Bit coin mining, what am i doing wrong? - Page 1

[ARCHIVED THREAD] - Bit coin mining, what am i doing wrong?

Posted: 8/20/2017 1:59:58 AM EDT

So I set up my gaming desktop to be a bit coin miner, I'm by no means a super tech savy guy but using the calculator on line that i can find im looking at around a couple decades to break even. (I'm using slushpool and BFG miner), i tried to run an old tablet that takes 5 watts via USB and i get 1 mh/s (so i obviously said "screw that"), with the desktop can get like 1.3 GH/s but that is decades before i break even. what am i doing wrong? obviously if i made thousands of coins per minute I would be WAY late to this party but shouldn't i be able to mine at a decent rate?

What am i doing wrong? (obviously the big guys have massive investments in hardware but can a single desktop make 10-20 bucks a month?

Posted: 8/20/2017 2:11:07 AM EDT

[#1]

With a desktop and a 1.3GH/sec has rate? No, you'll never get there unless you've got free power.

You need to be running in the Terahash range to be anywhere close. Something like an Antminer S9 that can run 11-14 TH/sec. That's 10,000 times faster than you're running.

What calculator are you using? How many watts is your machine pulling? How much is your electricity cost?

If you try this one, you'll see that at 1.3 GH/sec, and 12 cents/kWH and say 1000 Watts, you're losing money. You'd have to be up to 2585 GH/Sec to break even.

https://www.cryptocompare.com/mining/calculator/btc?HashingPower=2585&HashingUnit=GH%2Fs&PowerConsumption=1000&CostPerkWh=0.12

Feel free to adjust the variables to your particulars. But no matter how you slice it, it's not happening.

Posted: 8/20/2017 2:40:13 AM EDT

[#2]

If a desktop could make $20 per month, then everybody would have 20 or more running all the time.

Posted: 8/20/2017 3:28:26 AM EDT

[#3]

You'd need to be on HYDRO-power to mine economically.
Paying for commercial grid power, at Alaska rates is like using electric heat.

Posted: 8/20/2017 6:00:40 AM EDT

[#4]

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You'd need to be on HYDRO-power to mine economically.
Paying for commercial grid power, at Alaska rates is like using electric heat.

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Get a few ant miners and ditch your home heating.

Win win.

Posted: 8/20/2017 6:22:45 AM EDT

[#5]

I have no clue what any of this is. How does one mine a bit coin? Why would you do it?

Posted: 8/20/2017 7:50:01 AM EDT

[#6]

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I have no clue what any of this is. How does one mine a bit coin? Why would you do it?

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Mining is the process of validating and confirming authorized transactions. Miners get paid in bitcoin for supplying the backbone of the network.

Because it has been profitable to mine bitcoin specialized machines have been built to perform the work. If you aren't using a specialized machine now, you wont bring enough power to the network to ever make money. Profitability can also vary based upon your electrical costs.

For the most part I wouldn't worry about mining. If you want in on bitcoin, buy some.

FWIW I believe we are in a short term bubble that will cycle down again before taking off in another large upswing. I'm not 100% certain or that, so I hedged my bets a couple months ago. I'm not willing to sell off the last of my bitcoin because their is a possibility it will continue growing for the rest of my lifetime without ever coming down to the roughly $1,000 bottom I've been expecting.

Posted: 8/20/2017 11:08:35 AM EDT

[#7]

The key part of it is this
Mining is the process of validating and confirming authorized transactions. Miners get paid in bitcoin for supplying the backbone of the network.

AND you have to be first.

If you are not the first you are just confirming and don't get any payment.

If your rig isn't fast enough to be first, OR you are not part of a collective mining and contributing to their processing speed, then you are never going to mine anything.

As little as 5 years ago your rig would have pulled in some bit coin or fraction of, because it wasn't worth enough to mine. It still wouldn't have paid for the power it drew.
But had you done it and hung on to the bit coins it mined, you would have quite a chunk of change now.

Once it became more profitable, as said above they built purpose rigs for it.
I looked at one point and while you could build a nice desktop for 500 to 1k, the purpose rigs were going for near 2k to 4k.

Posted: 8/20/2017 11:08:41 AM EDT

[#8]

At this point in the game you are wasting your CPU cycles and electricity.

Posted: 8/20/2017 2:13:50 PM EDT

[#9]

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Get a few ant miners and ditch your home heating.

Win win.

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Electricity from the GRID here retails at 24 cents per kiloWatthour... just slightly cheaper than burning dollar bills for heat.

