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[Disscusion / Your opinion] Is mining still worth it? with poll

Poll Results: Is mining still worth it?

 
  • 20% (2)
    Yes
  • 60% (6)
    No
  • 20% (2)
    only bitcoin is not worth it
10 Total Votes  
post #1 of 9
Thread Starter 
So, i dont know much about mining, other than the fact that the problems are really hard nowadays and it takes a really long time to make anything.

reading this blog
http://www.corsair.com/en-us/blog/2014/march/cryptominingpart5

im wondering why people still mines.

is it even worth it?

this guy (albeit, he mentions the xfx 7970 were "notoriously not recommended for cryto mining, but not sure how much of a change this makes) mined for a week , and decided to call it quits, running close to ~~ 24/7, and he said,
"we were consistently getting an average of 0.017 BTC per day and ended up with a total of .118 Bitcoins for our 7 days of mining. At the current exchange rate of $585 per bitcoin we made about $70 which gives us a nice round number of about $10 per day."

why is mining still going on if its this hard to make money off it?
I know (from rumors, readings, and the news) that when mining first came out, it was relatively easy to make 25-30 coins a day, but this guy is running quad 7970's and didnt even made 0.1 coins a day.

I was thinking about starting mining couple months ago when I read that mining was really hard now, and this blog even made up my mind even more


TL;DR: some guy with quad 7970's made only 0.118 bitcoins in a week and decided to call it quits after 1 week, making only $10 a day
Edited by IMKR - 3/28/14 at 6:04pm
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post #2 of 9
GPU mining BTC is not viable anymore, absolutely not. You'd have to drop a pretty considerable amount of money on ASIC miners for it to be worthwhile. However, many altcoins are still great for mining with GPUs (LTC, DOGE, etc.)
post #3 of 9
If you were looking into mining you should know that basically nobody is GPU mining Bitcoins. It was mostly Litecoin for a while but AFAIK profit margins are not nearly as good as they were 6 months ago
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post #4 of 9
Thread Starter 
Quote:
Originally Posted by Cyro999 View Post

If you were looking into mining you should know that basically nobody is GPU mining Bitcoins. It was mostly Litecoin for a while but AFAIK profit margins are not nearly as good as they were 6 months ago

yeah i stopped doing research about bitcoins right when i started (couple months ago) due to the fact that everywhere i read, it highlights "mining is getting harder, now people makes 0.05 a day"

so theres another method to mine other than GPU ?
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post #5 of 9
For bitcoins, yes, people use ASIC's which are much faster and more efficient

most people jumped ship to altcoins like Litecoin ages ago because of that - no point mining BTC when the difficulty is so high that you're losing money from power costs
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post #6 of 9
Thread Starter 
Quote:
Originally Posted by Cyro999 View Post

For bitcoins, yes, people use ASIC's which are much faster and more efficient

most people jumped ship to altcoins like Litecoin ages ago because of that - no point mining BTC when the difficulty is so high that you're losing money from power costs

so if mining with GPU's is this hard, and ASIC mining was the only way to not break even with power costs, why did AMD GPUs rise in price so high?
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post #7 of 9
Quote:
Originally Posted by IMKR View Post

so if mining with GPU's is this hard, and ASIC mining was the only way to not break even with power costs, why did AMD GPUs rise in price so high?

Because altcoins are on the rise and GPUs are still quite effective at mining them.
post #8 of 9
Quote:
Originally Posted by IMKR View Post

so if mining with GPU's is this hard, and ASIC mining was the only way to not break even with power costs, why did AMD GPUs rise in price so high?

As said.. People were buying them to mine other coins, mainly litecoins

gpu mining bitcoins is long gone
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post #9 of 9
No not at all. At 1000kh/s you are getting about $1.75 no including power. Breaking even is going to take over half a year now.
    
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