Is it too late for poor people to start mining? Jan2014

tokeweed

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Quote from: brokedummy on January 03, 2014, 08:13:33 PM

I know I am kind of late to the party. I never mined any coins before. I was wondering if this is still a possibility for me. I don't have large amounts of capital. I hold less than 1BTC and make 28k a year mining fiat before taxes. How much would I need to get started in this day and age? Either mining established coins or brand new coins. I'm not too concerned about electricity usage not paying for the coin value because I am still bullish on crypto and will hold for a while, plus my roommate will pay half the electric without question. ;-) What setup would you recommend for a newbie to get started without a big investment?

yeah the btc boat left. i invite you to take ripple a look.

it's more than just a 'coin', it's a complete payment system with an exchange built in. anyway, to learn more about it, read here: http://coinjoint.info/ripple-might-want-pay-attention/ and there are intros and guides here: https://xrptalk.org/forum/61-faq-and-guides/

see you.

odolvlobo

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Quote from: Flashman on March 31, 2014, 10:22:51 AM

1st gen Avalon machines are probably "not worth" running in the majority of the world now, at least anywhere with power over 10c/kWh.

It is still generally profitable to mine with a 66 GH/s Avalon. It currently mines about 0.00663 BTC per day, which is currently worth about $3.00. The Avalon uses about 600 W, which at $0.10/kWh is about $1.50/day. The profit is about $1.50/day.

The Avalon becomes unprofitable if the cost of electricity exceeds $0.20/kWh, or the value of a bitcoin drops by half or the difficulty doubles, or some combination of the three.

softron

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U can always mine something else . Like pts.

xypos

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I think that it has ben late for months but some people are still investing in mining eq so I don't know Sad

Flashman

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Hodl!

At current BTC price on current difficulty slope, for typical North American power prices, 3W/Gh hardware looks like "lasting" until mid May, 2W/Gh until mid June, and 1W/Gh somewhere in August.

1st gen Avalon machines are probably "not worth" running in the majority of the world now, at least anywhere with power over 10c/kWh.

I get cheap overnight and weekend time of use pricing, so I could run one part time until the end of April-ish.

However, you can justify running them depending on what you personally think "fair value" of a BTC is in the near future, if you think it's truly "worth" $1000 and going up from there at some point this year, you may go a couple of months longer.... and either the price will rise and prove you right, or you'll figure your "savings plan" is costing you too much.

silvestar

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Quote from: Sithara007 on March 31, 2014, 08:51:20 AM

No one in their right minds will mine Bitcoins now.

It is not profitable to buy a miner to mine bitcoin now.
It is definitely profitable to run your sha256 ASIC now, unless you are using some very obsolete models.

Wendigo

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Noone is buying the high-powered ASICS any more? Hmm interesting Grin

Sithara007

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No one in their right minds will mine Bitcoins now. If you are going to mine some altcoins, then it is OK.

DhaniBoy

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Quote from: sgk on March 31, 2014, 04:46:32 AM

Quote from: DhaniBoy on March 31, 2014, 03:39:33 AM

my friend suggest me to mining scrypt coin instead direct mining BTC
and then sell my coin to BTC
whiich scrypt coin is most profitable right now?

The profitability keeps changing every hour. Join a multipool that mines most profitable coin and converts them to BTC for you. There are lots of them, wafflepool, clevermining and middlecoin to name a few. (Google them)

ohh i see, just read about how multipool work and you give me suggestion Grin

thanks, i'll try that

Flashman

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Hodl!

Quote from: sgk on March 31, 2014, 02:21:18 AM

I wonder if small scrypt ASIC miners (Read: Gridseed) will have same fate as GPU miners. Probably worse, because GPU miners can always switch to GPU-only coins, which Gridseed miners won't be able to do.

IMO anyone who buys those right now, should have a couple of months to make back their cost. When the Alpha-T and the KNCs arrive on the network, it won't be worth buying those any more, BUT, since they are power efficient compared to GPU, anybody who already has one, should be able to run it at a small profit for a quite a while after.

