Bitcoin Mining

[nexcom28]

This is a thread for those in the know, if you don't no. Don't bother.

If you were just about to get into bitcoin mining today, which miner would you go for?

It needs to be publicly available NOW and capable of generating a decent profit for the next 6 months or so.

Any ideas?

[CAHEK]

[uniquemkt]

You should do more research if you're bringing this question to GFY. Your dollars spent towards mining hardware would be far better spent buying BTC directly.

[nexcom28]

Why? 1234 bitcoins

[DamianJ]

If you were just about to get into bitcoin mining today, which miner would you go for?

One that comes with a time machine so you could go back to when it was profitable.

[uniquemkt]

Because:

a. Mining hardware is expensive. The faster it is, the more expensive.
b. Faster hardware takes longer to get, and
c. By the time you get it, it's already outdated.

ASIC devices changed the playing field, GPUs are as useless as CPUs became. The big name ASIC vendors are actually shipping the pre-orders from a year ago, and at the rate these things are hitting the network, the insane moneymaker you ordered last year and juse received is making $6/month worth of BTC, and getting lower every day.

Take whatever mining hardware you want, get it's hash rate, and plug it in here: http://www.bitcoinx.com/profit/
Then look at the difficulty chart: http://bitcoindifficulty.com/

[nexcom28]

I know all this but surely some are still capable of making money, what about something like http://cointerra.com/product/terrami...-january-batch

Ok, so it sucks that it's not available till Jan, but is there nothing similar that can generate a profitable amount of coins for the next few months??

In fact, if it's not possible. Why would anyone even bother to mine coins?

[DamianJ]

Why would anyone even bother to mine coins?

No one that understands basic maths does. Now.

[Godsmack]

Because:

a. Mining hardware is expensive. The faster it is, the more expensive.
b. Faster hardware takes longer to get, and
c. By the time you get it, it's already outdated.

ASIC devices changed the playing field, GPUs are as useless as CPUs became. The big name ASIC vendors are actually shipping the pre-orders from a year ago, and at the rate these things are hitting the network, the insane moneymaker you ordered last year and juse received is making $6/month worth of BTC, and getting lower every day.

Take whatever mining hardware you want, get it's hash rate, and plug it in here: http://www.bitcoinx.com/profit/
Then look at the difficulty chart: http://bitcoindifficulty.com/

[mineistaken]

Because:

a. Mining hardware is expensive. The faster it is, the more expensive.
b. Faster hardware takes longer to get, and
c. By the time you get it, it's already outdated.

Just interested - why no one can build hardware quicker than 1 year after preorder? I mean why isn't there actual current supply?

[uniquemkt]

Well I'm sure they'll give you long complex stories about why, but it just comes down to incompetence. You don't have Intel or Samsung building BTC hardware, you have college students with a Verilog book and big dreams.

[livexxx]

I woud buy 4 asics , get a few bucks a week and buy domains anon style to totally fuck people up with ;) nh

[Stephen]

Why would anyone even bother to mine coins?

Because it's profitable if you don't have to pay for electricity, so folks that have subsidized utilities (think the poor and the third-worlders, students in a dorm, kids living with their parents, techs doing at their place of employment, etc.)

It's the same as pirate sites: if you don't need to pay for content, the whole equation becomes much more attractive

[420]

Here's a profit calculator http://mining.thegenesisblock.com

The most readily available asics are block erupter blades 10ghs for $200. At $20/ghs the difficulty would have to increase by less than 50% per month to earn a small profit. The problem here is that the difficulty has risen 1260% in the past 90 days.

To profit, you either have to get a lower cost per ghash device, the difficulty has to settle or bitcoins go a lot higher.

[freecartoonporn]

I know all this but surely some are still capable of making money, what about something like http://cointerra.com/product/terrami...-january-batch

Ok, so it sucks that it's not available till Jan, but is there nothing similar that can generate a profitable amount of coins for the next few months??

In fact, if it's not possible. Why would anyone even bother to mine coins?

links dead , new link

http://cointerra.com/product/terrami...ebruary-batch/

[Sunny Day]

New Bit Coin flaw

http://www.newscientist.com/article/...l#.Unr7b1PpYjV

Now that Bit Coins are so over priced, it's more incentive to find more flaws. Why mine when the geeky 15 year-old down the street will find the math code for you?

[freecartoonporn]

http://mining.thegenesisblock.com/ shows, not once asic miner can make more than their cost.

[nexcom28]

Because it's profitable if you don't have to pay for electricity, so folks that have subsidized utilities (think the poor and the third-worlders, students in a dorm, kids living with their parents, techs doing at their place of employment, etc.)

It's the same as pirate sites: if you don't need to pay for content, the whole equation becomes much more attractive

I get free electricity through my company. The building is leased so the landlord pays all costs

[seeandsee]

decent profit with bc value droping huge in next 60days

[mineistaken]

I just read that somebody paid 2000$ for 60ghs asic miner and is making 400$/month - 30$ electricity costs.
Sounds better than this thread suggest.

[Sly]

I just read that somebody paid 2000$ for 60ghs asic miner and is making 400$/month - 30$ electricity costs.
Sounds better than this thread suggest.

Not really. According to what is said in this thread, he may make $370 profit this month, but next month that may drop to $300. The month after that, it may drop to $200. So on and so forth.

[adendreams]

all the guys who rant about Bitcoin having no value need to at least attempt to grasp this thread and the work involved to mine coins.