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Topic: Mining Requirements (Read 2871 times)

legendary
Activity: 1456
Merit: 1000
April 24, 2015, 08:48:46 PM
#42
servers are useless for mining, and certainly ram does not matter, you need a powerful asic to mine properly, or gpu if you're in the altcoin scene

There are also some CPU mineable altcoins as well:

http://www.cpucoinlist.com/


I would argue that CPU coins cost more to mine then you make.  And even if you run at a profit it's not a profit near paying for a rig with a nice CPU.

I wish CPU/GPU day's were here but sadly they are gone.
sr. member
Activity: 406
Merit: 250
April 24, 2015, 08:39:23 PM
#41
servers are useless for mining, and certainly ram does not matter, you need a powerful asic to mine properly, or gpu if you're in the altcoin scene

There are also some CPU mineable altcoins as well:

http://www.cpucoinlist.com/

Is cex.io still viable?

They stopped their cloud mining service. Now it is just a trading platform.

I believe they do still support mining. It's just been switched off by default due to the recent price drop and they decided to shift the focus of their business to their exchange platform instead. You can choose to switch it back on if you want, although it would be pointless to do so since it's guaranteed to be unprofitable anyway:

We also want to remind everybody that we did not completely suspend our cloud mining services. We have made a switch button allowing every user manually turn on cloud mining whenever they choose to do so.

What about POS (Proof of Stake: https://en.bitcoin.it/wiki/Proof_of_Stake)  requirements.

What HasherHub said is correct. Bitcoin doesn't support proof of stake and it probably never will. However, there are altcoins that have implemented PoS such as Peercoin, NXT, and a few others. They aren't really profitable to stake though since even a large amount would only net pennies in staking rewards. There are some exceptions to this rule such as BTSX's DPoS system but there are usually other barriers toward entry (e.g. it's not easy to become a delegate). There are also coins like HYPER which have high staking rewards but the benefit is usually negated by the coin's high inflation.

Quote
The CPU/GPU power will count for the stake process or just the amount of Bitcoin altcoin a miner holds?

It's only the amount of coins you hold that matters, as well as a few other factors like coin age depending on the exact system that the coin uses. If you had 1,000 proof of stake coins, then it wouldn't matter whether you staked those 1,000 coins using a Raspberry Pi or a supercomputer.
newbie
Activity: 19
Merit: 0
April 24, 2015, 12:24:23 PM
#40
What about POS (Proof of Stake: https://en.bitcoin.it/wiki/Proof_of_Stake)  requirements.
The CPU/GPU power will count for the stake process or just the amount of Bitcoin a miner holds? 

As of right now there is no Proof of Stake system in bitcoin.
legendary
Activity: 1456
Merit: 1000
April 24, 2015, 10:59:25 AM
#39
Mining is basically dead best to just buy your bitcoins.

It's not fair to say this.   It is very individual on if you can mine.  You have to have low priced electricity, most likely no vat.  But it can be done.

It's come to the time where what I like to call "smart miners" can prosper.  Things such as knowing when to sell old equipment. When to underclock a machine to get better efficiency. 
hero member
Activity: 728
Merit: 501
April 24, 2015, 10:43:18 AM
#38
Mining is basically dead best to just buy your bitcoins.

The future of mining looks good, since it depends on two things with which we already have had good luck. Firstly, the companies that constructed ASIC units will need to continue building more efficient machines at more reasonable costs. Secondly, the value of cryptocurrency will need to continue to rise, like transaction volume does, in order to provide better compensations to more and more miners. It will solve an existing problem with the difficulty increases and the block reward halving which will take place within the next few years.
legendary
Activity: 2170
Merit: 1000
April 24, 2015, 07:44:12 AM
#37
This is what I think, so it might be totally wrong. I think that the days of Bitcoin mining are almost gone, with the difficulty so high, the network hashrate so high, that it makes mining to get your share of a block a task and a half to achieve. Altcoins seem to be the ones to go to for mining. But with the amount of scamcoins on the rise, it's hard to find one that is doing well in the market. What I do is go on a site which compares all (or the most popular) cryptocurrencies and displays them in descending order for which one gives the most profit, lowest difficulty, etc. From there, you can find the coin that mine and be able to get profit from. A site I recommend is http://www.coinwarz.com/cryptocurrency
legendary
Activity: 3038
Merit: 4418
Crypto Swap Exchange
April 23, 2015, 11:05:35 AM
#36
Mining is basically dead best to just buy your bitcoins.

Untrue. Mining is still possible and profitable if you have enough money to invest.
Large capital is pretty much just the small part of the equation for profit in mining. These are the remaining:
  • Electrical cost
- the cost of running a farm is high. With high electrical cost, ROI is not possible
  • Land cost
- If you want to make profit, you need to make it big scale. You probably would have to rent a warehouse. It has to have low rental rates to maintain the highest profit possible.
  • Ambient temperature for the whole year
- if you live in the colder area, you wouldn't need much exhaust fans thus saving electricity.
  • Salary cost
- You would probably have to hire someone to look for the ASICs in the warehouse.
  • Supplier of ASIC
- You would need to find a supplier who can deliver fast and at low price to get into the game early this increasing chances of ROI.
hero member
Activity: 560
Merit: 509
I prefer Zakir over Muhammed when mentioning me!
April 23, 2015, 10:11:38 AM
#35
Mining is basically dead best to just buy your bitcoins.

