For Individuals looking to get into the Mining Game in 2014, please read this!

[grumpy619]

So if there are no more miners then who will support the network? What will happen to bitcoin. I got 10.7GH/s that will always be mining till the end.

[Jeezy911]

So if I mine 1 Worldcoin every 20 minutes now and 2 years from now WCD is sitting at $50 man what a bunch of wasted time and money.

[pjviitas]

Who are you shilling for anyway?  The big centralized mining shops?  Just so you know they are not the answer.
So why else are you badmouthing miners then?  Because your just looking for someone to &%^$ on?  Well move on we have had enough of this FUD already.
If your going to hate on miners at least go do it in the speculation subforum or something...I be there are a ton of people over there who would love to hear what you have to say.

I'm not hating on miners or shilling for anyone. If you can show me where I am wrong, then do it. Show me how I can buy an ASIC and make a profit mining bitcoins. Just don't expect me to believe that the difficulty is going up only 8% from now on.

Its wrong to try and convince people to stop mining in the mining forum...how about that.

[Dafar]

Hi guys ^____^


Soo... is it still worth getting mining gear to mine WDC? Or is GPU scrypt mining about to be dead? Pleas respond

[pjviitas]

Hi guys ^____^


Soo... is it still worth getting mining gear to mine WDC? Or is GPU scrypt mining about to be dead? Pleas respond

Not sure...all depends if you like mining or not.

[Dafar]

Hi guys ^____^


Soo... is it still worth getting mining gear to mine WDC? Or is GPU scrypt mining about to be dead? Pleas respond

Not sure...all depends if you like mining or not.

I mean... I haven't done it before, but I like the idea of "generating" money

[pjviitas]

Hi guys ^____^


Soo... is it still worth getting mining gear to mine WDC? Or is GPU scrypt mining about to be dead? Pleas respond

Not sure...all depends if you like mining or not.

I mean... I haven't done it before, but I like the idea of "generating" money

If you don't like the idea of mining then your probably not going to like it however the more miners there are the better it is for network.

If you want to give ASIC mining a try Antminer SI's are a good bet right now...they have a decent price, are well built, have a scalable setup and only sold on an "in hand" basis.

If you want to give GPU mining a try most motherboards have 3 x PSI-e slots of some kind...the Radeon R7 280X cards seem to be the most popular right now.  Be prepared to grapple with GPU cooling issues GPU mining however.  Actually, GPU's can be just as hard to get now as ASICs.

[Dafar]

Hi guys ^____^


Soo... is it still worth getting mining gear to mine WDC? Or is GPU scrypt mining about to be dead? Pleas respond

Not sure...all depends if you like mining or not.

I mean... I haven't done it before, but I like the idea of "generating" money

If you don't like the idea of mining then your probably not going to like it however the more miners there are the better it is for network.

If you want to give ASIC mining a try Antminer SI's are a good bet right now...they have a decent price, are well built, have a scalable setup and only sold on an "in hand" basis.

If you want to give GPU mining a try most motherboards have 3 x PSI-e slots of some kind...the Radeon R7 280X cards seem to be the most popular right now.  Be prepared to grapple with GPU cooling issues GPU mining however.  Actually, GPU's can be just as hard to get now as ASICs.

Well, I do like the idea of mining and I think I can learn a lot form it (about computers and the mining process). I don't want to get into ASIC mining because then I would just be mining bitcoin while competing with the big dogs, and not be able to mine LTC and the other scrypt-based alt coins (right?).

I'm afraid of investing in the mining gear for GPU mining because of ASIC developments for scrypt mining and the increasing difficulty.... I feel like I'm too late and if I start GPU mining now I'll be out of the game in 2 months.

I also saw this link on Reddit and if this is true it looks like ASIC USB miners for LTC that does 3.6 MH/s is in the horizon:
http://www.cybtc.com/thread-4792-1-1.html



Thoughts?

[pjviitas]

Hi guys ^____^


Soo... is it still worth getting mining gear to mine WDC? Or is GPU scrypt mining about to be dead? Pleas respond

Not sure...all depends if you like mining or not.

