Best way to mine? | Bitcointalksearch.org

PenAndPaper

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Quote from: Burnsy13 on November 27, 2013, 06:26:26 AM

If all these answers to this thread were true, then why don't you all just shut down all your equipment and toss it in the trash? Undecided

I think you mean to ask why people keep buying overpriced equipment Roll Eyes

Well i guess because not everyone is familiar with the concept of difficulty, how it scales and how that affects returns from mining.

mrdl2010

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Quote from: Burnsy13 on November 27, 2013, 06:26:26 AM

If all these answers to this thread were true, then why don't you all just shut down all your equipment and toss it in the trash? Undecided

Please explain why it's too late to start mining. Roll Eyes

How long would it take if someone started today with a decent rig to make 1 BTC? That would almost pay for all the initial outlay for the equipment.

Such an attitude ...

PenAndPaper

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Quote from: WayTooGosu on November 26, 2013, 05:06:24 PM

In my opinion, cloud mining is the way to go. This is because on most cloud mining sites, you can quickly sell your GHS after you do not want to mine anymore, and make most and possibly even more of your money back.

You can apply the greater fool theory to physical miners as well. Can you share with us a cloud hashing that you can actually profit from?

Burnsy13

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If all these answers to this thread were true, then why don't you all just shut down all your equipment and toss it in the trash? Undecided

Please explain why it's too late to start mining. Roll Eyes

How long would it take if someone started today with a decent rig to make 1 BTC? That would almost pay for all the initial outlay for the equipment.

Burnsy13

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You know...

raskolnikovx

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Quote from: tearfereon on November 26, 2013, 06:43:12 PM

Quote from: raskolnikovx on November 26, 2013, 06:06:35 PM

Its a bit late for mining btc. Try LTC instead.

´

In fact it is late for LTC mining as well, unless you have very cheap electricity + you have GPU already...

You can start mining LTC with a 2 Sapphire Radeon R9 280x Oc 3gb rig and get your money back in 2 months (at this LTC rates)
A rig like this would give you around 1.1 ltc a day.

closesat315am

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these were a good price for hobbyist mining if you can wait for them to come in. http://buyahash.com/?product=red-fury-bitcoin-miner-2-5-ghs

red fury for $100 on pre-order supposed to come in mid december.

anyone had a good or bad experience with them?

i bought a few several days ago and i don't remember seeing the "Available on backorder" note.

largeleon

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I agree with the Above. LTC has been more more profitable at a lower entry cost. I have two graphics cards churing in two pc's when i'm not gaming.
i started in the summer and built up a nice chuck that i converted into BTC to do a couple of group buys.
i'm still mining LTC now, with a jalepeno and some erupters mining some BTC as well.

i had issues with finding a good usb hub for the erupters. i purchased a 12 port, but i could only get 5 to run at a time. my fault for not researching better.

bardi.harborow

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You have two options, try and mine SHA-256 coins (Bitcoin, Terracoin, and so on), or give up because of all the ASIC miners and go for scrypt based coins (Litecoin, Feathercoin, and so on).

Bitcoin (and other SHA256 coins):

Mine yourself with GPU (slow, wastes more electricity, kills your computer)
Purchase Block Erupters (or other ASIC miner). (Might be profitable???)
Buy cloud mining power. Check out CEX.io. (See my signature for a referral link if you're feeling generous.)

Litecoin (and other scrypt coins)

Mine yourself with GPU (might be profitable)
Design a botnet to mine for you. (will be profitable, xD)

If you decide to mine scrypt, I suggest you check out MultiPool.

Susie

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blade miner 10GH/s

http://www.aliexpress.com/store/340830

JimBob4842

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Quote from: ipx on November 26, 2013, 07:49:27 PM

I took my old PC and made an open box to put the components in and bought a couple of used graphic cards pretty cheap. Then I mine litecoin with it. I have 2x 5870 and 1x 5970 which nets me around 1470khash, currently giving me 0.955LTC or 17.38USD per 24hr. This is the best way to mine today i believe, if you disregard ASIC's but you shouldnt even think about those..

