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Mining Bitcoin
Posted on 8/18/21 at 10:38 am
Posted on 8/18/21 at 10:38 am
Thinking about getting into it, just a few questions: Is there a group around here for people that do it? Anyone in here do it? Is it worth a damn? How do I do it? TIA and sorry if my questions are retarded.
7
Posted on 8/18/21 at 10:46 am to Bout_Dat_Lyfe
I did it many many moons ago when you didnt need asics.
Thus, im probably of no help to you.
Thus, im probably of no help to you.
Posted on 8/18/21 at 10:56 am to LSUnation78
I only know of Asics as a shoe company.
Posted on 8/18/21 at 10:57 am to Bout_Dat_Lyfe
your 5 years too late imo. but look on money board crypto thread and ask in there.
Posted on 8/18/21 at 11:02 am to Bout_Dat_Lyfe
Bitmain Antminer ASIC Amazon listing
ASICs are specialized boards made for a very specific purpose. This allows them to be much more effecient at computating the maths bitcoin mining requires, but basically shite at everything else.
As more compute power comes online in bitcoin’s network… the difficulty to solve equations increases. As such, standard home computers just cant keep up anymore. You wouldnt earn anything nowadays.
And as you can see… the ASICs can be very expensive.
ASICs are specialized boards made for a very specific purpose. This allows them to be much more effecient at computating the maths bitcoin mining requires, but basically shite at everything else.
As more compute power comes online in bitcoin’s network… the difficulty to solve equations increases. As such, standard home computers just cant keep up anymore. You wouldnt earn anything nowadays.
And as you can see… the ASICs can be very expensive.
Posted on 8/18/21 at 11:59 am to Bout_Dat_Lyfe
LSU nation pretty much nailed it.
In short:
For the average person these days, mining bit coin just isn't worth it. You're electric bill would probably increase more than what you would profit from mining with basic equipment. I won't go into details of hash rates, halving's, or limited crypto as there are plenty of articles and videos that cover this. ?
However, if you are really wanting to ticker with mining, you could look into other coins (do your research) and mine those.
My personal opinion, Bitcoin is the end all / be all. If were mining an off coin, I would trade it for Bitcoin.
In short:
For the average person these days, mining bit coin just isn't worth it. You're electric bill would probably increase more than what you would profit from mining with basic equipment. I won't go into details of hash rates, halving's, or limited crypto as there are plenty of articles and videos that cover this. ?
However, if you are really wanting to ticker with mining, you could look into other coins (do your research) and mine those.
My personal opinion, Bitcoin is the end all / be all. If were mining an off coin, I would trade it for Bitcoin.
Posted on 8/18/21 at 12:20 pm to southern686
quote:
However, if you are really wanting to ticker with mining, you could look into other coins (do your research) and mine those. My personal opinion, Bitcoin is the end all / be all. If were mining an off coin, I would trade it for Bitcoin.
I agree, bitcoin is the big fish but it def couldn't hurt to mine shite coins and convert it to bitcoin. You do this?
Posted on 8/18/21 at 1:04 pm to Bout_Dat_Lyfe
Like others have said, Bitcoin can't be done profitably (unless you have free electricity).
I've been mining Monero since mid-March with a few spare PCs. Pulled .56 Monero so far ($145).
I haven't done the math fully, but it's barely profitable. I'm sort of relying on the value of the coin rising to make it profitable in the long run.
Look at RagerX - The whole operation runs from a flash drive and is pretty simple to set up.
RagerX website
I've been mining Monero since mid-March with a few spare PCs. Pulled .56 Monero so far ($145).
I haven't done the math fully, but it's barely profitable. I'm sort of relying on the value of the coin rising to make it profitable in the long run.
Look at RagerX - The whole operation runs from a flash drive and is pretty simple to set up.
RagerX website
Posted on 8/18/21 at 1:47 pm to Bout_Dat_Lyfe
quote:
I agree, bitcoin is the big fish but it def couldn't hurt to mine shite coins and convert it to bitcoin. You do this?
Eh, I use to tinker with it in my spare time. I mined a couple different alt coins; one being Ethereum when it first came out.
Even then, the little I made personally, wasn't worth leaving my PC running all day and night to me and then the hassle of trading/watching charts to dump it off, etc. Besides, at the time I became more interested in leverage trading and began doing that but eventually quit that as well.
Posted on 8/18/21 at 2:00 pm to Bout_Dat_Lyfe
Might want to take a look at NiceHash. It's an easy platform for mining Ethereum with GPUs, but they keep the Ethereum and you get paid out in Bitcoin instead. They have a profitability calculator you can use to input your GPUs and electricity costs and get a rough estimate of the profit.
I use it myself, though I don't think there's a ton of money to be made really. But my wife and I are both gamers, between the two of us we own three very high-end GPUs. Mining has allowed us to aggressively upgrade our gaming rigs knowing that they'll give us some return mining while we're not using them.
I use it myself, though I don't think there's a ton of money to be made really. But my wife and I are both gamers, between the two of us we own three very high-end GPUs. Mining has allowed us to aggressively upgrade our gaming rigs knowing that they'll give us some return mining while we're not using them.
Posted on 8/18/21 at 2:01 pm to Bout_Dat_Lyfe
should i make a How-To Guide similar to my GPU/PS5 threads? Because I will...
Posted on 8/18/21 at 2:03 pm to southern686
the world of mining is still strong right now but troubled waters are ahead with Ethereum 2.0. I just dont think there will be enough momentum to keep home mining going once Ethereum goes away from the proof of work concept.
I did just boot up my first helium miner yesterday.
I did just boot up my first helium miner yesterday.
Posted on 8/18/21 at 2:09 pm to southern686
quote:
Even then, the little I made personally, wasn't worth leaving my PC running all day and night to me and then the hassle of trading/watching charts to dump it off, etc.
i accumulate around 600-1000 bucks a month in BTC when all of my miners are operational 24/7. there are a few times when it spikes and im quoted i will make 3k a month but that doesnt last long enough to really matter. 
Posted on 8/18/21 at 3:46 pm to finchmeister08
quote:
should i make a How-To Guide similar to my GPU/PS5 threads? Because I will...
Download nicehash quick miner and click start minig.
There, I did it for you
Posted on 8/18/21 at 3:54 pm to bluebarracuda
quote:
There, I did it for you
Posted on 8/18/21 at 4:21 pm to finchmeister08
Is there a crypto group in/around BR? I'm also interested in mining using solar panels.
Posted on 8/18/21 at 9:28 pm to Bout_Dat_Lyfe
Better off investing in crypto. Even harder for us down south. I mined Ethereum for some time but electricity and cooling the computers really cuts into profits.
Posted on 8/18/21 at 9:40 pm to Bout_Dat_Lyfe
15 years too late man.
Posted on 8/18/21 at 10:01 pm to LEASTBAY
quote:
electricity and cooling the computers really cuts into profits.
It doesn’t. Not like you’d think. I can get $400-600 a month and my power bill is only $60-80 more a month.
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