Very interested in mining, but looks difficult to get into. Help requested! :)

[Dark3stWhite]

Hello everyone,

I've been interested in the whole idea of mining bitcoin for quite some time, but it seems rather complicated to get into.

I hear lots of people saying its not worth it or its hard to break even, but what if you already have a really good PC that you can use for it?

My current specs are as follows;

   Processor: Intel(R) Core(TM) i7-4770K CPU @ 3.50GHz (8 CPUs), ~3.5GHz (Liquid cooled)
   Memory: 16384MB RAM
   Card name: MSI NVIDIA GeForce GTX 980 Ti

Any sort of help would be great, I could greatly use some sort of insight into this whole Bitcoin Mining thing.



Thanks in advance!!

[coinhelper]

Hello everyone,

I've been interested in the whole idea of mining bitcoin for quite some time, but it seems rather complicated to get into.

I hear lots of people saying its not worth it or its hard to break even, but what if you already have a really good PC that you can use for it?

My current specs are as follows;

   Processor: Intel(R) Core(TM) i7-4770K CPU @ 3.50GHz (8 CPUs), ~3.5GHz (Liquid cooled)
   Memory: 16384MB RAM
   Card name: MSI NVIDIA GeForce GTX 980 Ti

Any sort of help would be great, I could greatly use some sort of insight into this whole Bitcoin Mining thing.



Thanks in advance!!

8x3.5=28GHz
Possibly not too bad!
However, I found an average value of about 1GHz can produce around 1MHz so you may only achieve 24GHz as CPUs tendto run slower than average.
I would suggest that you could look at Hashnest (the ONLY fully trusted cloud mining site). If you start off by testing 1 GHs of any machine (S7 is reccommended for this!)
Here are the maximum prices at the moment in a day:
S7 < 0.0012BTC
S5 < 0.0006BTC
S4 < 0.0003BTC
S3 < 0.0002BTC
And the S2 and S1 hardware was taken back by hashnest and sold onto the owners of the GHs.
Tey are in charge of mantaining the hardware and, you are guarentted to ean qute a bit with the S7 and S5. But the S3 and S4 have faster ROIs provided you are lucky!

[Dark3stWhite]

Would I not be better off using my GPU for the mining?

[notlist3d]

Would I not be better off using my GPU for the mining?

No chances are you will lose money on CPU/GPU mining.  Look into asics chances are you need one if you  want to mine.

Sadly the day's of CPU/GPU are dead for most.  Just to expensive and low rewards at this point.

[coinhelper]

Would I not be better off using my GPU for the mining?

What is said in the post above is trye. You are likely to lose money this way, due to both electricity costs and affecs on the CPU/GPU. If you want to do non-profit mining, then you could use something like http://github.com/jgarzik/cpuminer: made my one of the Bitcoin developers. Otherwise, if you try websites such as bitmaintech.com or amazon.co.uk then you can get a brand new server/miner: filled with asic chips! There is also a U3 version, that if bought of amazon is valued at around £39 or $50 and comes with power supply which bitmain donot include in their products.

(NOTE: Hashnest, that I stated earlier, is run by Bitmain)

I would recommend that you do not purchase directly from bitmain tech as it has been reported as being late several times. IF you wish to buy a second hand miner, ensure that you get the previous owner's consent that it hasntbeen overclocked.

[Amph]

Would I not be better off using my GPU for the mining?

there are no more profitable altcoin for that to be worth trying, even with the best mining software out there

maybe if you had a very low bills cost and try to mine ethereum....

[tyz]

Today, mining is only worth if you have got access to free or very cheap electricity. The difficulty is getting increased by large mining farms all over the world, especially in countries like iceland.
i would rather invest your money or speculate. This would make more sense.

[jonnybravo0311]

Hello everyone,

I've been interested in the whole idea of mining bitcoin for quite some time, but it seems rather complicated to get into.

I hear lots of people saying its not worth it or its hard to break even, but what if you already have a really good PC that you can use for it?

My current specs are as follows;

   Processor: Intel(R) Core(TM) i7-4770K CPU @ 3.50GHz (8 CPUs), ~3.5GHz (Liquid cooled)
   Memory: 16384MB RAM
   Card name: MSI NVIDIA GeForce GTX 980 Ti

Any sort of help would be great, I could greatly use some sort of insight into this whole Bitcoin Mining thing.



Thanks in advance!!

It doesn't matter how good your CPU/GPU is.  They won't make you any BTC.  You're a few years late to the party for that approach .  If you're serious, you'll need to purchase a specialized miner.  These range from a USB stick to rack-mountable servers.  Even the worst USB stick will be better than the best GPU.

[RodeoX]

The days of mining with a home computer (even an epic one like yours) are over. This is what a bitcoin mine looks like today:



We have reached an industrial scale.

[odolvlobo]

...
I hear lots of people saying its not worth it or its hard to break even, but what if you already have a really good PC that you can use for it?
...

There is no PC, no matter how good the specs are, that will make a profit by mining bitcoins, even with free electricity.

You are competing against miners with specialized mining devices that are 50,000 times more powerful and 5 times more efficient. A PC mining only on a CPU might generate $0.02 worth of BTC per year. Even using a graphics card, you will be lucky to generate $1.00 worth of BTC per year.

BTW, you can buy mining devices for about the price of a PC.

[VirosaGITS]

...
I hear lots of people saying its not worth it or its hard to break even, but what if you already have a really good PC that you can use for it?
...

There is no PC, no matter how good the specs are, that will make a profit by mining bitcoins, even with free electricity.

You are competing against miners with specialized mining devices that are 50,000 times more powerful and 5 times more efficient. A PC mining only on a CPU might generate $0.02 worth of BTC per year. Even using a graphics card, you will be lucky to generate $1.00 worth of BTC per year.

BTW, you can buy mining devices for about the price of a PC.

Or less. A sidehack stick is like 25$, consume effectively no power by itself and would net more hashing power than an office full of CPU's. There are a lots of options, but to give any suggestion we need a Budget and the electricity rate cost.

[Dark3stWhite]

Hmmm that is all very good information, thank you all so much... I was kinda hoping that I wasn't too late to the party, it was more of an idea that if my PC would do a great job that perfect, I don't really find it practical to sink much more money into electronics at the moment.  Thank you all so very much for your help though

[bctmke]

Hmmm that is all very good information, thank you all so much... I was kinda hoping that I wasn't too late to the party, it was more of an idea that if my PC would do a great job that perfect, I don't really find it practical to sink much more money into electronics at the moment.  Thank you all so very much for your help though

You don't have to bow out entirely.  As mentioned by virosagits - get a sidehack stick.  25 bucks or so and you can mine for fun.  it's not going to earn you a ton (or really much at all) but it's good for a lottery ticket on a solo pool (by lottery ticket we just mean let it run forever and maybe someday you'll hit a block).

You can learn how mining works, learn about wallets and learn about BTC in general doing so.