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Thread: Bit coin mining

  1. #1
    Join Date
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    Bit coin mining

    Has anyone ever tried to mine for Bitcoin's or Litecoins? I have heard of it but never tried it as bitcoin mining you really need specalized equimpment for and you do not know the certianty of the price and could loose alot more money than you gain from it.

  2. #2

    In regards to your question...

    Hello,

    I have heard of BitCoin mining and also know people who have actually made money doing so. It does require several machines and the processing power to boot. I have also thinking about starting a farm of my own.

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    Last edited by bear; 11-05-2013 at 11:07 PM.

  3. #3
    It's not worth it if you will use CPU's, or even GPU's for mining - the processing costs will always exceed the amount of coins you "mine".

    You will need a large farm to be in profit. I've seen some neat mining devices running ARM (or some variation) chips that you can use to build a farm - plenty of information about them on the net.

  4. #4
    Join Date
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    I mined for a few hours on my low-end GPU knowing that I'd be at a substantial loss. I just wanted to see what my rate was. It was beyond bad! This was when BTC was sub $100-120 per?
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  5. #5
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    I looked at it once. Basically after 10 min I had this feeling:
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  6. #6
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    Even back in 2010, it was a waste of my online connection and CPU resources -- not to mention the heat from local computers needing more AC. Making $100 would have probably cost at least $200.
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  7. #7
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    You may as well choose your time to invest rather than mine, though that is just me - I have watched the price fluctuate on many different levels with Bitcoin, pity I did not invest back in 2009 ey!
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  8. #8
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    Don't bother

    I tried it on my dedicated server once, it nearly got suspended for 169% CPU usage. It used all my outgoing bandwidth up.

  9. #9
    Bitcoin mining is really an impossible market now. So many people are doing it, it's just not worth it.
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  10. #10
    Mining is too expensive of a hobby for me right now, even though I just bought my first bitcoin this week.

  11. #11
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    Like everyone has said, it is not a worthwhile endeavor to get into now. Several years ago, you could probably start out with a more minimal setup and grow as your profit increased. Unfortunately, now it takes massive amounts of processing power, GPU and CPU. The people who already have server farms dedicated to mining are most likely making a profit.
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  12. #12
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    Quote Originally Posted by Ryan - Limestone View Post
    Like everyone has said, it is not a worthwhile endeavor to get into now. Several years ago, you could probably start out with a more minimal setup and grow as your profit increased. Unfortunately, now it takes massive amounts of processing power, GPU and CPU. The people who already have server farms dedicated to mining are most likely making a profit.
    I have 2 BitCoins at the moment

    Value on coins rose overnight from $370 to $400 so that is a good start and it increased my profit line.
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