Need simple advice on bitcoin | Bitcointalksearch.org

BunsenBurner

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Quote from: f8ray on July 29, 2014, 02:26:52 PM

I've done quite a bit of research on bitcoin currency, I have a i7 laptop and i7 gaming pc. What miner would anyone recommend me and how long does it take to get $4 or over? I started using "bitcoinplus" noticing the payout is only "0.00000001 BTC". If anyone can give me advice it would be very helpful.

You shouldn't mine bitcoin directly with you pc and laptop.
Try mining CryptoNight coins and X11/X13 coins with your CPU and GPU, and trade them for bitcoin.

Be extra careful with your laptop as it can be overheated very easily.

oceans

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Purchasing bitcoins I find is a lot better than mining to be honest, unless you have electricity that is very cheap or the money to be able to purchase equipment for mining it can in the long run be more expensive for you. At least with purchasing you know it's a simpler and cheaper process.

Buziss

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Quote from: f8ray on July 29, 2014, 02:26:52 PM

Hi,

I've done quite a bit of research on bitcoin currency, I have a i7 laptop and i7 gaming pc. What miner would anyone recommend me and how long does it take to get $4 or over? I started using "bitcoinplus" noticing the payout is only "0.00000001 BTC". If anyone can give me advice it would be very helpful.

Thanks,

Ray

Bitcoin mining is no longer profitable now unless you have very cheap electricity or free electricity. You would get more bitcoin by buying them directly than by buying ASICs to mine bitcoin.

InwardContour

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Don't mine, just purchase bitcoins directly. You can try cloudmining if you want but my advice
is to invest a very little capital on it, just to try and see if it's profitable on your own.

forever21

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my advice is go to computer hardware section and buy some 2nd hand unit of mining rigs if you want a good profit you must invest in a good quality equipment computer mining is not so profitable anymore

notlist3d

legendary

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Do some ROI. Mining is different for everyone on profit. For me I had to quit GPU mining sadly.

I went to all asic mining. And it can be profitable, but takes certain conditions. If you have lots of room and cheap electricity it will really help to ROI. There is hosting aswell for those who live in some of the outrageous power costs. Bug again always do your own ROI.

DrG

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Quote from: Tammy Chan on July 30, 2014, 07:23:19 PM

Quote from: DrG on July 30, 2014, 02:12:35 AM

Quote from: rottentomatoes on July 29, 2014, 04:03:30 PM

Quote from: Stinky_Pete on July 29, 2014, 02:37:44 PM

If you have done "quite a bit" of research then you should have realised that laptops are not useful for any mining.
And since $4 is about 0.068 BTC then 68000 days is as good a guess as any.

Omg really? didn't knew it was that hard to mine.

Well it didn't used to be hard to mine. When Bitcoins were worth a few pennies each you could mine hundreds on a laptop and even then people tossed their wallets away because it wasn't worth the effort to try to sell 200BTC.

Since the price has multipled over 10000x the difficulty has increased 10000x to match. Except now Bitcoin is even more popular so you can't even mine pennies on a laptop.

You can check all the historical bitcoin mining difficulty in https://docs.google.com/spreadsheet/ccc?key=0AiFMBvXvL2dtdEZkR2J4eU5rS3B4ei1iUmJxSWNlQ0E#gid=0

Current difficulty is 18,736,441,558 while two years ago it was 2,036,671
Current price is $560 while two years ago it was $9

So, difficulty has increased 9200 times, and bitcoin price has increased by only 62 times. Grin

Yep, that's why mining is now only good for the people selling the miners. Obviously we need miners to support the network, but miners are probably don't it at a loss (at least most end users).

Tammy Chan

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Quote from: DrG on July 30, 2014, 02:12:35 AM

Quote from: rottentomatoes on July 29, 2014, 04:03:30 PM

Quote from: Stinky_Pete on July 29, 2014, 02:37:44 PM

If you have done "quite a bit" of research then you should have realised that laptops are not useful for any mining.
And since $4 is about 0.068 BTC then 68000 days is as good a guess as any.

Omg really? didn't knew it was that hard to mine.

Well it didn't used to be hard to mine. When Bitcoins were worth a few pennies each you could mine hundreds on a laptop and even then people tossed their wallets away because it wasn't worth the effort to try to sell 200BTC.

Since the price has multipled over 10000x the difficulty has increased 10000x to match. Except now Bitcoin is even more popular so you can't even mine pennies on a laptop.

