mining

The ship has sailed on mining and making money.
The stupid money has already bought up the easy coins.

>>60537505
why do people bother mining at this point? other than russians in siberia who use miners for heating.

>>60537505
bitcoins are going to the moon, hobby mining is starting to get profitable again

with the right rig I can get a ROI at exactly 6 months. MUCH MUCH shorter if BTC keep going up.

to late

>bitcoin releases only a fixed amount of bitcoins every year that are shared among the miners
>the more miners the less you get
>bitcoin halfs the amount of minable bitcoins every 4 years
>the last year you can mine bitcoin profitable at this year should be 2018 or 2019
so because of this, you will have a hard time to get even

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>>60537758
Maybe for hobby mining. But I'm willing to spend a few grand. ROI for pic relates is 6 months.

>asic mining
pfffthahahahaha

should've been here when you could mine using a graphics card. those were the glory days.... now there's too many people pissing in the pool.

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>>60537482

GTX 1080 mining Zcash.

>>60538154
>zcash
why don't you just mine Monero?

>>60538239
or doge

>>60538154
>cuda mining

Absolutely disgusting.

>>60538253

>doge

Shit

>monero

Who cares?

Lyra2REv2 and Equihash are the best algorithm for now on Nvidia GPUs.

>tfw invested all my life savings on buttcoins

Got a 150k loan.

I can lose my house or become a millionaire.

What will it be?

>>60540044
Considering that the market is going to crash once federal regulators move in I'd say you're fucked.

Hope you like spending months to mine 0.0000000000001 bitcoins with a $5,000 electric bill every month.

>>60538154

jesus are you running at like 50% power?

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>all these years
>still don't understand bitcoin
>don't know how it's mined
>don't know what it IS exactly
>don't know why it's worth money
>don't know where the coins are "stored"
>don't know how it's exchanged for goods and services

Am I going to die from terminal retardation?

I just don't get it! I don't get any of this!

>>60540122

open an account on coinbase
get a wallet address from it
go to nicehash
download their software
put your address in the software
mine

done

>>60540059
But how can they put regulations on a decentralised currency? Isn't that the reason Bitcoin was shilled?

You're like the retards who ignored Google until it got massive

im buying an AntMiner T9.

11.5TH/s for around $1100

>>60540222
They can still try, and the attempts and the examples made will scare off normies.

>>60537482
can i have an open rig like that for general use?

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>>60537482
You can't mine major altcoins profitably now without ASICs and such.

I search for tripcodes when my workstation is not training neural networks.

>>60540699
Are those GTX 690s? Titan Z?

>>60540715
Four 1080s. Two threads on each to overlap data transfers.

>>60537753
>bitcoins are going to the moon

The Chinese are already contemplating banning bitcoin on their country, and when that happens the value will plummet.

>>60537482
You'd be better off mining with a pickaxe these days. You'll make more.

>>60538094
You would literally make more money spending an hour a day on a busy street corner begging for money than you would from mining according to your picture. Not worth it.

>>60540733
China is not banning bitcoins. Fake news like that pop up every few weeks.

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>>60540237
>mfw I bought GOOG on IPO day

>>60540733
How do you ban a decentralized currrency?

checkmate.

>>60540819
>How do you ban a decentralized currrency?

Same way you ban certain goods and businesses. You punish people for investing in it.

>>60540065
> There is no Currency but Bitcoin, and Satoshi is its prophet.

Fuck off btc-muslim.

>>60537482
Thinking about mining eth with rx 570s. ROI is about 2 months.

>>60540740
Why do that when you can make money by doing nothing

>>60540842
Have you factored in cost of electricity

>>60540842

ROI on a 570 is 91 days right now, but good try

>>60540122
>how
>>60540197
>what
numbers in a blockchain
>why it's worth money
because some People are willing to trade it for money, and it has a limited supply
>where
I think the Blockchain or Your Wallet (maybe both?)
>how exchanged
You give People Bitcoin, they give you money.

okey so, it's very hard to mine BitCoin unless having personnal power plant. and a 1000$ equipement.
So what money we have to mine in May 2017?

