let me tell you this, I have a gaming pc, with two 8gb rx470’s($370 refurb) this pc mines(ETH and zcash) and I pull in about $100/mo. on the flip side my electric also went up, though not anywhere near 100
as far as mining bitcoin, not going to happen, you need an ASIC miner and even then its not really worth it seeing how much they cost
just ordered a new rig to be used just for mining, going with 5 cards in this one so should be able to pull in some $$.
Jesus @Skurge if this stuff youre doing is profitable I’ll pay you to build something for me.
https://coinsutra.com/claim-bitcoin-gold-btg/
Don’t know how reliable that is but it’s a known site.
Well I just bought a GeForce gtx 1080
I’m guessing this wouldn’t be worth mining with since I only have 1 gpu.
Reading that coinbase added 300,000 new users over your long weekend.
I was one of them
it is profitable, i’m doing it already with just two cards, this is going to be a full fledged business though, already have an office space(friend owns the building) setting up an LLC and shooting for the moon.
but yes, they can be built for around 2K, thats what this one cost us to build with 5 cards. just a matter of how long it takes to get your money back. luckily our overhead is very low and we are looking at more of a long term than short term thing.
we are also looking into the option of hosting mining rigs for people for a small fee. where we would house the rig and make sure its running 24/7 etc
yea with one card you are pretty much going to break even-ish depending on the card, from what i’ve read AMD cards work a little better for mining than nvidia(not to mention the cost difference) though i’ve only ever mined with AMD cards so i cannot comment directly
Not worth it unless you are dedicated to it with cooling, hardware, power resources, and getting very good discounts. Buying and holding is easier since difficulty is variable and your profits aren’t guaranteed.
Divested a lot out of Bitcoin the past few days. Waiting for the next break and euphoria to wear off. When you hear randomy people in the bar talking about Bitcoin and how easy it is to make money, figure a pull back is on its way.
so your advice right now is to sell eh? i dont watch the trends enough to know these things, I mine, i sell when i want to cash in some $$
Hmmm @Skurge I’d be interested in investing in a mining rig of yours. Kind of like genesis?
my counterpoint to this is that you have known about bitcoin for at least 4 years and you dont seem to have $10M cash right now. i say buy and hold through the dips. i learned my lesson on weed stocks last month… i’ve be up another $15k if i hadnt thought i was smarter than the market
explain to me the math on a hosted mining rig. how much does it cost to get you going and what does it pay me?
Bitcoin should hit 10k today. Anyone plan on selling at that point?
Wait for Bitcoin to grow in value people need to talk about it and buy it…
Nope if it starts to tank I might sell at 9800 or something then buy back.
once we are up and running(say about a month or less) and we know our margins etc, or at least a good idea. we are planning on offering investment opps. either owning your own rig and having us run it and maintain it, or just buying into the company itself for a percentage, haven’t figured out exactly how its all going to work but I will keep you guys updated…gotta figure out what numbers make sense for everyone
mining contract? no, we would do it something like this, say you wanted to invest 1K, that would roughly pay for half of a rig. so figure you’d get somewhere just below 50% of that rigs take(to cover cost of cooling/power etc) you would get that money for as long as that rig runs, not just a set time. we dont exactly have all of the details worked out yet but like i said once we know our margins we should be able to move forward with that part of things, I have a bunch of people that want to get in on this so it could become pretty large pretty quick
I’m completely at odds on what to do. I had randomly put $30 in a wallet a while back. Spent a few bucks of it on an NZB service. Now I’ve got nearly $1k worth of bitcoin. So do I buy in more and hope it keeps going? Or should I sit back and wait for a dip, then invest a few grand at that point?
I would just hate to jump on the bandwagon late and end up in a ‘meh’ situation.
read my other replies also, but a 5 card rig will be about 2K to build, with my calculations, thats at the worst case scenario, it brings in 250/mo(this was estimating on the very low worst case return, i’m guessing more around 300-400) once we have this one up and running for a week or two we’ll know what we are working with and how much it will bring in exactly. should have all of the parts by the weekend(i hope!) anyway we’d be working out a percentage minus upkeep(power/cooling/maint) so if you bought your own rig and had us host it. we would keep X percent or a set amount to cover our cost, rest would go to you. either by having it all go to you and just getting paid by you each month, or the other way around, doesn’t really matter to me.
You will lose money mining in the short term so hope you bank roll it heavily. Your profit comes from being able to hold the coins and wait for them to grow in value. If its profitable right now, you will see other rigs join pools and mine a chain increasing the difficulty since they chase profitable coins.
with the way we have it setup, out rent is well not much(as my buddy/partner owns the building and the other tenants more than pay for the mortgage) our only costs will be power and internet for the most part, the way we’ve figured it, we’ll have 4-5 rigs up and running fairly quickly. and yes, our plan is to pay our bills, bank some coin, and make a tiny bit for ourselves in the process. obviously we’ll be “losing money” until out rig is paid off, which will take a little while. we plan to bank some coin in the process though
I make a profit off of my 2 card rig at home that doesn’t mine all the time(well not taking into account any rent or internet costs as i pay for those anyway) my power consumption did go up a bit when i started mining, but even with my 2 card gaming pc, i’m still pulling in positive numbers, exactly why i started this whole thing, if its profitable with 2 cards running half assed on my home gaming pc, than its probably even better doing it for real
The mining stuff is more interesting to me than any other aspect of bitcoin.
@Skurge with current conditions, how long until a rig built today would be obsolete? In other words, if a $2k rig pays for itself in under a year, how many years until that rig is too old to keep up with newer tech and needs to be replaced?
Buy the dip, only buy the high with incremental, smaller amounts if at all. And only buy with discretionary income.
Why not just buy $2k worth of bitcoin, rather than investing $2k into a mining rig?
People don’t realize unless you are building a true farm and have the capital, you are better off long term just buying the coin.
The people who make money off these small rigs mine random coins and hope that it becomes profitable.