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Author Topic: I want to start mining  (Read 1280 times)
Nathan101
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May 28, 2014, 05:00:33 PM
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I want to start mining. I know that BTC mining is not much profitable. So i am thinking about alternative cryptocurrencies. From this thread https://bitcointalk.org/index.php?topic=602022.0 i came to know that www.genesis-mining.com is providing cheapest rate. They are offering start mining at 0.14 usd per kh/s. If i start mining at this rate, what is the chance of getting profit?


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tshaw
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May 28, 2014, 06:14:56 PM
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Why don't you just purchase your own rig? I have a few for sale at a very good price. PM me
ChuckOne
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May 28, 2014, 06:16:52 PM
 #3

I want to start mining. I know that BTC mining is not much profitable. So i am thinking about alternative cryptocurrencies. From this thread https://bitcointalk.org/index.php?topic=602022.0 i came to know that www.genesis-mining.com is providing cheapest rate. They are offering start mining at 0.14 usd per kh/s. If i start mining at this rate, what is the chance of getting profit?


Maybe, you could start mining NXT. Smiley

You do not need to buy mining rigs and wasting electricity. Just buy some NXT and start mining with it.

Nathan101
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May 29, 2014, 03:01:58 PM
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I want to start mining. I know that BTC mining is not much profitable. So i am thinking about alternative cryptocurrencies. From this thread https://bitcointalk.org/index.php?topic=602022.0 i came to know that www.genesis-mining.com is providing cheapest rate. They are offering start mining at 0.14 usd per kh/s. If i start mining at this rate, what is the chance of getting profit?


Maybe, you could start mining NXT. Smiley

You do not need to buy mining rigs and wasting electricity. Just buy some NXT and start mining with it.
Don't you think that it is possible to make profit with them? Some of the members are saying that they are making profit with them.

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May 29, 2014, 03:39:13 PM
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I want to start mining. I know that BTC mining is not much profitable. So i am thinking about alternative cryptocurrencies. From this thread https://bitcointalk.org/index.php?topic=602022.0 i came to know that www.genesis-mining.com is providing cheapest rate. They are offering start mining at 0.14 usd per kh/s. If i start mining at this rate, what is the chance of getting profit?


Maybe, you could start mining NXT. Smiley

You do not need to buy mining rigs and wasting electricity. Just buy some NXT and start mining with it.

But please explain further that you need at least 500000 NXT to achieve some NXT without waiting months!

"There are occasions in life when financial caution gets tossed out the window," he added, "son. That's all water under the bridge.
snowcrawl
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May 29, 2014, 03:57:05 PM
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A more realistic goal is to aim for making back about half of your investment, or slightly better, and chalking up the loss to being part of the learning experience.
SOEHARTO
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May 29, 2014, 05:17:25 PM
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yeaa better you mining alt coin . to get more btc and next time you can trade it with btc.
more fast

Want to be Millioner
monim1
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May 30, 2014, 05:49:09 AM
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Why don't you just purchase your own rig? I have a few for sale at a very good price. PM me
I think mining with pools is much more profitable than solo mining. Experience traders suggest to mine with pools. What do you want to say about it?
monim1
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May 30, 2014, 06:06:51 AM
 #9

I want to start mining. I know that BTC mining is not much profitable. So i am thinking about alternative cryptocurrencies. From this thread https://bitcointalk.org/index.php?topic=602022.0 i came to know that www.genesis-mining.com is providing cheapest rate. They are offering start mining at 0.14 usd per kh/s. If i start mining at this rate, what is the chance of getting profit?


I go through their website and they are providing an equation of profit. It is an assumption. Price of cryptocurrencies are not stable. So your chance of getting profit may change. Here is the equation.
"By the time of writing (16.5.2014) the daily profit of Litecoin for 50 MH/s is 71.10 USD per day. The costs for a one year Platinum Contract are 7200 USD. Assuming a constant price and difficulty you would already break even after 7200/71.10 = 101.27 days and would have the rest of the 365 days of pure profit! It is important to note that the difficulty as well as the price will in fact vary a lot. They can go up or down. Although the difficulty will likely increase people who are bullish on crypto currencies expect higher prices which will increase the profitability even more".
Nathan101
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May 30, 2014, 07:18:16 AM
 #10

I am bit confuse. One member suggesting me to buy my own rigs another one is telling "You do not need to buy mining rigs and wasting electricity". Now what should i do? I am not so experienced on mining. That's why i am thinking to join a pool or start mining with www.genesis-mining.com

Nathan101
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May 30, 2014, 07:27:12 AM
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I want to start mining. I know that BTC mining is not much profitable. So i am thinking about alternative cryptocurrencies. From this thread https://bitcointalk.org/index.php?topic=602022.0 i came to know that www.genesis-mining.com is providing cheapest rate. They are offering start mining at 0.14 usd per kh/s. If i start mining at this rate, what is the chance of getting profit?


