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Author Topic: How can I earn more than 0.01-0.02 per hour?  (Read 5468 times)
Snowl
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May 19, 2011, 02:11:55 AM
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I am running a bit mining program with deepbit and I am getting around 100 MH/s. Is this a normal rate or should I be getting more bitcoin per hour? I have been running it for 6 hours and have only gotten 0.05 bitcoin. What rates do you get with what processing power? Sad Should I be using a mining pool? Should I have a different mining pool?

Thanks Cheesy
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grue
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May 19, 2011, 02:14:23 AM
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that's a normal amount. remember, bitcoin isn't a get rich quick scheme. Wink

It is pitch black. You are likely to be eaten by a grue.

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theboos
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May 19, 2011, 02:17:02 AM
 #3

1. Find useful skill
2. Sell the products of your useful skill or sell the use of your useful skill for Bitcoins
3. Receive Bitcoins!

This guy: http://ncarlson.com/post/5493803214/bitcoin-experiment-first-job-offer
made a decent number of Bitcoins in 12 hours...
kjj
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May 19, 2011, 02:23:40 AM
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As of today, I suspect that mining is not profitable any more, unless you already have the video cards.  Honestly, I think it passed a couple of weeks ago.

If you buy hardware for mining, you will probably never make your money back

That said, lots of folks still hopping on.

Check the wiki to see what you should expect for hashing rates with your equipment.  https://en.bitcoin.it/wiki/Mining_hardware_comparison

p2pcoin: a USB/CD/PXE p2pool miner - 1N8ZXx2cuMzqBYSK72X4DAy1UdDbZQNPLf - todo
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Snowl
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May 19, 2011, 02:24:22 AM
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that's a normal amount. remember, bitcoin isn't a get rich quick scheme. Wink

How did that guy make 314k bitcoins then -eye twitches-

EDIT: Oh, I see. Lots of people mining = very little bitcoins per person. That guy must have been doing this since the start of bit coin (or around that). I guess I was too late Tongue
rezin777
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May 19, 2011, 02:45:43 AM
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For starters, don't join the pool with the biggest fee...
dadittox
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May 19, 2011, 07:50:12 AM
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Buy yourself a radeon hd 5870 card for about $200. With 350mhash/s you'll get 1.3 BTC/24 hours. That's 39 BTC/month. It's about $273 with current rate of 7 USD/BTC. Not counting electricity bills. Most likely the BTC exchange rate will go up after difficulty increase, so you'll get even more than $73 profit in return.
Litt
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May 19, 2011, 07:58:28 AM
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Buy yourself a radeon hd 5870 card for about $200. With 350mhash/s you'll get 1.3 BTC/24 hours. That's 39 BTC/month. It's about $273 with current rate of 7 USD/BTC. Not counting electricity bills. Most likely the BTC exchange rate will go up after difficulty increase, so you'll get even more than $73 profit in return.

THIS is the kind of MISINFORMATION people need to stop spreading so people like stop asking obvious questions like this.

The price of BTC exchange does not depend on the difficulty. Just because it has for the past month and there seems to be correlation between the two doesn't make it so.

It's infact the opposite. The price is based on supply and demand not difficulty. Right now the demand is up because of the hype and spreading of bitcoin misinformation such as above post  are attacting people thinking they will make easy money. This is again obviously not so.

dadittox
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May 19, 2011, 08:11:02 AM
 #9

Allright, even if the exchange rate won't go up it's still "$73 - electricity" profit Smiley The supply is generated by miners, so it's tightly related to difficulty. Demand is not related to difficulty though. But bitcoin is designed to be limited to 21 million coins. So unless something bad happens it's really attractive for risky investments.
Litt
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May 19, 2011, 08:32:57 AM
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Allright, even if the exchange rate won't go up it's still "$73 - electricity" profit Smiley The supply is generated by miners, so it's tightly related to difficulty. Demand is not related to difficulty though. But bitcoin is designed to be limited to 21 million coins. So unless something bad happens it's really attractive for risky investments.

