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Author Topic: I'm About to Quit Mining  (Read 4279 times)
coolbeans94
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Mintcoin: Get some


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October 21, 2013, 02:30:50 AM
 #21

Switch over to mining Peercoin (PPC).
In 5 days, when the difficulty adjusts, it will probably be more profitable than mining Bitcoin.

PPC is the 3rd largest altcoin and is SHA-256 like BTC so you can mine it just like BTC.

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koalana
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SEOLVIT DIGITAL VENTURES


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October 21, 2013, 02:59:34 AM
 #22

i felt that way too.  Shocked I gave up buying rigs and went with

www.seolvit.wix.com/seolvit and their CEX model.  I compound when the GH/s price is low, and cash out when it is high,
More possibilities without the hassles.

Seolvit Digital Ventures (http://www.seolvit.wix.com/seolvit)
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October 21, 2013, 07:27:56 PM
 #23

(Believe it or not I "accidentally" solo-mined a block).

Explain. Because that's not in the slightest bit believable.

Vires in numeris
cmg5461
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October 21, 2013, 08:11:32 PM
 #24

My jalapeno hit a 140M in 3 days of operation while the difficulty was 20M

then I sold the jalapeno for 2700$ because mining is a joke.

If I've helped: 1CmguJhwW4sbtSMFsyaafikJ8jhYS61quz

Sold: 5850 to lepenguin. Quick, easy and trustworthy.
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October 22, 2013, 12:31:49 PM
 #25

My jalapeno hit a 140M in 3 days of operation while the difficulty was 20M

then I sold the jalapeno for 2700$ because mining is a joke.
You could link the block you mined.
And, if you have already spent the coinbase, you could also reveal the private key, so that you could prove it was really your block.

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mgio
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October 22, 2013, 04:10:46 PM
 #26

If I did the latter, I'd be investing an amount more than equal to my total miner profits ever (given BTC price at time of mining) in a SINGLE machine.
Keep your profits tight.

Wild difficulty increases, so mining is not a sane option, and also problems with securities everywhere, so even investing is too risky.
Keep them for now, invest up to 1/3 of them when the market is safer.


Will difficulty ever stop increasing? In the near future?

Somebody recommended that I buy Difficulty Futures at ICBIT.se. Given that I have a lot of BTC to invest, and currently not doing much with any of it, do you think those would be viable?

It will, when the cost to manufacturer ASIC is higher then the selling price. Should be mid of next year maybe?

No, it will stop increasing when the profit returned by the most efficient miner no longer covers it's electricity cost. We could hit 30 billion+ before that happens though.
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October 22, 2013, 04:11:45 PM
 #27

My jalapeno hit a 140M in 3 days of operation while the difficulty was 20M

then I sold the jalapeno for 2700$ because mining is a joke.
You could link the block you mined.
And, if you have already spent the coinbase, you could also reveal the private key, so that you could prove it was really your block.


He doesn't have to reveal the private key. He could just sign a message with it proving that it is him.
theonewhowaskazu
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October 22, 2013, 04:12:19 PM
 #28

Switch over to mining Peercoin (PPC).
In 5 days, when the difficulty adjusts, it will probably be more profitable than mining Bitcoin.

PPC is the 3rd largest altcoin and is SHA-256 like BTC so you can mine it just like BTC.

I' m considering sticking my miners in random altcoins (obviously only the ones with no premine), and just selling them when they hit a halfway decent price.

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October 22, 2013, 04:19:18 PM
 #29

Better to Buy and hold Bitcoin for a year or more....

I would have made so much more money if I would have simply bought bitcoin with the money I spent on mining equipment.
so true

This is true, but sad.  I had/have fun doing this.  It just does not pay anymore.

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mgio
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October 22, 2013, 10:00:25 PM
 #30

Switch over to mining Peercoin (PPC).
In 5 days, when the difficulty adjusts, it will probably be more profitable than mining Bitcoin.

PPC is the 3rd largest altcoin and is SHA-256 like BTC so you can mine it just like BTC.

I' m considering sticking my miners in random altcoins (obviously only the ones with no premine), and just selling them when they hit a halfway decent price.

Who is going to ever buy those random alt coins though?
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October 23, 2013, 02:37:30 PM
 #31

Who is going to ever buy those random alt coins though?
+1

altcoins are currently useless.

namecoin could have made sense but its design had fatal flaws, and ppcoin is only partly proof-of-stake so it doesn't really matter.
the others are crappy clones with exactly zero value.

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cowandtea
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October 24, 2013, 12:09:29 PM
 #32

Who is going to ever buy those random alt coins though?
+1

altcoins are currently useless.

namecoin could have made sense but its design had fatal flaws, and ppcoin is only partly proof-of-stake so it doesn't really matter.
the others are crappy clones with exactly zero value.


