waldohoover here on the forum runs coiningsolutions.com and will set up a full bitcoin node for you for $19/year with $10 setup fee see https://www.coiningsolutions.com/node/ if you cannot handle yourself.
If you have to scratch the mining itch and your power cost is less than 10 cents/KW/hour consider buying one Antminer S5 from Bitmain there is a decent chance you will ROI in about a year. Without cheap power consider hosted hashing from Hashnest.
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Topic: Should setting up a mining rig at home always be profitable (Read 1878 times)
if you are looking to help the network, then yes just set up a full node and join the chain, otherwise don't bother looking for a profit in mining, unless you have zero electricity cost or near that, and even then is not guaranteed
just to be part of the chain
You wont be part of the chain with one rig. To get anyting you will likely join a pool, and in that case the pool owner is part of the chain, not you. He has control over the block to sign and what transaction to include, not you.
If you want to help out the network running a full node is good enough.
https://getaddr.bitnodes.io/
It is always good to have nodes running to make the network more secure.
If you're looking for a hobby in maintaining a machine to support the Bitcoin network then I highly recommend running a full node.
If things change in the future, I would be more than willing to help out, until then I will just keep my core open to help others download the blockchain, that is my small way of helping out.
Yes, just to clarify: I mean to recommend running a full node as a hobby in and of itself, not to recommend running a full node as part of a hobbyist mining operation.
Also, there's no need to diminish the act of running a full node. This helps much more than mining.
This thing is what I meant, that I get the feeling that whenever you suggest starting to mine most people only see it as being non profitable and a wast of engergy and time and always try to talk you out of it. But I think setting up a full node and running it, not for the benefits of mining, but just to be part of it, to be decentralising it by taking it into your own home/basement or wherever in your house. Running the USB is nice and all, participating and getting some reward from the pools, but having a full node on your own dedicated rig, buzzing away is so much more
If you're looking for a hobby in maintaining a machine to support the Bitcoin network then I highly recommend running a full node.
If things change in the future, I would be more than willing to help out, until then I will just keep my core open to help others download the blockchain, that is my small way of helping out.
Yes, just to clarify: I mean to recommend running a full node as a hobby in and of itself, not to recommend running a full node as part of a hobbyist mining operation.
Also, there's no need to diminish the act of running a full node. This helps much more than mining.
just to be part of the chain
You wont be part of the chain with one rig. To get anyting you will likely join a pool, and in that case the pool owner is part of the chain, not you. He has control over the block to sign and what transaction to include, not you.
If you want to help out the network running a full node is good enough.
Just a question, I spend my time and money on various things, most of them have no real return value and money, if you look at it from a capitalist way is wasted, though some merchant might have the profits, I did not, just the sheer joy of the things I bought or the time I spent boggling my mind to do something. Like my webhost, I pay each year, but the site does nothing but host mostly my personal blog and some info, I do enjoy having my own domain and do not mind paying the money.
Could this work for mining? What if I set up a mining rig at home, just to be part of the chain? Just because I think bitcoin has a future and setting up a small non profitable rig does contribute to that future and has more of a hobby value to maintain the rig. Is that a bad thing?
Could this work for mining? What if I set up a mining rig at home, just to be part of the chain? Just because I think bitcoin has a future and setting up a small non profitable rig does contribute to that future and has more of a hobby value to maintain the rig. Is that a bad thing?
Look if you keep a pc or mac turned on any way just mine a usb stick at a solo pool cheap as long as the pc was running anyway.
I mine 3 sticks 2 are double 1 is a single about 9gh spilt over 4 pools including a solo pool. low power low cost and every single block I have a tiny tiny tiny tiny chance of winning plus the other pools I use actually pay some coin back. Not enough for the power spent but what the fuck still a chance at every block.
