The Bitcoin Thread

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Waylander said:
Post your setup here.
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Well, easy:
1. i5 PC with GTX1060
2. Xeon E3 PC with GTX560Ti
3. HP PC with GT630

Mining with Nicehash, did a booboo and forgot where to what bitcoin address i farmed, so that $6 is hanging on the interwebs.

Now mining to my Luno wallet since 10:30 this morning, made about $0.47 so far of #s 1 and 3.
 
What do you get when you minus the cost of the increased electricity usage?
 
Thor187 said:
Not worth it.
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I'm going to give it a bash, busy with a POC (going to get a couple of 8Gh/s miners) and formulate a business plan. If POC is successful, start a business, get a loan, buy R500K worth of miners etc and start turning a profit (hopefully).

Biggest problem is electricity costs it seems, so getting (mostly) of the grid is part of my research.
 
jacosmit said:
I'm going to give it a bash, busy with a POC (going to get a couple of 8Gh/s miners) and formulate a business plan. If POC is successful, start a business, get a loan, buy R500K worth of miners etc and start turning a profit (hopefully).

Biggest problem is electricity costs it seems, so getting (mostly) of the grid is part of my research.
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If you're still talking about mining BTC then Gh/s is not enough, you need Th/s. The most efficient asic miners are made by Bitmain, but there is currently a major controversy with them using asic boost, so I would be weary of them right now.
 
balky said:
If you're still talking about mining BTC then Gh/s is not enough, you need Th/s. The most efficient asic miners are made by Bitmain, but there is currently a major controversy with them using asic boost, so I would be weary of them right now.
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Yup, I saw that. My plan includes (at least) 4 of these beasts for 2BTC per month, for now.
 
jacosmit said:
I'm going to give it a bash, busy with a POC (going to get a couple of 8Gh/s miners) and formulate a business plan. If POC is successful, start a business, get a loan, buy R500K worth of miners etc and start turning a profit (hopefully).

Biggest problem is electricity costs it seems, so getting (mostly) of the grid is part of my research.
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Don't do this. Your going to regret it, keep in mind it gets more difficult.
 
Thor187 said:
Don't do this. Your going to regret it, keep in mind it gets more difficult.
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Bitcoin transactions are going to have to be processed as long as the bitcoin economy exists so a big enough rig over the long term may be worthwhile. I mean, personally, I agree with you and wouldn't take the risk because I'm a conservative low risk kind of guy when it comes to money but if people want to take the risk it could pay off in the end. Big risk sometimes equals big gains. If bitcoin becomes an accepted currency all over the world and is used by the majority of people in the world, he will never run out of transaction to process. Yes, the business model will have to change as time goes by and the halvings take place but that will be true for all large scale miners.
 
With Junk Status and the inevitable Rand tank, I think it will be very profitable for alt-mining. Better buy your gear ASAP, before it becomes too expensive.
 
C4Cat said:
Bitcoin transactions are going to have to be processed as long as the bitcoin economy exists so a big enough rig over the long term may be worthwhile. I mean, personally, I agree with you and wouldn't take the risk because I'm a conservative low risk kind of guy when it comes to money but if people want to take the risk it could pay off in the end. Big risk sometimes equals big gains. If bitcoin becomes an accepted currency all over the world and is used by the majority of people in the world, he will never run out of transaction to process. Yes, the business model will have to change as time goes by and the halvings take place but that will be true for all large scale miners.
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Look at the swarms china runs and those guys are complaining its not profitable so bitcoin is now looking at increasing the fees to make it worthwhile for miners.
 
I would be interested to know if mining Dash or ETH would be profitable, what rig would be ideal to mine both?
 
Thor187 said:
Look at the swarms china runs and those guys are complaining its not profitable so bitcoin is now looking at increasing the fees to make it worthwhile for miners.
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Yes, separate fees will become the norm eventually, once all the bitcoins have been mined there will be no other choice but it will happen sooner than that. I can see a time when bitcoin users can choose a miner to process their transaction and different miners will compete on price as well as ability and speed. Still, profit will be made
 
C4Cat said:
Yes, separate fees will become the norm eventually, once all the bitcoins have been mined there will be no other choice but it will happen sooner than that. I can see a time when bitcoin users can choose a miner to process their transaction and different miners will compete on price as well as ability and speed. Still, profit will be made
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People will switch. Why do I use bitcoin currently? Because it's cheaper than visa/Mastercard.
 
Thor187 said:
People will switch. Why do I use bitcoin currently? Because it's cheaper than visa/Mastercard.
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Depends how widely used bitcoin becomes. Tech people might switch or use multiple currencies but for the average person it's not only about cost, it's about convenience, legality and usefulness. If bitcoin becomes widely accepted in retail and all the way along the retail chain, both online and in stores then you're not going to switch to something less widely accepted, even if it is slightly cheaper. At best you'll use others in addition to the bitcoin. Some crypto-currencies will become standard ways of receiving and spending money, maybe only one crypto-currency, the others will be fringe and used more for investment and trading. Bitcoin may not end up being the standard but it appears to be on track to becoming mainstream.

And even if people switch, if you have a rig to process bitcoin transactions you can use it to process transactions for other crypto-currencies too.
 
akescpt said:
Can one buy this other ether currency from lumen or lumo also?
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No not from Luno. Thor posted a link a while ago as to how you can buy it. Basically you buy bitcoin through Luno then open an account on a certain exchange, send your bitcoins there and then exchange it to which ever currency you want.
 
The_Mowgs said:
No not from Luno. Thor posted a link a while ago as to how you can buy it. Basically you buy bitcoin through Luno then open an account on a certain exchange, send your bitcoins there and then exchange it to which ever currency you want.
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Try coinbase:
https://www.coinbase.com/?locale=en
Also has a nice free app kinda like the lumo app.
But you'll have to do all the roundabout currency transfers as mentioned :).
 
Is anyone here mining ETH or DASH at the moment?
 
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