Untrue. Mining is still possible and profitable if you have enough money to invest.

Is cex.io still viable?

They stopped their cloud mining service. Now it is just a trading platform.
newbie
Activity: 3
Merit: 0
April 23, 2015, 09:32:51 AM
#34
Is cex.io still viable?
newbie
Activity: 56
Merit: 0
April 23, 2015, 09:08:08 AM
#33
Mining is basically dead best to just buy your bitcoins.
newbie
Activity: 55
Merit: 0
April 23, 2015, 07:06:34 AM
#32
Minning doesn't require system storage it depend on graphic card!!
legendary
Activity: 3248
Merit: 1070
April 23, 2015, 07:02:22 AM
#31
so how much hash can be gain with 64gb dedicated server?

servers are useless for mining, and certainly ram does not matter, you need a powerful asic to mine properly, or gpu if you're in the altcoin scene
sr. member
Activity: 462
Merit: 251
April 23, 2015, 06:12:25 AM
#30
so how much hash can be gain with 64gb dedicated server?
legendary
Activity: 3038
Merit: 4418
Crypto Swap Exchange
April 23, 2015, 05:06:33 AM
#29
Hello,
recenty i got 64gb dedicated server
i want to run mining on that . is it possible ??

any requirements ?

Useless. Run a full node maybe. Google it.
If you are going to run a full node on a high end dedicated server, my advice is: don't do it.

Full nodes usually don't need high bandwidth nor specs to run on. I ran mine on a 6 core AMD for a month and it barely used 20% of all the cores. The bandwidth was around 200gb too. Reselling it would be a much wiser choice as it could yield more profit and possibly pay it off.
legendary
Activity: 1106
Merit: 1000
April 22, 2015, 05:19:34 AM
#28
well in my point of view i mean like if no one mines even in cloud it requres more time for those confirms to get no? soo we better promote the cloud mining sites that are good and do mine for confirms like those of 49% of all mining bitcoins

There won't be such day as "no one mines" because if no one is mining, a person with comparatively less hashrate can mine a block and I am sure he/she will give it a shot. Also, if no one mines, the difficulty decreases, so a person obviously mines ASAP.

Cloud mining companies doesn't need us to buy hashrate for mining, they do it themselves even if we don't buy. When we buy, they get upfront/promised ROI and we take risks.

That's right exactly about cloud mining, that's why recently new cloud mining company builded. And most all used ponzi scheme(in the end scam) Tongue
hero member
Activity: 560
Merit: 509
I prefer Zakir over Muhammed when mentioning me!
April 21, 2015, 04:30:50 AM
#27
well in my point of view i mean like if no one mines even in cloud it requres more time for those confirms to get no? soo we better promote the cloud mining sites that are good and do mine for confirms like those of 49% of all mining bitcoins

There won't be such day as "no one mines" because if no one is mining, a person with comparatively less hashrate can mine a block and I am sure he/she will give it a shot. Also, if no one mines, the difficulty decreases, so a person obviously mines ASAP.

Cloud mining companies doesn't need us to buy hashrate for mining, they do it themselves even if we don't buy. When we buy, they get upfront/promised ROI and we take risks.
sr. member
Activity: 252
Merit: 250
April 21, 2015, 04:19:23 AM
#26
well in my point of view i mean like if no one mines even in cloud it requres more time for those confirms to get no? soo we better promote the cloud mining sites that are good and do mine for confirms like those of 49% of all mining bitcoins
legendary
Activity: 3248
Merit: 1070
April 17, 2015, 02:17:17 AM
#25
I dont recomend buying a bitcoin. The price has been decreasing for much time now.

that's is exactly the reason to buy bitcoin, or you are telling me that you buy high/sell low, i would  not be surprised...

mining is miles ahead worse then buying right now
sr. member
Activity: 364
Merit: 250
April 16, 2015, 07:14:13 PM
#24
Hello,
recenty i got 64gb dedicated server
i want to run mining on that . is it possible ??

any requirements ?
I don't recommend it. You will not get as much as your monthly cost, except you have a powerfull GPU inside your dedicated server. Now people have moved from CPU mining and GPU mining era, so even you have a dedicated server, you will not get a huge ammount. I recommend you to buy an ASIC miner if you want to mine. But you must be aware with your electiricty cost
legendary
Activity: 1344
Merit: 1024
Mine at Jonny's Pool
April 16, 2015, 06:46:00 PM
#23
I dont recomend buying a bitcoin. The price has been decreasing for much time now.
Tell you what, I'll gladly sell you one of mine for $1000.  It'll make you feel better since it's a high price!
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