Bitcoin mining (turn your GPU into a slave)

[Not_original]

I know Im digging out an old thread , anyone still mining ? Asic rigs maybe ?

 

[Noseworthy]

if somebody can explain this to a 4 year old (me) then I'd be keen.

tried reading the official site but a cat walked in and I played with that instead.

 

[iJasper]

LTC mining with a 290 right now.

 

[jacodebeer]

http://www.bitcoinrumors.com/wp-content/uploads/2013/03/06Bitcoin-13384129747741.jpg

 

[Keeper]

if somebody can explain this to a 4 year old (me) then I'd be keen.

tried reading the official site but a cat walked in and I played with that instead.

Bitcoin is digital money that can be transferred across the world in a few seconds, using a payment network distributed on millions of computers, with very low fees and zero control from governments or banks.

 

[quax]

From my (minimal amount of) reading on this topic, I have read that it is not really worth it. I have read that a lot of people do it as a hobby, and of course mining is needed for bitcoin transactions. So my question is, is it worth it or not - as in to make money from mining? Let me put it this way, is there anone on this thread that actually makes money from mining?

 

[Gnome]

It is pointless to mine your own bitcoins.

You are competing against ASIC farms computing at giga to tera hashes per second. GPU can't touch that

 

[moosag]

First off congrats to those who mined early and are smiling now

Second -> Hahaha @ all the Skeptics and naysayers lol!

Third: How to Mine Bitcoins with your existing GPU's

Process:
--------

- Middlecoin.com
- You need a miner app (CGIMiner)
- Username is your bitcoin wallet address

What it does:
It mines the most profitable coins at the moment i.e. Litecoin, Novacoin, etc and converts them automatically into BTC and transfer to your wallet every night.

Estimates:

@250+ KH/s you roughly sit with 0.003 BTC per day which is approx $3 a day @ $1000 / 1 BTC

https://litecoin.info/Mining_hardware_comparison you can use this chart to check your existing KH/s for your GPU

My Personal Theory:
If you got a GPU capable of 100 KH/s processing might as well mine and leave it when you not using the PC as its really money for jam. And for every $1 you mine if the BTC increases so does your fiat equivalent!

 

[Gnome]

@moosag: You do realize that electricity costs money right?

 

[Keeper]

@Gnome: you do realise that the value you mine today will probably be worth a lot more next year right?

 

[Not_original]

So I want to order a BIGGG machine ( ok preorder , there is 100 left of the batch and it will cost each of us R13000 ( yup its a 3 Th/s ) I need 8 people to klap in with me . Me my SO and a few friends are already on but me need bout 5 or so people . Who is in ?

 

[Pyro]

So I want to order a BIGGG machine ( ok preorder , there is 100 left of the batch and it will cost each of us R13000 ( yup its a 3 Th/s ) I need 8 people to klap in with me . Me my SO and a few friends are already on but me need bout 5 or so people . Who is in ?

Care to share a bit more information?

 

[Flowerhat]

How did you get one coin with nvidia? geez i cashed in 20 and i am sitting with 47 , go up again dammit!!!!!! anyways it was easiest 1.3k i have ever made.

I sold off my 6970, so with the money i made on the coin and the sale i came out square . The 6990 was just a bonus that i can use for any games in the next year or two . I always said if it didn't work i got a setup for bf 3 at least, pity i got in so late though.

Mega bucks was made with bitcoins though, specially the people mining them.

Do you still have your 47 coins?

Damn boy if you still got em thats 500000 rand now

 

[Not_original]

Going to order a 2 ths machine . But yes I have probably lighted the flame down on me . Some guys here are pretty harsh . O well

 

[jacodebeer]

So how is the mining going?

 

[Noseworthy]

Update would be nice

 

[Ocali]

so guys, i only read the first post on here.. but this seems awesome.. how do i start, i need to build a machine to run a lil network media streaming.

what do need as the first post was 2011
equipment wise?
how do u sign up to mine?

totall noob here, mining and IT so take it easy

 

[Progenix Oj101]

Take the money you can afford to blow and buy some coins to hold long-term. You'll make far more by playing the market than you will with mining. Even a Radeon R9 290X will be lucky to make R100 per month BEFORE electricity.At as little as only R1/kWh (cheaper than you'll pay anywhere in the country) you'll run at a loss.

 

[LCBXX]

Given the difficulty and the amount of specialist BitCoin mining ASIC processors (Butterfly labs, Antminer) currently online it is not feasible to mine with Radeon cards anymore, no matter how many you commit. You will waste more electricity than you'll recover mining BitCoin.

It is currently better to mine LiteCoin with your Radeons as there are not specialised chips for Scrypt decoding (yet).

 

[Pada]

Given the difficulty of mining BitCoints, its almost not even worth it to mine using dedicated ASIC miners either.

A friend of mine is racking up an electricity bill of R10k+/month with his ASIC miners, and I'm not quite sure how much he gets in return from bitcoins.