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Author Topic: Is there really any money in this?  (Read 2493 times)
Optiskate
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May 22, 2011, 04:10:44 AM
 #1

I've read through a bit of threads on here and I'm not totally convinced that there's any really money in this. How did you guys start off and begin to make any real money?

Honestly I'm afraid to invest in a computer to specifically mine, even though I the idea sounds cool to me. I'm running 2 overclocked 4890's and they don't seem to work that great in comparison to what other people are running. I'd be happy if this funded a couple of new video cards eventually. That would make this totally worth it in my mind. However, if I were to build a system I'm afraid it would just forever break even and I'd spend all my bc's on upgrading to pull in more hashes when things got harder. Couple that with fluctuating exchange rates and there's a lot of what if's. I've heard of people building systems to do this with their bc's and not paying a dime out of pocket and then pulling in even more, but is it possible still?
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May 22, 2011, 04:13:59 AM
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Historically, buying bitcoins has been more profitable than mining.

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Garrett Burgwardt
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May 22, 2011, 04:14:36 AM
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Bitcoins are not meant to just get free money. Do some research into the reason it was developed and decide if you support the monetary system that we're trying to build. If so, build a mining rig, and you /might/ make some money.
smooth
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May 22, 2011, 04:27:18 AM
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You can make enough to pay for one or two nice video cards easily enough, or at least cover most of their cost.  If that's what you're trying to do, go for it.  As far as making "real money" at it no one really knows.  Do your own homework and decide for yourself.
bittrader
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May 22, 2011, 04:27:29 AM
 #5

Dispite the coolness associated with the idea of "mining money" through buying hardware and running your computer, it's not something that's easy. Depending on what hardware you currently have, it might take months before your investment in new hardware shows any profit.

Check out the mining rig comparisons on the wiki and use those numbers to estimate how much money you could make. Don't forget to account for the fact that mining difficulty increases every week or two.
smooth
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May 22, 2011, 04:29:21 AM
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Check out the mining rig comparisons on the wiki and use those numbers to estimate how much money you could make. Don't forget to account for the fact that mining difficulty increases every week or two.

Technically mining difficulty just resets every couple of weeks but it doesn't necessarily increase.  In the past it has increased, especially the recent past.  But there is no guarantee that will continue to be the case.
BitterTea
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May 22, 2011, 04:33:04 AM
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It doesn't reset, it is adjusted based on the time taken to find the past 2016 blocks. If that time is less than two weeks, the difficulty increases; more than two weeks, it decreases. It can only increase or decrease by a factor of 4. There seems to be a correlation between exchange rate and difficulty - as the exchange rate increases, mining becomes more profitable so more people mine, which increases difficulty.
Basiley
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May 22, 2011, 04:34:32 AM
 #8

BTC isn't purposed to get "real" money, but new kind of money, more Real than usual in offline.
smooth
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May 22, 2011, 04:34:44 AM
 #9

It doesn't reset

Yes, right.  I should have said adjusts.  But the point being that it's not guaranteed to go up.  As with everything else past performance is no guarantee...
bittrader
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May 22, 2011, 04:36:34 AM
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Right. But I meant empirically the difficulty has done almost nothing but go up every few weeks: http://bitcoin.sipa.be/
xenon481
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May 22, 2011, 04:37:33 AM
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The difficulty level has gone down twice in the past.

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Optiskate
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May 22, 2011, 04:49:51 AM
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You can make enough to pay for one or two nice video cards easily enough, or at least cover most of their cost.  If that's what you're trying to do, go for it.  As far as making "real money" at it no one really knows.  Do your own homework and decide for yourself.

As I said, if it allowed me to eventually get a pair of new video cards, then I'd more than likely be happy. In all reality, I work and I'd never expect to make the kind of money that I do in my real job. It would be nice to have a tiny extra bit of income though. I'd never expect much though, unless I build and invested in a mining operation of my own.
Optiskate
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May 22, 2011, 04:53:48 AM
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Dispite the coolness associated with the idea of "mining money" through buying hardware and running your computer, it's not something that's easy. Depending on what hardware you currently have, it might take months before your investment in new hardware shows any profit.

Check out the mining rig comparisons on the wiki and use those numbers to estimate how much money you could make. Don't forget to account for the fact that mining difficulty increases every week or two.

Yeah, with the hardware I have now it will be awhile before I'd make any sort of progress. My 2 4890's only push ~200mhash/s. Sad
MoonShadow
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May 22, 2011, 05:13:41 AM
 #14

Historically, buying bitcoins has been more profitable than mining.

Yeah, there are better ways to earn bitcoins, just as there are better ways to save US $ than clipping coupons.  Start a business.  We need more economy, not more miners.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
smooth
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May 22, 2011, 05:22:26 AM
 #15

As I said, if it allowed me to eventually get a pair of new video cards, then I'd more than likely be happy.

Play with the profitability calculator and do your own homework, but most likely with reasonable assumptions (even with difficulty going up) you can pay for video cards in a few months.

If you have ideas for how to start a business to use bitcoins that's great too (and probably a better way to make "real money"), but there is nothing wrong with mining as a way to pay for video cards you want anyway.  Miners support the network.
Optiskate
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May 22, 2011, 05:50:56 AM
 #16

Historically, buying bitcoins has been more profitable than mining.

Yeah, there are better ways to earn bitcoins, just as there are better ways to save US $ than clipping coupons.  Start a business.  We need more economy, not more miners.

Yeah... I agree with you. Mining wouldn't be a way to make substantial money. I'm not necessarily looking for a substantial pay out, just a way to participate and support my computer habit a little.


However, my wife would argue on the coupon point. She does the whole extreme couponing thing and hardly spends any money. Her saving are usually 90% or greater. I've sen her spend $8 on a trip that totaled over $200 and I've also seen her make money on trips. Craziness.
Ian Maxwell
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May 22, 2011, 06:26:44 AM
 #17

The best reason to get into mining, IMO, is because you want a new GPU anyway. Look for a used HD 5970 on Craigslist or something. I got mine for $400. At that price, and at current difficulty and exchange rate, you can expect it to pay for itself within the first month. Of course, difficulty won't stay constant, but even at double the current difficulty it'll only take two months. And of course the exchange rate won't stay constant either.

I'd say go for it. Whether to buy one or two cards is really up to you---I stuck with one, but only because it was all I could fit in my existing PC and I didn't want to go all-out dedicated rig building.

Ian Maxwell
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redicarus
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May 22, 2011, 06:30:31 AM
 #18

It depends on your confidence in bitcoin. Whether or not you'll pay for your videocard in a reasonable amount of time depends on how you expect bitcoin's value against other currencies to behave.
minerX
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May 22, 2011, 12:56:56 PM
 #19

I'm expecting a 60% difficulty increase next week.   A lot of people who bought in the last two weeks are just getting their mining rigs upgraded.
Iceredwing
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May 22, 2011, 01:44:49 PM
 #20

I'm expecting a 60% difficulty increase next week.   A lot of people who bought in the last two weeks are just getting their mining rigs upgraded.

As a miner myself, I feel bad for people who are buying gear now at this high of a difficulty. There is much more uncertainty for them then there was even just a month ago. Looking back, I wonder why it was so hard for me to just buy at below parity rather than just buy mining gear. It would have net me more profit without sounding like there is a factory running in all corners of my apt.
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