>>60541084
Back during rx480 lunch you can mine 1 eth in 5-7 day, at 900 core clock

>>60541445
>back during
We're not talking about back during

>>60538094
What do you use to get your calculations ?

>>60537628
lol'd

>>60542330
see
>>60540475
nice, This is what I wanted but they're so loud.
I think I'll get a pair of Antminer R4 because they're suppose to be very quiet. I could mine in my bedroom. That is if I can find any for sale that's not marked up +50% retail.

>>60540076

Yep! Based undervolting!

feelsgoodman.png

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>2017
>mining in a capitalist country
>spending money on a bubble about to burst
Wew, lad.

>>60538094
9 dollars profit per day?
You might as well suck a dick.

>>60540122
>don't know how it's mined
You waste electricity solving a math problem that has no use apart from proving that you wasted some electricity.

>>60540122
>be me
>a few years ago
>create a coinbase account and link my debt card to it
>plan on putting about 100$ to coinbase account so i can donate to certain sites
>see that bitcoin is currently at 450$.
>woah that is high, i remember when it was 200$. ill just wait.
today: 2251.00 US Dollar

>>60537482
No point to mine BTC now. You're like 5 years late to the party.

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>>60537482
>mfw I will never be able to make my own quantum computer in order to effectively mine bitcoins

>>60544824
>many many years ago
>bitcoin in early "bubble" (about $50)
>huge hype around it
>hear about bitcoin on the Screen Savers
>decide to test out mining just for fun
>make wallet, join pool, mine for a few days
>give up with out even checking how much was in my wallet
>loose wallet address
>bitcoin worth $2200 today

Somewhere out there is a wallet I lost with a few $100's worth of bitcoin. If I'd kept mining back then and didn't loose my wallet It'd be thousands.

>>60540122
>why is real money worth anything
Hmm

>>60544948
Try 8 or 9 in stead

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>>60544961
>mined 10000 doge
>doge is rising again
>wallet lost in the void

>>60540852
It's not doing "nothing"

It's heating your home for a $9 a day profit.

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https://www.youtube.com/watch?v=000al7ru3ms
HAPPENING

>>60538094
9 bucks per day is literally africa tier. You can make that much in an hour at a shitty retail job.

>>60538094
Who pays your electricity?

>>60544961
But that's not the case m8

>>60545012
>>60545123
I doubt he's in the green once you account for the amortization of the hardware he's using to mine.

>>60538094
you legitimately make more working at mcdonalds. a days work manning a cash register at mcdonalds right now will net you around $60 - $90.

you make more in a single day working at mcdonalds running a cash register than mining in five days.

>>60547147
Why not do both?

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>>60540733
>Ban something
>Expect value to go down

>tfw didn't mine eth

>>60547415
It's a currency not a good or commodity with inherent value. If Chinese capital can't be turned into bitcoin that's a loss of a huge demand source.

I started mining burstcoin last week, I have 300 something coins from just 2tb. If you don't know what burstcoin is Google it, because I think proof of capacity is the next thing.
>Hate myself because this sounds like a shill

>>60537628
>other than russians in siberia who use miners for heating.
thats pretty genius of them.

>>60541379
>>60540122
>numbers in a blockchain
Just to elaborate a bit on this, the blockchain is basically a log of all transactions that have occurred since the currency was invented. By having your computer do complicated maths, you give a stamp of approval to the transactions that occur and thereby cement them in the blockchain. Coins are never truly "stored", their locations can really just be figured by tracing the blockchain through. Your wallet does keep track of how many coins you possess, but it's not an authority on the matter.

>>60540122
>>don't know how it's mined

Mining is going to die out eventually. The problem with mining is that it derives its monetary value by wasting electrical energy, and: (1) with each passing decade it requires exponentially more wasted electricity to mine, and (2) if they try to scale it up to fully replace real money, it will turn into an ecological disaster of energy wasting.

