Bitcoin Forum
May 05, 2024, 09:11:02 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: A Few Questions  (Read 448 times)
syrne (OP)
Newbie
*
Offline Offline

Activity: 6
Merit: 0


View Profile
January 30, 2017, 05:39:52 PM
 #1

Hey everyone,  I am new to cryptocurrency.  And apparently I am super late to the arms race of mining.  But I am wondering, what is the best way to go about building or procuring a mining unit?  To test things out and to get setup, recently setup my phone (no app, just code) to mine as a way to walk through setting up a miner. Which currently gets roughly 8Kh/s.  Dismal I know.

I have read that GPU mining is pretty much out, have read that is only way to harvest non SHA256. 

I'm not looking to spend a small fortune, anyone have any recommendations on what to start with as far as a build go? Should I get a Pi 3? Would that have slightly better performance then my quad core phone?

Thanks Smiley
1714943462
Hero Member
*
Offline Offline

Posts: 1714943462

View Profile Personal Message (Offline)

Ignore
1714943462
Reply with quote  #2

1714943462
Report to moderator
1714943462
Hero Member
*
Offline Offline

Posts: 1714943462

View Profile Personal Message (Offline)

Ignore
1714943462
Reply with quote  #2

1714943462
Report to moderator
1714943462
Hero Member
*
Offline Offline

Posts: 1714943462

View Profile Personal Message (Offline)

Ignore
1714943462
Reply with quote  #2

1714943462
Report to moderator
Remember that Bitcoin is still beta software. Don't put all of your money into BTC!
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
Finksy
Legendary
*
Offline Offline

Activity: 1022
Merit: 1003



View Profile
January 30, 2017, 07:08:15 PM
 #2

Please do not mine with your phone, they aren't made to handle heat the way a dedicated ASIC, GPU or literally any other piece of electronics is, and that is earning you less than nothing. You will kill it before you even earn $0.01 (I am being literal here). https://bitcoinwisdom.com/bitcoin/difficulty you can put in mining hashrate and see the revenue at current difficulty rating. An Antminer S5 (which you could probably find for free at this point) would be equivalent to 144,375,000 phones hashing at the same time.  You are correct, CPU and GPU mining is out, and even ASIC mining for BTC has become an expensive and risky endeavour, with failure of hardware more likely than ROI.

Building your own miner is not very realistic, as it takes huge amounts of capital and R&D.  Even the pros struggle to compete with one another in terms of efficiency and hashrate.  I would suggest checking out sidehack here on the forums and his developments, namely his most recent USB stick the "2 Pac" (and stay tuned for pod miners to come). It may not ever earn enough in BTC to break even, but it helps secure the network and is a good tool for learning.  Used as a solo miner, it's like a lottery ticket.

If you are interested in investing in bitcoin mining as a business and way to ensure income, IMHO you need $100,000 minimum to invest in miners and a hosting facility with VERY cheap electricity (<$0.06/kWh) to even consider it these days.  The risk of hardware failure is greater today than it's ever been, and the margins to be made on miners are lower than ever with the difficulty increases. So for us small players I don't feel that the risks justify the rewards, but to each their own.

IBM 2880W PSU Packages: https://bitcointalk.org/index.php?topic=966135 IBM 4K PSU Breakout Boards & Packages: https://bitcointalk.org/index.php?topic=1308296 
Server PSU-powered GPU rig solutions! https://bitcointalk.org/index.php?topic=1864539  Wallet address: 1GWQYCv22cAikgTgT1zFuAmsJ9fFqq9TXf 
jackg
Copper Member
Legendary
*
Offline Offline

Activity: 2856
Merit: 3071


https://bit.ly/387FXHi lightning theory


View Profile
January 30, 2017, 07:15:22 PM
 #3

Hey everyone,  I am new to cryptocurrency.  And apparently I am super late to the arms race of mining.  But I am wondering, what is the best way to go about building or procuring a mining unit?  To test things out and to get setup, recently setup my phone (no app, just code) to mine as a way to walk through setting up a miner. Which currently gets roughly 8Kh/s.  Dismal I know.

