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CryptoCurrency Discuss all CryptoCurrencies / coins and their use for personal or business purposes. Bitcoin (BTC) is possibly the best known but there are numerous crypto currencies, this is the forum to discuss them all.

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  #1  
Old 07-03-2017
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Default Anyone into Mining?

Hi guys,mining BTC is very hard now,anyone mining Alternative coins like monero,and other alt coins share your thoughts
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  #2  
Old 07-19-2017
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Default 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
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Old 07-19-2017
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Default 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





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.
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Last edited by xenix; 07-19-2017 at 06:01 AM.
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  #4  
Old 07-19-2017
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Default Re: Anyone into Mining?

a very hard coin to mine
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  #5  
Old 07-19-2017
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Default Re: Anyone into Mining?

Quote:
Originally Posted by unkown5454 View Post
a very hard coin to mine
monero is not that hard
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Old 07-19-2017
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Default 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.
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Old 07-19-2017
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Default Re: Anyone into Mining?

Quote:
Originally Posted by Ebayorbust View Post
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.
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;

Quote:
currently mining at speed of 500 h/s constant
my next goal is to mine at 5 kh/s constant within this week.
If (if being the keyword) achieved, just emphasise that point. He'll be upto $30 day.

Quote:
Originally Posted by unkown5454 View Post
a very hard coin to mine
FYI- Monero is not a difficult to mine relatively speaking.

Last edited by UKGiftWarranty; 07-19-2017 at 04:22 PM.
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  #8  
Old 07-19-2017
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Default Re: Anyone into Mining?

Quote:
If (if being the keyword) achieved, just emphasise that point. He'll be upto $30 day.
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?
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  #9  
Old 07-19-2017
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Default Re: Anyone into Mining?

Quote:
Time spent/energy spent on Day 1 (Hell, Month 1) is completely irrelevant, so is profit.
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?
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Last edited by Ebayorbust; 07-19-2017 at 11:47 PM.
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  #10  
Old 07-20-2017
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Default 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)
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  #11  
Old 07-20-2017
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Default Re: Anyone into Mining?

Quote:
Originally Posted by Ebayorbust View Post
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.
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
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Old 07-20-2017
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Default Re: Anyone into Mining?

Quote:
Originally Posted by UKGiftWarranty View Post
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.
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.
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  #13  
Old 07-20-2017
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Default Re: Anyone into Mining?

Quote:
Originally Posted by Play View Post
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?
About the cloud costings will post here in end of one month.
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  #14  
Old 07-20-2017
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Default Re: Anyone into Mining?

Day 2


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Last edited by xenix; 07-20-2017 at 02:57 AM.
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  #15  
Old 07-20-2017
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Default Re: Anyone into Mining?

Quote:
Originally Posted by Ebayorbust View Post
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?
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.

Last edited by UKGiftWarranty; 07-20-2017 at 09:32 AM.
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  #16  
Old 07-21-2017
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Default 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
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  #17  
Old 07-21-2017
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Default 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.
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Old 07-21-2017
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Default 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.
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  #19  
Old 07-22-2017
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Default Re: Anyone into Mining?

Quote:
Originally Posted by danshan View Post
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.
Guys let me clearly say it ,i buy servers and do mining,i dont buy power i buy multiple servers and mine
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Old 07-22-2017
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Default Re: Anyone into Mining?

I dont understand do you sell cloud mining?
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  #21  
Old 07-24-2017
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Default Re: Anyone into Mining?

Quote:
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I dont understand do you sell cloud mining?
lol, i dont sell anything.
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  #22  
Old 07-24-2017
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Default Re: Anyone into Mining?

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