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Author Topic: Am I doing it wrong?  (Read 2265 times)
Helior
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January 16, 2015, 08:55:56 PM
 #1

I mine with my Red Fury hardware at 2.4Gh/s on average. I mine at Ghash.io and have also tried at Slush, but only get like 2000 satoshi per day. What's wrong? Or is this how it should be? Which way is mining profitable? Thanks!
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January 16, 2015, 09:04:06 PM
 #2

https://alloscomp.com/bitcoin/calculator

it's right man, your hash power is abysmally low, to do anything worth it

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Helior
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January 16, 2015, 09:05:29 PM
 #3

LOL, that hardware costed me over 40$. Anyway, which is the best way to mine? Which hardware?
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January 16, 2015, 09:07:05 PM
 #4

According to www.cloudmining.website/calculator.php 30 Ghs gives around 0.00034312 BTC per day.

So, 2.4 Ghs should give you around (0.00034312*8/100) BTC, i.e. ~2744 Satoshi.

Now, this is a statistical average. So, your ~2000 Satoshi for 2.4 Ghs is absolutely fine.

You might try some cheap cloud mining contract while the bitcoin price is cheap.

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January 16, 2015, 09:43:17 PM
 #5

According to www.cloudmining.website/calculator.php 30 Ghs gives around 0.00034312 BTC per day.

So, 2.4 Ghs should give you around (0.00034312*8/100) BTC, i.e. ~2744 Satoshi.

Now, this is a statistical average. So, your ~2000 Satoshi for 2.4 Ghs is absolutely fine.

You might try some cheap cloud mining contract while the bitcoin price is cheap.
I wouldn't recommend getting into cloud mining. It seems more often than not cloud mining companies turn out to be scams and run off with your money. He (or she) would probably be better off saving their bitcoins, and investing in physical hardware if they can find a good deal on some. That, or just buy bitcoin directly and save it.
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January 16, 2015, 10:09:05 PM
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LOL, that hardware costed me over 40$. Anyway, which is the best way to mine? Which hardware?

First there was the era where anyone could get lots of bitcoins by CPU or GPU mining, but they were worth almost nothing.  Then the era where anyone could mine them through ASICs, and they were worth quite a bit.

Last year there was a massive buildup of mining power, which caused difficulty to go up so far that, unless you have free electricity, it's cheaper to purchase bitcoins than mine them.  Today, big mining operations are shutting down because their electricity costs exceed their income.

My BFL miner cost $1,400 and does 60 GH/s.  It was bringing in about $20 per day when I first got it, but it's down to about $0.20 per day now due to the difficulty increases.  Today it's essentially just a space heater.  I have an oversized solar array on my roof, so it's cheaper to heat the house with electricity than natural gas.

If you have free electricity, you can pick up great mining hardware very cheap these days, but unless the difficulty drops or the price increases substantially, you're not going to make much.

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January 16, 2015, 10:09:17 PM
 #7

It depend how much power you have and how much $ you want to invest.

Paying 40$ for 2,4 gh was way to much but I guess you learn.

You could check the Antminer S5 or the SP20. These are both miner with best watt/gh ratio.

Be careful, mining is expensive. You need really low price of electricity to make it possible.

You can also mine jsut for the fun of mining. But be aware that it cost something.

Cheers and welcome into the bitcoin family!

Valkir

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os2sam
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January 16, 2015, 10:09:36 PM
 #8

The only thing your doing wrong is expecting to make a bunch of money.  Those days are over.  And the only way one truly made bunch of money is by holding on to low cost bitcoins and selling them when they were at $1200 USD.

So buy coins, hold onto them and wait/hope they go up in value.

Mine for fun if you need to.

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January 18, 2015, 09:47:10 PM
 #9

You aren't doing it wrong mate. I started off like that for a couple of weeks. You either need to invest in faster equipment, or lower your expectations. I'm gonna pickup some cheap USB miners to run from a bunch of machines from work. The systems are always on there and I can't run anything bigger. Might as well have them doing something!

