The Bitcoin Thread

[GreGorGy]

Where has this thread been hiding? My luno alert for 12500 came last night and this morning it looked like $900 was about to fall.

 

[The_Mowgs]

Good time to buy more now?

 

[koeksGHT]

Good time to buy more now?

$ is low so yea

 

[Knyro]

Good time to buy more now?

Nobody knows for sure, anybody that says they do is lying. You'll just have to gather information and make an educated guess.

$ is low so yea

/inb4 $100 drop next week

 

[CTBP]

It's looking decent today.

 

[blunomore]

So the person who got me involved in Bitcoin, outlined two options: merely buying a Bitcoin or part thereof, or getting involved in "mining". Are both options OK to pursue?

 

[Knyro]

So the person who got me involved in Bitcoin, outlined two options: merely buying a Bitcoin or part thereof, or getting involved in "mining". Are both options OK to pursue?

Mining isn't worth it anymore, the difficulty is so high nowadays you need mining rigs like this to mine bitcoin at a decent rate.

You could use normal computers of course but it would be painfully slow, and you may end up spending more than you make on electricity bills. Not worth the trouble really. Most people are better off buying bitcoins on an exchange and waiting for them to appreciate.

 

[CTBP]

Looks like we might see another good day of gains

 

[C4Cat]

So the person who got me involved in Bitcoin, outlined two options: merely buying a Bitcoin or part thereof, or getting involved in "mining". Are both options OK to pursue?

Mining isn't worth it anymore, the difficulty is so high nowadays you need mining rigs like this to mine bitcoin at a decent rate.

You could use normal computers of course but it would be painfully slow, and you may end up spending more than you make on electricity bills. Not worth the trouble really. Most people are better off buying bitcoins on an exchange and waiting for them to appreciate.

As Knyro says, it's not worth doing mining yourself but although I'm not bothering with mining you could join a mining pool:
https://en.wikipedia.org/wiki/Mining_pool

Another option is to subscribe to a mining service:
An example would be https://www.genesis-mining.com/ - this is not an endorsement or advice, just giving you info, as I say, I never personally bothered with the mining side of things.

 

[ice_cubes]

buy & sell is the way to go these days

 

[CTBP]

I like where this is going, up 13% in 24 hours so far

 

[jacosmit]

49 pages!!!

I am late to the party again!

Guys, anyone here mining BTC successfully? Is it a worthy passive income?

I want to try this and see how it develops. Started last night at ~21:30 with 2 PCs running a GTX560Ti and a GTX1060, here are my results so far...


If this tests works and also looking at equipment at www.bitmart.co.za, to successfully mine 1BTC per month you need roughly R250k worth of hardware. To make it profitable you need to do 2BTC+ per month.

Has anyone studied this (sorry, read page 1, 2 and 49 of this thread)? Can one run a digital mine to make cash on the side? Can one convert BTC to ZAR currently, I saw on page one about two exchanges but I have not followed those links yet.

I am currently mining with NiceHash.

 

[Tabac]

No, No, No, No and Yes.

 

[balky]

Guys, anyone here mining BTC successfully? Is it a worthy passive income?

See this article: https://mybroadband.co.za/news/banking/201128-what-you-need-to-know-about-mining-bitcoin-in-south-africa.html
Read the comment section, specifically Donald's post.

 

[jacosmit]

So, doing some spit balling here regarding profitability using the Avalon 7 – 37Ths Farm (Makes ~0.563 BTC pm). I have rounded down the income and rounded up the expenses. Some info still incoming.



So, you need to make a half bar investment to get going, after 5 years the dough will start rolling, if you are lucky.

(I see I cut of the annual expenses too)

Does SARS tax you on this?

 

[Tabac]

And after 5 years (Even 2 years), will the equipment still be able to mine the exact same figures ? I doubt it. Technology is advancing and the mining gets more difficult.

 

[blaaislaai]

And after 5 years (Even 2 years), will the equipment still be able to mine the exact same figures ? I doubt it. Technology is advancing and the mining gets more difficult.

After every halving of bitcoin, the older equipment's profitability is less as your rewards are halved for the same hashrate

 

[jacosmit]

Is there someone in the Centurion/Midrand area that can show me their rigs and how they do it. In a week, I have made $6 by running from 3 PCs/GPUs.

Edit: The wife is on track and as excited as I am. Even more than the Aus/NZ idea (@SBB, shht, family doesn't know yet).

We are starting a POC hopefully soon with a 16Gh/s unit, from there we will grow.

 

[Mr Scratch]

Is there someone in the Centurion/Midrand area that can show me their rigs and how they do it. In a week, I have made $6 by running from 3 PCs/GPUs.

Post your setup here.

 

[Thor]

49 pages!!!

I am late to the party again!

Guys, anyone here mining BTC successfully? Is it a worthy passive income?

I want to try this and see how it develops. Started last night at ~21:30 with 2 PCs running a GTX560Ti and a GTX1060, here are my results so far...
View attachment 428324

If this tests works and also looking at equipment at www.bitmart.co.za, to successfully mine 1BTC per month you need roughly R250k worth of hardware. To make it profitable you need to do 2BTC+ per month.

Has anyone studied this (sorry, read page 1, 2 and 49 of this thread)? Can one run a digital mine to make cash on the side? Can one convert BTC to ZAR currently, I saw on page one about two exchanges but I have not followed those links yet.

I am currently mining with NiceHash.

Not worth it.