The future is in "minting" -- in which you get paid a small commission of e-coins by doing only the amount of work needed to validate the blockchain. With "minting", no wasted computation is required. Even if you have a large stash of the "mintable" kind of e-coins, the minting can easily be done on an ordinary PC. It's ecologically sustainable, it can be scaled up to fully replace real money, and there are ongoing successful experiments showing that it's secure and stable.

Basically the theory is this: Bitcoin's mining scheme is tending to cause centralization of the mining effort, which threatens its stability, because once 51% of the bitcoins are controlled by a single entity, then it's game over -- the 51% can steal all the value from the other 49% and it all collapses like a ponzi scheme. But if we switch to a "mintable" type of e-coin, then the network tends to become more decentralized over time, increasing the long-term stability.

There still might be room to make money minting in the next few years. But if you're looking long term, you need to focus on long-term stability issues, and that's where bitcoin is the most vulnerable -- especially since it looks like we have a solid solution to the stability problem now with the new "minting" concept.

>>60537758
what if you mine smaller coins which might go up later on

>>60547731
>burstcoin
Looks prett cool senpai.

why is /g/ filled with faggots that think people only mine bitcoin?

https://whattomine.com/coins

>>60540733
Where have I heard this one before...

>>60538094
Why is the cost of the hardware not taken into account?

The problem with mining bitcoin is sysadmins and other people who have access to servers and computers during off peak hours at major institutions and companies secretly mine bitcoins and fuck their employer over on the powerbill and they use the hardware for free

you can't compete with that if you have to pay for hardware and power

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>>60537482
> Does /g/ mine?
I do

>>60549309
someone should make a new crypto that involves mining in minecraft. It'd take off due to sheer number of autists playing that game who want to believe they'll make money playing games

I love the timing of this thread.

I'm holding some ETH I want to sell. I looked to see if anyone on criaglist does cash for crypto. I didnt find anyone buying ETH, but I found a couple dudes selling mining rigs. One is an ETH rig that does 160+ Mh/s for $2400. I did the math and at a price of $150 per ETH, I'd net $475 profit per month mining 1 ETH per week and paying a DWP electric bill of $125 per month.

What's wrong with that? I'm not seeing a downside unless the hardware only last a year before burning out.

>>60537482
I used to, even got into the ASIC miners when they first came out (had mine preordered when it was $150 or so, the end production run ended up costing over $200 or something like that).

Once those started shipping, the difficulty rate was already high enough that they couldn't really do anything worth while. I was lucky I could still sell it, for a profit even, knowing that in another week it would've become a paperweight.

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>>60549591
Disregard this post I got the math wrong. I was figuring 550 watts per hour when really it draws 1200.

Thats fucking crazy. Pic related is my current electric use for 60 days. How the fuck do these things use more electricity than a fucking refrigerator and air conditioner combined?

>>60538094
>ROI for pic relates is 6 months.

Factor in the constant difficulty increase of mining and you'll never get ROI, in fact you'd be operating at a loss by the time you hit the 6month mark. Probably earlier.

>>60549680
You only pay $35 per month for power, how the fuck do you manage that.

I live in a shitty one bedroom apt in Alabama and I average $90 per month

>>60550135
Dunno, bro. I'm in a shitty one bed in Los Angeles that I share with my gf. During the summer months it goes up like $15-$20 a month cause we run a window AC unit.

Been doing some more calculations and at 2100 kwh per month, my DWP bill would be ~$200. At the current ETH price of $160 and the current mining yield of 1 ETH per week that's still a nice $440 a month profit.

Mining was only profitable when electricity costs were a lot cheaper. Nowadays it requires substantial amounts of electricity and expensive hardware to make it worthwhile. Only richfags can profit from it.

>>60547731
The idea seems interesting but after digging around it seems to be a couple years old at this point and yet not many (if any?) services seem to accept it, which for me is a red flag. I just feel like it's another pump & dump with no actual staying power.

I guess I could try mining it for a while with two dedicated Folding@Home systems with a combined space of 2.5 TB, which is pretty much just left unused at the moment.