There were still people finding it "worth it" to run FPGA bitcoin miners as late as August/Sept/October last year for similar reasons.

sgk

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Quote from: DhaniBoy on March 31, 2014, 03:39:33 AM

my friend suggest me to mining scrypt coin instead direct mining BTC
and then sell my coin to BTC
whiich scrypt coin is most profitable right now?

The profitability keeps changing every hour. Join a multipool that mines most profitable coin and converts them to BTC for you. There are lots of them, wafflepool, clevermining and middlecoin to name a few. (Google them)

DhaniBoy

sr. member

Activity: 280

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my friend suggest me to mining scrypt coin instead direct mining BTC
and then sell my coin to BTC
whiich scrypt coin is most profitable right now?

sgk

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Merit: 1002

!! HODL !!

Quote from: Yuki1988 on March 19, 2014, 09:10:21 AM

Quote from: Flashman on March 19, 2014, 08:54:26 AM

Call this a heads up, KNC just announced a motherfuckin' SERIOUS scrypt ASIC, see link in sig.

Y'all got about 6 months of GPU mining left. Make the most of it!

Wow, it looks really good, minimum 100 MH/s and shipment begins in Q2/Q3 of 2014 Shocked

If these asics are shipped in Q2/Q3, those buying GPUs today will probably not be able to get ROI...

KNC just upped the specs from 100 MH/s to 250 MH/s !!
I wonder if small scrypt ASIC miners (Read: Gridseed) will have same fate as GPU miners. Probably worse, because GPU miners can always switch to GPU-only coins, which Gridseed miners won't be able to do.

Fredz91

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I think it's too late to start mining , it's not profitable now, you can make much more by buying and selling coins

Meuh6879

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Quote from: MichaelNZ on February 08, 2014, 07:15:48 PM

I've watched a number of how to videos and read a few too. It seems to me that a 4 x R9 280X rig with a 1200 watt PSU should be mining around 1 litecoin per day or 0.02 bitcoin ... does that sound correct ?

Well ... i generate 0,01 BTC per week (yes, 7 days) .. with a 12GH/s BFL miner (50w PSU).
do your calculation ...

jeppe

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a single ant would be good, but if you dont have the money go for old asicminer blade setup

TookDk

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One coin to rule them all

Quote from: Buziss on March 19, 2014, 11:33:23 AM

Quote from: Flashman on March 19, 2014, 08:54:26 AM

Call this a heads up, KNC just announced a motherfuckin' SERIOUS scrypt ASIC, see link in sig.

Y'all got about 6 months of GPU mining left. Make the most of it!

Don't forget when the ASICs kicked in on bitcoin the price ended up going up by 10x, so SAVE every coin you can.

I can't find the power consumption of it. Sad

Based on that it runs on a standard ATX supply, then is power most likely less than 1200W.

Buziss

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Quote from: Flashman on March 19, 2014, 08:54:26 AM

Call this a heads up, KNC just announced a motherfuckin' SERIOUS scrypt ASIC, see link in sig.

Y'all got about 6 months of GPU mining left. Make the most of it!

Don't forget when the ASICs kicked in on bitcoin the price ended up going up by 10x, so SAVE every coin you can.

I can't find the power consumption of it. Sad

TookDk

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Activity: 1960

Merit: 1062

One coin to rule them all

Quote from: Flashman on March 19, 2014, 08:54:26 AM

Call this a heads up, KNC just announced a motherfuckin' SERIOUS scrypt ASIC, see link in sig.

Y'all got about 6 months of GPU mining left. Make the most of it!

Don't forget when the ASICs kicked in on bitcoin the price ended up going up by 10x, so SAVE every coin you can.

I saw the announcement today.
That machine is a beast!
If KnC can deliver, the game will change again.

Yuki1988

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Quote from: Flashman on March 19, 2014, 08:54:26 AM

Call this a heads up, KNC just announced a motherfuckin' SERIOUS scrypt ASIC, see link in sig.

Y'all got about 6 months of GPU mining left. Make the most of it!

Wow, it looks really good, minimum 100 MH/s and shipment begins in Q2/Q3 of 2014 Shocked

If these asics are shipped in Q2/Q3, those buying GPUs today will probably not be able to get ROI...

Topic: Is it too late for poor people to start mining? Jan2014 (Read 12002 times)