You can check all the historical bitcoin mining difficulty in https://docs.google.com/spreadsheet/ccc?key=0AiFMBvXvL2dtdEZkR2J4eU5rS3B4ei1iUmJxSWNlQ0E#gid=0

Current difficulty is 18,736,441,558 while two years ago it was 2,036,671
Current price is $560 while two years ago it was $9

So, difficulty has increased 9200 times, and bitcoin price has increased by only 62 times. Grin

DrG

legendary

Activity: 2086

Merit: 1035

Quote from: rottentomatoes on July 29, 2014, 04:03:30 PM

Quote from: Stinky_Pete on July 29, 2014, 02:37:44 PM

If you have done "quite a bit" of research then you should have realised that laptops are not useful for any mining.
And since $4 is about 0.068 BTC then 68000 days is as good a guess as any.

Omg really? didn't knew it was that hard to mine.

Well it didn't used to be hard to mine. When Bitcoins were worth a few pennies each you could mine hundreds on a laptop and even then people tossed their wallets away because it wasn't worth the effort to try to sell 200BTC.

Since the price has multipled over 10000x the difficulty has increased 10000x to match. Except now Bitcoin is even more popular so you can't even mine pennies on a laptop.

rottentomatoes

newbie

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Quote from: Stinky_Pete on July 29, 2014, 02:37:44 PM

If you have done "quite a bit" of research then you should have realised that laptops are not useful for any mining.
And since $4 is about 0.068 BTC then 68000 days is as good a guess as any.

Omg really? didn't knew it was that hard to mine.

yayayo

legendary

Activity: 1806

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Quote from: Gimmelfarb on July 29, 2014, 03:15:05 PM

my simple advice: don't destroy your laptop trying to mine. you won't be able to mine anything, anyway. i suggest looking into investing directly into BTC, rather than playing the mining speculation game. unless you have ways to get cheap (non-retail) chips and free/cheap electricity, don't even bother IMO.

That's the only advice I would give as well. To do mining, you need to make a substantial investment in hardware that is uncertain to pay out. Huge shipping delays from hardware manufacturers occur very often.

Better invest directly in bitcoin or sell goods/services for bitcoin. It's much more stress free and convenient.

ya.ya.yo!

Gimmelfarb

hero member

Activity: 658

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my simple advice: don't destroy your laptop trying to mine. you won't be able to mine anything, anyway. i suggest looking into investing directly into BTC, rather than playing the mining speculation game. unless you have ways to get cheap (non-retail) chips and free/cheap electricity, don't even bother IMO.

Benjig

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Quote from: Stinky_Pete on July 29, 2014, 02:37:44 PM

If you have done "quite a bit" of research then you should have realised that laptops are not useful for any mining.
And since $4 is about 0.068 BTC then 68000 days is as good a guess as any.

In fact 4 is about 0.0068, you missed one cero, and ontopic yea, you should buy better those 5$ than try to mining them.

Stinky_Pete

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Quote from: f8ray on July 29, 2014, 02:44:52 PM

Thanks for the info, do you recommend me buying the equipment as I don't have to pay for electricity bills.

That's up to you. See my answer #5 and put the emphasis on may and lucky. Buying Bitcoin now may be more profitable. Either route may lose your entire investment.

f8ray

newbie

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Thanks for the info, do you recommend me buying the equipment as I don't have to pay for electricity bills.

Stinky_Pete

hero member

Activity: 560

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Quote from: f8ray on July 29, 2014, 02:34:37 PM

"600 GH/s Bitcoin Mining Card" by butterflylabs? What are the earnings per month like with equipment?

Avoid ButterflyLabs like the plague.

If you want mining equipment BitMainTech AntMiner S3 is the one to look at - it may even pay for itself in 4 months if we are all lucky. It is shipping now and is easy to setup.

Stinky_Pete

hero member

Activity: 560

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If you have done "quite a bit" of research then you should have realised that laptops are not useful for any mining.
And since $4 is about 0.068 BTC then 68000 days is as good a guess as any.

f8ray

newbie

Activity: 9

Merit: 0

"600 GH/s Bitcoin Mining Card" by butterflylabs? What are the earnings per month like with equipment?

pissedoff

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Bitcoinplus is a waste of time and so is mining on a laptop/computer if you are looking to profit from it. Try investing in Bitcoin mining equipment.

f8ray

newbie

Activity: 9

Merit: 0

Hi,

I've done quite a bit of research on bitcoin currency, I have a i7 laptop and i7 gaming pc. What miner would anyone recommend me and how long does it take to get $4 or over? I started using "bitcoinplus" noticing the payout is only "0.00000001 BTC". If anyone can give me advice it would be very helpful.

Thanks,

Ray

Topic: Need simple advice on bitcoin (Read 1573 times)