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Anyone into Mining?
 

Hi guys,mining BTC is very hard now,anyone mining Alternative coins like monero,and other alt coins share your thoughts

Re: Anyone into Mining?
 

so guys i have started mining monero with cloud based services ,i know its funny but i want to give a try,i will be updating my daily stats so that it helps you guys

Re: Anyone into Mining?
 

I'm mining monero with minexmr.com pool
when i have started this is the pool stats

Day 1

my mining details

http://i.imgur.com/DUlQwsQ.png

http://i.imgur.com/qc7JdgW.png

currently burning 32 accounts with ~ 1 core cpu

money spent $50-65

currently mining at speed of 500 h/s constant
my next goal is to mine at 5 kh/s constant within this week.

Re: Anyone into Mining?
 

a very hard coin to mine

Re: Anyone into Mining?
 

monero is not that hard

Re: Anyone into Mining?
 

So on Day 1, you've made approx. $3 (if I'm reading that correctly).

How much did you spend on energy to produce that?

Time spent to set up?

Not criticising in any way - just interested in how productive / profitable mining alt coins is. :)

Re: Anyone into Mining?
 

Time spent/energy spent on Day 1 (Hell, Month 1) is completely irrelevant, so is profit. It's as simple as that, no exceptions to that rule.

OP's goals below;

If (if being the keyword) achieved, just emphasise that point. He'll be upto $30 day.

FYI- Monero is not a difficult to mine relatively speaking.

Re: Anyone into Mining?
 

True. But even "if" OP achieves half that, say $15/day - not bad right?, I mean you'll make your investment back within 4 days of achieving that target.

With setup costs being that low, surely you can setup a tonne of these and just sit back? or am I missing something here...

Question - what is the monthly recurring cost of using the cloud based service?

Re: Anyone into Mining?
 

My bad.

I thought the purpose of mining the likes of Bitcoin was to make money and therefore how much electricity the rig uses is relevant.

That's certainly the only reason I'd do it. Each to their own......

Are you saying these costs are irrelevant because the long term goal is to hopefully see the value of these coins increase in the same way Bitcoin has? If so, what happens if the long term value of the coins remains the same as at Day one?

Re: Anyone into Mining?
 

It just depends if you want to mine and sell what you mined that day or store it for years to come as an investment.

If you believe in the coin as a good investment, the daily cost of electricity shouldn't be a huge factor as well as the price of the coin right now (assuming you believe you are going to make a good return on your investment)

Re: Anyone into Mining?
 

yes approx $3 ,it took around 15 hours a day to setup(im very bad in using linux if i could use linux commands i could have easily automated the things )

i dont know how much energy its needed as im running on cloud

Re: Anyone into Mining?
 

My investments are onetime ,accounts might close often ,but im buying them for cheap only hardwork is to setup and for monitoring paying a VA.
Anyway its trail and error even if its fail it will not affect me much.

Re: Anyone into Mining?
 

About the cloud costings will post here in end of one month.

Re: Anyone into Mining?
 

Day 2

http://i.imgur.com/lC9kElJ.png?1
http://i.imgur.com/JvBIHD5.png?1

Re: Anyone into Mining?
 

No, that wasn't my point. Possible future worth based on a hunch can't be factored in. Sure it's possible, but if that's the only reason why we're mining then we're not doing much more than gambling.

His future mine rate is where you should be concentrating.

Either way, the original point stands. Providing you're not operating at a huge loss that puts you at risk of never recovering, you really shouldn't be paying much attention to your "profit" on day 1, irrespective of what niche you're in. If it's decent, great job. But providing you're confident of future gains and have demonstrated how you think you'll achieve them (like OP has) then putting a heavy focus on profit/effort - or even going as far as to already suggest it's not worth doing - on day 1 is shortsighted.

Re: Anyone into Mining?
 

if you are into the tech and researching and building cool miners sure fire away and go all in,it is a very fun hobby, I made the coolest little miner and loved it, made me ten LTC aand cost me 300 bucks back when ltc was a dollar a coin more or less and it was worth every penny BUT as an investment I would have like most been way better off just buying 300 worth of the coin at a dollar each. If you like it and need a hobby fire away if you want an investment invest in coins. IMHO

Re: Anyone into Mining?
 

and IMO cloud mining is 100% Bull**** Ponzi scheme waiting to happen. megadice bet on the house is a really good way to store coins and make money on them.

Re: Anyone into Mining?
 

https://themerkle.com/top-6-bitcoin-cloud-mining-scams/

and patiently wait there will be tons more as crypto gets more popular.

Why mine for someone else for 9 cents when you can mine for yourself at 10 cents, if they need investors it is a hop skip and jump to get coins for a legit person on btcpop or others.

Re: Anyone into Mining?
 

Guys let me clearly say it ,i buy servers and do mining,i dont buy power i buy multiple servers and mine

Re: Anyone into Mining?
 

I dont understand do you sell cloud mining?

Re: Anyone into Mining?
 

lol, i dont sell anything.

Re: Anyone into Mining?
 

so you buy server space on racks and use those racks to mine???

Re: Anyone into Mining?
 

no, he buys mines to rack server spaces

Re: Anyone into Mining?
 

nice!!! I want more tezos, i am sad the stupid thing is over

Re: Anyone into Mining?
 

more like pesos

Re: Anyone into Mining?
 

Keep guessing)

Re: Anyone into Mining?
 

Are you using a botnet?

Re: Anyone into Mining?
 

ROFL ,i will get banned and i wont get payment if i use botnets,just some powerful machines i get,ofc i mix with nichhash (people sell hash power online)
BOTNET=BAN

Re: Anyone into Mining?
 

Re: Anyone into Mining?
 

Well, you said "keep guessing" when someone asked if you were buying servers to mine with. So that's the only other explanation I could think of.

