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  #1  
Old 08-08-2017, 1:42 PM
uparmor uparmor is offline
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Default Any bitcoin data miners here?

3400 dollars per coin....omg!


Just wondering if those miners do what they claim?
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  #2  
Old 08-08-2017, 1:53 PM
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if you didnt buy a machine 2 years ago just buy some coins. people anticipate 10k per coin withing a year.
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  #3  
Old 08-08-2017, 8:55 PM
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Miners are running warehoused sized farms of specialized equipment...pretty much impossible for an individual to get into mining now. Buy BTC and other cryptocurrencies if you want to make money.
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  #4  
Old 08-08-2017, 10:12 PM
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If you want to get into BTC you need to be running ASICS at this point or it is absolutely not profitable. The real benefit is farming litecoin derivatives such as dogecoin and etherium.
Their processing methods are not suited to a dedicated ASIC so GPU/CPU mining is just as effecient as an actual ASIC is.

Farm Etherium, exchange for BTC, invest into whichever currency is stable, repeat.

If you have a mid range AMD GPU you can make a profit, especially the 470, 480, 570, and 580. You just have to join a mining group, it basically turns your machine into a node in a distributed supercomputer. This means rather than wait days, weeks, or months for a payout, you can potentially receive a payout on a steady basis.
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  #5  
Old 08-09-2017, 9:24 PM
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I am so unbelievably LOST with the talk about cyber coins and mining and HUH.... How do you make money from non existence currency?!
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  #6  
Old 08-09-2017, 9:34 PM
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Quote:
Originally Posted by AdidasCJ View Post
I am so unbelievably LOST with the talk about cyber coins and mining and HUH.... How do you make money from non existence currency?!
I blame the Dutch!

https://youtu.be/w6MeB5uLflo
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  #7  
Old 08-09-2017, 9:39 PM
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Originally Posted by ElvenSoul View Post
I blame the Dutch!

https://youtu.be/w6MeB5uLflo
At least its not the Russians.....

I have tried watching videos and reading about this biotcoin datamining coin things... I just dont understand...
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  #8  
Old 08-15-2017, 8:39 PM
stonith3901 stonith3901 is offline
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Default miners unite

Quote:
Originally Posted by uparmor View Post
3400 dollars per coin....omg!


Just wondering if those miners do what they claim?


Now its floating around $4k USD. I'm in it for the long run, might cash out when its above $10k.

I have a circuit that is pulling pure 8.8 amps and about 1100 watts continuously powering several NVIDIA cards. It gets kind of warm.

As for ASICs (Application Specific Intergrated Chips), had one that did SHA-256. I made good money selling the device. Now I'm onto different algorithms. People need to take into consideration when they purchase their AMD cards and what their efficiency is. New AMD Vegas are doing about 35 MH/s for ethereum ....my NVIDIA 1070s are doing 31 MH/s for ethereum at half the price and running around 150 watts. My math didn't work for ROI on the AMD cards when factoring in the electricity bill.

Last edited by stonith3901; 08-15-2017 at 8:45 PM..
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  #9  
Old 08-16-2017, 10:16 AM
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^^^This, people assume you just buy a gtx1080 and let your computer generate bitcoins overnight. Video cards are expensive and power hungry at nearly 300 watts. You need several of them running 24/7 to generate coins at any reasonable rate. Then you're thousands of dollars into the operation plus electricity costs.

It's actually a problem for computer builders and enthusiasts right now because coin miners are buying every video card they can get their hands on and it's driving up prices due to the shortage.
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  #10  
Old 08-16-2017, 11:34 AM
stonith3901 stonith3901 is offline
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Best lesson here is dont be a miner. Your chances of return are subjective to how the cryptocurrency is valued to what you are mining.

Bitcoin isnt to be mined anymore unless you are in the terrahashes/second. There are other altcoins that are less risk that have a better return.

It is easier to buy/hold/sell. My advice is if you think your secure, you better be more secure, you are your own bank with your wallet if you want to join cryptocurrency if you havent already.

Backups and security are the utmost priority which many people put on the backburner even in the enterprise world. I would suggest not to even try.

The upside to being a miner is you are creating monopoly play money out of thin air that is being valued at whatever fiat currency or altcoin without having it tied to your credit report or your net worth. If you encounter civil forfeiture when they do come to take away your guns, silver, gold, and your house. They wont be able to take away monopoly play money.

If you still want to and are interested, I have invested $6k for a KNCminer Jupiter and sold it for $14k on top of the BTC I mined and kept. Now its zcash/ethereum/groestl mining with $3200 invested in one rig with a ROI of 8-9 months.

Its stressful, power outages, internet connectivity, pool connectivity, and infrastructure are all needed to run and if one dependency breaks, it carves into what you are mining.

