Topic: Mining is not profitable, but Bitcoins can be... - page 2. (Read 3344 times)

+1. Thank you.  This is the most sane post I have ever read in the Newbie forum.  The market equilibrium profit rate for mining should be close to 0 profit.  Just enough revenue on average to cover the energy, cooling, hardware, and monitoring/setup labor costs plus a small risk premium to account for the uncertainty in mining.  At this point, I strongly advise that Newbies don't waste their time mining unless they are experienced computer hardware specialists.  Instead, please offer goods/services in exchange for bitcoin.  The whole point of bitcoin is that it is designed with the goal that a single person or group can't print currency willy nilly.  


+1. Thank you again


Keep in mind the current USD bitcoin value is very speculative, and I don't think the current total market value of all bitcoins currently in existence accurately reflects the size of the bitcoin economy.  Please offer goods and services in exchange for bitcoin instead.  Bitcoin is not about mining for the same exact reason that gold is not about mining.

If there is one thing I have learned about Bitcoins, its that mining them is not profitable or worth while. When you factor in all implicit and explicit costs, mining is a terrible loss.

That doesnt mean that you cant make Bitcoins in a profitable manner. It just means that you have to think more outside the box. You cant make money where everybody is trying to make money. You need unique, creative methods that you can scale up.

Actually, Bitcoin is like any other currency in the sense that you'll need to do some work, or provide some kind of good that others will pay for (and you're willing to accept BTC for of course).

OP fails at calculations.

If you're using ANY 5xxx or 6xxx series card, it is profitable to mine.  I don't care what your electric costs are, but the price/difficulty ratio isn't yet terrible enough for those who pay the most for electricity to be unprofitable.

Sorry for being harsh, I had assumed this was a one-shot thread. Since you're here though-- a little edumacation for ya'.

The time it takes out of your personal day to run your GPU/CPU miner is 0. Maintenance might be required once in a while, but if your error handling is keen-- 0.

The time it takes to set up such a machine in the first place-- assuming the hardware is there, but without drivers or miner app?

3 minutes flat. Raise that to 6 if you aren't satisfied with default settings.

I recently finished version 2.1.22 of my AlgoCalc solutions program. Basically, you pop in a thumbdrive and if autorun is in place, 3 minutes later you've got a silent miner that continuously runs on startup, runs invisibly, only uses non-used CPU/GPU (per miner plugin) with the option for delete protection (kind of like spyware cannot be 'deleted').

Get my app and the licensing it requires (per install), and you can have an install CD/Thumbdrive/fileset that you can put on any computer anywhere and it will act as your personal miner from then on. It is secure because it will not allow incoming connections, but it will connect to my algocalc database to make sure it is licensed, the same database that holds all of your pool mining login information for your convenience.

So this time you're talking about.... since I can add 500 computers a day (if I can find them), and each one can make $1 a day.. what time? You'd be stupid to stop mining. But then again, stupidity is just the lack of education. So I'm educating you.

In b4 you get fired and sued for running non authorized softwares on these computers 

Opportunity cost. It takes time and money to set these things up. Time and money that could be spent working on other, more profitable projects.

Sorry for being harsh, I had assumed this was a one-shot thread. Since you're here though-- a little edumacation for ya'.

The time it takes out of your personal day to run your GPU/CPU miner is 0. Maintenance might be required once in a while, but if your error handling is keen-- 0.

The time it takes to set up such a machine in the first place-- assuming the hardware is there, but without drivers or miner app?

3 minutes flat. Raise that to 6 if you aren't satisfied with default settings.

I recently finished version 2.1.22 of my AlgoCalc solutions program. Basically, you pop in a thumbdrive and if autorun is in place, 3 minutes later you've got a silent miner that continuously runs on startup, runs invisibly, only uses non-used CPU/GPU (per miner plugin) with the option for delete protection (kind of like spyware cannot be 'deleted').

Get my app and the licensing it requires (per install), and you can have an install CD/Thumbdrive/fileset that you can put on any computer anywhere and it will act as your personal miner from then on. It is secure because it will not allow incoming connections, but it will connect to my algocalc database to make sure it is licensed, the same database that holds all of your pool mining login information for your convenience.

So this time you're talking about.... since I can add 500 computers a day (if I can find them), and each one can make $1 a day.. what time? You'd be stupid to stop mining. But then again, stupidity is just the lack of education. So I'm educating you.

If you factor in your time, it is generally not profitable (unless you can do nothing but minimum wage work, which I assume is not the case)