondoolies-tech.com/


Personally I'd advise against getting any mining hardware right now, because there seems to be no ROI in sight for anything you buy, unless you somehow have free cooling from the North Pole and have free solar power.

Nope, not feasible. Although someone will most likely give you some hope by spouting some garbage about altcoins. Take that with a grain of salt, lol.

If only, it went from okayish when I bought my new hardware to....  In 2 months.

no it is not if you are planing to mine big altcoins with high network hashrate
you can try you luck mining newly launched altcoin with x11 and other x algos
not possible with scrypt anymore because of scrypt ASIC

Really only use you will ever have at this point is if you want to get a vanity address.   No use left as far as profitable options on GPU.

Scrypt based mining today is similar to what bitcoin mining was in early 2013. The advent of scrypt based ASICs has made it so it is become less and less economical to mine scrypt based alts. Plus the fact that many of the major altcoins have forked to support merged mining means that all the mining capacity is focused towards the same group of alts

its all a mess stay away from any kind of mining

its not at all worth....do not even bother to buy anything ....the maximum earning now with a r9 280x is 0.001 BTC/ per day ...so unless you already have the GPU and free electricity or you thing BTC will cross 1000$ ....it won't even pay itself.

You could focus on mining Cryptonote coins.  Boolberry I believe can be mined well enough with a graphics card. Plenty of x11,13,15 coins out there that might get you some profit but you would have to search for the one thats best for the speed you could get.

OP is talking about scrypt mining.

Actually, this is the time of Scrypt ASIC to take over the mining, but GPU mining can still be profitable if you choose your coins carefully.
For example newer algorithms like X11 use way less power than Scrypt mining. And if you're careful enough to choose a coin that will eventually be worth more in near future than it is today, you can make decent profits.

But choosing a coin is a gamble after all.

Even if you choose a good coin chances of paying for a GPU and electricity is very very slim.   For most the day's of GPU mining are long gone.  I enjoyed building the GPU machines but I parted mine out as the cards were worth more then what I was going to get mining. (It's been a while since i sold my GPU rigs).

GPU mining is still possible with x11 algo, but your electricity need to be really cheap. I would advice to sell away your GPU as x11 ASIC is coming..

what? not true, mining with gpu until the jackpotcoin era was a really good investment

jackpotcoin and maybe cryptonite were the last good coin for gpu

monero also but with his private gpu minare it wasn't that great

I've been using my GPU rig to mine Feathercoin with great results. They changed their algorithm to NeoScrypt a couple of months ago so Asics won't work anymore. At current prices, I find them to be one of the few profitable coins to mine with my rig.

wish this was still possible as it was fun. Electricity would cost was to much to waste your time

I'm pretty sure the profitable mining days are long gone. The field is just too saturated these days, your better off just using the saved electricity and buying the altcoin of your choice.

Not anymore, the difficulty for neoscrypt rise fast and now not even able to recover the electricity charges.

To be honest big players with cloud power and a load of cash have gone way to far ahead for the little guy, this is a sad fact I am starting to get my head around now. I had a bit of fun trying to mine and got limited luck but its got to hard to compete with the elite miners of today.

GPU mining days are over and with current crypto situation even with free electricity , GPU mining would be marginally profitable , not worth the effort.

But what about the CPU mining? I've heard Magi is a promising new coin?

SpreadCoin is profitable. I've fired my 7950 back up and am paying for it's electric bill and then some just like early last year.
Willing to pay top rental fee if any of you X11 mega-rig owners want to solo-mine for me.
re: https://bitcointalk.org/index.php?topic=916787.0

i stop mining Magi

no profit

What the community has gathered from experience is that more than 90% of new and 'promising' alt-coins do not last very long.

Every now and then a new alt-coin enters with a new and unique feature that gets attention of the community and people start mining with high profits. But if you look at the same coin after 2-3 months, it fades into darkness with no profits, no community support and no future development.

True , GPU mining was both  fun and profit while it lasted ,  but I was talking from investment perspective as many people had queries about investing in GPU's for mining.

It's not and probably will never be anymore unless you pay one of the kernel makers on the forum for access to their private kernels.

What's happening right now is akin to ASIC development, only with private kernels instead of specialized pieces of hardware. You also don't know it's happening because they don't usually advertise besides posting their screenshots around the forums for bragging rights and to attract clients. There is no public venue to go and look at the 'wares' so to speak, which actually makes it worse then ASICs as most people don't even know it's going on and there is no way to 'buy in'.

I got into the GPU boat to get around this sort of thing, but it actually ended up worse in the long run unless someone makes a highly optimized algo that just uses everything from the start (like scrypt).

And the amount something can be improved varies wildly. For instance you don't think mining can be improved from a efficiency standpoint, but other miners do it (and you've even done it yourself).

1% improvement is much different then a 50% improvement. There are diminishing returns when you start getting towards optimized coding or even something like scrypt, which is running into a utilization envelope.

Over by early 2013 ??

GPU Mining ... You were doing it wrong.

In late 2013 and early 2014 I made about $5,000.00 USD on 4 Small rigs. I made the cost of the rigs back fairly quickly and then sold the rigs in parts on ebay during the rush when people were buying up GPU's for ridiculous prices.

I sold my 7950's and 7970's for more than triple what I had paid for them.

Having said that, GPU mining isn't profitable now.

It's ok to mine if you can afford the electricity and look at it as more of a hobby than a smart investment ;)

Many people have made out with speculative mining though.

The first BTC miners were hobbyists. The first LTC miners were hobbyists. The first DOGE miners did it as a joke. Look how it turned out for all those early adopters....

Yes, early 2013.

The Asic era started in 2013:

https://bitcointalk.org/index.php?topic=140099.0

If you were still mining Bitcoins on GPU's in 2013, you were definitely doing it wrong...

Please don't mention altcoin mumbo jumbo Doge BS...those scamcoin pump and dumps don't count!   ;D

LOL! We are in the Mining section for Alternate Crypto. Who the hell would be GPU mining Bitcoin anytime in 2013 :p .

Point still being that GPU mining was going strong into early 2014. Don't post in the Alts section if you don't care to talk about them LMAO!

if the btc continues to go down, it might happen again...  ;D

Yes, with the innovation Spreadcoin has brought to the table (it excludes pools) mining with GPU's is once again profitable: https://bitcointalk.org/index.php?topic=715435.0

hmm... excluding pools tends to exclude small miners too... (and I am a fan of solo mining...)

Not at all.  It's actually a fallacy that it excludes them.  Now, you have to be patient for a payout as you're not sharing in a lot of blocks.  But when you find a block, it's all yours.

1 BTC is now 220$. Many are shutting down their farms, and the difficulty is dropping.

Which is not substantial compared to 50%. We're talking about improvement per hour of time put into it. 15% gap can be closed and made up for a lot more then a 50% gap.

If you get a highly optimized public miner from the start, then private kernals will die off, which is good. It's actually sorta funny, it turns out scrypt was still the best algo to mine on. Reduced power usage was great, but that gave way to private kernels which destroyed that.

Todays btc price: $170.08 -25.07%

Move your btc's into altcoins. F.ex Darkcoin