Either way good luck with your mining! You are helping make my shady transactions possible! :thumb:

Re: Anyone into Mining?
 

why host mining... defeats the purpose. Technology is changing... the market is too hot for new comers... S9 going for 3K on pre-orders... lol. Do you homework, stay away from GPUs, there are other rigs out there.

Re: Anyone into Mining?
 

do you guys know if there are ppl selling their hashpower for a reasonable price for paypal?

Re: Anyone into Mining?
 

BItcoin mining is not profitable ,only trading is profitable

Re: Anyone into Mining?
 

Why do people mine them then? (P.S. Serious question, not sure why they'd go above and beyond if there was no incentive).

Re: Anyone into Mining?
 

I'm sure it could be profitable if electricity to run the machines is free...

Re: Anyone into Mining?
 

I mean if you already own some big mining farm and electricity is free then you can do mining or else its waste of time to mine bitcoin other coins also ,we need to pick some good ones eventually someone with that knowledge wont reveal his findings to public he will stack it up and sell when it reaches the max price :thumb:

Re: Anyone into Mining?
 

Anyone looking for bios modifications to increase your hash rate should check out cryptolaboratory.co.uk. Especially with the difficulty on coins like ethereum increasing so much its almost break even/no profit with current coin prices.

Holding long term should see a good investment though. I bought some modded bios from them and got roughly 20/30% increase per card.

Re: Anyone into Mining?
 

Mining Bitcoin is over for people like you and me. You would have to buy ASIC miners that are designed only for mining. They cost somewhere around $3,000+ a piece, are sometimes hard to get, and are only relevant for a short period of time. After that you might as well use it as a boat anchor.

The reason is the difficulty level rises exponentially as more miners join the network and the block-chain gets longer and your competing against people with endless money, possibly even government sponsored.

Right now, if you're going to mine, GPU mining is the best bet. Almost all the hardware to build the miner can be re-sold or re-purposed, as long as you don't buy mining specific hardware, you could use the hardware to build a badass PC for yourself. The only thing that's junk is the $50 CPU and case. (Mining doesn't require much CPU power, I use a Intel Pentium G-4400).

How much does a Alienware PC cost? About as much as mining rig, plus you would still have 4-6 top of the line GPU's to resell. As long as you keep your GPU's under 80C they should last a long time and most come with a 5 year warranty.

AMD Cards are harder to Over Clock, use more electricity and get less Mh/s. Nvidia cards have less options of coins to mine.

I went with Nvidia. They use a lot less electricity and get more Mh/s than AMD. Nvidia price is higher but the electric will even things out. Nvidia cards produce less heat and are quieter.

GPU mining is far from over. For instance if a company made a application where movie companies could rent out the network to do their video rendering in exchange for tokens... There are all kinds of possibilities... It's a good possibility Gift Cards could be tokenized and used on a app on your phone... all those transactions are processed by someone... It all comes down to who can provide a secure convenient service for the least amount of money.

Most of mining is speculation, or gambling as someone mentioned. But hindsight is 20/20. Its easy to say your better off to investing than mine after you see where the coin was at and where it is now.

[10.18.17] I would suggest if Bitcoin hits down around $3,500USD in the next few months to buy at least one coin. When it hits $6,000USD sell and buy mining eqt. Then you cant lose.

If you mine 2000 tokens this month while the token is @ a fraction of a cent and they come out with some kind of application like the video rendering concept or smart contracts that will be used by fortune 500 companies. Those 2000 tokens could be worth millions.

Tokens are only the gas that powers the network. In software development there is a testing faze. If bitcoin is that test... the proof of concept is already complete. Now its just implementing a technology to be used on the network.

This is like investing in the internet in 1993 because it sounds cool, even though you cant wrap your mind around it or imagine what the end results will be like. Look at all the applications they have come out with since then. Its the equivalent of buying stock in these companies at a discounted rate. (the cost of electricity).

Which for me is about $1.62 a day. Plus if your really cheap you can counter that by shutting off all the lights and unplugging things you normally wouldn't when not in use.

https://image.ibb.co/k6Lavm/20171018_094853.jpg

Re: Anyone into Mining?
 

I really liked your post as that's what I agree with. Nvidia does even it out with electric costs and OC although I read some RX 580 if flashed correctly and the correct model could beat it IF you can get your hands on them. My other question is about tokens. I read about these the other day how do you invest or get into those? Any thoughts of what to buy? Thanks and I do some mining as a hobby.

Re: Anyone into Mining?
 

[Tokens=Coins] It's the same.

I'm so far off from expert level at this point... I'm only just getting started, but I've found a good channel on the discord server to get me up to speed quick.

For investing, I could only suggest the two main currencies. Bitcoin and Ethereum. They're stable enough that chances of loosing money over the long term with those two are slim to none, and if I was to guess, I think Eth is about to make a run sometime in the next few months.

I keep hearing a lot of talk about Ubiq but know next to nothing about it other than its @ $1.20, it has something to do with smart contracts, applications for business, and is similar to Ethereum. But... it might just be because it went from $0.04 to $2+ over the summer.

Mining and investing are very different so Ubiq my not apply. Your only loosing time and some pocket change by mining a high risk currency. (depending on how many mining rigs you have).

For instance I dual mined 500+ SiaCoin in 72hrs @ $0.004 while I mined 0.15 Ethereum @ $300.00+ using 4 GPU's. I spent about $6 in electric. That's somewhere around $40 profit at current prices. Now if SiaCoin actually does something.... You can see how it would be beneficial. If it doesn't, I didn't really loose anything. Current price isn't all that important since you can dump the coin when ever you want.

Ethereum Forked a couple days ago bringing down the block times, so for the next few days it should be the most profitable to mine.