Can we still mine from home?

[jeromanomic]

I just had a read of this:
http://www.finance-guy.net/finblog/is-difficulty-creating-centralization-of-bitcoin

It makes a fair point, that mining pools are becoming too powerful, and I don't know about you but my home computer would be useless at mining.

What do you think?  is the growing difficulty bad for mining?

[kickbit]

It's a natural process.
Mining become a business with millions $ revenue.
And as any other business - big players displace small miners.

[Samix]

you can mine some pron

[LightningBlade]

I just had a read of this:
http://www.finance-guy.net/finblog/is-difficulty-creating-centralization-of-bitcoin

It makes a fair point, that mining pools are becoming too powerful, and I don't know about you but my home computer would be useless at mining.

What do you think?  is the growing difficulty bad for mining?

You can still mine from home, don't forget you save from hiring people and renting a office. Now you need cheap power....

[jeromanomic]

I just had a read of this:
http://www.finance-guy.net/finblog/is-difficulty-creating-centralization-of-bitcoin

It makes a fair point, that mining pools are becoming too powerful, and I don't know about you but my home computer would be useless at mining.

What do you think?  is the growing difficulty bad for mining?

You can still mine from home, don't forget you save from hiring people and renting a office. Now you need cheap power....

And don't forget the supercomputer you need in order to solve the equation

[notlist3d]

It depends.  You need space, and cheap electricity.   Your electricity rate really is the big deciding part.

[jbrnt]

You can still mine from home. Some still run their kit in their garage. It is profitable for them? I am not quite sure, may be marginally profitable after taking away electricity and cooling installations. Winter is here and cooling is less of a problem, so might be more profitable than in summer.

[jonnybravo0311]

You can always mine from home... doesn't mean you're going to make anything from it... then again, it doesn't mean you're not going to make anything from it, either .

[ChuckBuck]

Sure you can.  Anyone can mine from home, ROI is a whole different story though.

If you do decide to go ahead and mine, make sure it's inexpensive, energy efficient, and you view it strictly as a hobby, not a money printing machine.

[jeromanomic]

Sure you can.  Anyone can mine from home, ROI is a whole different story though.

If you do decide to go ahead and mine, make sure it's inexpensive, energy efficient, and you view it strictly as a hobby, not a money printing machine.

I guess this is a key point.  If you mine from home, you have to go into it expecting to lose money... It's a pity because validating the blockchain is an important function and it was awesome when the open book was maintained by the collaborative of all the people... Now it's maintained by a few big players  starting to look like banks, hope they don't start charging fees like the banks

[xstr8guy]

Of course you can still mine at home!*







*as long as you aren't expecting to make a profit

[lowbander80]

All depends on the price of electricity and also during winter in the northern hemishere you can use if to drying clothes...or some home heating wich is a good thing.
I dont mine at home currently just recently moved a miner at home because my wife remembered since last winter that the laundry dried in just few hours...(6pcs  S1 at that time...March 2014)

[xstr8guy]

All depends on the price of electricity and also during winter in the northern hemishere you can use if to drying clothes...or some home heating wich is a good thing.
I dont mine at home currently just recently moved a miner at home because my wife remembered since last winter that the laundry dried in just few hours...(6pcs  S1 at that time...March 2014)

Serious question. People hang laundry in their homes to dry? That seems so 1940's.

[ChuckBuck]

All depends on the price of electricity and also during winter in the northern hemishere you can use if to drying clothes...or some home heating wich is a good thing.
I dont mine at home currently just recently moved a miner at home because my wife remembered since last winter that the laundry dried in just few hours...(6pcs  S1 at that time...March 2014)

Serious question. People hang laundry in their homes to dry? That seems so 1940's.

Hey I do it all the time, I'm old school!   

Seriously, if it's good clothes I can't get to the dry cleaners, then I air dry that shit for like a day, then hand iron it.

Hmm...maybe the S1s as a clothes dryer is a better idea.

[BitcoinAddicts]

mining bitcoin with personal computer was a game before ASIC released
nowdays to mine bitcoins you need big mining farm
and if you want to solo mine then multiply this

[Rival]

You certainly can, especially in an environment where difficulty increases are being tamed. Here are some factors to consider:

1) juice/hash. You need to know your operating expenses. Figure out exactly what it costs to run the unit each month in electricity. Once you have that number (say $50.00 per month for a 1 TH Dragon) you have a good starting point.

2) expected returns. Look at the unit return in BTC with a 2%, a 5%, a 10%, a 20%, and a 30% average difficulty increase. Find the date for each where at current USD/BTC prices it will be unprofitable to run. Figure out your total profit at each diff if you turned it off that day minus the electricity. This tells you exactly how much you have to spend on the miner assuming each diff.

3) Price of the miner. Lets say you figure out that at 2% diff increases a 1 TH Dragon will net you $1165 by July 2015 after electricity costs. And lets say you buy a used one on ebay, delivered for $399. It does not take a genius to realize that you will over double your money.  Of course, with 30% diff increases you will probably never get the $399 back, you would need to buy the unit for more like $70. Buying new equipment at retail prices will usually get you burned. Look for good second-hand deals, they are out there, not just every single day.

4) Lastly, resale. Believe it or not, people will still buy unprofitable miners. You may well recoup $100 selling your unit when you are done with it. Not everyone can do math.

[ChuckBuck]

4) Lastly, resale. Believe it or not, people will still buy unprofitable miners. You may well recoup $100 selling your unit when you are done with it. Not everyone can do math.

This is where you can actually profit.  Not in the miner earnings, most calculators will give you 100 days+ or maybe never.

It's in the resale where you can be in the positive, if you sell it at the right time, for the right price.  Ebay, Amazon, or right here in this forum is where your loss can end up a gain.

[coinfello]

hi guys, im considering buying a 2TH s4 antminer in the coming weeks to mine at home, just wondering is this a good reliable machine to buy at $1299? i sort of worked it out that it would make 0.03 btc per day/24hrs. cheers

ps. my electric is VERY cheap 

[ChuckBuck]

hi guys, im considering buying a 2TH s4 antminer in the coming weeks to mine at home, just wondering is this a good reliable machine to buy at $1299? i sort of worked it out that it would make 0.03 btc per day/24hrs. cheers

ps. my electric is VERY cheap 

Hmm, not sure where you got that number from.  This is the S4 earnings per day with the values plugged into Bitcoinwisdom:



0.016 BTC/day and it'll lower even more after another difficulty increase.

Long story short, don't waste your money or electricity, mining will not be profitable for you.

[notlist3d]

hi guys, im considering buying a 2TH s4 antminer in the coming weeks to mine at home, just wondering is this a good reliable machine to buy at $1299? i sort of worked it out that it would make 0.03 btc per day/24hrs. cheers

ps. my electric is VERY cheap 

Get a coupon from someone on here.   400 dollars off S4's.