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bitcoin mining

Tater

New member
Joined
Jul 26, 2014
Messages
2,421
has anyone tried bitcoin mining? it's so competitive that since 2013, miners have completely revised the tech used at the highest tiers of performance.

if so, or if you know anyone who has, what were the results? what kind of processors and power supplies were being used?

a basic overview:

what more competitive mining looks like:

they made around 100 bit coins a day. 1 bitcoin currently translates to about 456 usd.
 

Swivelinglight

Permabanned
Joined
Aug 5, 2010
Messages
1,070
I mined doge coins and coinye.

Coinye was a dump from the beginning. IIRC the creators made about 20 grand. That's 20 grand over the course of like 2 months. Pretty good deal. I made about 100 dollars over a night of mining.

I mainly mined dogecoin. I probably made about a 1000 not counting power costs. I had two rigs mining it. My main rig that I had going 24/7 had three raden 260's going. I had the best brand for mining at the time, and so it made me probably like 80 dollars a day (I don't remember the exact amount). I mined on my personal computer which had a amd 6870 and that made me probably like 30 bucks a day. I mainly sold on ebay, which is a bit risky, because it is owned by paypal and they don't approve of trading digital currency (because it's against paypals self interest, obviously). So there was always the risk that the buyer could claim the trade was against terms of policy and get his money back and keep the dogecoins. Never had it happen to me, but I always didn't trade too many dogecoins per trade.

Right now I believe it's not worth mining anything at all. For most people mining bit coin without specialized equipment will actually make you lose money considering power costs, because it's just not efficient enough. Dogecoin kind of died out and most of the money I made was when it bubbled.

edit: there are sites out there, such as this, Cryptocurrency Mining vs. Bitcoin Mining Profitability | CoinWarz which tell you which is the most profitable coin to mine at any given point in time. Rankings fluctuate based on market value and other factors. But you'd get a good idea of a coin to mine. You can also mine more than one coin at a time.

If you want advice on how to get the most optimal mining rig let me know and I can point you to resources.
 

EcK

The Memes Justify the End
Joined
Nov 21, 2008
Messages
7,708
MBTI Type
ENTP
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I mined doge coins and coinye.

Coinye was a dump from the beginning. IIRC the creators made about 20 grand. That's 20 grand over the course of like 2 months. Pretty good deal. I made about 100 dollars over a night of mining.

I mainly mined dogecoin. I probably made about a 1000 not counting power costs. I had two rigs mining it. My main rig that I had going 24/7 had three raden 260's going. I had the best brand for mining at the time, and so it made me probably like 80 dollars a day (I don't remember the exact amount). I mined on my personal computer which had a amd 6870 and that made me probably like 30 bucks a day. I mainly sold on ebay, which is a bit risky, because it is owned by paypal and they don't approve of trading digital currency (because it's against paypals self interest, obviously). So there was always the risk that the buyer could claim the trade was against terms of policy and get his money back and keep the dogecoins. Never had it happen to me, but I always didn't trade too many dogecoins per trade.

Right now I believe it's not worth mining anything at all. For most people mining bit coin without specialized equipment will actually make you lose money considering power costs, because it's just not efficient enough. Dogecoin kind of died out and most of the money I made was when it bubbled.

edit: there are sites out there, such as this, Cryptocurrency Mining vs. Bitcoin Mining Profitability | CoinWarz which tell you which is the most profitable coin to mine at any given point in time. Rankings fluctuate based on market value and other factors. But you'd get a good idea of a coin to mine. You can also mine more than one coin at a time.

If you want advice on how to get the most optimal mining rig let me know and I can point you to resources.

I approve of this post
 

Swivelinglight

Permabanned
Joined
Aug 5, 2010
Messages
1,070
I think the investment is to high to make it profitable for me.

One of the things to consider when thinking about the investment is this; you can sell the equipment after you use it. On my main rig that had 3 260's running I made a thousand. I could've easily sold those three cards (as they were in huge demand), and got back most of the cost of those cards from selling.
 
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