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January 19, 2015, 01:12:58 PM
 #10

You can do some trading if you watch the behaviour of the bitcoin price for some time. But it's still risky, as the price is mostly unpredictable. You can earn some on daily trading, but the numbers are very small in any case.
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January 19, 2015, 02:37:50 PM
 #11

I mine with my Red Fury hardware at 2.4Gh/s on average. I mine at Ghash.io and have also tried at Slush, but only get like 2000 satoshi per day. What's wrong? Or is this how it should be? Which way is mining profitable? Thanks!

Red fury will not get you more, you can't ROI in BTC with it.

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January 20, 2015, 05:34:40 AM
 #12

You can do some trading if you watch the behaviour of the bitcoin price for some time. But it's still risky, as the price is mostly unpredictable. You can earn some on daily trading, but the numbers are very small in any case.

I've done a bit of this. With very small amounts of bitcoin and just some playing around. Its like anything really, spend little make little. If anyone here saw the drop on xpy yesterday or the day before(as low as 0.003/btc), THAT was a good time to roll some. Unfortunately I had no btc in my account and missed out but if you bought 100xpy for 0.3btc then flipped them 20 minutes later when it rose back up to 0.015/btc, you would have made 1.2btc. I almost cried because I wasn't ready. But as suggested above. No value is predictable. You could buy when you see a drop and there could be no rise. I bought 1k of two other currencies after watching them drop then rise, I got them on the next drop, if they don't rise it only cost me 0.001btc but if they rise as they did last time I could make up to .09btc.

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January 20, 2015, 05:37:06 AM
 #13

if you are getting rewards for your mining then you are doing it correct, 2.4Gh/s is not a big hashrate and rewards are ok based on your mining hashrates

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January 20, 2015, 02:45:34 PM
 #14

2.4Gh/s LOL!

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valkir
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January 20, 2015, 03:09:30 PM
 #15

2.4Gh/s LOL!


Everyone need to start somewhere.  Wink

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January 20, 2015, 03:55:24 PM
 #16

LOL, that hardware costed me over 40$. Anyway, which is the best way to mine? Which hardware?

Ouch you got suckered Sad.

Buy an S3 off of kijiji.  Bitmain S3.

Or if that is too expensive check out rockminer.com and buy the new R-box.  I suggest this.

If you have a bunch of cash check out spoodlies(that is not how you spell it but ya lol).

Only 3 companies I would buy from.


For small time mining, try the New U3 from bitmain or the New R-box from rockminer.  Both can be found on amazon.  R-box you can buy just 1 from their site.
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January 20, 2015, 06:13:21 PM
 #17

LOL, that hardware costed me over 40$. Anyway, which is the best way to mine? Which hardware?

This is currently the best buy on the mining block (pun intended):

http://www.spondoolies-tech.com/products/holiday-special-sp20-jackson-shipping-from-stock

If you can't afford this, you shouldn't even bother mining, as mining as it stands right now isn't profitable at all right now.

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January 20, 2015, 07:12:53 PM
 #18

non of the above miner will actually ever ROI if you have to pay for the Power! first do the calculation, then buy something.

                                 
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January 21, 2015, 06:36:20 AM
 #19

It will take quite a long time to ROI with mining, even if the BTC was worth a little more.

I am paying for power down here and with my current streak of luck, in one month @ 8hrs a day I've made more than 1btc mining alone. I've made more than $200 by renting my miners out. All in all I probably spent about $70 - $80 on power and recently sold some of those old machines off to get new ones and made $50 profit on one of the units. I also pay .21 per kw of power. I'm going to get some new miners to half my effective power consumption too.

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January 21, 2015, 04:38:38 PM
 #20

I mine with my Red Fury hardware at 2.4Gh/s on average. I mine at Ghash.io and have also tried at Slush, but only get like 2000 satoshi per day. What's wrong? Or is this how it should be? Which way is mining profitable? Thanks!

Well, USB miner are for learning and showing off purposes. They are not for making profit.

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