I need the current opinion on mining

[bitcoinwallet]

Should I even attempt to mine using my GPU which can do 30-40 MH/s - since i am afraid to crank it all the way up as the temperature on my cards get quite high (70 C).

But again, with the increased difficulty, should I not even attempt at mining?

Any insight will be appreciated.

Thank you.

[bitcoinwallet]

that's what i am afraid of. And yet I see so many people talking about mining and I can't believe that they all have dedicated mining rigs. i can't help but feel that I am doing something wrong.

[Stephen Gornick]

But again, with the increased difficulty, should I not even attempt at mining?

Put simply, look at the following image.  

For you, up just a little is something bad.  Up like this is redonkulously bad.


 - http://bitcoin.sipa.be/speed-small-lin-ever.png

And that is with not all Avalons that have been paid for being shipped yet, nonetheless how BFL hasn't even started shipping.  Either of those happens and there won't be a single remaining GPU miner who can smile (unless, of course, there is a corresponding BTC/USD increase that tracks the difficulty increase).

[Bitcoin BEAR]

Mine Litecoins with it. It's ~2x more profitable right now.
Trade those LTC for BTC or keep the LTC since it's in a bubble currently too

[logicbomb666]

Mine Litecoins with it. It's ~2x more profitable right now.
Trade those LTC for BTC or keep the LTC since it's in a bubble currently too

I agree with this post.  Your current hardware is not equipped to mine for bitcoin.  But don't let that discourage you from getting into the alternative currency game.  Mine for litecoin, trade it around, get some experience and knowledge and you'll get hooked.

[bitcoinwallet]

Thanks a lot for the advice. I was currently mining on dual AMD GPUs. I think I will switch to LiteCoin the moment I hit the minimum 0.01 BTC payout on 50btc.com which is where I am mining.

LiteCoin, here I come.

[markqvist]

Only do it for the fun of it, or as others suggested, mine litecoin. I'm currently running a 7770 at about 220 MH/s 24/7, which is only getting me around 0.02 BTC a day. That's less than electricity costs. The card will _never_ pay itself off. But i still think it's fun playing around with, so I do it anyways Had the option of buying five 5970's at about a third of retail price today, great offer, but wouldn't even make sense, since they would never be able to make more than they use in electricity (unless exchange rate skyrockets).

[markqvist]

And then, this is mostly just fun while waiting for my BFL miners. If they ever show up....

[woogoose]

It's interesting that the increase of BTC increased to reach a profitability level equal that before the block reward was halved - see the lower chart here - http://www.bitcoinx.com/charts1/chart_large_log.png

[Gwapo]

Thanks a lot for the advice. I was currently mining on dual AMD GPUs. I think I will switch to LiteCoin the moment I hit the minimum 0.01 BTC payout on 50btc.com which is where I am mining.

LiteCoin, here I come.

agreed litecoin will be more profitable for you

[georgeu2000]

Mining is a competition. Thousands of other people are investing in hardware. Unless you are constantly investing, the income goes down.

Personally, I don't like it because there will be other people who have more money, better technology and willing to take bigger risks. They will drive up the difficulty and reduce your income.