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Bitcoin Mining - Anyone having experience with this?

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Recently I was doing a bit of homework on a possible build for a gaming PC and found out that the video cards I wanted were mostly unavailable because people had been buying them to mine bitcoins.

After doing some digging it seems that people can earn bitcoins by harnessing computing power to solve math problems.

There are many vendors on the internet selling hardware or software for this purpose but I am not sure where to start.

In addition to the fixed costs apparently the variable cost of energy (to run these machines 24/7?) is a big limitation to the yield on the bitcoins earned.

Any stories or advice from people that have tried this would be helpful.

If anything, stories of trying and failing to make money this way might be even more helpful in the long run.

Thanks in advance.

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They are mining etherum, not bitcoin. It has not been feasible to mine bitcoins with gpus for several years now.

Google h... (more)

ensignlee (Jul. 17, 2017 @ 9:27p) |

https://images.craigslist.org/00F0F_2RxFC3vUXR5_600x450.jpg

Wood frames must be common for mining rigs.

wilesmt (Jul. 17, 2017 @ 10:28p) |

I'd thought about mining multiple times before. The profit margin was always close to nil if you sell immediately and fa... (more)

unnamedone (Jul. 17, 2017 @ 11:03p) |

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We aren't doing your homework for you.

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You're so late to the party it isn't even funny.   We all made millions, only pennies left.  Now excuse me, I need to dust my yacht .

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Dow1000 said:   You're so late to the party it isn't even funny.   We all made millions, only pennies left.  Now excuse me, I need to dust my yacht .
  ya, welcome to 2011.

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Dow1000 said:   You're so late to the party it isn't even funny.   We all made millions, only pennies left.  Now excuse me, I need to dust my yacht .
  From the amount of hype coming from the vendor websites my concern was that the well might be dry with this one.
As we learned from Superman III and Office Space earning enough pennies might still make sense but sometimes it is time to walk away.
For someone willing to put in the time and effort does this one still have any gas in the tank or is the game completely over?

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Don't take this the wrong way but if you are asking these questions then just stick to buying digital currency and hoping it increases in value. Or actual assets that have earnings, SEC filings, real property, commodities, etc.

You can mine coins with GPUs but all coins at the moment are secondary in value to Bitcoin. Doesn't mean it isn't profitable because it can be. Emphasis on the can. If you pay current prices for gpu's to mine you will find it difficult to make money.

Do some Google searching and reading. If you aren't tech savy then I would stick to renting hash time. There are some reputable-ish websites.

If none of that makes you comfortable then stick to what Warren buffet believes and don't buy things you don't understand or aren't willing to understand.

Additionally - I was where you were at 3-4 years ago. I did some research. Being a bit tech savvy I set up some gpu miners. Had 15-20 gpu's at the peak mining litecoins before the first peak. Managed to mine ~100 litecoins. Sold 40 at $30 or so to cover some expenses. Sold the equipment because it was worth more or at least what I paid. Allowed me to about break even on equipment plus a bit of cash and I still have 60 litecoins and some Bitcoin. In return I spent hours and hours building, setting up windows, running scripts, checking on machines that stopped hashing, etc.

All in all I wish I would have just bought some litecoins and hoped. Would be far ahead of where I ended up.

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retchtien, thanks for your feedback.

Glad to hear you came out ahead.

Your post isn't what I wanted to hear but probably what I needed to hear.

I will do more homework but it would seem that there are greener pastures elsewhere.

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First mentioned on Fatwallet--Jan 2013 when bitcoin was about $40, then heavily talked about in 2015 when the price was $250-350.... You're way way late to the game and to all the nay sayers that hated in 2013 when you could have been millionaires

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jameshasty said:   Recently I was doing a bit of homework on a possible build for a gaming PC and found out that the video cards I wanted were mostly unavailable because people had been buying them to mine bitcoins.

After doing some digging it seems that people can earn bitcoins by harnessing computing power to solve math problems.

There are many vendors on the internet selling hardware or software for this purpose but I am not sure where to start.

In addition to the fixed costs apparently the variable cost of energy (to run these machines 24/7?) is a big limitation to the yield on the bitcoins earned.

Any stories or advice from people that have tried this would be helpful.

If anything, stories of trying and failing to make money this way might be even more helpful in the long run.

Thanks in advance.

  The aforementioned hype of 2015 https://www.fatwallet.com/forums/finance/1473203

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1btc=$2473 right now!

I remember when a bitcoin use to equal $300 just a few years ago. I researched this back then, and there were a lot of people using computers to mine bitcoin. The trend at that time was that it was becoming more and more time consuming and taking more and more powerful systems to successfully do so. Thus, people started forming groups and using multiple computers to perform the task of mining. An example of an ideal situation for mining bitcoin back then was to have an entire computer lab doing it. To be clear, I'm not suggesting anything illegal, as some computer labs have owners who might opt to use the lab for that purpose. And of course there are plenty of computer scientists who can legally use computer labs and energy from universities on the university's dime. IMO, mining bitcoin made sense for them. So, mining was one option. I am not sure if it is still a good option. Other options for obtaining bitcoin include, but are not limited to, buying it and winning it online. In some places online gambling is legal and you can win bitcoin by playing games. Some websites have promotions where they give you free bitcoin for registering. Oh, there are also ways to work online and get paid with bitcoin, but the legality of that varies with location. All or most of this is legal in some places and illegal in other places.  The reason for the emphasis on legality is that that came up previously when discussing bitcoin.

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How come no one on fw got in when Bitcoin was $1

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Bitcoin mining is most profitable in certain Tennessee venues, where the TVA is almost giving power away, and in other such places where ultra-inexpensive electric power is available.

Where I live, with what we have to pay for electricity, fuggetaboutid.

Solar rig?  I dunno, you'd have to do the analysis.  And of course your mine would not be operative at night. 

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Thanks again for everyone who helped me get a better handle on this one.

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Just on the topic, someone in local CL selling one of these rigs with 4 1070gtx rigged into a wooden frame for $4k. It pulls 720W and in East coast, that amounts to a significant bill from power company.

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if you have access to $10 million dollars and have access to free power, then you can build a bitcoin farm. Otherwise you have no shot unless you get lucky. The main farms in China are built literally next to a hydro dam. Also the current price makes it a lot easier to achieve profitability, you would need to determine your breakeven price for the value of btc.

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FW really needs a bitcoin sub-forum.

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tante said:   if you have access to $10 million dollars and have access to free power,
  ummm then you wouldn't be wasting time with bitcoins

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tante said:   if you have access to $10 million dollars and have access to free power
I dont care until the power level is over 9000.

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Nicehash has worked well for me in the past- had my 1080ti making about $10/day- after electricity costs I came out way ahead. I bought it to play games so it was a good use of an idle computer. I wouldn't do it unless I already owned the PC for other reasons.

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They are mining etherum, not bitcoin. It has not been feasible to mine bitcoins with gpus for several years now.

Google how to mine ethereum and that will be your answer.

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delhel said:   Just on the topic, someone in local CL selling one of these rigs with 4 1070gtx rigged into a wooden frame for $4k. It pulls 720W and in East coast, that amounts to a significant bill from power company.
  https://images.craigslist.org/00F0F_2RxFC3vUXR5_600x450.jpg

Wood frames must be common for mining rigs. 

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I'd thought about mining multiple times before. The profit margin was always close to nil if you sell immediately and factor in the cost of electricity and hardware. Mining is only profitable if you hold it long enough for its value to go up. But then why bother mining if you can just buy and hold.

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