Topic: Newbies don't mine! - page 2. (Read 3296 times)

i once mined with my laptop, then i realized i was losing more money than i was making

mining with a 290khs device hoping to gain some money

You guys should sell some Bitcoin and back to the future

A: to be new here, doesnt mean to be new at bitcoin.
    I read for more than a year and mine for 10 month.

B: some dont mine to become rich. some mine to can tell their grandchildren about it. 

Im assuming he meant ltc

Hi Ivan,
Yes - you can mine with an old computer.
However, if you want to make money then you best switch off the computer.
Savings from the electricity will be more than you can generate in crypto-money with an old computer.
If the computer needs to run anyway, then you can use the idle time to generate a little crypto-money,
but I think you should be happy if you can make it generate a few pennies worth.
So, do it for the experience if you like, not to earn money.
Success,
Cor.

Hi Erre,
For mining 1 Bitcoin you need approx 200Gh/s running for 2 weeks, after that the difficulty increases and you need at least 250-260 GHz for the next 2 weeks.
Your laptop at 40kh/s is mining approx 1/5000 Bitcoin in 2 weeks, so you get about a dime worth of Bitcoin after your laptop runs 2 weeks straight. Your electric bill is likely a dime per day for running your laptop 24/7. Also, running a laptop 24/7 at max performance will likely cause it to wear and break much faster - I know, because I tried a couple years ago with another distributed computer project. While I normally would expect a quality laptop to have no problem until it is obsolete after some 5 years, this one started giving problems after 2 years and occasional overheating caused the processor to start failing and become extremely slow (I think an on-chip cache failed).
So, while I agree with your learning and fun to have the experience, I doubt that you are even earning back the electricity that your computers are using for the hashing... So, don't expect that you are earning money by mining!

Edit: Oops - I was calculating that you were running Mh/s, but you have actually only 1/1000 of that power.
Going to the street and walk around until you find a penny will earn you money faster than mining ;-)

Let's just say, the Neptune I have coming, won't make my btc back by the time I get it. Buying btc now would have been a much better option but I'm stubborn.

I agree with OP that mining isn't worth while investing in at present. Not unless you've got thousands spare to buy a Bitcoin ASIC machine, which you probably wouldn't see for months. Even when it arrives, it will probably be superseded in a few weeks by bigger and better versions, not to mention the difficulty increases when thousands of these units are widely available to the public.

And unless you've got a PC with serious Radeon graphics power, then you're stumped with Litecoin and scrypt derivatives. Getting hold of decent Radeons is practically impossible in most countries, unless you have loads of cash to spare on an eBay bidding war.

Personally, I believe the best option is to do some homework and invest a few hundred into some of the new currencies. Whether you choose to keep them in the long term, or sell them quickly when they make a profit, then reinvest them, is up to you. Whichever way, get in ASAP and you will make a good return some day. I believe cryptocurrency is the biggest thing since teh interwebz and the sooner you can get on the bandwagon, the more you'll make on an incredible journey that's only just setting off.

I mine LTC with 2 video cards and Xeon CPUs and making money. I would agree mining for BTC with Video cards is a loosing proposition.

BTC<->USD is still a viable market, so trading there might get you something.

So I guess the best way to earn money is buy cheap alt currencies and trade them?

Sounds like wallstreet to me

Maybe. However if you want a heater as well, you can mine them.

it is strange to read such suggestions.

But you would make much more if you just bought coins now

Well, if Bitcoin was to start rising again, it might regain its profitability.

I agree that mining Bitcoin, Litecoin or any other established coin is no longer profitable, but spending a day on something new is worthwhile for a chance of someday increase in value.

So only for early adoption

no use in mining with low spec pc. trading the best

I disagree with this as ive made a decent amount of free money from this as my rig was bought for gaming. Its no extra expense and is free money back. Although i do agree you shouldn't buy hardware for it at this stage.

boogercoin. ima mine the shiz out of that

who wants to start up w/ me

I feel some mega booger nuggets coming my way

aight