TheHole (OP)
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June 07, 2011, 04:49:37 PM Last edit: March 01, 2014, 03:25:37 PM by MiningBuddy |
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So I've set up a worker on my PC using GUIMiner and using Slush's pool( http://mining.bitcoin.cz). The program says I'm getting 26 Mhash/sec(Nvidia 8800 GT). Which would make me 0.05 BTC/24h(0.88$), minus the 3% commissions. My increase in electric bill would be higher then what I make. Am I missing something here?
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Turix
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June 07, 2011, 04:51:23 PM |
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So I've set up a worker on my PC using GUIMiner and using Slush's pool( http://mining.bitcoin.cz). The program says I'm getting 26 Mhash/sec(Nvidia 8800 GT). Which would make me 0.05 BTC/24h(0.88$), minus the 3% commissions. My increase in electric bill would be higher then what I make. Am I missing something here? Only certain pieces of hardware are able to profit from Bitcoin mining; please take a look at https://en.bitcoin.it/wiki/Mining_hardware_comparisonThe most used cards are the ATI HD 6xxx and 5xxx series.
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zhalox
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XMR = BTC in 2010. Rise chikun.
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June 07, 2011, 04:52:49 PM |
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That's why AMD HD 5800 or 6800 series & above cards are recommended for higher profitability in mining. I use my HD 5870 and make about $10+ a day ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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Jack of Diamonds
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June 07, 2011, 04:55:24 PM |
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Nvidia cards are bad for mining.
Radeon 5830 and above are ideal for mining but out of stock almost everywhere.
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1f3gHNoBodYw1LLs3ndY0UanYB1tC0lnsBec4USeYoU9AREaCH34PBeGgAR67fx
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TheHole (OP)
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June 07, 2011, 04:58:18 PM |
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So I might as well give up? Because I'm not buying a new card for this.
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slush
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June 07, 2011, 05:04:22 PM |
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So I might as well give up? Because I'm not buying a new card for this.
If your mining income < costs and you don't want to speculate for future (higher) price of bitcoin, then - yes.
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NetTecture
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June 07, 2011, 05:05:20 PM |
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So I might as well give up? Because I'm not buying a new card for this.
Yes. Point. Invest or leave it. I just puchased 9 x 6990 for 3 mining servers. Decent investment. More to come.
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bitbitcoincoin
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June 07, 2011, 05:06:03 PM |
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I can't believe there are people who can't even look into this enough to see the minimum reqs for making a profit before trying.
If you have a poor GPU you won't make money, if you wont put money into your system to make money mining isn't for you.
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TheHole (OP)
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June 07, 2011, 05:07:43 PM |
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I'm a poor student who bought 50BTC some time ago, I don't want to sell yet and im just looking for a way to make more.
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niooron
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June 07, 2011, 05:16:19 PM |
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A new card isnt that expensive, and you can even exchange some of your btc for dollars and buy an used card, like a Radeon 5770 or 5750.
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NetTecture
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June 07, 2011, 05:17:29 PM |
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I'm a poor student who bought 50BTC some time ago, I don't want to sell yet and im just looking for a way to make more.
Mining IS a business investment, not a work. You dont get paid for your time mining. Ergo you need to purchace. to poor to invest - you wont earn return on investment. Life is not fair.
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MiningBuddy
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June 07, 2011, 05:18:47 PM |
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I'm a poor student who bought 50BTC some time ago, I don't want to sell yet and im just looking for a way to make more.
I'm sure you've done the maths on how much you could make by selling those 50btc at Today's price. I would say, sell 25btc and buy yourself a decent gpu, join in on the fun ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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bitbitcoincoin
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June 07, 2011, 05:24:01 PM |
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I'm a poor student who bought 50BTC some time ago, I don't want to sell yet and im just looking for a way to make more.
if you have 50 BTC you aren't that poor. At least, not so poor that you can't buy a couple vid cards to start a mining operation.
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Sukrim
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June 07, 2011, 06:34:28 PM |
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I would say, sell 25btc and buy yourself a decent gpu, join in on the fun ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) That GPU would need to create more than these 25 BTC during it's lifetime, which is... questionable at least!
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BombaUcigasa
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June 07, 2011, 06:53:33 PM |
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So I might as well give up? Because I'm not buying a new card for this.
You're buying bitcoin in your own home. Do the price and see how much you pay for a coin. Then check a market graph and realize how stupid it is to give up while ahead. And buying a new card will pay for itself in 35 days: http://www.bitminer.info/Why not buy a new card? Why not continue mining? Why not buy bitcoins directly? Why not do all three?
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xen82
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June 07, 2011, 07:18:51 PM |
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So I might as well give up? Because I'm not buying a new card for this.
Yes. Point. Invest or leave it. I just puchased 9 x 6990 for 3 mining servers. Decent investment. More to come. Damn, and I felt good about my 4 x 6990s. How will you be powering the 6990s? I had a Thermaltake 1500W and it wasn't enough for 3 x 6990s in one case.
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bcpokey
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June 07, 2011, 07:22:16 PM |
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So I might as well give up? Because I'm not buying a new card for this.
Yes. Point. Invest or leave it. I just puchased 9 x 6990 for 3 mining servers. Decent investment. More to come. Damn, and I felt good about my 4 x 6990s. How will you be powering the 6990s? I had a Thermaltake 1500W and it wasn't enough for 3 x 6990s in one case. THat's because with few exceptions thermaltake makes total crap PSUs. A 1500W PSU is way way more than enough for 3x 6990s.
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Sukrim
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June 07, 2011, 07:24:50 PM |
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If he takes that money from Bitcoins though, he will loose more in the end than he gains. Also I doubt that you took difficulty increases into consideration - and right now mining is EXTREMELY profitable, expect this to change!
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DigitalAsh
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June 07, 2011, 07:25:47 PM |
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I would sell enough bitcoins to build a decent mining rig, say you sell 25 btc you can make that back in a month and then continue profiting. It is an investment, either you think it's worth it or you don't.
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Sukrim
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June 07, 2011, 07:33:27 PM |
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I would sell enough bitcoins to build a decent mining rig, say you sell 25 btc you can make that back in a month and then continue profiting. It is an investment, either you think it's worth it or you don't.
How can you mine 25(!) BTC with equipment worth ~500 USD that still needs to be shipped within 1 month?! This is BAD advice! Also, if you say: "But he can get 500 USD back, as the conversion rate increases if the difficulty goes up!" then I say: "If he does not 100% need this computer right now, he will make more then 500 USD by keeping the 25 BTC and selling them in 1 month!" Paying Bitcoin to mine is a bad deal in very many cases. This is one of them!
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