Bitcoin Mining - who does it?

[Stillie]

Howsit all,

Im looking at starting to mine BTC, i was wondering who does it? is it worth it investing in the Specific Miners hardware? if not what alternative do you suggest? Do you mine alone or in a group?

 

[koeksGHT]

Used to mine Dogecoin when it was still easy, too difficult now to break even on Bitcoin. There are calculators online and unless you operate at data center standards it's more just a hobby.

http://www.amazon.com/Antminer-S7-~...=UTF8&qid=1449817903&sr=1-4&keywords=antminer

 

[DrJohnZoidberg]

Definitely a hobby, especially with our electricity prices.

 

[$m@Rt@$$]

Intrigued...I have access to many cores and loads of RAM

 

[Stillie]

Intrigued...I have access to many cores and loads of RAM

using GPU's is better than CPU but even better is the dedicated miners you can but (not cheap at all) look at the amazon link from Koeks

 

[etienne_marais]

Intrigued...I have access to many cores and loads of RAM

Do you pay the electricity bill ?

 

[dualmeister]

Also looked into mining. The returns did not seem to justify it though.

 

[Stillie]

it looks like i might just run it on my spare linux PC which is also used as my media center as this runs 24/7 and if i make some dough then fantastic, if not, no loss as i use that pc for other things as well

 

[Gezza]

All the effort that goes in to setting up a miner and all the costs involved isn't worth it. It will take you a year to break even. If you wanted to do this years ago, then sure. very viable. Not any more though. There are companies that are dedicated to mining bitcoins. Massive server rooms just mining away.

 

[dualmeister]

Find out what sort of Hash Rate you can expect from your PC.

Then do the math.
https://alloscomp.com/bitcoin/calculator

Also work out how much the extra electricity will cost you.

 

[Stillie]

All the effort that goes in to setting up a miner and all the costs involved isn't worth it. It will take you a year to break even. If you wanted to do this years ago, then sure. very viable. Not any more though. There are companies that are dedicated to mining bitcoins. Massive server rooms just mining away.

lol like this [video=youtube;K8kua5B5K3I]https://www.youtube.com/watch?v=K8kua5B5K3I[/video]

 

[ABCpt]

Might get better results mining Doge or some other new coin and converting it to bitcoin.

 

[Stillie]

Might get better results mining Doge or some other new coin and converting it to bitcoin.

is there not a conversion rate though like it takes 25 dogecoin for 1 bitcoin?

 

[ABCpt]

is there not a conversion rate though like it takes 25 dogecoin for 1 bitcoin?

http://coinmill.com/XDG_calculator.html#XDG=1

 

[Stillie]

http://coinmill.com/XDG_calculator.html#XDG=1

lol 2971308.06 dogecoin for 1 bitcoin

 

[Necropolis]

I think that now it is not really worth it to setup the kit you need to make any sort of money off of bitcoins.

 

[gregmcc]

Was also looking at getting into it - but then its prob not worth it unless you just want to do it for a hobby.

Just watched some youtube video on it and the guy was saying from Oct next year the money you get from mining will be halved so you will barely make enough to cover the electricity.

https://www.youtube.com/watch?v=JyxRH18YlpA

 

[ABCpt]

lol 2971308.06 dogecoin for 1 bitcoin

but you might actually still be able to mine dogecoin. Doubt you will ever manage to get any bitcoin at the current difficulty. So, even though the result is small, you will get something.

 

[redarrow]

Seems to me at this stage it's a better bet to take the money you'd spend on mining, be it equipment or electricity, and just buy some bitcoin and sit on it and see what happens. Pretty much the same gamble as investing in mining really except that it takes far less effort.

 

[$m@Rt@$$]

Do you pay the electricity bill ?

In my case it would be like asking a friend for money when he charges your phone at your house.