Interested in starting mining

[daddygamer]

Hi all,
To be honest I'm completely new in the bitcoin scene, but after reading the ArsTehnica article the geek in me became interested in mining. Not so interested to spend a lot of (real world) cash on hardware, but enough to spend some. I was thinking of starting with the Block Erupter USB, any suggestions for a noob would be appreciated. Anyone has an idea of the real world price and availability?

Thanks.

[daddygamer]

Based on experience?

[gweedo]

Based on experience?

math

[r3wt]

Based on experience?

math

* r3wt agrees with the eye-talian

[daddygamer]

I we're talking about math, we need proof
These guy's proved a returned investment in 2 weeks: http://arstechnica.com/gadgets/2013/06/how-a-total-n00b-mined-700-in-bitcoins/
Anyone disagrees?

[r3wt]

I we're talking about math, we need proof
These guy's proved a returned investment in 2 weeks: http://arstechnica.com/gadgets/2013/06/how-a-total-n00b-mined-700-in-bitcoins/
Anyone disagrees?

that was before anybody else had asics, besides a select few. now a days, the diff has quadrupled and the network hashrate doubled. and just so you know a block erupter usb is about 1/15th the hashrate of the jalapeno the author tested. you'd be lucky to make ROI on it. someone will link a profitability calculator shortly so you can understand the math. your odds of breaking even with ASICS are slim to none.

[Yossarianin]

Hi,

two month is an AGE in BTC. Two 8 weeks ago 1GH was making a profit for me about 0,06 BTC (AFAiR)  per day. Now it's about little over 0,02 BTC...
And BTC was about 100$, now it's 75? Not sure, it's going down quite quick.
look at:

http://bitcoin.sipa.be/

see that rising up red stepping line? it's difficulty - and green line - it's total hashing power. April it was 50TH/s now its over 200 I've seen - FOUR times more! I guess next step will be 0,015 BTc/1GHs/day so you will make 5ghs*,015*75= 5,625$ per day. Now it is about 8$/day (0,11BTC/day)
And remember to subtract power costs.

look at
http://50btc.com/

they have a reward calculator - so you can easiliy estimate earnigs.

About USB sticks they are more expensive comparing to jalapeno - but i still think that there is a window to make a profit on them. Based on math as above and estimating increase of diff 20% every two weeks.
But don't blame me if you won't..

Best regards

[daddygamer]

Now we have some math! Thanks for explanation guys, I think I'll skip.

[eCoinomist]

Mining bitcoin is too late now, you better off mine one of the altcoins like Litecoin that are still reasonable easiy and profitable to mine, the USB eruptor will probably not make your invest back ever, since the difficulty will sky rocket in a few months when more asics are being shipped.

[Gizmosis350k]

  I joined a LTC mining pool and its not paying me out

http://www.play4.co.uk/.

This is my miner setup can anyone help me too? lol

http://www.mediafire.com/download/bf4xu6i7zwftau4/CPUminer.rar

or

minerd --algo=scrypt --url=pool.play4.co.uk:9327 --user=LR1sroTQBhzWhB15psnqY6Zx98rxXV216c --pass=x

@ OP try mine for LTC

been mining for a little while now

here is my wallet

https://i.imgur.com/55mrRjs.png


please help thank you

[jdany]

The above is true.

However, there are some of us who are mining for the coins, not today's fiat equivalency of the coins.
I currently pay $200/month in electricity and my hardware can mine 2.32 BTC per month at today's difficulty.
At today's GOX price , I could BUY 2.53BTC for $200.

If the BTC price goes back up to $100, then I can convert $200 into more BTC using my mining equipment than I could by buying them from an exchange.

The goal for me is to accumulate BTC and I find the most efficient method of doing it.

[naphto]

You might be able to break even, if the price does not go too low in the next few days

[fleabag]

The above is true.

However, there are some of us who are mining for the coins, not today's fiat equivalency of the coins.
I currently pay $200/month in electricity and my hardware can mine 2.32 BTC per month at today's difficulty.
At today's GOX price , I could BUY 2.53BTC for $200.

If the BTC price goes back up to $100, then I can convert $200 into more BTC using my mining equipment than I could by buying them from an exchange.

The goal for me is to accumulate BTC and I find the most efficient method of doing it.

what a waste of time and energy

[jdany]

what a waste of time and energy

That was a waste of keystrokes.

[fleabag]

what a waste of time and energy

That was a waste of keystrokes.

lol. I am a waste(oid)

[mjc]

Take a look at this article before you consider buying anything.

I think this article will help you figure things out.  It will at least fill in the gap as to how much you can earn.

http://bitcoinsbs.wordpress.com/2013/06/27/quick-math-what-will-my-mining-rig-bring-in/

Keep in mind that it looks like BFL has about 500 - 700 TH of back log, KNC looks to have about 250 to 200 TH.  Avalon and ASIC Miner still have additional output.

So if you are just now thinking of buying consider the fact that before you get your equipment the hash rate will be over 1 PH.

[cowanjeffrey93]

You are too late in this community. Now this community is loosing faith on crypto currencies.

Anyway, you can mine LTC now to get some quick money.

[Bigcheezit210]

I mine crypto currencies, it's fairly profitable if you are able to be patient, predict prices and trends, and you do your research. You just have to watch out for all the scam coins and coins that get pumped and dumped, besides that easy money.

[milestock]

or if you mine the pump and dump coins correctly, its really easy money. Just be careful and it should be profitable

[Welsh]

Mining is becoming worthless, because of the amount of people in it. They have new technology which is killing mining. The difficulty is rather high at the moment. If you want to get into mining you need to folk out a lot of money. Which is a big risk, guess that's why it's called a investment. You need to weigh up the pros and cons. For example ordering from BFL (lol) you will have to wait months, I think the estimated delivery for new orders are 2014 which could be further delayed.

Weighing up electricity costs & the break even of you're money is a very difficult decision when it comes to buying and maintaining you're equipment.