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Author Topic: Why are much people mining with less than 100 Mh/s ???  (Read 3426 times)
Roland68
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June 27, 2011, 05:57:29 PM
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Hi; I'm wondering why much miner are mining on CPU or slow graphic cards and are getting less than 1 coin per month ....

Please tell me ...WHY Huh?

For me it looks like, would be much more easy to buy some coins Huh

Maybi i'm missing something here ?
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hamdi
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June 27, 2011, 05:59:10 PM
 #2

they are greedy??

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June 27, 2011, 06:21:43 PM
 #3

they are greedy??
Can't tell if srs or not.  Most likely these people are mining for the FUN of it.  For a lot of us mining for bitcoins, no matter what the difficulty is, draws a form of primal satisfaction similar to watching your HD defragment. Smiley

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June 27, 2011, 06:32:27 PM
 #4

students with free electricity.

Will

bcpokey
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June 27, 2011, 06:34:17 PM
 #5

Who are all these people you refer to exactly? I don't see many people claiming that they're happily hashing away with less than 100Mhash/sec.

If you have free electricity and an old machine you don't really care about, 100mhash > 0 also.
AngelusWebDesign
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June 27, 2011, 07:50:41 PM
 #6

He has a point --

If your cost of mining is greater than what you get out of it, you're only brown-nosing your Electric Company.

Anyone mining with a negative return (CPU mining, etc.) has to either
A) really hate Bitcoin miners
B) really love his electric company
Coma
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June 27, 2011, 07:57:52 PM
 #7

Or they expect bitcoins to worth so much more in the future.
mike678
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June 27, 2011, 08:04:21 PM
 #8

Or they expect bitcoins to worth so much more in the future.
I feel like so many people forget this. Yes it might be a gamble thinking this way but too many people think short term and not long term especially with gpu mining.
AngelusWebDesign
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June 27, 2011, 08:22:13 PM
 #9

You're not getting it.

If you think BTC are going to be worth $50 next month, should you:

A) Spend $90 on electricity to get (4) bitcoins.
B) Spend $60 on Mt. Gox today and buy (4) bitcoins.

My point is --

Anyone choosing (A) must either love their electric company, or hate the idea of bitcoins going up in value.

Why else wouldn't they just BUY some bitcoins if they believe BTC will increase in value?

Paying MORE than Mt. Gox price in electricity is STUPID -- it's cutting off your nose to spite your face.

Matthew

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June 27, 2011, 08:30:41 PM
 #10

You're not getting it.

If you think BTC are going to be worth $50 next month, should you:

A) Spend $90 on electricity to get (4) bitcoins.
B) Spend $60 on Mt. Gox today and buy (4) bitcoins.
You're not getting it.

If you just did the above and after another month BTC is worth $70, what should you have really done:

A) Spend $90 on electricity to get 4 bitcoins, and another $90 for the next month to get ~2 bitcoins which are worth in total $420
B) Spend $60 on Mt. Gox last month to get 4 bitcoins, and another $140 this month to get ~2 bitcoins which are worth in total $420
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June 27, 2011, 08:39:08 PM
 #11

A good number of those people are people who started mining a long time ago, long before any of you came here trying to make a quick buck. If they've stuck with it for this long it's probably because they truly believe in the project and I would cheer if they ever got a block. Stop projecting your hate towards them just because they are making it more difficult for you to make a quick buck. Long term adoption > short term greed.

I have sigs and avatars disabled on these forums but I bet the people crying about cpu miners have a tradehill referall code in them.

P.S: It could also be a bunch of botnet miners in which case you can cry all you want, it wouldn't do much good.
BombaUcigasa
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June 27, 2011, 08:47:43 PM
 #12

I have sigs and avatars disabled on these forums but I bet the people crying about cpu miners have a tradehill referall code in them.
No, he just has the obligatory donate for no reason to this random strings wallet address in his signature.
AngelusWebDesign
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June 27, 2011, 09:12:07 PM
 #13

You're not getting it.

If you think BTC are going to be worth $50 next month, should you:

A) Spend $90 on electricity to get (4) bitcoins.
B) Spend $60 on Mt. Gox today and buy (4) bitcoins.
You're not getting it.

If you just did the above and after another month BTC is worth $70, what should you have really done:

A) Spend $90 on electricity to get 4 bitcoins, and another $90 for the next month to get ~2 bitcoins which are worth in total $420
B) Spend $60 on Mt. Gox last month to get 4 bitcoins, and another $140 this month to get ~2 bitcoins which are worth in total $420

You're still not getting it. We're not talking about "To invest in equipment, or buy BTC outright". We're talking about CPU mining, which means you already have the machine.

You always have to make the decision about mining at a loss, or buying MORE BITCOINS with the same electricity money. Either way you have the same BTC -- a mined BTC isn't worth any less than a bought BTC. They can both appreciate to $70 (a.k.a. "TO DA MOON" on goldbug forums)

The question is: do you run your CPU at 100% for a week to make 0.0826 BTC/week, or just buy the BTC on Mt. Gox.

