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Author Topic: I want to know about BTC mining  (Read 2219 times)
bitcoinminer007
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August 10, 2014, 07:35:32 AM
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I am a new comer. I am here to learn about BTC. Specially BTC mining. I hope everyone will help me. I have heard that altcoin mining is much more profitable than BTC mining. So what should i do? Go for altcoin mining or start with BTC mining?
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mraveragejoe
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August 10, 2014, 08:36:29 AM
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Btc mining isn't profitable, you should have thousands of $ in order to set up a mining farm, otherwise you won't earn anything.

Relnarien
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August 10, 2014, 08:40:56 AM
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That's mostly face-value rhetoric. For most people, altcoin mining is more profitable than Bitcoin mining. For a few, it's the other way around. Mining profitability is largely dependent on the investment that one is willing to put into the endeavor. Unfortunately, the investment necessary to net any substantial profit from Bitcoin mining is phenomenal. Unless you are willing to invest tens of thousands of dollars to purchase high-end mining ASICs, then you will always come out with a loss when mining Bitcoins. Altcoins, on the other hand, can be mined with regular computer components and at far lower difficulties. There are additional costs to consider, but some people are lucky enough to net at least a few cents worth of coins a day. The profit is not much, but it's much higher than what you would get from mining Bitcoin without a hefty investment.

If you're a beginner, start by mining more established coins with relatively low difficulties. You might be tempted to mine newer coins, but there are so many risks involved with those types of coins that are not worth the pittance that you'll get from mining them. Once you've mined a few coins, you can then decide if you want to make an investment towards mining Bitcoins.

As for what coin you should mine, you should do your own due diligence on them. Shills abound on this board, and they all want to make a quick buck at everyone else's expense.
DoraTheBTCexplorer
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August 10, 2014, 10:29:32 AM
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mining is only profitable for big asic cartels, the mining game is over for peasants like us  Roll Eyes
FeodoroAndy
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August 10, 2014, 10:38:42 AM
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You better mine altcoins, theycan stey profitable for some while.
MaxDZ8
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August 10, 2014, 10:46:44 AM
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Btc mining isn't profitable, you should have thousands of $ in order to set up a mining farm, otherwise you won't earn anything.
I honestly wouldn't even consider it with less than an hundred thousand... I've had a quick discussion with a dude some time ago who was going to invest in an established farm by buying a share. I think he was going to invest some 7-digits number.

I'd say that's what it takes to get into BTC mining with reasonable risk by now. I told him to do a GPU multipool instead!
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August 10, 2014, 11:46:51 AM
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Mining can be only profitable if you either invest a large sum, or speculate on new altcoins. It's difficult to pull off.

Radix - just imagine
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August 10, 2014, 11:46:58 AM
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Btc mining isn't profitable, you should have thousands of $ in order to set up a mining farm, otherwise you won't earn anything.
I honestly wouldn't even consider it with less than an hundred thousand... I've had a quick discussion with a dude some time ago who was going to invest in an established farm by buying a share. I think he was going to invest some 7-digits number.

I'd say that's what it takes to get into BTC mining with reasonable risk by now. I told him to do a GPU multipool instead!

GPU mining profitable is even worse right now.. look at the profit for x11..
BeeTeeSea
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August 10, 2014, 01:12:34 PM
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you need to hire asic machines or buy one if you want if u want a chance
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August 10, 2014, 01:21:21 PM
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oh and forget about solo mining! join a pool
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August 10, 2014, 02:10:40 PM
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you need to hire asic machines or buy one if you want if u want a chance

It basically comes down to what you intend to mine. A lot of altcoins chose to use another PoW algorithm than SHA256, in order to be ASIC resistant, but that didn't work. Mining altcoins is still more profitable if you only have a GPU, since there aren't ASICs for all the latest altcoins that are being released and for that reason you may still mine them with a regular computer - that's why people are mining them if they don't have an ASIC

BowieMan
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August 10, 2014, 02:22:48 PM
 #12

Btc mining isn't profitable, you should have thousands of $ in order to set up a mining farm, otherwise you won't earn anything.