What pool are you using?

ipx

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I took my old PC and made an open box to put the components in and bought a couple of used graphic cards pretty cheap. Then I mine litecoin with it. I have 2x 5870 and 1x 5970 which nets me around 1470khash, currently giving me 0.955LTC or 17.38USD per 24hr. This is the best way to mine today i believe, if you disregard ASIC's but you shouldnt even think about those..

Fiyasko

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Okey Dokey Lokey

Quote from: JimBob4842 on November 26, 2013, 07:43:05 PM

Quote from: Fiyasko on November 26, 2013, 07:20:52 PM

Best way to mine? Take a risk and buy some "new" hardware AKA 28nm ASIC. DO NOT TOUCH B.F.L.
Can't afford an ASIC? Then you can't afford to mine btc
Still want to use your computer's power to gain income? Try mining litecoins, They are perhaps the only coins besides bitcoin with a chance, Many people tie the two togeather asif they are Silver(ltc) and Gold(btc)

If you are going to buy new hardware, You will lose unless it's a 28nm ASIC, or you have free electricity

As I stated in my original post electricity is not an issue. It's not that I can't afford an ASIC, I'm just not yet willing to spend a lot of money on one because I'm mainly doing it as a hobby which is why I said I might get a block erupter.

Have you seen the BiFury or BlueFury/RedFury USB miners? Just plug it in, ~3watts and you get 2.4gh/s, BiFury gets 5gh/s cause it's two BitFury chips

JimBob4842

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Quote from: Fiyasko on November 26, 2013, 07:20:52 PM

Best way to mine? Take a risk and buy some "new" hardware AKA 28nm ASIC. DO NOT TOUCH B.F.L.
Can't afford an ASIC? Then you can't afford to mine btc
Still want to use your computer's power to gain income? Try mining litecoins, They are perhaps the only coins besides bitcoin with a chance, Many people tie the two togeather asif they are Silver(ltc) and Gold(btc)

If you are going to buy new hardware, You will lose unless it's a 28nm ASIC, or you have free electricity

As I stated in my original post electricity is not an issue. It's not that I can't afford an ASIC, I'm just not yet willing to spend a lot of money on one because I'm mainly doing it as a hobby which is why I said I might get a block erupter.

Fiyasko

legendary

Activity: 1428

Merit: 1001

Okey Dokey Lokey

Best way to mine? Take a risk and buy some "new" hardware AKA 28nm ASIC. DO NOT TOUCH B.F.L.
Can't afford an ASIC? Then you can't afford to mine btc
Still want to use your computer's power to gain income? Try mining litecoins, They are perhaps the only coins besides bitcoin with a chance, Many people tie the two togeather asif they are Silver(ltc) and Gold(btc)

If you are going to buy new hardware, You will lose unless it's a 28nm ASIC, or you have free electricity

tearfereon

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Quote from: raskolnikovx on November 26, 2013, 06:06:35 PM

Its a bit late for mining btc. Try LTC instead.

´

In fact it is late for LTC mining as well, unless you have very cheap electricity + you have GPU already...

markjamrobin

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Quote from: raskolnikovx on November 26, 2013, 06:06:35 PM

Its a bit late for mining btc. Try LTC instead.

You can still mine BTC, you just won't break even, unless you can make your own chips at cost.

raskolnikovx

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Its a bit late for mining btc. Try LTC instead.

PenAndPaper

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Quote from: budgetfree on November 26, 2013, 05:18:22 PM

I got my last ones at $40, and they're going retail for $50. You can find some eBay auctions that can get you some better prices when buying in multiples.

You either sell usb miners on ebay or you don't have the slightest idea about what you are talking. 50$ for 330mh/s? Are you for real?

budgetfree

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If you're doing it as a hobby, or as I found out an easy way to put money into BTC without providing verification documents to some third-party exchange, your best bet is simply a USB miner. The prices are going up right now. I got my last ones at $40, and they're going retail for $50. You can find some eBay auctions that can get you some better prices when buying in multiples. I'd suggest you do that. I'd also suggest you get a quality USB hub and fan. I have a ThermalTake USB fan. The current favorite for a hub is a Satechi 12 Port USB Hub.

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