There is some huge risks in this. Not many people are willing to drop their hard earned cash for something that they feel is better invested in stocks or their kids college 529 savings. Nor do most people want to learn this stuff, put work in. They want instant gratification like millenials. People freak out when cryptocurrency dips 40% and not 3% like stocks. Its a rollercoaster for the strong willed and not for the weak hearted.

Some people dont have the technical know how but feel that they are missing the gravy train.

So its easier to buy them like stocks than to mine. And even then, there is some technical caliber that is needed before someone doxxes you, target spear phish you, and eventually steal your bitcoins or monero because security is lacking.

You are your own bank. No one to cry to if you forgot your secrets on your wallet.

To end my wall of text, to the moon! And if it goes to crap, I am buying a lot more when it does!

Good luck.


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  #11  
Old 08-16-2017, 1:44 PM
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Mining is a fickle thing, if you can get ahead of the difficulty curve it can be extremely rewarding. Issue is being trying to find that curve, finding a pool, and getting a good set up for your mining efforts.

I had two systems going back for Doge and in a couple weeks I made enough money to upgrade my gaming rig and get a couple new toys, but as difficulty started to spike, I transferred everything into a long term BTC wallet (still have .28 btc in it I think).

There is NO way to get into BTC mining right now and stay profitable unless someone donated an asic system to you.

The best thing to do with wallets is keep them on an external drive or their own storage media with redundancy.

But as for the value of BTC, that value is due to the fact that new coins are getting rarer and rarer so the supply is scarce.
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  #12  
Old 08-16-2017, 5:09 PM
mrrobot mrrobot is offline
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Quote:
Originally Posted by uparmor View Post
3400 dollars per coin....omg!


Just wondering if those miners do what they claim?
I started mining bitcoin in early 2013, first with video cards and then with ASICs. At that time it was well worth it to mine as the difficulty was much much lower than what it is now. I easily recouped the cost of my mining gear. However if I had to do it over again I would have just bought bitcoin directly.

All of my mining gear is in storage now, because it is cheaper to buy bitcoin than to spend money on electricity needed to power the miners. If i turned them all back on again I would earn about 10 to 12 cents a month worth of bitcoin, but it would cost me much much more than that for the electricity needed to power the miners.

Mining now is for people who have access to very cheap or free electricity and access to cheap mining gear. If you are new to bitcoin, i would recommend just buy it instead of mining.
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  #13  
Old 11-22-2017, 8:15 AM
stonith3901 stonith3901 is offline
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Wanted to being this thread back up. BTC at ATH $8200 USD. As for wallets, I suggest getting a hardware wallet. I just got my ledger blue and a ledger nano s. I strongly suggest in getting a nano s at least. As I mentioned before, I will buy when it dips, but the floor is probably above $4k at this point.


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  #14  
Old 11-26-2017, 12:08 PM
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BTC @ $9471 today


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  #15  
Old 11-26-2017, 6:42 PM
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I don't follow crypto currency, but their is this guy on YouTube that speak to it with authority.

Currency360
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  #16  
Old 11-26-2017, 6:53 PM
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No need to mine anything. Just buy as much Bitcoin as you can possibly afford and HLOD onto it until you're a billionaire.

-Mark
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  #17  
Old 11-27-2017, 5:40 PM
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You've got a few million dollars in bitcoins and you're worried about taxes?
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  #18  
Old 11-27-2017, 5:41 PM
Sam Culper Sam Culper is offline
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Quote:
Originally Posted by OutlawStar View Post
You've got a few million dollars in bitcoins and you're worried about taxes?
It's unrealized..but yes. Profit is profit. Tax is tax.
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  #19  
Old 11-27-2017, 5:42 PM
Sam Culper Sam Culper is offline
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Also if I realize it, I'm almost certain I'll be forced to leave the military...I don't want that.
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  #20  
Old 11-30-2017, 8:48 AM
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GBTC

You can look up the stock symbol. Its an ETF of sorts tracking bitcoin. I bought a very small sum on Halloween - I sold it yesterday at a 133% gain in less than a month. I know that's unlikely to happen. I did this in my ROTH IRA so I'm elated - no taxes. It has since dropped about $300 a share so I'm going back in again.
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  #21  
Old 12-13-2017, 10:24 PM
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BTC, ETH or LTC?
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  #22  
Old 12-17-2017, 6:18 PM
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Quote:
Originally Posted by Exile Machine View Post
No need to mine anything. Just buy as much Bitcoin as you can possibly afford and HLOD onto it until you're a billionaire.

-Mark
HODL
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  #23  
Old 12-17-2017, 7:07 PM
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HODL
I stand corrected!
-Mark
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  #24  
Old 12-17-2017, 7:11 PM
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https://www.economist.com/news/europ...ia-great-place
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