Bitcoin Forum

There is no free money in mining. You will lose. Use your money, buy coins and come back in a few years. No work and very simple.

No fun.

dont tell me what to do!   ;D

Lets mine all the coins!

You will listen to me!

And why do you say, that i am waiting for free money?

There are no free money at all, money are generated by hard work of ours rigs. :-D

Good point, but mining is fun! :P

That's really pessimistic. Miners are what make the networks and there are many many coins to mine. Besides it's not exclusively about the money but about the community and the fun behind fine tuning your rigs and software to squeeze the best hash rate. For a lot of people, including myself, we have computers that are always on anyway and may as well direct some of their otherwise idle processing power towards something that can make us a few extra dollars a week.

if you want to mine go to mcdonalds use there electricity and mine.

Well said MysteryMan!

We've got a small ASIC rig doing bitcoin, and several PCs doing, at various times, LTC, QRK and DOGE. The BTC stuff we make all stern and serious faces about. The rest is just a blast. Wife and I haven't had this much fun learning new stuff in a long time.

Life's too short! Mine something for fun!

Everyone should mine because it make bitcoin stronger.

Yes fun but some people max out credit cards at butterfly

Mine responsibly, buy mining hardware only with money you can lose.
If you think you have mining addiction get help.

Mining addiction is a huge problem, I'm in remission

Your loud and clear!  ;D It is fun and addictive bitpop, but I am with you, don't mine, print!  ;)

I still struggle with mining cravings

Hope you get over it.

If no one is mining, that we do here?

+1  ;D i have the same adiction problem ... i´m not alone

But...but... we dig dig dig dig dig dig dig from morning until night, we dig dig dig dig dig dig dig up everything in sight...

Now i mine since 2 weeks and learned very much about cryptocurrencies. I think now it could be profitable by long-term. Do it, without thinking so much.  ;)

Man I'm about to give in, I need a sponsor

the return is so small its not tempting me.

it really depends on your rig, and what you consider fun. There are lot of new coins coming up that you can mine and turn a small profit on. I know to some people a couple bucks a day doesn't seem like much, but it all adds up :)

its more risky buy & sell, mining isn't. Anyway i do the 2 things at the same time

Agree!!!

That's not true fellas

Example: DOGE ... I started making profit with one GPU faster than 1 week. Even 400 khash is enaugh to start with new coin. Just mine something that is profitable.

It's usually hard for newbs to keep track of profitability.

Hmm, but I don't see that being a big problem, because everything is risky.. How then should newbs know where to invest the real money, since I've seen lots of them buying coins at high and then panic selling. Better to try investing into one card, earn something yourself and play risky.. ! You can always sell those 1-2 cards if they don't pay u everything back.

I'd disagree with this... you just have to do a little research before you jump in.  A lot like the stock market, if you just jump in and start doing things, you're not going to be very successful.  And if you simply buy coins, you'll probably lose as well without doing your research too.

Mining is risky as well, ASIC mining obviously and with GPU mining difficulty increases as well so you better have cheap electricity to pay the GPU card in reasonable time

If you have the right equipment power is not to much if you find the right datacenter. 

If I don't mine I end up with a beefy rig and high electricity bill (work+gaming), if I do mine I end up with a beefy rig, high electricity bill and coins that could either be worthless or worth the rig and electricity bill. + it's interesting

I learned the hard way there is no way to make ROI on mining bitcoins.
Atleast I was able to sell my BFL on ebay and make + $ on it :)

bitcoin is profitable for people who don't give a crap about time.

Stop using bitcoin to get rich you damn scammers! It's people like you who make mining hard for everyone else. You play your little gambling games and screw up the goddamn economy just because you couldn't afford the BMW you wanted to buy with bitcoins. Get a life jerks.

but i need to feed my family.

or just get some free giveaways.

Earthcoin:

https://bitcointalk.org/index.php?topic=380010.0;all

mining alt coin when he just start. After, pray.

I wish I could invest in mining equipment -- those folks look like the ones getting rich right now. I was lucky enough to buy some BTC several months ago, but at some point I'll be saving up to invest in the shovels for this here gold-rush.