I mean... I haven't done it before, but I like the idea of "generating" money

If you don't like the idea of mining then your probably not going to like it however the more miners there are the better it is for network.

If you want to give ASIC mining a try Antminer SI's are a good bet right now...they have a decent price, are well built, have a scalable setup and only sold on an "in hand" basis.

If you want to give GPU mining a try most motherboards have 3 x PSI-e slots of some kind...the Radeon R7 280X cards seem to be the most popular right now.  Be prepared to grapple with GPU cooling issues GPU mining however.  Actually, GPU's can be just as hard to get now as ASICs.

Well, I do like the idea of mining and I think I can learn a lot form it (about computers and the mining process). I don't want to get into ASIC mining because then I would just be mining bitcoin while competing with the big dogs, and not be able to mine LTC and the other scrypt-based alt coins (right?).

I'm afraid of investing in the mining gear for GPU mining because of ASIC developments for scrypt mining and the increasing difficulty.... I feel like I'm too late and if I start GPU mining now I'll be out of the game in 2 months.

I also saw this link on Reddit and if this is true it looks like ASIC USB miners for LTC that does 3.6 MH/s is in the horizon:
http://www.cybtc.com/thread-4792-1-1.html



Thoughts?

I think people that like the idea of mining don't really care much about whats on the horizon they just jump in and start doing it.

I personally like all forms of mining and am thinking of getting back into CPU mining with one of the lesser known cryptos.

[Dafar]

I think people that like the idea of mining don't really care much about whats on the horizon they just jump in and start doing it.

I personally like all forms of mining and am thinking of getting back into CPU mining with one of the lesser known cryptos.

I know what you mean, but I don't have the financial luxury to buy a mining rig as a hobby... that is why I'm concerned about at least breaking even, even if I don't profit.

[Sitarow]

I think people that like the idea of mining don't really care much about whats on the horizon they just jump in and start doing it.

I personally like all forms of mining and am thinking of getting back into CPU mining with one of the lesser known cryptos.

I know what you mean, but I don't have the financial luxury to buy a mining rig as a hobby... that is why I'm concerned about at least breaking even, even if I don't profit.

Back when Bitfury and KNCMiner ship the first batch of units, many had reservations concerning possible return on investment.

The reality that btc would rise over its previous ATH had been discussed. However no one not even I predicted that BTC would be trading at over $1000 USD a few month's later.

Other ways to secure btc are available.

Mining is a high risk venture. It can be rewarding in many ways.

I have been providing a mining comparison spreadsheet to help new adopters become familiarized with the aspects of what network difficulty can do on projected returns.

Awareness of past hardware performance help people understand how speculative predicting future network speeds can be.

Here is a link. Create a copy and key in your own values if you wish.

https://docs.google.com/spreadsheet/ccc?key=0AmeuPljmUNHCdEpqX2RmMDFwemJyLURVUWFtZ3J3aGc&usp=docslist_api

[samcornwell]

So if I mine 1 Worldcoin every 20 minutes now and 2 years from now WCD is sitting at $50 man what a bunch of wasted time and money.

Worldcoin is scrypt. You won't be able to use your 10gh/s miner on that.

[okimzti]

2014 and im still making money

Cheers!

[Jeezy911]

So if I mine 1 Worldcoin every 20 minutes now and 2 years from now WCD is sitting at $50 man what a bunch of wasted time and money.

Worldcoin is scrypt. You won't be able to use your 10gh/s miner on that.

I don't. My strategy is much different. I basically go to friends houses and download miners on their computers, set up CG file on desktop and say "can you double click this every once in a while and let it run for me?"

So far I have an asus 7790, asus 7970, and 4 r9 280xs, and a couple nickel dime cards all mining WDC. It also helps that im the one that built most of these rigs. Can get about 1 coin ever 20 mins with everything running. Its a much better strategy than spending 1000s of dollars on rigs for myself, and if I get rich so do they, winwin.

[funktrust]

Mining Bitcoin would most likely not be profitable with these machines but other alts will be. The big dudes with mass TH/s will stick to Bitcoin and the little dudes 100Gh/s - 4Th/s will move to other alts.

