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alphaxgod
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February 15, 2017, 12:51:21 PM
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hello
 Can someone explain whats the diffrent between all the types of mining ?? and how much money u can generate from mining if u do it for like 12h+ a day ?
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OmegaStarScream
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February 15, 2017, 02:25:24 PM
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Your question is really vast and need to be more specific , I will answer you in general though. We have two types of mining hardware and cloud mining , first one is buying your own equipment and host them yourself while cloud mining (which is not recommended) is trusting a company that claims that they are hosting mining hardware for you (most of the time a scam).

I cannot tell you how much you will earn as you didn't mention anything about the mining equipment you plan to use but It definitely not going to be huge as you have electricity to pay and It's not longer profitable as It used to be. To have a better idea : https://bitcoinwisdom.com/bitcoin/calculator

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February 15, 2017, 02:57:28 PM
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Nowadays, mining won't really be profitable unless you have access to cheap/free electricity and live in a cool climate where you aren't spending a ton on cooling or you are using your miners to generate heat instead of using a heater   Tongue

If you do plan to mine though, I'd recommend only doing so with a dedicated ASIC hardware miner as they are quite a bit better at mining than any other type of hardware.
DannyHamilton
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February 15, 2017, 04:09:11 PM
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Can someone explain whats the diffrent between all the types of mining??


There are three types of mining.

  • Ore mining is the removal from the earth of material that has value (such as gold, coal, plutonium, etc)
  • Bitcoin mining is the search for a SHA256 hash of a bitcoin header that has a value less than the current target
  • Altcoin mining and "cloud mining" are usually scams and a waste of time, effort, and money

and how much money u can generate from mining if u do it for like 12h+ a day ?

With bitcoin mining, you can generate a maximum of approximately $1 million of gross revenue per day if you do it for like 12 hours per day and you have more hash power than the rest of the world combined. You'll need to subtract your expenses from that.  If you can acquire enough equipment for free and have access to enough free electricity then that would be $1 million in profit per day.  If you buy outdated hardware, spend too much money on it, and have expensive electricity, then you will probably spend more money than you will earn (you will lose money).[/list]

xhomerx10
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February 15, 2017, 04:26:37 PM
 #5

    Can someone explain whats the diffrent between all the types of mining??


    There are three types of mining.

    • Ore mining is the removal from the earth of material that has value (such as gold, coal, plutonium, etc)
    • Bitcoin mining is the search for a SHA256 hash of a bitcoin header that has a value less than the current target
    • Altcoin mining and "cloud mining" are usually scams and a waste of time, effort, and money

    and how much money u can generate from mining if u do it for like 12h+ a day ?

    With bitcoin mining, you can generate a maximum of approximately $1 million of gross revenue per day if you do it for like 12 hours per day and you have more hash power than the rest of the world combined. You'll need to subtract your expenses from that.  If you can acquire enough equipment for free and have access to enough free electricity then that would be $1 million in profit per day.  If you buy outdated hardware, spend too much money on it, and have expensive electricity, then you will probably spend more money than you will earn (you will lose money).[/list]

     Usually when I see guru DannyHamilton has answered a thread, I don't even offer my meager advice because... DannyHamilton but OMG!  This might be the only time I can offer slightly more to what he has already said Wink  I can't believe that DannyHamilton forgot to include the 4th type of mining:

    • Data mining is a computational process for discovering patterns in large data sets.

     This can easily be more lucrative than Bitcoin mining especially when you consider the lower electricity and hardware costs to enter the fray.



     

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    DannyHamilton
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    February 15, 2017, 05:22:47 PM
     #6

    I can't believe that DannyHamilton forgot to include the 4th type of mining:

    • Data mining is a computational process for discovering patterns in large data sets.

    You're right.  I did miss that one.  I suspect there may be a few other forms of "mining" that we've both failed to think of, but hopefully we've got them all now.

    AncientEnemy
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    February 15, 2017, 09:13:24 PM
     #7

    I know that mining is impossible right now for BTC. Of course is not possible unless you're a mining farm!
    odolvlobo
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    February 15, 2017, 10:00:35 PM
     #8

    I know that mining is impossible right now for BTC. Of course is not possible unless you're a mining farm!

    That is the popular misconception. It is not true.

    If mining with a single miner is not profitable for you, then mining with 1000 miners will also not be profitable. Likewise, if a mining farm would be profitable, then mining with a single miner would also be profitable. Some people may be able to buy electricity and equipment in bulk at a discount, but that is not going to be a deciding factor for most people.

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    DannyHamilton
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    February 15, 2017, 10:14:26 PM
     #9

    If mining with a single miner is not profitable for you, then mining with 1000 miners will also not be profitable. Likewise, if a mining farm would be profitable, then mining with a single miner would also be profitable.

    Exactly.

    "Farming" only magnifies your situation.

