Profitability of mining? | Bitcointalksearch.org

Tesla71

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Quote from: fnordfnordfnord on February 03, 2013, 08:24:44 PM

Another way to say it is if you dump 600 watts of heat into your living space, you'll need more than 600 watts of A/C to remove it.

Thats not exactly the case because most A/C do mainly put the hot air out of the room rather than "killing" it in house. So you need less then 600W for additional cooling .
Also consider that you may save other heating costs in winter.

fnordfnordfnord

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Remember, if you need to reject your waste heat (ie do you use air conditioning in your home?) then you may as well double (and then some) the power usage for your efficiency calculations.

Another way to say it is if you dump 600 watts of heat into your living space, you'll need more than 600 watts of A/C to remove it.

vdragon

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Quote from: whitenight639 on January 31, 2013, 10:20:26 AM

Newbie questions...

So how much can I make with a normal single PC in a day or 2? say a dual core 3.0Ghz machine, Is it more feasible to collect bitcoins through free bitcoin advertising sites or to mine them yourself?

Also where can I buy bitcoins in stupidly small amounts like £1 (GBP), £5 etc? Does a service for this exist yet?

Also when you print bitcoin money it has the private key on it right? does the printing of that private key compromise the whole wallet or just that payment address? and what effect does it have on the blockchain, will people printing bitcoins and taking them out of digital circulation ultimately ruin bitcoin?

At this point, it seems most interesting to buy bitcoins, and sit on them. About the ASIC miners, I would wait a month or so to see what happens

MooC Tals

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Quote from: whitenight639 on January 31, 2013, 10:20:26 AM

Newbie questions...

So how much can I make with a normal single PC in a day or 2? say a dual core 3.0Ghz machine, Is it more feasible to collect bitcoins through free bitcoin advertising sites or to mine them yourself?

Also where can I buy bitcoins in stupidly small amounts like £1 (GBP), £5 etc? Does a service for this exist yet?

Also when you print bitcoin money it has the private key on it right? does the printing of that private key compromise the whole wallet or just that payment address? and what effect does it have on the blockchain, will people printing bitcoins and taking them out of digital circulation ultimately ruin bitcoin?

From one newb to another it all comes down to the cost of electricity only after you use the most efficient products to mine with.

Most GPU cards now will basiaclly break even. Meaning that the amount of electricity used mining the bitcoin will be what you get out. Most CPU's are a waste of time/money.

Before you buy anything look up your electricity cost and factor that in the wattage use. If you don't know how to calc that then thats where you start.

Trust me everyone here will help with any question you might have. Nice people.

fnordfnordfnord

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Quote from: loz12 on February 03, 2013, 06:06:22 PM

what would people consider a decent rig to mine for profit and the average cost

Don't go lower than 30 Mh/s/$ at ~25W. Or in other words, nothing that isn't ASIC.

loz12

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what would people consider a decent rig to mine for profit and the average cost

fnordfnordfnord

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Question for anyone. What is the difficulty likely to be mid-April / March? As far as I know, that's about as early as anyone who ordered with BFL will receive any units. How do I forecast the increase in difficulty from now to the near future, considering the Avalon units being brought online?

John (John K.)

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Away on an extended break

Quote from: MattM on February 02, 2013, 12:38:43 AM

Quote from: Walter Rothbard on February 01, 2013, 11:51:18 AM

Quote from: MattM on February 01, 2013, 10:28:13 AM

How easy was it to mine when Bitcoin just came out? I just arrived at this scene. Heard about it years ago and feel really bad I didn't jump in sooner. Oh well, it's still young. It should be a good investment for the next couple of years.

Unless you have an advantage for mining or already have an investment in mining, I think the most profitable thing you can do for bitcoin and for yourself is to run a business in the bitcoin economy and make it profitable. What good or service can you sell to bitcoiners? Start thinking about that, and you'll probably be able to do better than you would mining.

Like a wallet service? I don't really have the technical skills, sadly. I'm not a real programmer. I can program a bit but I have no experience in any big project.

By investing I meant buying Bitcoins. Their prices are increasing. I don't think it's a stretch to say they'll get back to the all-time peak of $30 soon.

