New Posts  All Forums:Forum Nav:

Is Mining Legit?

post #1 of 15
Thread Starter 
I have looked into it and I have gotten very interested in the subject.
I just wanted to know if anyone here ever tried it and how well of bank did you get with this mining Bitcoin thing.
Is it possible to get Bitcoin into real currency? - Transfer into a Bank Account (USD)

MOD If this is against TOS please remove.
My Calculator
(13 items)
 
   
CPUMotherboardGraphicsRAM
i7 2670QM Asus G74SW Nvidia GTX 560M 2GB 16GB Samsung Stock 
Hard DriveCoolingOS
500GB + 1TB Samsung's Stock Windows 7 + Ubuntu 12.04 LTS  
  hide details  
Reply
My Calculator
(13 items)
 
   
CPUMotherboardGraphicsRAM
i7 2670QM Asus G74SW Nvidia GTX 560M 2GB 16GB Samsung Stock 
Hard DriveCoolingOS
500GB + 1TB Samsung's Stock Windows 7 + Ubuntu 12.04 LTS  
  hide details  
Reply
post #2 of 15
Of course it pays off but you need to substantial hardware to make any real money.
Animus
(22 items)
 
  
CPUMotherboardGraphicsRAM
Intel Core i7 3770K Asus Maximus V Formula Z77 EVGA GTX980Ti SC+ ACX 2.0+ 2 x 4GB Corsair Dominator GT 1866Mhz 
Hard DriveHard DriveCoolingCooling
Samsung 840 Pro 128GB 2 x WD 1TB Blue EZEX RAID0 EK Supremacy - Copper / Acetal EK Titan X & Backplate - Copper / Acetal 
CoolingCoolingCoolingCooling
EK 360XTX EK Spin Reservoir - Acetal Liang DDC / EK Top EK PSC Compression Fittings 
OSMonitorKeyboardPower
Windows 7 Professional 64bit 3 x Samsung P2450H 24" Filco Majestouch 2 - Cherry Blues Corsair TX750 
CaseMouseMouse PadAudio
Corsair 800D Razer Deathadder 2013 Razer Destructor 2 Creative Titanium HD 
AudioAudio
Fiio E9 Amplifier Beyerdynamic DT880 Premium (600 Ohm) 
  hide details  
Reply
Animus
(22 items)
 
  
CPUMotherboardGraphicsRAM
Intel Core i7 3770K Asus Maximus V Formula Z77 EVGA GTX980Ti SC+ ACX 2.0+ 2 x 4GB Corsair Dominator GT 1866Mhz 
Hard DriveHard DriveCoolingCooling
Samsung 840 Pro 128GB 2 x WD 1TB Blue EZEX RAID0 EK Supremacy - Copper / Acetal EK Titan X & Backplate - Copper / Acetal 
CoolingCoolingCoolingCooling
EK 360XTX EK Spin Reservoir - Acetal Liang DDC / EK Top EK PSC Compression Fittings 
OSMonitorKeyboardPower
Windows 7 Professional 64bit 3 x Samsung P2450H 24" Filco Majestouch 2 - Cherry Blues Corsair TX750 
CaseMouseMouse PadAudio
Corsair 800D Razer Deathadder 2013 Razer Destructor 2 Creative Titanium HD 
AudioAudio
Fiio E9 Amplifier Beyerdynamic DT880 Premium (600 Ohm) 
  hide details  
Reply
post #3 of 15
And then the power costs if you use dual 6990s or something... You'd perhaps be better off buying one of these mining FPGAs.
post #4 of 15
Moved to the distributed computing section.
post #5 of 15
I don't think it is worth it anymore because of the dedicated ASIC-miners. Mining difficulty is going up exponentially and depending on where you live, the payout won't be enough to pay the electricity bill. If you wanne make money, get dedicated Asic-miners. But they are on backorder. So by the time you get your miner, difficulty has risen again to the point that you won't make any profit anymore.
Edited by Ribozyme - 6/10/13 at 6:14am
post #6 of 15
Quote:
Originally Posted by Ribozyme View Post

I don't think it is worth it anymore because of the dedicated ASIC-miners. Mining difficulty is going up exponentially and depending on where you live, the payout won't be enough to pay the electricity bill. If you wanne make money, get dedicated Asic-mienrs. But they are on backorder. So by the time you get your miner, difficulty has risen again to the point that you won't make any profit anymore.

Then mine litecoins instead.
My gaming desk
(14 items)
 
Miner
(15 items)
 
 
CPUMotherboardGraphicsRAM
AMD FX-8350 ASUS Sabertooth 990FX Sapphire 290x Patriot Viper Extreme Division 4 
Hard DriveHard DriveCoolingCooling
OCZ Vertex 460 WD 1TB Blue Koolance 380A EK-FC R9-290X 
OSMonitorKeyboardPower
Windows 8.1 64-bit Monoprice 27" IPS-Glass Pro Panel DUCKY! Antec HCP 850W 
CaseMouse
Hand built wooden desk Logitech G700S 
CPUMotherboardGraphicsGraphics
AMD A10 7850K ASUS A88X-Pro Sapphire 280x Sapphire 280x 
RAMHard DriveHard DriveCooling
Patriot Viper Xtreme Div4 1866mhz 60GB Vertex2 WD Caviar 500AAKS XSPC Rasa 
OSPowerCase
Windows 7 64 bit EVGA 1000W G2 Thermaltake Level 10 GTS 
  hide details  
Reply
My gaming desk
(14 items)
 