I am with Bitpop. I was drooling over Ebay offers for ASIC miners and blades, especially checking the people that were selling their pre-ordered Tera-Hash/sec equipment, which is *always* a lower price per Gh/s than the USB or blade or other ASIC miners, so I was thinking to invest heavy in those, get a 2 or 3 Th/s rig and start making big bucks. Much better than buying any of the available 300 Gh/s rigs that are older technology and mine 10 times as slow. If calculated per hash speed, that really makes sense.
BUT - the faster rigs are shipping in March/April. Difficulty level of Bitcoin mining is going up around 26% every 2 weeks.
Doing the math for a rig, even if it would ship as early as mid March, means that it will never mine more than approx 8 bitcoins. Ever.
At today's price ($630 on MtGox) that means the rig will mine never more than approx $5,000 worth of coins.
Why would I pre-pay between $12k - $16,700 for a rig that will cost me a lot of electricity, maintenance and can never earn more than $5k in bitcoins for me, no matter how long I will run it (assuming that average difficulty increase will continue at around 26% each 2 weeks).
Now I suddenly understand why all those people start selling their pre-orders....
And if you are interested in the story about the currently available ~300Gh/s rigs that cost around $5,000 such as the Avalon that will ship next week?
Calculating the same difficulty increases and assuming you can start mining *right away*, you might be able to mine 4 bitcoin. Total. Ever.
This means you will earn about $2500 at the current Bitcoin value.
In other words: buying bitcoin *today* instead of a rig, will get you 2 times more bitcoin *today* than you can ever mine with even the cheapest rigs available...
Bitpop is absolutely right.
BTW, please do the math yourself and tell me if you find different results - I do not mind running a rig in my garage, but I hate to pay for electricity *and* lose half my money while running a miner....
OK, my first post is *not* an optimistic one, but I did the math just before considering maxing out my credit card on a TeraHash/s miner pre-order that I found out would never pay for itself unless I receive it *today*, not in March/April.

Always check the maths behind peoples' claims and if they refuse to give any or classically ignore you and keep peddling it's a scam, that goes for just about anything in life, scrypt mining could well be worth it if you're in it for the long run, especially if you're on a low difficult coin but you need to know whether the devs are actually committed to making the currency a success, so do your research.

Too many people just jump into this stuff without bothering to check anything properly and form their own opinions which is why you have so much stupid bullshit being posted even by mainstream news now.

BTW, I would love to hear about an alternative coin that is worth mining, since most appear to have almost no value and almost no trading, so it seems to be a big gamble which will become a serious alternative like Bitcoin. No?

And will there be serious alternative to Bitcoin ever? I doubt, everyone wants to be early adopter so new people next year will preffer new altcoins just because of a chance to be early adopter.

Mining is a game for Hobby Miner :) Maybe you have luck and mine for a coin which has a good trade value or you will mine for a coin which has no good trade value.
The Profi Miner do many calculations the whole day and it is a hard work to leave the coin not too early and not too late and the super profi additional look always to the trade markets and sell/buy coins to receive more and more ;D

he is right diff is going up to fast to profit from it buy coins and hold or trade then :)

I have been successfully been mining several Altcoins. I Started with Zetacoin, then when Zeta's were becoming popular I moved to Joulecoin and at the moment I am mining Tigercoin. With my 'humble' setup I can mine about 500 TGC per day. So there is in fact money to be made mining...... just not in mining Bitcoin.

Mining is a hedge against the price stagnating that allows you to produce income in Bitcoin using Bitcoins without interacting with the fiat economy except for the power cost (which is practically nonexistent compared to returns for even extremely weak ASIC setups).

I must confess that I have been bidding on a multi-blade ASIC miner to start with Bitcoin and lost that bid in the last seconds.
At first I was sad to lose, now after doing some calculations of mining speed, I am happy I did not win.
Buying bitcoin right now will get me more of them than mining would ever bring me...

... no they don't. They usually beg.

luckily there are also coins going in against mining. Like Nxtcoin, but does the proof-of-stake method really make it so that mining is impossiblke? because if it would then Nxtcoin would become more of an actual currency than any other coin!

