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Author Topic: Profitability of mining?  (Read 1363 times)
slush
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February 02, 2013, 01:44:58 AM
 #21

I started mining approx 2 weeks ago (simply just trying to break even eg mh/s to running costs to BTC) but I think I have already seen the effects on Slush's pool once the ASIC's joined in

ASICs has no effect on pool yet; One ASIC device with 60GHash/s makes no difference. That effect what you seen is called "luck", my pool was a bit lucky in recent two days, so it found blocks faster than is expected.

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MattM
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February 02, 2013, 05:38:43 AM
 #22

How easy was it to mine when Bitcoin just came out? I just arrived at this scene. Heard about it years ago and feel really bad I didn't jump in sooner. Oh well, it's still young. It should be a good investment for the next couple of years.

Unless you have an advantage for mining or already have an investment in mining, I think the most profitable thing you can do for bitcoin and for yourself is to run a business in the bitcoin economy and make it profitable.  What good or service can you sell to bitcoiners?  Start thinking about that, and you'll probably be able to do better than you would mining.

Like a wallet service? I don't really have the technical skills, sadly. I'm not a real programmer. I can program a bit but I have no experience in any big project.

By investing I meant buying Bitcoins. Their prices are increasing. I don't think it's a stretch to say they'll get back to the all-time peak of $30 soon.
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February 03, 2013, 05:25:10 PM
 #23

How easy was it to mine when Bitcoin just came out? I just arrived at this scene. Heard about it years ago and feel really bad I didn't jump in sooner. Oh well, it's still young. It should be a good investment for the next couple of years.

Unless you have an advantage for mining or already have an investment in mining, I think the most profitable thing you can do for bitcoin and for yourself is to run a business in the bitcoin economy and make it profitable.  What good or service can you sell to bitcoiners?  Start thinking about that, and you'll probably be able to do better than you would mining.

Like a wallet service? I don't really have the technical skills, sadly. I'm not a real programmer. I can program a bit but I have no experience in any big project.

By investing I meant buying Bitcoins. Their prices are increasing. I don't think it's a stretch to say they'll get back to the all-time peak of $30 soon.
Nah, stick with providing services or goods for Bitcoin. Wallet services are hard to manage due to the security needed. There's a lot of wallet providers out there so it's hard to get in this selective niche.

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fnordfnordfnord
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February 03, 2013, 10:39:17 PM
 #24

Question for anyone. What is the difficulty likely to be mid-April / March? As far as I know, that's about as early as anyone who ordered with BFL will receive any units. How do I forecast the increase in difficulty from now to the near future, considering the Avalon units being brought online?
loz12
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February 03, 2013, 11:06:22 PM
 #25

what would people consider a decent rig to mine for profit and the average cost
fnordfnordfnord
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February 04, 2013, 01:00:26 AM
 #26

what would people consider a decent rig to mine for profit and the average cost

Don't go lower than 30 Mh/s/$ at ~25W. Or in other words, nothing that isn't ASIC.
MooC Tals
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February 04, 2013, 01:16:53 AM
 #27


Newbie questions...

So how much can I make with a normal single PC in a day or 2? say a dual core 3.0Ghz machine, Is it more feasible to collect bitcoins through free bitcoin advertising sites or to mine them yourself?

Also where can I buy bitcoins in stupidly small amounts like £1 (GBP), £5 etc? Does a service for this exist yet?


Also when you print bitcoin money it has the private key on it right? does the printing of that private key compromise the whole wallet or just that payment address? and what effect does it have on the blockchain, will people printing bitcoins and taking them out of digital circulation ultimately ruin bitcoin?

From one newb to another it all comes down to the cost of electricity only after you use the most efficient products to mine with.

Most GPU cards now will basiaclly break even. Meaning that the amount of electricity used mining the bitcoin will be what you get out. Most CPU's are a waste of time/money.

Before you buy anything look up your electricity cost and factor that in the wattage use. If you don't know how to calc that then thats where you start.

Trust me everyone here will help with any question you might have. Nice people.
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February 04, 2013, 01:23:11 AM
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Newbie questions...

So how much can I make with a normal single PC in a day or 2? say a dual core 3.0Ghz machine, Is it more feasible to collect bitcoins through free bitcoin advertising sites or to mine them yourself?

Also where can I buy bitcoins in stupidly small amounts like £1 (GBP), £5 etc? Does a service for this exist yet?


Also when you print bitcoin money it has the private key on it right? does the printing of that private key compromise the whole wallet or just that payment address? and what effect does it have on the blockchain, will people printing bitcoins and taking them out of digital circulation ultimately ruin bitcoin?

 At this point, it seems most interesting to buy bitcoins, and sit on them. About the ASIC miners, I would wait a month or so to see what happens

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fnordfnordfnord
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February 04, 2013, 01:24:44 AM
 #29

Remember, if you need to reject your waste heat (ie do you use air conditioning in your home?) then you may as well double (and then some) the power usage for your efficiency calculations.

Another way to say it is if you dump 600 watts of heat into your living space, you'll need more than 600 watts of A/C to remove it.
Tesla71
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February 04, 2013, 09:05:16 AM
 #30

Another way to say it is if you dump 600 watts of heat into your living space, you'll need more than 600 watts of A/C to remove it.

Thats not exactly the case because most A/C do mainly put the hot air out of the room rather than "killing" it in house. So you need less then 600W for additional cooling .
Also consider that you may save other heating costs in winter.
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