Just a question, I spend my time and money on various things, most of them have no real return value and money, if you look at it from a capitalist way is wasted, though some merchant might have the profits, I did not, just the sheer joy of the things I bought or the time I spent boggling my mind to do something. Like my webhost, I pay each year, but the site does nothing but host mostly my personal blog and some info, I do enjoy having my own domain and do not mind paying the money.
Could this work for mining? What if I set up a mining rig at home, just to be part of the chain? Just because I think bitcoin has a future and setting up a small non profitable rig does contribute to that future and has more of a hobby value to maintain the rig. Is that a bad thing?
Could this work for mining? What if I set up a mining rig at home, just to be part of the chain? Just because I think bitcoin has a future and setting up a small non profitable rig does contribute to that future and has more of a hobby value to maintain the rig. Is that a bad thing?
If you are mining at a loss, consider using the electricity to buy Bitcoin directly, this way you can support Bitcoin. If you are mining bitcoin at a loss you are actually supporting your electric company.
Well from what I have seen is that some people will buy an ASIC miner, run it for some period of time and then resell it. If they time everything correctly then the sum of the mining revenue and the amount they receive when they will it will be greater then the sum of the price they paid plus their cost of electricity
1. Hou have to be very first in new batch order list ( I mean your miners have to be most efficient one at the moment)
2. There is some luck needed to get your gear shipped and delivered in promised time
3. You can just be scammed
I think,s its best for opening a mining rig in own house for income......but it is very costly!!!
That isn't a good suggestion. Increase electric consumption can get the cops tipped off to something else you might be doing, and the bills would be enormous by doing that.
Just a question, I spend my time and money on various things, most of them have no real return value and money, if you look at it from a capitalist way is wasted, though some merchant might have the profits, I did not, just the sheer joy of the things I bought or the time I spent boggling my mind to do something. Like my webhost, I pay each year, but the site does nothing but host mostly my personal blog and some info, I do enjoy having my own domain and do not mind paying the money.
Could this work for mining? What if I set up a mining rig at home, just to be part of the chain? Just because I think bitcoin has a future and setting up a small non profitable rig does contribute to that future and has more of a hobby value to maintain the rig. Is that a bad thing?
Could this work for mining? What if I set up a mining rig at home, just to be part of the chain? Just because I think bitcoin has a future and setting up a small non profitable rig does contribute to that future and has more of a hobby value to maintain the rig. Is that a bad thing?
You are enjoying doing it and "capitalists" never said everyone make the best decisions, they try to make the best decisions considering their limitations and knowledge.
Mining is almost never profitable. Exceptions (and large mining centers) occur in rare circumstances:
Well from what I have seen is that some people will buy an ASIC miner, run it for some period of time and then resell it. If they time everything correctly then the sum of the mining revenue and the amount they receive when they will it will be greater then the sum of the price they paid plus their cost of electricityAlso? Lots of miners who were exploiting ASIC advantages early on liked to overclock their machines. Overclocking increases power requirements per hash. Overclocked machines are now all losing money in a market where they have to compete with identical machines that aren't overclocked.
The owner of the OC'ed miners could simply return the speed back to stock, or even underclock the miners 
Just a question, I spend my time and money on various things, most of them have no real return value and money, if you look at it from a capitalist way is wasted, though some merchant might have the profits, I did not, just the sheer joy of the things I bought or the time I spent boggling my mind to do something. Like my webhost, I pay each year, but the site does nothing but host mostly my personal blog and some info, I do enjoy having my own domain and do not mind paying the money.
Could this work for mining? What if I set up a mining rig at home, just to be part of the chain? Just because I think bitcoin has a future and setting up a small non profitable rig does contribute to that future and has more of a hobby value to maintain the rig. Is that a bad thing?
Could this work for mining? What if I set up a mining rig at home, just to be part of the chain? Just because I think bitcoin has a future and setting up a small non profitable rig does contribute to that future and has more of a hobby value to maintain the rig. Is that a bad thing?
So everything you do in life must have some value in money behind it? I do not think so. It is the capitalist model of life that you need to think more about.