[libitum]

I have been mining with ASICs since beginning of November, and I cant complain. It is true that every second week, profitability takes a hit, however it still needs to take a lot of hits for profitability to become 0.

Right now a KNC Jupiter makes only 0.15 BTC per day. I am sure in a month, it will be half of that. Still, 0.15 BTC per day means that I will pocket in the coming 2 weeks US$ 1600. (electricity for 2 weeks is less than $50).

If the difficulty rise continues at these crazy rates of 20% every 2 weeks (difficulty increases every 2 weeks, then that is the only valid period for BTC calculations), that means that I will make the next 2 week periods: $ 1250, $1000, 800, 600, 480, 380, 290, 220, 170, 130, 90, 60, 40, 30, 16, 5, -4, -12, -17, ...

So I would still be able to get about $5000 assuming the difficulty increases exponentially forever.


Luckily, that will not be the case. Because for every time profitability goes to half, it means that hashing power needs to double. If right now there would be 50 000 ASIC computers, next month it will need to be 100 000. Next month 200 000, then 400 000, 800 000, 1 600 000, etc.

Any business putting lots of money, they can not do that unless they can recover the investment within a year, and get an acceptable income for the coming years. Very soon that business logic will break (profits low enough to scare the big money), then network hashing power will stabilize.

Notice that if I stop mining because it is not profitable, then 90% of the network hashing power will also be in the exactly same situation, and they will also stop mining. Then the theory that hashing power will keep increasing is flawed. Hashing power is increasing right now, but it is very short sighted to think that it will keep doing that forever.

Besides mining with Jupiters, I am also waiting for few Neptunes. And I do think that I will end this 2014 with more money than what I paid for the Neptunes.

So, just a different approach to analyze the bitcoin mining profitability for 2014-2017.

[cloverme]

You can profit from mining, but the key is to invest into enough Gh/s and carefully watch your return on investment.  However, you need to reinvest into more mining equipment as difficulty rises while keeping an eye on the price of bitcoin. At the same time, you need to carefully invest into the next generation of mining equipment.  The large mining farms can't afford to reinvest into 3rd generation mining equipment because they're still trying to pay for the return on the 1st or 2nd gen equipment.  I was talking with a corporate farm owner that had invested 500k into 1st gen mining equipment which only did double digit Gh/s, now they're stuck and can't afford to get the single digit Th/s due in 2014.

To sum up, a miner can profit but I would say the entry point now is $6k - $12k in early 2014, whereas before $1k could get you mining at a profit in early 2013.  That being said, mining is very high risk and requires a lot of thought and constant calculation to maintain a positive ROI. 

[sharted]

I started mining a few months ago with a few block erupters. Quickly realised I was better off mining litecoin so sold the erupters for 4 times what I paid and bought a couple GPUs. By this point I was in profit and continue to increase that profit by mining altcoins and exchanging them for bitcoin. Whether these altcoins will last is irrelevant because they are worth money now, so who cares if they will be here in a few months, I sure don't. I wanted to mine because I didn't like uploading my passport and shit to Russian websites. I'm new to cryptos but I learnt early on that bitcoin mining was pointless, so switched to scrypt. Perhaps scrypt won't be worth a damn soon too but at least I had fun and made a small amount of money along the way.

[BBQminter]

I was talking with a corporate farm owner that had invested 500k into 1st gen mining equipment which only did double digit Gh/s, now they're stuck and can't afford to get the single digit Th/s due in 2014.

This makes absolutely no sense, unless the "500k in 1st gen mining equipment" happens to have been block erupters purchased in the past 2 months @ $100/ea.

[NecroBones]

I was talking with a corporate farm owner that had invested 500k into 1st gen mining equipment which only did double digit Gh/s, now they're stuck and can't afford to get the single digit Th/s due in 2014.

This makes absolutely no sense, unless the "500k in 1st gen mining equipment" happens to have been block erupters purchased in the past 2 months @ $100/ea.

500k in Avalon batch 3s or clones, or BFL gear would leave you pretty broke right now.

There's always eBay...