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Mining yields will be asymptotic... every week the difficulty increases significantly, making the break-even point get further and further away. My recommendation is to spend the money and buy bitcoins outright, then put your efforts into building a business to earn you more coins over time.
Yeah that is a good point the only problem with that is if I invest 1k in hardware and bitcoins gets shut down, crashes what ever i still have finite hardware worth something. |
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Okay just to get started immidiatly I wondered if I can use my server on hosting24.com with unlimited everything to mine on. I have full access to cpanel make email ect. If anyone could help me set this up I will give you some of my 1st profits? And if it is not possible then is there any open source pooled mining code I can upload, not for a service but just for me to link all my various laptops desktops into one. Kind of like a private pool lol. Again thank you for your help.
Without root access? No. And webhosts don't have any good GPU power to give you more than a couple of million hashes / sec. CPUs are inferior to GPUs. By root access do you mean being able to load an os onto it and run software if so then no I can not do that i just have cpanel access  |
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Okay just to get started immidiatly I wondered if I can use my server on hosting24.com with unlimited everything to mine on. I have full access to cpanel make email ect. If anyone could help me set this up I will give you some of my 1st profits? And if it is not possible then is there any open source pooled mining code I can upload, not for a service but just for me to link all my various laptops desktops into one. Kind of like a private pool lol. Again thank you for your help.
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I just purchased some parts from NewEgg and TigerDirect. Is it too late to start mining? :C
NewEgg will take 2 days to get here, while 3 days with TigerDirect.
Also, should I start with a lot of hardware? Or start small and buy more as you earn more Bitcoins.
I asked that question as well but I do not have enough to start tomorrow I would say go for it if you can start before the next difficulty increase, because I bet that one will be 70-90% increase... |
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It's a gamble man, if you think you have the gusto to keep up and you are confident in the calculations give it a try. No one can tell you much more than what you know already about generation statistics.
.....otherwise stay out of it, don't go mortgaging your house over this.
Lol I know I'm not going to get a bank loan for this. I just do not want to blow money on hardware I can use but do not really need if you know what I mean. I guess I will do it, my problem is that with my job I may not have enough money until later in the summer in which case I will have to even see if 1gh/s is even worth using the electricity lol. |
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Well if you are gpu mining we need to know what cards you have so we can caculate the has rate, if you are CPU mining quit now it will take you a good 50 years to mine anything at the current difficulty.
Like he said, its all gonna depend on your Mhash/s... If its high enough, you can go solo and possibly make money (almost like gambling). If you go with a pool, you'll never "hit it big" but you will get smaller, regular payouts And by smaller payouts he means small. Let me give you an example. One coin can go out to 8 decimal places do you could get one millionth of a coin doing pooled mining, it is your choice but if you are using your GPU pooled mining could get you 1-2 coins per day max. |
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Someone calculated at the current rate 3gh/s will make about 700 coins by the end of the year then it will get so hard you will only be getting fractions of coins every few days. But someone else posed a good point: the rapid inflation will stop and the difficulty will fluctuate and eventually settle at near the same rate. However if 3gh/s is 700 coins my about 1.5 gh/s assuming i start in the next month will only make about 200 coins. The problem is if miners realize that they are not making enough money to keep repairing their systems the difficultly would go down but then just to make them start mining again and it will go back up. Finally when the miner stop mining some of them will decide to sell off their bit coins and crash the market. With not much to purchase with bit coins yet, this is wear I ponder if the long run will be worth it. I know no one can predict the future on what will happen with bit coins, but my prediction is pooled mining will take over and i want NO part of that. So please help me decide if I should jump in or if I am to late to the game. Also I know I have posted about this before in replying to other post, but I just want to get some more thoughts on it. Thank you for all of your help!  |
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Well if you are gpu mining we need to know what cards you have so we can caculate the has rate, if you are CPU mining quit now it will take you a good 50 years to mine anything at the current difficulty.
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ROFLMAO! This is funny like you know someone had to do that. I am sure people are thinking he is going to do illegal things the way he worded it lol.
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if deepbit is not broken up or limited we may have to take action against deepbit, i would hate to have to do it but this is posing a security risk to the end user.
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I think you've got a valid point. I'm not entirely sure why people are still joining deepbit with the 3% fee.
precisely the problem at 3% fee that means easily they have thousands of BTC in fees not even including the mining they do to help the server. I think people are joing just because this is a hard concept for noobies and they youtube it and deepbit is the first thing that comes up. |
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Sorry, your post is pretty much unreadable.  Lol it is a bit confusing but read it a few times and you will get it. |
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My setup will have over 15 ghash and no i think im pretty early considering that this is brand new and most people do not even know what a bitcoin is.
It will require semi-professional planning though, even if you run it in some basement. I have max. capacity 16ghash/s and already down by 2 due to random hardware failures and waiting for RMA's. Failures do happen statistically even if your operation is perfect (clean 80+gold PSU's, well ventilated, etc.) Every day a part of the system is down you lose money. So a faulty ram stick or DOA gpu can become very expensive over 24 hours. I meant to say 1.5 to 3 g/hash per second not 15 do not have that much money lol. As for the loan please someone help me out. |
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"This heres a story about billy joe and bobbie sue
Two young lovers with nothin better to do
Than sit around the house, get high, and watch the tube
And here is what happened when they decided to cut loose
They headed down to, ooh, old el paso
That's where they ran into a great big hassle
Billy joe shot a man while robbing his castle
Bobbie sue took the money and run
Go on take the money and run
Go on take the money and run
Go on take the money and run
Go on take the money and run"
......
Wow honestly would I take 1400$ and run when I could make 140k with bitcoins? |
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My setup will have over 15 ghash and no i think im pretty early considering that this is brand new and most people do not even know what a bitcoin is.
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Its not a cash loan its a bit coin loan.
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Lol I guess i'll never get a loan  |
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not to sound like a jerk but you are telling me that unless i have a 10 ghash/s i will only get like one block per month? also is it possible for difficulty to go down?
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