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$), minus the 3% commissions. My increase in electric bill would be higher then what I make. Am I missing something here?
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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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Turix
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June 07, 2011, 04:51:23 PM |
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So I've set up a worker on my PC using GUIMiner and using Slush's pool( http://mining.bitcoin.cz). The program says I'm getting 26 Mhash/sec(Nvidia 8800 GT). Which would make me 0.05 BTC/24h(0.88$), 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
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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
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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 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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