MysterEee (OP)
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April 17, 2013, 09:01:26 PM |
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I am new to the BitCoin scene and now have some BitCoins, but I was wondering if it was worth it to mine?
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savemydinner
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April 17, 2013, 09:03:48 PM |
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For now - not. Only if you have cool Radeon cards and free electricity.
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dellnull
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April 17, 2013, 09:10:32 PM |
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I'm also completely new to BTC. I don't do it for money, I do it for fun :-) The whole idea is just appealing to me. Much to read and learn and then there always is a chance to get even or maybe more. I've already wrote a GUI that parse JSON:s from both mtgox and Slush and I really enjoy this (for me) new concept. I started when the exchange was like $248 and besides the technical aspect it's also very interesting with thru the economic glasses.
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MysterEee (OP)
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April 17, 2013, 09:16:01 PM |
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I am a programmer too, and have written some code to parse the info as well and send it to the Status Board app on the iPad.
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ericwt
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April 17, 2013, 09:26:17 PM |
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For me, a mining newbie it is worth it so I can learn more.
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lpshowboat0099
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April 17, 2013, 09:54:50 PM |
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I wouldn't mine BTC in the case of only having access to a video card / cpu for mining. If you really want to mine, though, there are other currencies such as Litecoin (LTC) that offer more fulfilling mining opportunities for the average person.
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sdhayes12345
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April 17, 2013, 10:04:12 PM |
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Agreed with above poster.
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Prototype
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April 17, 2013, 10:06:03 PM |
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As long as you have a Radeon card w/ opencl support you should be good to go. Read up on cooling the card and be sure to monitor temperatures if you are going to give it a shot. If you have done any overclocking in the past you need to apply these skills here. Set up a performance profile in MSI Afterburner, or whatever you use for mining and other profiles for gaming, etc.
Assuming you are mining BTC:
Read around to see what others have done and what to probably expect from the make/model card in use. The settings for your GPU cores should be pushed up to the max stable. Lower the clock speeds on the memory as low as you can get them in order to reduce heat output. Test, monitor, test, and monitor some more.
Also look for a pool that does merged mining. Mine collects NMC as well for no additional effort and enhances the efficiency of the operation (not by much mind you).
Good luck
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daglitch
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April 17, 2013, 10:06:30 PM |
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It is still very much an option to mine IMO.
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Zealot
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April 17, 2013, 10:14:52 PM |
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I wouldn't mine BTC in the case of only having access to a video card / cpu for mining. If you really want to mine, though, there are other currencies such as Litecoin (LTC) that offer more fulfilling mining opportunities for the average person.
This is what I don't understand. What do you mean by "fulfilling"? Shouldn't it be a matter of net profit? How much you make in your pocket at the end of the month, quarter, year? Please, enlighten me, how much money will I be making per quarter in Litecoin vs Bitcoin? |
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Prototype
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April 17, 2013, 10:19:14 PM |
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I wouldn't mine BTC in the case of only having access to a video card / cpu for mining. If you really want to mine, though, there are other currencies such as Litecoin (LTC) that offer more fulfilling mining opportunities for the average person.
This is what I don't understand. What do you mean by "fulfilling"? Shouldn't it be a matter of net profit? How much you make in your pocket at the end of the month, quarter, year? Please, enlighten me, how much money will I be making per quarter in Litecoin vs Bitcoin? Since everybody's mileage may vary, I would suggest using a profitability calculator. There are plenty of open ones available here on the forum, as well as ones like the one on bitcoinx. There are also calculators that compare different crypto currencies, etc. |
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Zealot
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April 17, 2013, 10:29:54 PM |
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I wouldn't mine BTC in the case of only having access to a video card / cpu for mining. If you really want to mine, though, there are other currencies such as Litecoin (LTC) that offer more fulfilling mining opportunities for the average person.
This is what I don't understand. What do you mean by "fulfilling"? Shouldn't it be a matter of net profit? How much you make in your pocket at the end of the month, quarter, year? Please, enlighten me, how much money will I be making per quarter in Litecoin vs Bitcoin? Since everybody's mileage may vary, I would suggest using a profitability calculator. There are plenty of open ones available here on the forum, as well as ones like the one on bitcoinx. There are also calculators that compare different crypto currencies, etc. But why would I even need them? It should just be a matter of the currencies having a stable parity. Like EUR/USD being on parity with CHF/USD (Swiss Franc) and EUR/CHF because otherwise people would exploit one of them. In virtual coins terms it should mean that if there are too many people converting Litecoins to Bitcoins then Litecoins would devalue against Bitcoins. |
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sweeppicking
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April 17, 2013, 10:30:44 PM |
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It's sad, you can buy perfect mining hardware for a few dolars but you pay a lot of money for use it. I'm form Argentina and i mine bitcoins and litecoins 24 hours for day with my 3 watercooled 7970s and a 6870 card and just pay like 20 dolar ever month...  Just sad... |
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Zealot
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April 17, 2013, 10:32:02 PM |
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It's sad, you can buy perfect mining hardware for a few dolars but you pay a lot of money for use it. I'm form Argentina and i mine bitcoins and litecoins 24 hours for day with my 3 watercooled 7970s and a 6870 card and just pay like 20 dolar ever month... Just sad... What do you pay 20 dollars for? Or do you mean you get paid 20 dollars every month? |
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sweeppicking
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April 17, 2013, 10:33:14 PM |
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It's sad, you can buy perfect mining hardware for a few dolars but you pay a lot of money for use it. I'm form Argentina and i mine bitcoins and litecoins 24 hours for day with my 3 watercooled 7970s and a 6870 card and just pay like 20 dolar ever month... Just sad... What do you pay 20 dollars for? Or do you mean you get paid 20 dollars every month? I pay 20 dolars for electricity every month. that's all... |
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gongomanny
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Ɓιтcσιη
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April 17, 2013, 10:37:49 PM |
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I wouldn't mine BTC in the case of only having access to a video card / cpu for mining. If you really want to mine, though, there are other currencies such as Litecoin (LTC) that offer more fulfilling mining opportunities for the average person.