I wasted so much money on miners and barely ever broke even. It forced me to sell as they were made to recoup. If I just bought coins, I'd have 10,000. If you just buy 3 bitcoins today and sleep on them for a few years you are much better off.

Maybe with the current price risenit's worth mining?

bitpop every one has its own opinion. Your views might be different from mine but in reality it’s all about time we are only predictors but for reality we need to wait and watch. Obviously someone will make profit on someone’s loss. Really I don’t mind about what you think after all everyone has freedom to think. 

One individual's poor judgment does not completely invalidate the value in an entire activity for everybody.

I'm mining because my current hardware can so why put it to use when I'm doing anything other than gaming :)

True a market is only when your profit is someone's losses.

This is just a tip and my experience. I am early adopter too and still made mistakes. I just think 90% of newbies today will buy a $20k jupiter way too late and they will break even because price will go up (if they hold) but they could have had many more btc by just buying.

Can I earn some crypto-money with some mining in an old computer ?

i'm mining with my pc @ 380 kh/s and laptop @ 40kh/s since 1 week 24/7, and having a lot of fun   ;D ;D ;D

Your laptop will break

I agree if the idea is to make profit, but if the idea is to learn about an awesome new technology while earning back some of the cost, then doing mining is great.

Im not sure about that laptop part ;)

boogercoin. ima mine the shiz out of that

who wants to start up w/ me

I feel some mega booger nuggets coming my way

aight

I disagree with this as ive made a decent amount of free money from this as my rig was bought for gaming. Its no extra expense and is free money back. Although i do agree you shouldn't buy hardware for it at this stage.

no use in mining with low spec pc. trading the best

I agree that mining Bitcoin, Litecoin or any other established coin is no longer profitable, but spending a day on something new is worthwhile for a chance of someday increase in value.

So only for early adoption :)

Well, if Bitcoin was to start rising again, it might regain its profitability.

But you would make much more if you just bought coins now

it is strange to read such suggestions.

Maybe. However if you want a heater as well, you can mine them. :P

So I guess the best way to earn money is buy cheap alt currencies and trade them?

Sounds like wallstreet to me

BTC<->USD is still a viable market, so trading there might get you something.

I mine LTC with 2 video cards and Xeon CPUs and making money. I would agree mining for BTC with Video cards is a loosing proposition.

I agree with OP that mining isn't worth while investing in at present. Not unless you've got thousands spare to buy a Bitcoin ASIC machine, which you probably wouldn't see for months. Even when it arrives, it will probably be superseded in a few weeks by bigger and better versions, not to mention the difficulty increases when thousands of these units are widely available to the public.

And unless you've got a PC with serious Radeon graphics power, then you're stumped with Litecoin and scrypt derivatives. Getting hold of decent Radeons is practically impossible in most countries, unless you have loads of cash to spare on an eBay bidding war.

Personally, I believe the best option is to do some homework and invest a few hundred into some of the new currencies. Whether you choose to keep them in the long term, or sell them quickly when they make a profit, then reinvest them, is up to you. Whichever way, get in ASAP and you will make a good return some day. I believe cryptocurrency is the biggest thing since teh interwebz and the sooner you can get on the bandwagon, the more you'll make on an incredible journey that's only just setting off.

Let's just say, the Neptune I have coming, won't make my btc back by the time I get it. Buying btc now would have been a much better option but I'm stubborn.

Hi Erre,
For mining 1 Bitcoin you need approx 200Gh/s running for 2 weeks, after that the difficulty increases and you need at least 250-260 GHz for the next 2 weeks.
Your laptop at 40kh/s is mining approx 1/5000 Bitcoin in 2 weeks, so you get about a dime worth of Bitcoin after your laptop runs 2 weeks straight. Your electric bill is likely a dime per day for running your laptop 24/7. Also, running a laptop 24/7 at max performance will likely cause it to wear and break much faster - I know, because I tried a couple years ago with another distributed computer project. While I normally would expect a quality laptop to have no problem until it is obsolete after some 5 years, this one started giving problems after 2 years and occasional overheating caused the processor to start failing and become extremely slow (I think an on-chip cache failed).
So, while I agree with your learning and fun to have the experience, I doubt that you are even earning back the electricity that your computers are using for the hashing... So, don't expect that you are earning money by mining!

