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nexcom28 11-06-2013 03:36 PM

Bitcoin Mining
 
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 11-06-2013 03:40 PM

http://cs412522.vk.me/v412522225/387e/0PpofABY25M.jpg

uniquemkt 11-06-2013 03:49 PM

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 11-06-2013 03:52 PM

Why? 1234 bitcoins

DamianJ 11-06-2013 04:00 PM

Quote:

Originally Posted by nexcom28 (Post 19863445)
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 11-06-2013 04:03 PM

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c. By the time you get it, it's already outdated.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 11-06-2013 04:13 PM

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 11-06-2013 04:14 PM

Quote:

Originally Posted by nexcom28 (Post 19863527)
Why would anyone even bother to mine coins?

No one that understands basic maths does. Now.

Godsmack 11-06-2013 04:30 PM

Quote:

Originally Posted by uniquemkt (Post 19863507)
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/

:thumbsup :2 cents:

mineistaken 11-06-2013 05:06 PM

Quote:

Originally Posted by uniquemkt (Post 19863507)
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 11-06-2013 05:38 PM

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 11-06-2013 05:40 PM

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

Stephen 11-06-2013 05:44 PM

Quote:

Originally Posted by nexcom28 (Post 19863527)
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 11-06-2013 06:47 PM

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 11-06-2013 06:58 PM

Quote:

Originally Posted by nexcom28 (Post 19863527)
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 11-06-2013 08:00 PM

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 11-06-2013 08:11 PM

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

nexcom28 11-07-2013 02:54 AM

Quote:

Originally Posted by Stephen (Post 19863658)
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 :thumbsup

seeandsee 11-07-2013 03:32 AM

decent profit with bc value droping huge in next 60days

mineistaken 11-07-2013 05:51 PM

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 11-07-2013 06:07 PM

Quote:

Originally Posted by mineistaken (Post 19865137)
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 11-07-2013 06:13 PM

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.


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