Bitcoin mining

Thread: Bitcoin mining

  1. JakeB00456's Avatar

    JakeB00456 said:

    Default Bitcoin mining

    Hey i am new to this(bitcoin mining) and i am currently confused on how to get started with the mining program so i am asking for some links and help on how to get this started because i have tried with MineGW and can't get it working correctly so i am wondering if there is an easier way or if someone can help me with setting it up thanks!

    I have set up a wallet and currently looking for a suitable mining pool
     
  2. Over Carl's Avatar

    Over Carl said:

    Default Re: Bitcoin mining

    It's probably not worth mining Bitcoin anymore unless you have specialised and dedicated hardware along with free electricity.

    Probably better off looking at something newer as the rewards for miners diminish over time.
     
  3. JakeB00456's Avatar

    JakeB00456 said:

    Default Re: Bitcoin mining

    i have the hardware to do so, it's just i am struggling with the soft ware
     
  4. jdfrt's Avatar

    jdfrt said:

    Default Re: Bitcoin mining

    so if you got the hardware etc, is it worth it?
     
  5. JakeB00456's Avatar

    JakeB00456 said:

    Default Re: Bitcoin mining

    one bitcoin is worth £168+
     
  6. evilsatan's Avatar

    evilsatan said:

    Default Re: Bitcoin mining

    Have you calculated the electricity required to mine a bitcoin and then the return on investment of the hardware? I was under the impression that very few setups will profit on Bitcoin and most of those that do make little profit as the problem to be solved is so long now. I suppose new tech can make it profitable again.

    I would be tempted to take a gamble on the next big cryptocurrency, I haven't looked into it but I've heard of litecoin.

    Its an interesting subject so would be cool to hear what setup you have

     
  7. EvilBoB's Avatar

    EvilBoB said:

    Default Re: Bitcoin mining

    It's not really worth mining BTC. I have four USB miners and mine at around 3ghash. Been running it over a year and probably made about £20. It seems the best option at the moment is to mine the alt-coins - in particular SCRYPT coins instead of the SHA256 ones. Then trade them for BTC on Cryptsy. Of course not all alt coins make it but even running a few hours when a new coin comes out you could end up with a substantial amount of them which after a month or so may be worth money on the market.
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  8. JakeB00456's Avatar

    JakeB00456 said:

    Default Re: Bitcoin mining

    EvilBoB, quick question have you joined a mining pool?
    if not i recommend so because it actually speed up the proccess
     
  9. Mobileman's Avatar

    Mobileman said:

    Default Re: Bitcoin mining

    Quote Originally Posted by JakeB00456 View Post
    one bitcoin is worth £168+
    so how much power (electricty) does it cost to mine one bitcoin ? whats the life span of the pc using to mine and what did that cost and then add that to the cost per coin and let me know
     
  10. EvilBoB's Avatar

    EvilBoB said:

    Default Re: Bitcoin mining

    Quote Originally Posted by JakeB00456 View Post
    EvilBoB, quick question have you joined a mining pool?
    if not i recommend so because it actually speed up the proccess
    It's the only way you can really mine unless you have a few grands worth of mining kit. Still not making much but it's fun to do.
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  11. beerman's Avatar

    beerman said:

    Default Re: Bitcoin mining

    These guys make some money but then they spend $80,000 on electric each month
     
  12. bbshark's Avatar

    bbshark said:

    Default Re: Bitcoin mining

    How long you going to stay here once you have the info you need? 4 posts and they are all leeching information.

    Should be reading the rules that you received in your welcome message.
    bbshark. The Member with the first ever DF Fine

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  13. WRATH OF BOD's Avatar

    WRATH OF BOD said:

    Default Re: Bitcoin mining

    Quote Originally Posted by beerman View Post
    These guys make some money but then they spend $80,000 on electric each month

    wow, outlay aprox $150000 a month & pull in about 1.5 mill, i wonder how much it all cost to set up..
     
  14. ant3b's Avatar

    ant3b said:

    Default Re: Bitcoin mining

    thats a big operation... only going to get harder to mine coins though.