Edit: Oops - I was calculating that you were running Mh/s, but you have actually only 1/1000 of that power.
Going to the street and walk around until you find a penny will earn you money faster than mining ;-)

Hi Ivan,
Yes - you can mine with an old computer.
However, if you want to make money then you best switch off the computer.
Savings from the electricity will be more than you can generate in crypto-money with an old computer.
If the computer needs to run anyway, then you can use the idle time to generate a little crypto-money,
but I think you should be happy if you can make it generate a few pennies worth.
So, do it for the experience if you like, not to earn money.
Success,
Cor.

Im assuming he meant ltc

A: to be new here, doesnt mean to be new at bitcoin.
    I read for more than a year and mine for 10 month.

B: some dont mine to become rich. some mine to can tell their grandchildren about it.  ;D

You guys should sell some Bitcoin and back to the future ;D

mining with a 290khs device ::) hoping to gain some money ;D

i once mined with my laptop, then i realized i was losing more money than i was making

mining, it's need so long time.

I thinking mining altcoins is best for newbies. LTC, FTC,...maybe Doge at least for a little bit. I plan on trading for BTC rather than mining., seems saner.

Buy and HOLD Bitcoins!

And mine LTC!

 ;)

mining new alt-coins is like a gambling none can predict if they will last for one year to come aside from the market pricing, with current difficulty of main coins btc/ltc i think new arrival should invest a large sum of money in new hardware before they start mining old and new promising alt coins.

I prefer mining at the present!

Until the last week, I had absolutely no idea about what a cryptocurrency was. Only when people and newspapers began talking about 1 Bitcoin trading for more than $1,200, I began noticing that there was a bus of opportunity that I had missed!

I began searching for the term cryptocurrency, including Bitcoin and dogecoin, and I was amazed at how big followings they had in such a short time. It took me 3 days, at least, to learn about how to download the necessary applications, and how to set them up -- but it was worthwhile and today I am easily into mining dogecoin.

I hope that I will be able to learn a lot on this forum and from all you experienced guys! I wish you all great luck too!

God bless!

digging, digging, digging, digging, digging aaaltcooins. ( nana nana nana nana BATMAN!)

somebody must digging, and everyone was newbie

Mining can be quite fun, but it's not that easy to set up everything. There is also not much you can loose if you mine with existing hardware.

I agree, use your existing gaming PC to mine alt coins and you don't have to invest much extra money, but it can be very educational and fun. A great hobby.

Treat mining like any hobby, don't over spend on it, but get lots of fun out of it.  :D

We're mining for fun !

Cloudmining is a low risk way of making money that is somewhat similar to mining.

Coin mining isn't zero sum, it's a personal printing press.

Some of us mine coins for fun, some cash as a hedge, and for ideological reasons. For example, you can read whatever you want on the media regarding the lazy PIIGS, Euro collapse, bailouts, etc... however this situation is the result of moves to defend the petrodollar.

Mining is FUN!

That's why I mine. Although the profit is a nice little bonus.

Newbies just need a big investment and they could mine if not bitcoin, then altcoins. Mining is fine, time consuming and risky - see no reason why someone would not want to mine. Configuring your system and getting the right parts is perhaps the hardest thin in mining, which is also fun, so a miner should be also patient.
Mining new altcoins is even more fun because you can not predict what is going to happen next. They might go up, might go down, or might totally die out so that you won't be able to exchange them on anything else since no one would ever accept them.

But I like mining ???

Yeah I know its not profitable but I can't just buy them and one day if Bitcoin does explode into mainstream usage at least I'll be sitting on some trivial amount that might be worth something.

So are you mining at a data center? what are the costs per kWh?

mine all the coins! 2014 will be great!

I'm here to protect your network! :P

Buy Doge coin they are going to be big!! :o

How did you like 4chan?