    If you can run 1 miner and profit $10 per day, then running 100 miners will earn you $1000 per day (assuming the cost of electricity, cooling, or equipment doesn't increase more than 100X).

    If you can run 1 miner and LOSE $10 per day, then running 100 miners will LOSE you $1000 per day (assuming the cost of electricity, cooling, or equipment doesn't increase more than 100X).

    There are economies of scale:
    • Cooling an 84 cubic meter room with 100 miners doesn't cost 100X as much as cooling an 84 cubic meter room with 1 miner).
    • The rent or mortgage payment for an 84 cubic meter room will be the same regardless of how many mining units you cram in there.
    • Etc.
    But those savings are probably going to make a difference of a few pennies per day at most.

    adidas
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    February 16, 2017, 07:18:56 AM
     #10

      Can someone explain whats the diffrent between all the types of mining??


      There are three types of mining.

      • Ore mining is the removal from the earth of material that has value (such as gold, coal, plutonium, etc)
      • Bitcoin mining is the search for a SHA256 hash of a bitcoin header that has a value less than the current target
      • Altcoin mining and "cloud mining" are usually scams and a waste of time, effort, and money

      and how much money u can generate from mining if u do it for like 12h+ a day ?

      With bitcoin mining, you can generate a maximum of approximately $1 million of gross revenue per day if you do it for like 12 hours per day and you have more hash power than the rest of the world combined. You'll need to subtract your expenses from that.  If you can acquire enough equipment for free and have access to enough free electricity then that would be $1 million in profit per day.  If you buy outdated hardware, spend too much money on it, and have expensive electricity, then you will probably spend more money than you will earn (you will lose money).[/list]

      Hey Danny after seeing your reply I have a question regarding the altcoins. Are all of them scam ? Can't they be exchanged somewhere for bitcoin or did I miss something from your explanation ? Cloud mining I know and have read here it's a scam.

      numismatist
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      February 16, 2017, 07:33:33 AM
       #11

      Hey Danny after seeing your reply I have a question regarding the altcoins. Are all of them scam ? Can't they be exchanged somewhere for bitcoin or did I miss something from your explanation ? Cloud mining I know and have read here it's a scam.

      There has been Ethereum, most rigs built for BTCs moved onto that. They are turning POS at some point in the future, so this will run stale. Another one beeing Monero, which isn't really AMD GPUs focused but more Nvidia.
      Regarding scam or not ... if miners gain some revenue by mining that, where is the scam? It's honest bussiness providing computational power for crypto returns.

      DannyHamilton
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      February 16, 2017, 03:14:33 PM
       #12

      Hey Danny after seeing your reply I have a question regarding the altcoins. Are all of them scam ?

      I didn't say "all", and I didn't say "always".  I said "usually".

      You may find a few that aren't scams, but I personally don't see any long term potential yet even for those that aren't scams.

      Zadicar
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      February 16, 2017, 03:47:17 PM
       #13

      hello
       Can someone explain whats the diffrent between all the types of mining ?? and how much money u can generate from mining if u do it for like 12h+ a day ?
      Too complex to answer since your question is somehow generalized.As far as i know there are types of mining its either cpu,gpu.asic minings i dont know if theres other but this is the only things do i know and if you question about mining bitcoin then the possible thing would do asic mining since cpu and gpu isnt possible on bitcoin mining. Get some research or read up on this forum you will really find those informations.

      wintermeasures
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      February 17, 2017, 04:27:08 PM
       #14

      hello
       Can someone explain whats the diffrent between all the types of mining ?? and how much money u can generate from mining if u do it for like 12h+ a day ?
      I Suggest you to Dont Try out mining Because Now a Days Bitcoin Mining is not profitable because of the halving Passes Last Year and Also If you do mining then you will not able to Cover your Electricity Expenses, So Don't try out mining and Do some Other Business........
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      February 18, 2017, 06:56:28 AM
       #15

      hello
       Can someone explain whats the diffrent between all the types of mining ?? and how much money u can generate from mining if u do it for like 12h+ a day ?
      As far as i know. There is two type of mining and that is physical mining which you will buy mining rigs and program it to mine bitcoin and the another one is cloud mining which is another kind of investment but the advantage of this is you don't need to spend a lot of money in mining rigs and all you need is jut an internet connect and a device the money that you will invest then you will be able to do "cloud" mining.

      maydna
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      February 18, 2017, 07:38:39 AM
       #16

      hello
       Can someone explain whats the diffrent between all the types of mining ?? and how much money u can generate from mining if u do it for like 12h+ a day ?

      i think the different is about the logarithm between each coin and the hardware that using to mining. like bitcoin mining, todays maybe it is not profitable for mining bitcoin but maybe you can make profit if you mining for altcoin but make sure you have big hashrate and use vga card to mining the coins. the more hashrate you have, the more chance for you to mine much of coins. to know how much money we can generate, its depend on how much the price of the coins in the markets, because when the coin price gets pump, then its mean you can make big profit.

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