Topic: While I'm Still In Here...Mining Question (Read 645 times)

ASIC-devices expected to start shipping soon will render GPU mining useless the same way GPU mining rendered CPU mining useless. ASICs are able to provide much greater hashrates than any other device and they are cheaper and use less power.

If you are planning to start mining you should consider getting an ASIC device. Google bASIC or Butterflylabs for more info.

Please don't advice people to waste a significant amount of electricity on an insignificant amount of hashing power. This primarily includes people who only have CPUs, or non-AMD graphic cards available.

There are two reasons to mine.

1.) As a for-profit venture.
2.) The add some to, and support, the Bitcoin network.

For #1 - If you pay your own electric bill from a utility company, it's not worth it. CPU mining is obsolete in terms of speed, and they're rather bad at it. GPUs are better, but already borderline obsolete due to FPGAs. And "very soon (tm)" they WILL be obsolete, with the release of ASIC devices in the next 3 weeks to 3 months. If you want to be involved in the Bitcoin community, purchasing Bitcoins is the best bet for profit. The fees take less out of your pocket than electricity would, and that assumes you already have the hardware.

Note: If you do not pay for your own electricity, this might be inaccurate for GPU mining. Some governments subsidize electric costs, and some people have non-utility power (solar, hydro-electric, et cetera). If this either of these is the case for you, mining MIGHT be a profitable option.

For #2 - DO IT! One of BTC's strengths is that it is decentralized and peer-to-peer. One real (but diminishing in importance every day) risk to the Bitcoin network is a 51% attack - where a single person or group has 51% or greater processing power on the Bitcoin network. Every little bit of hashing power helps offset this risk, and the more individuals that do it, the better. But it's not a profitable venture. It just adds to the nebulous concept of "a stronger Bitcoin network".

You need to look at the ASIC mining equipment.  These devices are built specifically for Bitcoin mining.  You also need to invest enough into it to make the ROI worth it.  Right now might be the best time to get in or the worse time.  We shall see in a few months. 

By then it will be too late to jump in now be cause now will be back then when that time comes.  :-)

There is an average of 25,200 brand new bitcoins that come in to existence every week for approximately the next 4 years. After 4 years, that will be reduced to 12,600 bitcoins per week for the next 4 years.  These bitcoins are split up between all the miners that week with each miner receiving a portion determined by the hashing power they contribute to the network.  The more hashing power that a miner contributes, the more of the 25,200 bitcoins they receive.

The estimated total hashing power on the network as of when I am writing this is about 23.862 terrahash per second.  All the revenue estimated is based on this number. If difficulty increases (more people add more hashing power), then income will drop. If difficulty decreases then income will rise.  So to receive at least 0.01 bitcoin per week, you'd need to provide at least 9.47 megahash per second.  If you were running specialized hardware, you might manage 700 megahash per second for each processor you maintain earning you about 0.74 bitcoin per week per processor.

If you are running an Intel Core i7 620M (2.66 GHz) CPU mining 24 hours per day and doing nothing else, you might manage 6 megahash per second.  That might get you 0.005 per week, reduce that value for any time that you don't have the computer mining.  Having your computer continuously calculating hashes at that rate will substantially increase the amount of electricity it uses.  You'll end up spending dollars in electricity to earn pennies worth of bitcoin.  Financially, it would make more sense to use the dollars at an exchange to get dollars worth of bitcoin.

There are over 9 million bitcoin out there waiting for someone to mine over the next 130 years.  However, much like gold mining, if you don't have the right equipment it really isn't worth the effort and cost involved.  Like gold mining, it can be a hobby that will help you learn, but expect that hobby to cost you money not earn it.

from my recently acquired knowledge, cpu mining is simply not worth the electrical costs. and most gpu mining is the same. the top of the line gpus that are used by the pros cost hundreds/thousands of dollars. i would say casual mining is just to help support the community and not to make any sort of real profit.

Mining was worth mining only on GPU  about 2 years ago...

Yes there are software that are less agresive on gpu usage that can allow you to do desktop work and even gaming while the rest of the GPU is mining.

GPU mining will soon be something of the past,

Truth be told, when it comes to mining I am a total n00b. I know some people make it like a full-time thing, and even build supercomputers to mine. Is it really worth all the time, money and effort? What kind of yield can you expect in say-a week?
Also, is it possible to mine without building a rig/dedicating all your computer's CPU to it?
Like a mining program that could run in the background?
Or is there a program I could download and run at night while I'm sleeping (I imagine it takes up A LOT of CPU).
These are questions I've had for the longest time. I just figured the mining game I would stay away from. But if anyone can answer my questions I would really appreciate it. Maybe theres some bitcoins out there waiting for me to mine.