You are thinking about mining as a way to help bitcoin network? So you are just want to waste your effort and money on something like that. As others said already home mining is one of the worst thing you could actually do, it won't bring you profit and you may not even get the ROI from it as of it now. If you have free electricity in your area it could work but I doubt it is the case here.
tl'dr If you want to profit from bitcoin stop thinking about mining - start trading, if you want to help network - do it - but you won't profit from it.
Mining is almost never profitable. Exceptions (and large mining centers) occur in rare circumstances:
* where a building in an area with harsh winters needs heaters and will subsidize your electricity costs in proportion to heat you provide via your miners. This does extend to putting antminers in your own basement to replace an electric heater. But this is a bad time of year to do it in the northern hemisphere; this is autumn and soon running your antminers will mean doubling your power costs by running your airconditioner full-tilt too.
* where you can arrange a contract for "off-peak" electricity usage that gives you substantially cheaper electricity because you use power primarily at night or on weekends when other people aren't using much. Contracts like this are available in most farming areas in the US: farmers use them to run electrical pumps and irrigate their fields at night.
* where the government subsidizes electrical power or arranges other economic factors in a way that makes it profitable for power companies to provide it cheap (eg, you live in China or one of a few other places that do this).
The setup costs (miners, space to put miners, etc) are minor compared to month-over-month operating costs like power. If you want mining to be profitable, select your mining rigs for hashes per joule; it's more important than hashes per second.
Also? Lots of miners who were exploiting ASIC advantages early on liked to overclock their machines. Overclocking increases power requirements per hash. Overclocked machines are now all losing money in a market where they have to compete with identical machines that aren't overclocked.
* where a building in an area with harsh winters needs heaters and will subsidize your electricity costs in proportion to heat you provide via your miners. This does extend to putting antminers in your own basement to replace an electric heater. But this is a bad time of year to do it in the northern hemisphere; this is autumn and soon running your antminers will mean doubling your power costs by running your airconditioner full-tilt too.
* where you can arrange a contract for "off-peak" electricity usage that gives you substantially cheaper electricity because you use power primarily at night or on weekends when other people aren't using much. Contracts like this are available in most farming areas in the US: farmers use them to run electrical pumps and irrigate their fields at night.
* where the government subsidizes electrical power or arranges other economic factors in a way that makes it profitable for power companies to provide it cheap (eg, you live in China or one of a few other places that do this).
The setup costs (miners, space to put miners, etc) are minor compared to month-over-month operating costs like power. If you want mining to be profitable, select your mining rigs for hashes per joule; it's more important than hashes per second.
Also? Lots of miners who were exploiting ASIC advantages early on liked to overclock their machines. Overclocking increases power requirements per hash. Overclocked machines are now all losing money in a market where they have to compete with identical machines that aren't overclocked.
I dont get the subject of your thread. You are talking about profitable mining or
If you don't mind costs, set up rig and contribute hashrate to the network if it can give you some of satisfaction, but don't expect any other kind of profits. Probably you won't make even ROI.
just to be part of the chain
If you don't mind costs, set up rig and contribute hashrate to the network if it can give you some of satisfaction, but don't expect any other kind of profits. Probably you won't make even ROI.
Just a question, I spend my time and money on various things, most of them have no real return value and money, if you look at it from a capitalist way is wasted, though some merchant might have the profits, I did not, just the sheer joy of the things I bought or the time I spent boggling my mind to do something. Like my webhost, I pay each year, but the site does nothing but host mostly my personal blog and some info, I do enjoy having my own domain and do not mind paying the money.
Could this work for mining? What if I set up a mining rig at home, just to be part of the chain? Just because I think bitcoin has a future and setting up a small non profitable rig does contribute to that future and has more of a hobby value to maintain the rig. Is that a bad thing?
Could this work for mining? What if I set up a mining rig at home, just to be part of the chain? Just because I think bitcoin has a future and setting up a small non profitable rig does contribute to that future and has more of a hobby value to maintain the rig. Is that a bad thing?
