Is it too late for poor people to start mining? Jan2014

[brokedummy]

I did buy some BTC at inflated prices on ebay and virwox when it crashed from 1200 to 800. I bought some more on coinbase when it was $592. I knew about bitcoin the whole time but it never dawned on me that I should buy some at all costs, just to cover the infinite upside risk that it will be all they will accept in futureworld. I think I tried to make a mt. gox account way back in the day but since the utility bill isn't in my name and I get paperless bank statements I couldn't do it and I gave up. Worst financial decision of my life so far. Every other mistake I have made was lack of capital, but this was just laziness I guess. I could have figured out a way to get more involved sooner. All together I have maybe one BTC worth of crypto holdings. About what I spent. I did learn a lot about currency trading, and I knew a bit already so I think I will be able to profit slowly but surely.

[brokedummy]

That's a really good idea. How much credit do I need? Whats this stuff cost. I've got some available, and I could sell some stuff to make this happen

[Trail48]

Yes it is probably too late. However it is exciting to see a coin being mined, even if it is just for fractions of a coin. I have started mining a couple of different coins (joined a pool for Quark and solo mining Earthcoin with limited success) just for the thrill of it. Its not profitable but I love firing up the start.cmd file and seeing the computer keep the room warm.

[dhenson]

Generally ASIC equipment costs between 5k-13k.  Honestly, I would look at KNC, Bitmine or Cointerra... I am not sure if any of them will accept CC payment at this time.

I know for certain that KNC is not currently selling equipment for CC but if you watch closely, they will most likely open more Jupiters for sale (will probably sell out in 10 minutes) and may re-enable CC payment.

[brokedummy]

So if I sell one of my nuts for this ASIC thing I just plug it into the computer and it makes bitcoins until something better comes along. This would make me a rich man. Big investment though. Maybe easier to get it hosted since I still can't get cgminer to work. lol

[brokedummy]

Do they connect to the computer or just to the network? I think I would like to get one or two or ten if they do start paying for themselves. Why not right? I'll even pay the whole electric bill if it works out. Hopefully crypto is here to stay. NSA working on quantum though.

[dhenson]

Lol, you have a lot of reading to do.

1) I value my nuts much more than my ASIC's.  Please don't sell your nuts in exchange for btc.
2) Some ASIC's have built in controllers that just need Power and Ethernet (KNC), others need a computer or device like a raspberry pi (Asicminer, Hashfast) to run the mining software.
3)  We are (in my opinion) on the ground floor of an amazing opportunity never before seen in the history of the world.  Do a Google search for "mike hearn autonomous agents" and prepare to be blown away.  The potential here is way beyond simply financial independence.

[BassDuck]

if your having trouble with cg miner make sure your not using the newest version as it doesn't support gpu mining only asic i'm using 3.1.0 then make your self a text file and enter something like this

cgminer --scrypt -o     stratum+tcp://eu.stratum.coinpool.de:1000 (<--your pool address) -u xxxxxx-p xxxxxx   (-I 13 -g 2 -w 256 --lookup-gap 2 --gpu-engine 1030 --gpu-memclock 1500   go to https://litecoin.info/Mining_hardware_comparison and find your hardware and enter config information here)   save coinmining.bat and make sure the save file type is all files and save in the cgminer folder   once thats done double click the .bat and you should be mining.

[brokedummy]

I'm using the version of cgminer that my pool recommends but when I try to run it it says opencl.dll is missing. Do I just need to find it online and put it in the folder?

[nathan_kia]

 I think it's not never too late, more miner is good for the alt coins comunity

[HappyTrader]

you can mine some alt cryptocurrency, its more proffitable profitable.

[kolesozw]

Definitively worth GPU Scrypt mining and exchange to Bitcoin

[oscar5]

you can mine some alt cryptocurrency, its more proffitable profitable.

+1

[brokedummy]

HOLY MOLY! I reinstalled catalyst control center and now I am mining! HOW DO I MAKE IT STOP? It's getting louder and louder. lol

[brokedummy]

I probably should have cleaned the video card before trying to mine. It got to 106c in a few minutes before I turned it off. Hey I got it working though. I'll clean it out and try again, hopefully it'll be good to go and I'll be mining crypto like a real pimpdaddy. Wish I had started earlier, but hope it's not too late to make some kind of profits. Thanks for the help guys!

[Flashman]

Strategy for the broke...

i) forget directly mining bitcoin for the minute

ii) scrounge up some Radeon GPUs at low prices from local craigslists and other classifieds, everyone "knows" about 6950s, 5850s, 7950s etc, so maybe go for the less popular ones. Since 400kh GPUs are going at near $200 and 600kh near $300 and up, then finding ~200-300kh GPUs at $100 or less is a DEAL, so try finding 6850s, 6870s, maybe 5770s

iii) scrounge up some motherboards to run them in, here's what you need in your fancy mining rig, PCIe slots, period. Doesn't need to support haswell, doesn't need overclocking features, needs PCIe slots, there's some socket 939 and 775 boards that do just great. Scrounge up the slowest lowest watt CPU you can to stick in the board. Scrounge up  2GB of RAM. Scrounge up a PSU that on 12V gives you 100W for the motherboard and CPU and 150W for each GPU AT LEAST. So minimum of around 40A on 12V for a celeron 440 in a s775 board with 2 6850s. (I have that setup, I've got about $300 in it, makes about $500 a month @ 550kh for about $40 worth of electricity)

iv) set up per https://bitcointalk.org/index.php?topic=117221.0  set up on litecoin first and use a MAJOR pool such as wemineLTC familiarise yourself with how it all works, get your miners tuned up so they are getting in the same zone as the top hash rates shown on the litecoin mining hardware guide, then when you know what you are doing, start with the alternative coins. Last thing you want to be is a newbie mining a flaky coin on a flaky pool with flaky hardware and a flaky software config.

v) when your coin is high against bitcoin, sell it for bitcoins.

iv) be ready to abandon any coin that doesn't make the top 10 in market cap (Excluding ripple) if it's high market cap and "not real good at the moment" you can mine a bunch for a nice stash to sell when the price is better, don't count on doing this for low cap coins, they may never recover. This depends on whether you can afford to cover your electricity monthly and get big payouts a few times a year, if you need monthly payouts go with most profitable at the moment.

[Stalratos]

In the command line (or .bat file) you're using for cgminer add the following:

--auto-fan --temp-target 80 --temp-cutoff 90

This will allow cgminer to control the fan on the card, increasing its speed to try and keep the temp at or below 80, and if that's not possible, it will stop mining when the card reaches 90 so as not to set fire to your entire operation.

[lakay]

I started back in 2011 and I say it is never too late to start mining today. The more the merrier.

[brokedummy]

Thanks I will add the temp paramaters. Right now I am trying different pools I only get about 16kh/s and my HW number is 8. It's not ramping up fully for some reason. I'm not sure what the other numbers mean or how to tell if I am successfully mining anything. I did mine a few earthcoins on coinium pool but then I tried mining doge coins but nothing happened. I tried a middlecoin pool and it seemed to do something but I don't know what I'm looking at yet to see if it's working. Is it worth mining with these numbers? Maybe just get a new rig? If it pays for itself I can build something halfway decent. I like dealing with ebay rather than craigslist usually.

[Biddlebaddleboo]

It isn't too late to mine Bitcoins now. You can use Pyramining to help you mine. Pyramining is a service that you can buy hashing power and it will mine you Bitcoins until you get your complete reward. Currently, you can buy 1GH/s for 0.02BTC which isn't expensive and you can get a bonus of 10% when you join with this referral link.

Referral link: http://pyramining.com/referral/287zdxqs9