I go through their website and they are providing an equation of profit. It is an assumption. Price of cryptocurrencies are not stable. So your chance of getting profit may change. Here is the equation.
"By the time of writing (16.5.2014) the daily profit of Litecoin for 50 MH/s is 71.10 USD per day. The costs for a one year Platinum Contract are 7200 USD. Assuming a constant price and difficulty you would already break even after 7200/71.10 = 101.27 days and would have the rest of the 365 days of pure profit! It is important to note that the difficulty as well as the price will in fact vary a lot. They can go up or down. Although the difficulty will likely increase people who are bullish on crypto currencies expect higher prices which will increase the profitability even more".
Thanks for your information. Is there anyone who is making such amount of profit?

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May 30, 2014, 07:34:13 AM
 #12

I am bit confuse. One member suggesting me to buy my own rigs another one is telling "You do not need to buy mining rigs and wasting electricity". Now what should i do? I am not so experienced on mining. That's why i am thinking to join a pool or start mining with www.genesis-mining.com

750ti are like free electricity

40w per card
david1365
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May 30, 2014, 07:35:55 AM
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Altcoin mining for profit is dead, it's not profitable at this point, my advice: just trade at exchanges & pump & dump, this is more profitable than mining
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May 30, 2014, 07:52:50 AM
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Altcoin mining for profit is dead, it's not profitable at this point, my advice: just trade at exchanges & pump & dump, this is more profitable than mining

but if there is a pump, it mean that mining that coin early, it would have been profitable

take xc for example, was at 1k for some time, mining it at launch would have given you plenty of btc later, if you was able to hold enough(the same in trading)
Daniel007
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May 30, 2014, 10:29:19 AM
 #15

Altcoin mining for profit is dead, it's not profitable at this point, my advice: just trade at exchanges & pump & dump, this is more profitable than mining
You are right. It is true for experienced trader. But what would you say about the new trader? Isn't it risky to start trading without enough knowledge and experience on cryptocoin?

ChuckOne
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May 30, 2014, 11:11:10 AM
 #16

I am bit confuse. One member suggesting me to buy my own rigs another one is telling "You do not need to buy mining rigs and wasting electricity". Now what should i do? I am not so experienced on mining. That's why i am thinking to join a pool or start mining with www.genesis-mining.com

Just a matter of how much money you are willing so spend once and per month:

Mining PoW coins: you need to buy mining equipment and you need to feed electricity into it.
Mining PoS coins: you buy them and run you wallet.


Your return may also vary in each case as Altcoins are generally not that stable than Bitcoin (maybe, except the top 6 of marketcap http://coinmarketcap.com/).


I would also really be interested in the ROI of PoW vs. PoS. Anyone experience on that?

Nathan101
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May 31, 2014, 01:24:59 PM
 #17

Quote
Mining PoW coins: you need to buy mining equipment and you need to feed electricity into it.

How much it may cost? Can you give me an example how much profit can i will be able to make?

monim1
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May 31, 2014, 01:42:34 PM
 #18

yeaa better you mining alt coin . to get more btc and next time you can trade it with btc.
more fast
I agree with you, its more fast than mining. But for a new comer is it a good idea to start trading without enough experience?
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May 31, 2014, 01:45:55 PM
 #19

no point in arguing here, it is just an ad for genesis-mining (I saw some other noob with the exact same message)   Grin

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BTC: 1NENYmxwZGHsKFmyjTc5WferTn5VTFb7Ze
Pledge for neoscrypt ccminer to that address: 16UoC4DmTz2pvhFvcfTQrzkPTrXkWijzXw
Daniel007
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May 31, 2014, 03:59:24 PM
 #20

no point in arguing here, it is just an ad for genesis-mining (I saw some other noob with the exact same message)   Grin
Are you sure about it?

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