Nah, stick with providing services or goods for Bitcoin. Wallet services are hard to manage due to the security needed. There's a lot of wallet providers out there so it's hard to get in this selective niche.

MattM

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Quote from: Walter Rothbard on February 01, 2013, 11:51:18 AM

Quote from: MattM on February 01, 2013, 10:28:13 AM

How easy was it to mine when Bitcoin just came out? I just arrived at this scene. Heard about it years ago and feel really bad I didn't jump in sooner. Oh well, it's still young. It should be a good investment for the next couple of years.

Unless you have an advantage for mining or already have an investment in mining, I think the most profitable thing you can do for bitcoin and for yourself is to run a business in the bitcoin economy and make it profitable. What good or service can you sell to bitcoiners? Start thinking about that, and you'll probably be able to do better than you would mining.

Like a wallet service? I don't really have the technical skills, sadly. I'm not a real programmer. I can program a bit but I have no experience in any big project.

By investing I meant buying Bitcoins. Their prices are increasing. I don't think it's a stretch to say they'll get back to the all-time peak of $30 soon.

slush

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Quote from: UKMark on February 01, 2013, 05:05:30 AM

I started mining approx 2 weeks ago (simply just trying to break even eg mh/s to running costs to BTC) but I think I have already seen the effects on Slush's pool once the ASIC's joined in

ASICs has no effect on pool yet; One ASIC device with 60GHash/s makes no difference. That effect what you seen is called "luck", my pool was a bit lucky in recent two days, so it found blocks faster than is expected.

mjc

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Available on Kindle

Get a copy of my book Bitcoin Step by Step its free today Feb, 2013. It goes over most of what you are asking. As for mining, don;t use CPU or GPU use ASIC. If you are unsure what that is visit www.butterflylabs.com and read up. Good luck.

rpgman1

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So it looks like the only way to profit from BTC mining is to buy an ASIC device? What about LTC or NMC mining and what tools do I need to get started on those two?

RodeoX

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The revolution will be monetized!

The phases of mining started with CPU mining. In the beginning the client could also mine. You just start it up and hope. Next came GPU mining on video cards. This is a much more powerful way to mine. As more people got into mining using a GPU pool helped to be more profitable. Now with ASIC miners, one must buy special equipment made just for BTC mining if you want to be profitable.

Walter Rothbard

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Quote from: MattM on February 01, 2013, 10:28:13 AM

How easy was it to mine when Bitcoin just came out? I just arrived at this scene. Heard about it years ago and feel really bad I didn't jump in sooner. Oh well, it's still young. It should be a good investment for the next couple of years.

Unless you have an advantage for mining or already have an investment in mining, I think the most profitable thing you can do for bitcoin and for yourself is to run a business in the bitcoin economy and make it profitable. What good or service can you sell to bitcoiners? Start thinking about that, and you'll probably be able to do better than you would mining.

doctorgig

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You really should consider litecoin mining, but with out a good GPU you will only make pennies a day!

MattM

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How easy was it to mine when Bitcoin just came out? I just arrived at this scene. Heard about it years ago and feel really bad I didn't jump in sooner. Oh well, it's still young. It should be a good investment for the next couple of years.

Gabi

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Quote from: whitenight639 on February 01, 2013, 05:43:16 AM

Thank you guys,

Is it because of the elliptic curve cryptography that makes GPU mining favourable then?

Sha256 hashing. It is heavily parallelable, you can have a GPU hash thousands of different numbers together, each hash is indipendent from the other one. And it happens that GPU excel at parallelable tasks (and sucks at problems where you can do the next operation only after you know the result of the current one)

Timer

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Mining isn't profitable anymore unless you have free power or power at a very low cost. There's some instances where it is, but the profit margin is very low.

itai3856

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you cant really make from normal pc, to profit from mining you need really good gpu that support this the best
ASIC is the best way you can try to profit from mining

whitenight639

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Thank you guys,

Is it because of the elliptic curve cryptography that makes GPU mining favourable then?

Topic: Profitability of mining? (Read 1477 times)