You're saying "what if next month a bitcoin is worth more?"

It doesn't matter. You simply start mining then, as soon as mining gets you MORE BTC PER DOLLAR SPENT than buying them outright. Of course you want to mine when mining is "profitable".

When it's not "profitable" you're literally throwing money away.

Can somebody help me explain it to this guy?
AngelusWebDesign
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June 27, 2011, 09:15:00 PM
 #14

I just saw another glaring error in his post.

He is talking about BTC going to $70, but doesn't factor in the MASSIVE difficulty increase that would come about if that happened. Everyone and their grandma would be buying every 68XX card they could, along with new rigs, to capitalize on the new bonanza.
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June 27, 2011, 09:30:39 PM
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The question is: do you run your CPU at 100% for a week to make 0.0826 BTC/week, or just buy the BTC on Mt. Gox.
No and no. I run my GPU at 100%. It's less than 100Mh/s at the moment. I prefer mining since it's easier to buy BTC in my own home at about $4, with monthly credit from my energy supplier instead of paying taxes and fees from upfront money to buy BTC directly on an exchange at $17. Problem?

Of course you want to mine when mining is "profitable".

...

Can somebody help me explain it to this guy?
Yes, I'm mining when it's profitable. As in NOW. What's there to explain? That you think 100 is the magical number that separates the profitable and unprofitable mining setups irregardless of hardware design, hardware costs, Mhash/kWh, electricity costs? Just 100. Just like that.

I think you need to calm down, take a chill pill and understand that not everyone is like you, and not everyone is the same size. For example I will stop mining with an under 100 Mh/s setup when the difficulty reaches 10M. Problem?

I just saw another glaring error in his post.

He is talking about BTC going to $70, but doesn't factor in
And the error of BTC going from $15 to $50 in YOUR POST is NOT a glaring error? Permit me to LOL.

Some people are really angry around these forums. And usually never think they could be wrong.
AngelusWebDesign
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June 27, 2011, 10:08:14 PM
 #16

I don't believe we're even on the same page, so apparently we can't continue this conversation.

I never said there was a magic number of 100 MH/s -- though that IS the original topic of this thread.

My posts (above) were *strictly* and exclusively talking about CPU mining at a loss (which, BTW, is *not* profitable at the current difficulty level, with any known CPU on the market)

If you're mining at 50, 100, or 500 MH/s and you want to mine when it's profitable, then you're sane and there's no problem.

I'm not angry about anything. I haven't raised my voice once in this discussion. If you think I've gotten bent out of shape in the least (emotional/angry, etc.) it shows how little one's emotions --or lack thereof -- truly convey on a message board.

Matthew
mike678
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June 27, 2011, 10:45:21 PM
 #17

It doesn't matter. You simply start mining then, as soon as mining gets you MORE BTC PER DOLLAR SPENT than buying them outright. Of course you want to mine when mining is "profitable".
I would like to point out that if you start and stop like this when its profitable your missing the potential coins in between. For example say you stop now because its unprofitable and in 2 or 3 months time the price of a bit coin skyrockets to lets say 500 dollars a bitcoin(Not saying this will or won't happen). As people start to notice the rise more and more machine will be put out raising the difficulty. By the time you decide its profitable again the difficulty is raised so high it gives you a narrow window to make anything. If however you mine constantly for the two months its not profitable at the beginning but when you sell the bitcoins you saved it will be at worth it. This is a gamble but could potentially be worth it.
rahl
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June 27, 2011, 11:08:07 PM
 #18

Can't tell if srs or not.  Most likely these people are mining for the FUN of it.  For a lot of us mining for bitcoins, no matter what the difficulty is, draws a form of primal satisfaction similar to watching your HD defragment. Smiley

This

Also I don't pay anything extra for electricity and my computer is on all day anyway so why not have it fire up mining when the system is idle?
I even mine on an old pci card also that I found in my old stuff, it manages like 2mh Smiley

Agorista
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June 28, 2011, 01:04:10 AM
 #19

Sorry bro, with my fusion reactor giving me near-free energy it's kinda hard not to mine... it's free money.

Some people have a sunk cost in energy and therefore will maximize their use....

  • College students
  • IT people
  • Photo-voltaic panels installed
  • fusion

Mike
Member since June 2011 - watching BTC since $0.25
JayC
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June 28, 2011, 01:47:04 AM
 #20

Can't tell if srs or not.  Most likely these people are mining for the FUN of it.  For a lot of us mining for bitcoins, no matter what the difficulty is, draws a form of primal satisfaction similar to watching your HD defragment. Smiley

This

Also I don't pay anything extra for electricity and my computer is on all day anyway so why not have it fire up mining when the system is idle?
I even mine on an old pci card also that I found in my old stuff, it manages like 2mh Smiley

Most modern chips use less power when they're idling than when they're running under load...  so you're paying more for power to mine even if you normally left your computer on 24/7.
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