Miner
(15 items)
 
 
CPUMotherboardGraphicsRAM
AMD FX-8350 ASUS Sabertooth 990FX Sapphire 290x Patriot Viper Extreme Division 4 
Hard DriveHard DriveCoolingCooling
OCZ Vertex 460 WD 1TB Blue Koolance 380A EK-FC R9-290X 
OSMonitorKeyboardPower
Windows 8.1 64-bit Monoprice 27" IPS-Glass Pro Panel DUCKY! Antec HCP 850W 
CaseMouse
Hand built wooden desk Logitech G700S 
CPUMotherboardGraphicsGraphics
AMD A10 7850K ASUS A88X-Pro Sapphire 280x Sapphire 280x 
RAMHard DriveHard DriveCooling
Patriot Viper Xtreme Div4 1866mhz 60GB Vertex2 WD Caviar 500AAKS XSPC Rasa 
OSPowerCase
Windows 7 64 bit EVGA 1000W G2 Thermaltake Level 10 GTS 
  hide details  
Reply
post #7 of 15
Quote:
Originally Posted by Krusher33 View Post

Then mine litecoins instead.

Tell that to OP tongue.gif Is it still possible to turn a profit with a 7970 with Litecoins?
post #8 of 15
I think so if you sell at the right times. It'll keep you busy making you watch the market to sell what you think is peak.

http://www.overclock.net/t/1398250/tutorial-how-to-start-mining-litecoins/0_50
My gaming desk
(14 items)
 
Miner
(15 items)
 
 
CPUMotherboardGraphicsRAM
AMD FX-8350 ASUS Sabertooth 990FX Sapphire 290x Patriot Viper Extreme Division 4 
Hard DriveHard DriveCoolingCooling
OCZ Vertex 460 WD 1TB Blue Koolance 380A EK-FC R9-290X 
OSMonitorKeyboardPower
Windows 8.1 64-bit Monoprice 27" IPS-Glass Pro Panel DUCKY! Antec HCP 850W 
CaseMouse
Hand built wooden desk Logitech G700S 
CPUMotherboardGraphicsGraphics
AMD A10 7850K ASUS A88X-Pro Sapphire 280x Sapphire 280x 
RAMHard DriveHard DriveCooling
Patriot Viper Xtreme Div4 1866mhz 60GB Vertex2 WD Caviar 500AAKS XSPC Rasa 
OSPowerCase
Windows 7 64 bit EVGA 1000W G2 Thermaltake Level 10 GTS 
  hide details  
Reply
My gaming desk
(14 items)
 
Miner
(15 items)
 
 
CPUMotherboardGraphicsRAM
AMD FX-8350 ASUS Sabertooth 990FX Sapphire 290x Patriot Viper Extreme Division 4 
Hard DriveHard DriveCoolingCooling
OCZ Vertex 460 WD 1TB Blue Koolance 380A EK-FC R9-290X 
OSMonitorKeyboardPower
Windows 8.1 64-bit Monoprice 27" IPS-Glass Pro Panel DUCKY! Antec HCP 850W 
CaseMouse
Hand built wooden desk Logitech G700S 
CPUMotherboardGraphicsGraphics
AMD A10 7850K ASUS A88X-Pro Sapphire 280x Sapphire 280x 
RAMHard DriveHard DriveCooling
Patriot Viper Xtreme Div4 1866mhz 60GB Vertex2 WD Caviar 500AAKS XSPC Rasa 
OSPowerCase
Windows 7 64 bit EVGA 1000W G2 Thermaltake Level 10 GTS 
  hide details  
Reply
post #9 of 15
Thread Starter 
After looking at This and this

Looks like any AMD card over 300 Mhash/s I will be making a steady profit. Not to mention a 7970 gets about 600+ easily.
So once you mine a Bitcoin you have to sell it? Obviously after that, Real USD transferred into Account such as paypal or Bank.
My Calculator
(13 items)
 
   
CPUMotherboardGraphicsRAM
i7 2670QM Asus G74SW Nvidia GTX 560M 2GB 16GB Samsung Stock 
Hard DriveCoolingOS
500GB + 1TB Samsung's Stock Windows 7 + Ubuntu 12.04 LTS  
  hide details  
Reply
My Calculator
(13 items)
 
   
CPUMotherboardGraphicsRAM
i7 2670QM Asus G74SW Nvidia GTX 560M 2GB 16GB Samsung Stock 
Hard DriveCoolingOS
500GB + 1TB Samsung's Stock Windows 7 + Ubuntu 12.04 LTS  
  hide details  
Reply
post #10 of 15
I would say no for the following reasons

- the popularity of mining has taken off, and your little rig would be competing again hundreds of thousands of truly dedicated mining machines ( talking about rigs with hundreds of GPU's, and not to mention the fully custom ground up mining machines )
- electricity cost of running a rig will be more than any profit you see
- Just because someone says a bit coin is worth $XXX does not mean someone will pay you that much for one.
- what do you do with one when you have one? only thing you can buy online with them is illegal goods really.
- Legit sites that accept bitcoin often charge more than it would cost if you just paid with cash
- the mining system is not in your favor, going solo, its pretty safe to say now that you won't ever mine a single coin. To see anything, you would need to join a very large mining group, and IF you manage to mine a block, your percentage will be very very small.
to be relevant.

Everyone likes the idea of letting your computer make you money when you are not using it, but its not that realistic.
New Posts  All Forums:Forum Nav:
  Return Home
  Back to Forum: Distributed Computing - General