Again you are going off a tangent making no real sense, but spreading misinformation. Yes, demand is not related by difficulty as I mentioned. People starting to swap difficulty for demand is ridiculous. Also, just because something is limited, it does not automatically give something more value either without demand. Demand cannot be created by making it hard to make bitcoin which is what difficulty is.

And noone should be taking any investment advice from anyone here on the forum. I have a series 7 license to sell and trade stocks and I don't give out advices. With so many uneducated guesses of recent new young audiences of bitcoin, I would also read all threads with a grain of salt. Myself included as well.
dadittox
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May 19, 2011, 09:17:33 AM
 #11

It's not kind of investment advice. I am not suggesting to buy a data center. I suggest buying just a video card rather than buying bitcoins. Even if something goes wrong with bitcoin, you'll still got a decent videocard. And it increases strength the network, rather than just pump the market rate.
presha
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May 19, 2011, 09:18:35 AM
 #12

just pray for higher coin price like I do Smiley I'm on hd48xx too Smiley

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Litt
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May 19, 2011, 09:34:26 AM
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just pray for higher coin price like I do Smiley I'm on hd48xx too Smiley

Praying is a sound investment strategy. I recommend to all.  Huh

It's not kind of investment advice. I am not suggesting to buy a data center. I suggest buying just a video card rather than buying bitcoins. Even if something goes wrong with bitcoin, you'll still got a decent videocard. And it increases strength the network, rather than just pump the market rate.

Reading the suggestions of people without all the proper knowledge and research behind with a grain of salt is what i'm trying to get accross. This is exactly what you are doing still. At current difficulty rises along with hardware cost, not including the other costs and variable price of bitcoin, buying btc rather than mining can and may be more profitable. And yet you are still here telling people otherwise and you actually no clue as to what btc price might be tomorrow or even a 30 minutes from now.

People are throwing out these types of "suggestions" where the entirety of their statement is based on a guess and a good feeling about btc and nothing more. THIS IS WHAT I DON'T WANT. These types of guesswork and suggestions don't really help anyone with anything.
dadittox
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May 19, 2011, 10:37:17 AM
 #14

Litt, you sound like trolling. While you say that nobody have a clue about what btc price might be tomorrow or even a 30 minutes from now, you still suggest that buying btc may be more profitable. In this case buying bitcoins is an all-in stake. Buying yourself a piece of hardware that you can play games on in case things with bitcoin won't go very well seem to be more reasonable.

Anyhow, this topic is about person who asks "how do I get more BTC"? Some people suggested buying bitcoins as investment, I suggested buying a video card with my rough calculation that it should be profitable. And what is your reply? Don't listen to them, they are all idiots. I am market guru. Okay, we got it. You're the market guru. So, how does he make more BTC?
Tukotih
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May 19, 2011, 02:53:41 PM
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As of today, I suspect that mining is not profitable any more, unless you already have the video cards.  Honestly, I think it passed a couple of weeks ago.

If you buy hardware for mining, you will probably never make your money back...
I've made 10BTC the last month with a hashrate of ~70MH/s. I mine about 16h/day and have a 5850 to setup tonight which will run at approximately 300MH/s. It costed me to what equals about 150$ and considering I've made 10BTC the last month with ~70MH/s I should make about 3,5 times more at current difficulty. If difficulty would be the same for another month (It won't but still) I would make 35BTC which equals to 245$ at current exchange rate ($7/BTC).
If difficulty doubles the next month I would still almost have to money to buy another card.

And if something goes wrong, I still get a decent GPU which I need. Besides, I can continue to use my old one for mining for even more profit.

I'm not interested in making $$$, just making a damn good GPU deal Wink

Buy yourself a radeon hd 5870 card for about $200. With 350mhash/s you'll get 1.3 BTC/24 hours. That's 39 BTC/month. It's about $273 with current rate of 7 USD/BTC. Not counting electricity bills. Most likely the BTC exchange rate will go up after difficulty increase, so you'll get even more than $73 profit in return.
Guess someone beat me to the punch. Well, my calculation wasn't too bad anyways Tongue

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