I have read that GPU mining is pretty much out, have read that is only way to harvest non SHA256. 

I'm not looking to spend a small fortune, anyone have any recommendations on what to start with as far as a build go? Should I get a Pi 3? Would that have slightly better performance then my quad core phone?

Thanks Smiley

That's quite a high amount you've earned mining on your phone. When I did it by my phone I got around ~600KHs as well so that's expected.

You could probably try going to some sites like bitmaintech.com an find an antminer S9/S7 (whichever is more profitable).
CHECK it is profitible for you to use - if not, you could always turn to hashnest.com which is a cloud mining site (Fairly unlikely to scam anymore..

There are other companies such as BitFury that you could try as well and see if that's profiible - spondoolies made good miners as well (I think).
syrne (OP)
Newbie
*
Offline Offline

Activity: 6
Merit: 0


View Profile
January 30, 2017, 07:18:37 PM
 #4

First, Thanks guys.

I needed to specify.  Currently I am rolling for LTC, not BTC.  I have a few projects that I am building for bitcoin itself, (as a service).  I was just looking at units for Scrypt.  This is a hobby. Something to do to occupy my mind.  I would like to know where to find units or build.  Idk, Im going to keep scouring the forums, any suggestions would be appreciated.  Ill also check out sidehack.  Thanks for that!  Cool
Finksy
Legendary
*
Offline Offline

Activity: 1022
Merit: 1003



View Profile
January 30, 2017, 07:22:55 PM
 #5

You're in the BTC section for hardware, I would recommend posting in the litecoin or altcoin sections, you'll be able to get better help there. But FYI I would recommend the Innosilicon A4 units for mining LTC.

IBM 2880W PSU Packages: https://bitcointalk.org/index.php?topic=966135 IBM 4K PSU Breakout Boards & Packages: https://bitcointalk.org/index.php?topic=1308296 
Server PSU-powered GPU rig solutions! https://bitcointalk.org/index.php?topic=1864539  Wallet address: 1GWQYCv22cAikgTgT1zFuAmsJ9fFqq9TXf 
syrne (OP)
Newbie
*
Offline Offline

Activity: 6
Merit: 0


View Profile
January 30, 2017, 07:28:37 PM
 #6

Thumbs up!

I will ask there, and thanks Finsky! 

When I get up and rolling Ill send you a donation!
jackg
Copper Member
Legendary
*
Offline Offline

Activity: 2856
Merit: 3071


https://bit.ly/387FXHi lightning theory


View Profile
January 30, 2017, 07:56:25 PM
 #7

First, Thanks guys.

I needed to specify.  Currently I am rolling for LTC, not BTC.  I have a few projects that I am building for bitcoin itself, (as a service).  I was just looking at units for Scrypt.  This is a hobby. Something to do to occupy my mind.  I would like to know where to find units or build.  Idk, Im going to keep scouring the forums, any suggestions would be appreciated.  Ill also check out sidehack.  Thanks for that!  Cool

I think there are some LTC asic chips that might be useful.
I'm not sure that GPU mining is ruled out for LTC or not?

Thumbs up!

I will ask there, and thanks Finsky! 

When I get up and rolling Ill send you a donation!

Just click the bottom of this thread at "move topic" and move it ot the altcoin mining section here.
Finksy
Legendary
*
Offline Offline

Activity: 1022
Merit: 1003



View Profile
January 30, 2017, 10:07:57 PM
 #8

Thumbs up!

I will ask there, and thanks Finsky! 

When I get up and rolling Ill send you a donation!

You are welcome, but donations are not necessary.  I am in business online, and as such get compensated fairly enough through sales for helping out where I can.  Drop me a line if you need some big PSU's down the road!  Cool

IBM 2880W PSU Packages: https://bitcointalk.org/index.php?topic=966135 IBM 4K PSU Breakout Boards & Packages: https://bitcointalk.org/index.php?topic=1308296 
Server PSU-powered GPU rig solutions! https://bitcointalk.org/index.php?topic=1864539  Wallet address: 1GWQYCv22cAikgTgT1zFuAmsJ9fFqq9TXf 
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!