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Any bitcoin miners around?

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#1 NCC10281982B

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Posted 02 April 2014 - 02:52 PM

Disclaimer: If you dislike bitcoin for any reason please ignore this thread.

 

Now that the boilerplate is out of the way.

 

If you do mine coins/

 

Please answer the following:

 

1. What software are you running? and how did you set it up.

 

2. Are you a member of a pool? If yes, witch one?

 

3. If applicable are you making any revenue?

 

I am very new to this and need a had understanding and setting up. I currently run bitcoin core - wallet on one rig. It is still syncing with ~58 weeks to go. I cam confused because the "client" is only using ~25 CPU power. This seems counter intuitive based on my experience with projects like F@H.

 

Thoughts??


Once again the greed of the few out ways the good of the many...

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#2 El_Capitan

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Posted 02 April 2014 - 03:01 PM

Are you mining with an ASIC? If you aren't, I wouldn't bother. It's not even worthwhile to mine Litecoins. Your best bet is to mine an ASIC resistant coin that uses Scrypt-N like Vertcoin, or mine on a multipool.

 

1. You can use Linux, but I just use Windows 7/8 since that's what I'm comfortable with.

 

2. If you're starting out, pools will get you consistent shares as opposed to p2pool or solo mining. give-me-coins.com is a very reliable pool that I used to mine Litecoins. I use bitcrush.com for Vertcoins.

 

3. Currently BTC, LTC, and all altcoins are at a low (all coins are tied to BTC since you can only cash out with BTC). I made revenue in the past, and will again in the future if prices go back up. Currently at the low, I'm breaking even after electric costs.

 

If you're really interested in getting into digital cryptocurrency, I recommend just buying from a reputable exchange and storing it on your wallet. Although I also recommend encrypting your wallet and backing up your wallet once you have it encrypted and coins in your wallet.



#3 NCC10281982B

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Posted 02 April 2014 - 03:27 PM

Thanks man! A former coworker turned me back on to this. Says she spent 1K $ usd on 2 rigs and they paid for them selves during march. Says she next about $15/day. I have 3 other rigs waiting to be activated.

 

Side note: I love F@H but folded proteins do not have the potential for paying rent one day.

 

http://youtu.be/Ck1N1I-LzWc?t=50s


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#4 El_Capitan

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Posted 02 April 2014 - 04:13 PM

Thanks man! A former coworker turned me back on to this. Says she spent 1K $ usd on 2 rigs and they paid for them selves during march. Says she next about $15/day. I have 3 other rigs waiting to be activated.

 

Side note: I love F@H but folded proteins do not have the potential for paying rent one day.

 

http://youtu.be/Ck1N1I-LzWc?t=50s

 

Well, maybe last March if she was mining Bitcoins, I could believe that for sure, but not now. The world of cryptocurrency mining isn't for the faint of heart. You need to read up on everything and make the best judgement, or you lose out and pay high electric bills.

 

Unless you're mining a new coin within the first week to pump and dump, you pretty much have to hold onto whatever you mine until the value or trade value on the exchanges go up. That could be once every couple of months, but more like once every 6-7 months, so you have to be patient.



#5 kyfire

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Posted 02 April 2014 - 04:30 PM

Another point to consider, for any who are mining or have any crypto-currency is the US IRS has made a ruling on them for tax purposes....

 

http://www.businessi...3#ixzz2x0L0ICqP


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#6 Waco

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Posted 02 April 2014 - 04:55 PM

Don't even bother: http://arstechnica.c...l-new-bitcoins/

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#7 NCC10281982B

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Posted 03 April 2014 - 10:26 AM

As usual, I should have gotten in when I first thought about it. Ahh the risk of being a late adopter.


Once again the greed of the few out ways the good of the many...

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#8 ClayMeow

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Posted 03 April 2014 - 12:23 PM

Thanks man! A former coworker turned me back on to this. Says she spent 1K $ usd on 2 rigs and they paid for them selves during march. Says she next about $15/day.

$15/day is roughly $450/month. Now go back and ask her what her monthly electricity bill is because I highly doubt she's factored that in...not with the way the bitcoin market currently is. As El_Capitan said, maybe a year ago.


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#9 Puck

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Posted 03 April 2014 - 12:45 PM

With 1.5MH/s I was making good profit, but after the crash I stopped since I was barely breaking even anymore and during the summer months it was making the area around the computer a sauna. It was fun while it lasted, but I moved the money I made from crypto into the stock market trading volatile penny stocks and the ROI (along with the risk) is many, many times higher.

 

Electric bill won't change too much unless you live where power is very expensive.


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Wow, puck just kinda summed that one up for most of us lol. I agree with puck. :)

Man Puck... I couldn't have said it better myself!

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#10 NCC10281982B

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Posted 04 April 2014 - 07:15 PM

@clay. she said it was after expenses.

Once again the greed of the few out ways the good of the many...

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