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Is there a bitcoin mining thread/section?


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#1 pistol22cal

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Posted 19 October 2017 - 06:41 AM

I've been asked by a few family members about bitcoin.

 

While I do understand the basics I would like to share experiences, issues, and successes here on this forum. I feel the members here are extremely helpful and understanding.

 

I starting mining the other day on my RX 470 and I am getting about $1.11 per day!!!! 

 

Consider that I only gave $205 for my RX 470 at this rate it will pay for itself in 184 days.

 

So, I do see the potential in all of this, minus the fluctuations that can occur with any investment, it's always risky. 

 

I have a little capital set aside and I am considering a ASCI miner like the antminer s9 14 TH/s is WAY more than my RX 470's 271 H/s

 

At a little over $1800 but with a profitability of approx. $450 per month, 4 months it has paid for itself. Even more so if I can run it off renewable sources!


Edited by hamluis, 19 October 2017 - 07:07 AM.
Moved from System Buildintg to Announcements - Hamluis

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#2 Kilroy

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Posted 19 October 2017 - 03:12 PM

You're forgetting about another cost, power.  Unless you get free electric that is part of the cost of mining.  The time for mining BitCoins has passed.

 

Security Now had a podcast about it, February 2011, back when it was worth about a buck.  Take a listen or read the transcript of the podcast.  Six years ago mining BitCoins could be profitable, these days it isn't as the odds of getting a reward are high and the rewards have dropped.



#3 pistol22cal

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Posted 21 October 2017 - 08:44 PM

You're forgetting about another cost, power.  Unless you get free electric that is part of the cost of mining.  The time for mining BitCoins has passed.

 

Security Now had a podcast about it, February 2011, back when it was worth about a buck.  Take a listen or read the transcript of the podcast.  Six years ago mining BitCoins could be profitable, these days it isn't as the odds of getting a reward are high and the rewards have dropped.

 

I get that, but I am not mining bitcoin I'm using nicehash which sells my hashing power to people in exchange for BTC and they pay in BTC. What is your opinion of that type of X11 setup with the S9?

 

Oh and my power is solar, so while not free it's better than our .098 rate from the power company and even if I used power company power according to nicehash its about $500 a month in profits.

 

Thoughts?


Edited by pistol22cal, 21 October 2017 - 08:45 PM.

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#4 markishpool

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Posted 02 August 2018 - 12:23 PM

why so quickly closed this topic? it is very interesting for me and it is very important for me now. How can you implement mining with  RX 470 ?





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