Not all altcoins are useless, scrypt altcoins might be good...

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Bitgoblin


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October 24, 2013, 12:21:11 PM
 #33

Not all altcoins are useless, scrypt altcoins might be good...
why

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mgio
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October 24, 2013, 04:26:27 PM
 #34

Who is going to ever buy those random alt coins though?
+1

altcoins are currently useless.

namecoin could have made sense but its design had fatal flaws, and ppcoin is only partly proof-of-stake so it doesn't really matter.
the others are crappy clones with exactly zero value.



+1

There is no alt coin that offers anything better that what bitcoin already offers.

Scrypt coins are  only interesting for people who want to mine without investing in an asic. So they are only interesting to miners wanting to make a quick buck. If they actually became popular, someone would make an asic for them and they'd be the same as bitcoin.
cowandtea
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October 25, 2013, 01:08:52 AM
 #35

Who is going to ever buy those random alt coins though?
+1

altcoins are currently useless.

namecoin could have made sense but its design had fatal flaws, and ppcoin is only partly proof-of-stake so it doesn't really matter.
the others are crappy clones with exactly zero value.



+1

There is no alt coin that offers anything better that what bitcoin already offers.

Scrypt coins are  only interesting for people who want to mine without investing in an asic. So they are only interesting to miners wanting to make a quick buck. If they actually became popular, someone would make an asic for them and they'd be the same as bitcoin.

You are right, people already making ASIC for scrypt coins already..

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KUPO!


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October 25, 2013, 05:01:29 AM
 #36

I quit the mining game myself last Month. Was all just too expensive and sold all but one of my block erupters for nostalgia's sake. Plus they ain't worth poop anymore :-P
Nice to see the. Itcoin price has almost doubled since I last saw though!

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I have some bitcoins. Somewhere.


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October 30, 2013, 02:17:00 PM
 #37

Originally with GPU I wasn't earning much,
!

it was nice when 5830's paid for themselves in two days

Really? when was that?

from around the middle of may 2011 til the end of june (more like the middle of june, because difficulty started increasing a ton)


oh, you also got shogun with your 5830s!

Dacentec Dedicated Servers (Lenoir, NC, USA) from $25/mo & Time4VPS Storage VPS' (Vilnius, Lithuania) from €18/qtr & Hetzner's serverbidding, from ~€20/mo -- had bitcoin nodes & p2pool (dacentec, hetzner) for several years on these.  Only two are affiliate links too, kek! -------  Feel free to join my G2A Goldmine Pyramid Scheme Team, or possibly even buy a Steam game from there.  Maybe.
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XUVcoin.com 🔴 1200% ROI Masternode


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October 30, 2013, 03:29:18 PM
 #38

Originally with GPU I wasn't earning much,
!

it was nice when 5830's paid for themselves in two days

Really? when was that?

from around the middle of may 2011 til the end of june (more like the middle of june, because difficulty started increasing a ton)


oh, you also got shogun with your 5830s!

Im jealous, I would buy like 1000000 GPU...
ekiro
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October 30, 2013, 03:54:14 PM
 #39

Your best bet of making money mining is to get the first batch, mine for a week, and sell before next difficulty bump. That's one way and it's risky sure. The margins aren't that great either.

The next step is to buy reels and get boards built. But then you will be stuck with a bunch of gear. Hopefully you can sell that in tine too. There is a bigger reward with this but comes with more risk. 

Honestly I say you gamble your money on BTC.

Your gains will be significantly higher than anyone in the hardware business. Assuming you have a nice capital pool.

Just think about it. If you had spent $50K on BTC instead of pre-ordering a bunch of miners, by the time you get those miners your money will have grown 10-20%.

I say you let the fools take the biggest risk and let them do the work of mining and getting the hardware together and all that. That to you means growth in BTC. And if you keep on collecting those coins, your value will just go up.

I'm actively converting 50% of my income into BTC. Every month. Has been working out great. Especially in October.

Don't waste your time on hardware.
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October 30, 2013, 10:54:13 PM
 #40

Buying BTC is good advice if BTC doesn't tank to 5% of its value like it did over the course of 2011-2012.

Everyone here is really excited by the prospect of buying BTC because the price has gone up lately, and seem to be amnesic about when it spent forever tanking.  But the same thing goes for any commodities market, the traders are often bipolar and impulsive.

I'll stop mining when mining stops being profitable -- but so far over the past 3 years of mining and saving half and spending the rest on more miners, I've been making a killing.  The crazy thing about mining is that it's still profitable even when BTC/LTC is imploding.

The people who think that bitcoin's rise in price will continually destroy other equities and commodities markets month over month and year over year are probably the ones who will be in for the biggest shocks in the future.

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