Does anyone know how much investment in a bitcoin mining rig is needed for it to be profitable?
I need advice for this project I'm working on at my university. It's basically a philanthropic crowd funded mining rig, that furthers the public's understanding of crypto-currency.
The university is gonna be real pissed they find out dorm room 100 is using $10,000 a month in electric
Anyways, this isn't class- this is real life. I'm not your babysitter, if you want the 'numbers' calculate them yourself
>if you want the 'numbers' calculate them yourself
there has to be a going rate for independent miners wanting to get-rich-quick
>The university is gonna be real pissed
this wont be a rinky dink opperation in a dorm. it will be thru university approval, and for philanthropic and educational purposes
So you don't make any money off it? Don't waste your time on it.
FOLLOW THE MONEY! NO MONEY? LOOK ELSEWHERE!
I'm your professor in REAL LIFE SCHOOL and that was lesson NUMBER 1.
LESSON NUMBER 2: NOTHING IS FREE!
Thousands of people did that math, made those calculations- WHY WOULD THEY SHARE THE DATA WITH YOU? DO IT YOURSELF
i mean like bitcoin is literally money so i dont know what youre getting at. it could even be the world currency of the future which sounds safe to me prospectively
as for profit- im a college student, so this is my way of gaining recognition and legacy at the college.
RECOGNITION AND LEGACY DOESNT PAY THE BILLS.
MONEY TALKS BULLSHIT WALKS.
I WILL KEEP USING CAPS UNTIL YOU PASS MY CLASS- YOU'RE FAILING IT RIGHT NOW.
GO GET A JOB DELIVERING PIZZA IT WILL HELP YOU FAR MORE IN LIFE
funny you mention that, i actually chose not to work at my uncles pizza joint so i could work on this gig instead
but in the end i have faith in bitcoin, and i want to enlighten people to it. blockchain technology is a technology that is not going away any time soon. if im wrong, then i guess i gained some experience as a snake oil salesman
work at your uncle's joint you idiot
anyways, im done helping you, take my advice, dont take my advice
being a snake oil salesman is fine- snake oil salesmen MAKE MONEY. YOU DONT MAKE MONEY.
The fact you're asking these questions means you've done little to no research on the topic of crypto-mining yourself. A couple of basic searches will tell you why it's no longer viable and those searches go back 2 years.
I'll make it simple for. The more people mining, the greater the difficulty. This is the hashrate. The current meme-of-the-month (ethereum) has a hashrate of ~650 GH/s. With a basic GPU mining at 22 MH/s, you're looking at $2.20 per day at current value.
The Hashrate of bitcoin is 964,225,572 GH/s. It has been hardcore mined for years but now it's being mined by chinese factory mines far more powerful than your home rig. The more power added to the network, the harder it gets to mine. If you wanted to mine bitcoin you're about 3 years too late.
and what has anyone done to stand up against these 'chinese miners' who are just hoarding the stuff anyway with their terahash rates...
anyway here's a progress pic, i've set up one 60Gh/s miner and have a second one waiting to be hooked up. even though im essentially using the machine as a space heater i still enjoy the idea that im making the bitcoin system a little bit more secure
>still mining for bitcoins
Not that it's impractical but are you trying to start a housefire with this?! Even the Chinese had server rigs mining for bitcoins back in 2013 until it got banned.
I looked into this about two years ago and figured out that power costs and hardware upgrades required have edged out small scale startups.
So unless you've got access to free power don't bother. And if you've got access to free power, grow ops are more lucrative.