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UGADawg912
Georgia Fan
Nunya Dam Bizzness
Member since Sep 2016
884 posts

Mining Bitcoin
What does it actually mean to mine bitcoin? I haven't messed with bitcoin or any cryptocurrency yet, but I am interested in learning about it. Any help would be appreciated.


LSUAlum2001
LSU Fan
Tier BP
Member since Aug 2003
37450 posts

re: Mining Bitcoin
Chances of you mining it today with a single PC?

0%


UGADawg912
Georgia Fan
Nunya Dam Bizzness
Member since Sep 2016
884 posts

re: Mining Bitcoin
Yea, I read that, but someone said if you have multiple devices like tablets and phones it may be better. I have quite a few devices to do it on, if that's the case. 5 tablets, 3 phones, 2 computers. probably still isn't enough, but I was just wandering how it worked.

ETA: I also have 2 more phones that can be used sitting in a drawer right now, and another tablet.
This post was edited on 12/31 at 12:49 am


Volvagia
LSU Fan
Fort Worth
Member since Mar 2006
45375 posts

re: Mining Bitcoin
quote:

What does it actually mean to mine bitcoin? I haven't messed with bitcoin or any cryptocurrency yet, but I am interested in learning about it. Any help would be appreciated.



The time to be interested in this as an amateur was years and years ago.


Not now.

You'll literally spend more on the electrical power to run the equipment than you will mining, unless you are running gear specialized for it.


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100
Volvagia
LSU Fan
Fort Worth
Member since Mar 2006
45375 posts

re: Mining Bitcoin
quote:

Yea, I read that, but someone said if you have multiple devices like tablets and phones it may be better. I have quite a few devices to do it on, if that's the case. 5 tablets, 3 phones, 2 computers. probably still isn't enough, but I was just wandering how it worked.


The problem is that you have people with homemade supercomputers that can solve the complex validation procedures in a fraction of time your tablet, phone, and duct tape set up will.


So you will almost always lose out on the prize, even if you start calculating first.


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30
stout
Arizona Fan
Hermosa Beach
Member since Sep 2006
137325 posts

re: Mining Bitcoin
quote:

like tablets and phones




Volvagia
LSU Fan
Fort Worth
Member since Mar 2006
45375 posts

re: Mining Bitcoin
Are PS4's the most economical homemade supercomputer like its predecessors?


Or do they still use graphics card farms.
This post was edited on 12/31 at 1:09 am


TheIndulger
LSU Fan
Member since Sep 2011
17430 posts

re: Mining Bitcoin
I know a guy who just bought two machines for mining bitcoins. He said he’ll make about $400/month net running them


Volvagia
LSU Fan
Fort Worth
Member since Mar 2006
45375 posts

re: Mining Bitcoin
Depending on the level of quality of machines he has, I won't say those numbers are impossible.




Just very very idealized.

EDIT:

Nope.

Just looked into it.

Why don't you bump this thread with how disappointed and pissed your buddy feels in about a month
This post was edited on 12/31 at 1:36 am


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50
stout
Arizona Fan
Hermosa Beach
Member since Sep 2006
137325 posts

re: Mining Bitcoin
quote:

Are PS4's the most economical homemade supercomputer like its predecessors?


Or do they still use graphics card farms.




I don't recall PS3s being the most economical supercomputers and I don't recall people ever mining with them. It was always GPUs and more specifically AMD cards as they have better hash rates per dollar spent but they are power hungry cards.

Now there are things called ASIC chips that are supposed to be the most efficient.

LINK


stout
Arizona Fan
Hermosa Beach
Member since Sep 2006
137325 posts

re: Mining Bitcoin
quote:

I know a guy who just bought two machines for mining bitcoins. He said he’ll make about $400/month net running them




Too many variables for him to be this positive he'll clear that much. The hash rate gets harder as it progresses, power consumption will be more in the Summer, etc

Depending on what he paid for the machines, $400 per month means he might not even pay the machines off before they are too obsolete to mine as the hash gets harder meaning he will never see an ROI.

Did he buy a multi GPU setup or did he get something with an ASIC chip like an Antminer I linked above?




Volvagia
LSU Fan
Fort Worth
Member since Mar 2006
45375 posts

re: Mining Bitcoin
LINK



Needed for this thread.





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Volvagia
LSU Fan
Fort Worth
Member since Mar 2006
45375 posts

re: Mining Bitcoin
quote:

I don't recall PS3s being the most economical supercomputers


Values so profound that even the US government couldn't ignore it

At construction it was the 33rd fastest supercomputer in the world, and the fastest interactive computer at the disposal of the Department of Defense.

It was a fraction of the cost and power consumption (Around 10%) compared to attempting to build a computer via more conventional means.
This post was edited on 12/31 at 2:01 am


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20
TheIndulger
LSU Fan
Member since Sep 2011
17430 posts

re: Mining Bitcoin
quote:

Did he buy a multi GPU setup or did he get something with an ASIC chip like an Antminer I linked above?


I have no idea what he has. I can post the picture be sent. I doubt it will be a profitable venture, and I hope it isn’t, because his frugal schemes to make a buck always get on my nerves


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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
11476 posts

re: Mining Bitcoin
Buddy just got 2 Antminer S9's and said the same thing.


geauxchaz
LSU Fan
NOLA
Member since Nov 2012
199 posts

re: Mining Bitcoin
What to mine another resource tells you what is most profitable based on your system/rig.

You may be able to mine something like Vertcoin from your pc and devices. Would be a fun project, but lucrative unlikely in short term, if at all.


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ATLdawg25
Georgia Fan
Atlanta, GA
Member since Oct 2014
3970 posts

re: Mining Bitcoin
quote:

someone said if you have multiple devices like tablets and phones it may be better. I have quite a few devices to do it on, if that's the case. 5 tablets, 3 phones, 2 computers.

is this a joke? If you have even done a simple Google search, you would realize how ridiculous this is.


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Joshjrn
LSU Fan
Baton Rouge
Member since Dec 2008
9971 posts

re: Mining Bitcoin
quote:

Or do they still use graphics card farms.


I really hate that coin mining has basically ruined the secondhand GPU market. It's impossible to know if you're going to get a card that someone just wanted to upgrade or if you're going to get a card practically burnt to a crisp from mining


Volvagia
LSU Fan
Fort Worth
Member since Mar 2006
45375 posts

re: Mining Bitcoin
You know, looking at this, things have changed since I last looked at it. It might actually be worth getting in if you are willing to make the thousands in capital commitment.

The biggest unknown outside of market fluctuations is actually getting your hands on the equipment at a reasonable rate.



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stout
Arizona Fan
Hermosa Beach
Member since Sep 2006
137325 posts

re: Mining Bitcoin
quote:

I know a guy who just bought two machines for mining bitcoins. He said he’ll make about $400/month net running them





Wondering if you could get an update from your buddy on this. Looks like his $400 per month was calculated during cryptos ATH. He's probably operating in the negative monthly now and hasn't even made his money back on the initial purchase yet.


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