Yeah, it basically is about pushing down the costs as much as possible. You need to have as little overhead as possible! Also, you need to have access to really cheap electricity! That's basically the key to still earn money from mining!

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elliwilli
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August 10, 2014, 02:58:26 PM
 #13

Unless you have an ASIC then do not mine BTC. If you have a GPU or lots of GPU's then mining altcoins is a good idea. most altcoins on a GPU are hundreds of times more profitable than mining BTC.

InwardContour
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August 10, 2014, 03:00:25 PM
 #14

Instead of bitcoin mining, which is really hard, you could try with altcoins mining, it's cheaper and if you are enough lucky is profitable.
If you want only to pratice mining without investing too much, try a cloud mining website and do your experiments.

Kipsy89
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August 10, 2014, 03:09:17 PM
 #15

Unless you have an ASIC then do not mine BTC. If you have a GPU or lots of GPU's then mining altcoins is a good idea. most altcoins on a GPU are hundreds of times more profitable than mining BTC.

But keep in mind that there are also ASICs for certain altcoins, so you may be better off mining a coin that's new and there's no ASIC for it already. SCRYPT coins do have ASICs by now, totally messing with the equilibrium, man!

Icardi09
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August 10, 2014, 03:18:59 PM
 #16

I am a new comer. I am here to learn about BTC. Specially BTC mining. I hope everyone will help me. I have heard that altcoin mining is much more profitable than BTC mining. So what should i do? Go for altcoin mining or start with BTC mining?
Bitcoin mining is a process of mathematical calculation performed on the Bitcoin network. As you well know, Bitcoin running in an online system, and the purpose of the mathematical calculation is to verify bitcoin transactions on the Internet. By performing the verification, a bitcoin miner will get a new block gap in the Bitcoin network that contains a number of new and Bitcoin can be taken. That's where a Bitcoin Bitcoin miner will get to him. The more the process of verification and pemenuan new blocks, which can then be mined bitcoin will be the more. Got it?

Then how to verify and find someone new block in the Bitcoin network? just as we are want to open a word file or mp3 file, Bitcoin mining also works the same way. But when we have entered the bitcoin network, a process that will be done will be much more severe because the computer is required to open the data that has been protected by strict security system. Therefore, in doing Bitcoin mining, the device has a high specification is an obligation.
notlist3d
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August 10, 2014, 05:13:09 PM
 #17

There is no trick.  Mining can be profitable and ROI.  Just make sure to do math.

A lot will have to do with your electricity price and space you have.  If you are lucky to have extra space and cheap electricity you can still make a profit on Asics.  (This is from personal experience GPU/CPU is dead as far as profit for me but Asics are very much alive.)
Kipsy89
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August 10, 2014, 05:15:09 PM
 #18

There is no trick.  Mining can be profitable and ROI.  Just make sure to do math.

A lot will have to do with your electricity price and space you have.  If you are lucky to have extra space and cheap electricity you can still make a profit on Asics.  (This is from personal experience GPU/CPU is dead as far as profit for me but Asics are very much alive.)

Yeah sure, but you have to have the access to cheap electricity. It is not as if you can easily gain access. It most often depends on where you live and which company sells you your electricity!

BowieMan
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August 10, 2014, 05:38:20 PM
 #19

Mining can be only profitable if you either invest a large sum, or speculate on new altcoins. It's difficult to pull off.

Yeah, most people rather just mine the latest coin and hope that people will buy their coins in a futile attempt to diversify their portfolio (in order to catch 'the next big thing')... Just take a look into the altcoins section! It's like a freak-bazaar!

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notlist3d
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August 10, 2014, 05:56:05 PM
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There is no trick.  Mining can be profitable and ROI.  Just make sure to do math.

A lot will have to do with your electricity price and space you have.  If you are lucky to have extra space and cheap electricity you can still make a profit on Asics.  (This is from personal experience GPU/CPU is dead as far as profit for me but Asics are very much alive.)

Yeah sure, but you have to have the access to cheap electricity. It is not as if you can easily gain access. It most often depends on where you live and which company sells you your electricity!

Some places have a outrageous price for electricity. That is why there is hosting.  Electricity unfortunately your right you cant switch around in most cases.  Electricity is always dependent on location of miner and company.
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