Sure. Why not? You'd be doing no more harm than people that spend their spare cycles hunting for primes, folding proteins, or searching for extra-terrestrial life. Just be aware that if you're mining bitcoins with a CPU or even a GPU then you're basically just running an unrelated stress test for all the good you're doing.
If you're looking for a hobby in maintaining a machine to support the Bitcoin network then I highly recommend running a full node.
If things change in the future, I would be more than willing to help out, until then I will just keep my core open to help others download the blockchain, that is my small way of helping out.
Just a question, I spend my time and money on various things, most of them have no real return value and money, if you look at it from a capitalist way is wasted, though some merchant might have the profits, I did not, just the sheer joy of the things I bought or the time I spent boggling my mind to do something. Like my webhost, I pay each year, but the site does nothing but host mostly my personal blog and some info, I do enjoy having my own domain and do not mind paying the money.
Could this work for mining? What if I set up a mining rig at home, just to be part of the chain? Just because I think bitcoin has a future and setting up a small non profitable rig does contribute to that future and has more of a hobby value to maintain the rig. Is that a bad thing?
Could this work for mining? What if I set up a mining rig at home, just to be part of the chain? Just because I think bitcoin has a future and setting up a small non profitable rig does contribute to that future and has more of a hobby value to maintain the rig. Is that a bad thing?
Sure. Why not? You'd be doing no more harm than people that spend their spare cycles hunting for primes, folding proteins, or searching for extra-terrestrial life. Just be aware that if you're mining bitcoins with a CPU or even a GPU then you're basically just running an unrelated stress test for all the good you're doing.
If you're looking for a hobby in maintaining a machine to support the Bitcoin network then I highly recommend running a full node.
Just a question, I spend my time and money on various things, most of them have no real return value and money, if you look at it from a capitalist way is wasted, though some merchant might have the profits, I did not, just the sheer joy of the things I bought or the time I spent boggling my mind to do something. Like my webhost, I pay each year, but the site does nothing but host mostly my personal blog and some info, I do enjoy having my own domain and do not mind paying the money.
Could this work for mining? What if I set up a mining rig at home, just to be part of the chain? Just because I think bitcoin has a future and setting up a small non profitable rig does contribute to that future and has more of a hobby value to maintain the rig. Is that a bad thing?
Could this work for mining? What if I set up a mining rig at home, just to be part of the chain? Just because I think bitcoin has a future and setting up a small non profitable rig does contribute to that future and has more of a hobby value to maintain the rig. Is that a bad thing?
For it to be profitable and to dedicate it to Bitcoin it would most likely have to be a very big rig. You always have the option to get in on one of the mining pools, depending on your electricity costs define of how profitable it will be. You could also mine other coins and trade them for bitcoins, altho this does not strengthen the value of BTC against the dollar it will strengthen its value against the coins you are trading it for.
Just an FYI, if your blog has good content and a reputable social network you could apply for google adsense and earn enough from them to pay for the hosting.
What do you mean should it always be profitable? I'm not a miner but from what I gather getting into the business with a small / amateur rig really isn't worth it so you very likely wont be able to see a return.
Just a question, I spend my time and money on various things, most of them have no real return value and money, if you look at it from a capitalist way is wasted, though some merchant might have the profits, I did not, just the sheer joy of the things I bought or the time I spent boggling my mind to do something. Like my webhost, I pay each year, but the site does nothing but host mostly my personal blog and some info, I do enjoy having my own domain and do not mind paying the money.
Could this work for mining? What if I set up a mining rig at home, just to be part of the chain? Just because I think bitcoin has a future and setting up a small non profitable rig does contribute to that future and has more of a hobby value to maintain the rig. Is that a bad thing?
Could this work for mining? What if I set up a mining rig at home, just to be part of the chain? Just because I think bitcoin has a future and setting up a small non profitable rig does contribute to that future and has more of a hobby value to maintain the rig. Is that a bad thing?
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