This is what I don't understand. What do you mean by "fulfilling"? Shouldn't it be a matter of net profit? How much you make in your pocket at the end of the month, quarter, year? Please, enlighten me, how much money will I be making per quarter in Litecoin vs Bitcoin? Since everybody's mileage may vary, I would suggest using a profitability calculator. There are plenty of open ones available here on the forum, as well as ones like the one on bitcoinx. There are also calculators that compare different crypto currencies, etc. yes, for example here http://allchains.info/calc.htmlI dont mine because while with my 1 GPU i could be profitable about 1 dollar per day, it is not worth the time to monitor it or potential failure of some component... |
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joe9439
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April 17, 2013, 10:41:40 PM |
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I'm using hardware that I already have to mine. I'm not investing in anything since ASICs are coming out and the price is too unstable. Just too many questions and too much uncertainty. My brother had a 5770 just laying around not being used so I'm using that and sending him some of the earnings.
I think there is more money to be made trading coins actually. I made like 10% trading between BTC and LTC on BTC-E.com yesterday which is faster than I was making mining. I think it's a good bet to buy litecoins if you're taking a long position. I think people are going to lose interest in Bitcoins when it's unprofitable because of ASICs and the price is going to fall. It's difficult to predict what's going to happen though.
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lpshowboat0099
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April 17, 2013, 10:46:57 PM |
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I wouldn't mine BTC in the case of only having access to a video card / cpu for mining. If you really want to mine, though, there are other currencies such as Litecoin (LTC) that offer more fulfilling mining opportunities for the average person.
This is what I don't understand. What do you mean by "fulfilling"? Shouldn't it be a matter of net profit? How much you make in your pocket at the end of the month, quarter, year? Please, enlighten me, how much money will I be making per quarter in Litecoin vs Bitcoin? Since everybody's mileage may vary, I would suggest using a profitability calculator. There are plenty of open ones available here on the forum, as well as ones like the one on bitcoinx. There are also calculators that compare different crypto currencies, etc. yes, for example here http://allchains.info/calc.htmlI dont mine because while with my 1 GPU i could be profitable about 1 dollar per day, it is not worth the time to monitor it or potential failure of some component... Since Zealot seems to be concerned with profit, here's a personal example in favor of mining LTC over BTC right now using the calculator quoted above assuming no cost for electricity and no fees: GTX 570 BTC: Hashrate: ~140 MH/s Coin Per Day: .008 BTC Profit @ Current Price per day: $0.726 LTC: Hashrate: 220 kH/s (0.220 MH/s) Coin Per Day: .613012 LTC Profit @ Current Price per day: $1.554 As you can see, mining LTC with a GPU is more profitable than BTC (right now at current market prices) |
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sweeppicking
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April 17, 2013, 10:57:58 PM |
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I wouldn't mine BTC in the case of only having access to a video card / cpu for mining. If you really want to mine, though, there are other currencies such as Litecoin (LTC) that offer more fulfilling mining opportunities for the average person.
This is what I don't understand. What do you mean by "fulfilling"? Shouldn't it be a matter of net profit? How much you make in your pocket at the end of the month, quarter, year? Please, enlighten me, how much money will I be making per quarter in Litecoin vs Bitcoin? Since everybody's mileage may vary, I would suggest using a profitability calculator. There are plenty of open ones available here on the forum, as well as ones like the one on bitcoinx. There are also calculators that compare different crypto currencies, etc. yes, for example here http://allchains.info/calc.htmlI dont mine because while with my 1 GPU i could be profitable about 1 dollar per day, it is not worth the time to monitor it or potential failure of some component... Since Zealot seems to be concerned with profit, here's a personal example in favor of mining LTC over BTC right now using the calculator quoted above assuming no cost for electricity and no fees: GTX 570 BTC: Hashrate: ~140 MH/s Coin Per Day: .008 BTC Profit @ Current Price per day: $0.726 LTC: Hashrate: 220 kH/s (0.220 MH/s) Coin Per Day: .613012 LTC Profit @ Current Price per day: $1.554 As you can see, mining LTC with a GPU is more profitable than BTC (right now at current market prices) Days behind when LTC was like 4.5 USD you buy a GPU and pay it by mining for one week u.u |
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WordSurfer
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April 17, 2013, 10:59:30 PM |
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As long as you have a Radeon card w/ opencl support you should be good to go. Read up on cooling the card and be sure to monitor temperatures if you are going to give it a shot. If you have done any overclocking in the past you need to apply these skills here. Set up a performance profile in MSI Afterburner, or whatever you use for mining and other profiles for gaming, etc.
Assuming you are mining BTC:
Read around to see what others have done and what to probably expect from the make/model card in use. The settings for your GPU cores should be pushed up to the max stable. Lower the clock speeds on the memory as low as you can get them in order to reduce heat output. Test, monitor, test, and monitor some more.
Also look for a pool that does merged mining. Mine collects NMC as well for no additional effort and enhances the efficiency of the operation (not by much mind you).
Good luck
Here is a real noob question, what is "merged mining"? |
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