Posted: 8/20/2017 2:19:16 PM EDT

[#10]

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At this point in the game you are wasting your CPU cycles and electricity.

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Your about 6 years to late to mine Bitcoin on a cpu.

Try Altcoin mining, but even then you will not earn much with just a single cpu.

Posted: 8/21/2017 1:22:57 PM EDT

[#11]

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At this point in the game you are wasting your CPU cycles and electricity.

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this is what I figured out, my income was -250%... without counting my computer cost...

what is funny is ALL of the online places to get dedicated TH/S rigs set up are sold out. I would anticipate a crash soonish simply due to glut of miners hitting market.

Posted: 8/21/2017 6:44:13 PM EDT

[#12]

thats not how it works.
there is a finite amount out there and no more can be created. We are just at the hard part to even get a fraction right now.
The amount you get for completing the check is smaller the longer the mining goes on.

Posted: 8/21/2017 7:14:07 PM EDT

[#13]

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thats not how it works.
there is a finite amount out there and no more can be created. We are just at the hard part to even get a fraction right now.
The amount you get for completing the check is smaller the longer the mining goes on.

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That's not correct. There is a finite amount, and about 12.5 more of them are being created every 10 minutes at the moment. The amount halves every so often until the end of token creation in 2140.

Posted: 8/21/2017 7:36:31 PM EDT

[#14]

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That's not correct. There is a finite amount, and about 12.5 more of them are being created every 10 minutes at the moment. The amount halves every so often until the end of token creation in 2140.

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Quite a payment right now.

Posted: 8/21/2017 8:13:46 PM EDT

[#15]

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Quite a payment right now.

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Quoted:

That's not correct. There is a finite amount, and about 12.5 more of them are being created every 10 minutes at the moment. The amount halves every so often until the end of token creation in 2140.

Quite a payment right now.

50k or so.

Posted: 8/21/2017 8:20:51 PM EDT

[#16]

Had a cousin who sunk $60k into computers back 15 years ago to mine. 8 computers working together at just under $8k a piece. The big boys are way past desktops these days.

Posted: 8/21/2017 8:23:02 PM EDT

[#17]

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Had a cousin who sunk $60k into computers back 15 years ago to mine. 8 computers working together at just under $8k a piece. The big boys are way past desktops these days.

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Your timeline is a bit off. He probably sunk that money closer to five years ago.

Posted: 8/21/2017 8:54:53 PM EDT

[#18]

I know of the guys whom tried mining bitcoin. All of them ended up spending more money than they ever made. The last guy just got out less than 6 months ago.

Pretty sure it's a fools errand.

Posted: 8/21/2017 9:02:45 PM EDT

[#19]

You're better off trading/holding.

You can mine ETH and related coins with a bunch of GPUs, there is a D3 Antminer for about $2k or so that can mine DASH like a boss.. but they're dropping another batch and you're going to be up against a bunch of other miners running D3s.

Mining Rigs for 2017

Posted: 8/21/2017 9:08:50 PM EDT

[#20]

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I know of the guys whom tried mining bitcoin. All of them ended up spending more money than they ever made. The last guy just got out less than 6 months ago.

Pretty sure it's a fools errand.

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Lots made money. Most like me got in too late. I spent quite a bit on altcoin mining machines in 2014. When I ordered, machine payoff was one month. By the time machines showed up it was two months. By the time I mined a month it was three months. After roughly three months I turned them off. At the time I was in the hole several thousand for the machines and electricity cost was more than the payout.

I held onto my bitcoin and didn't sell it. This year I became profitable. Cashed out my original expense and I'm holding the extra in bitcoin.

If I would have bought bitcoin the day I ordered mining equipment I would be up 400% instead of 70%.

ETA: If I would have bought at the 2014 low I would be up about 2,000%, lol.

Posted: 8/21/2017 9:11:03 PM EDT

[#21]

sounds like the best or possibly only way to be making money now is to be the guy sellling the rigs.

Posted: 8/21/2017 11:36:00 PM EDT

[#22]

nvm misread...

Posted: 8/21/2017 11:36:49 PM EDT

[#23]

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sounds like the best or possibly only way to be making money now is to be the guy sellling the rigs.

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There's an old story about the only people who really made good money in the gold rushes (outside of the very rare real gold strike) were the ones selling mining equipment...

Posted: 8/22/2017 7:58:06 PM EDT

[#24]

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Had a cousin who sunk $60k into computers back 15 years ago to mine. 8 computers working together at just under $8k a piece. The big boys are way past desktops these days.

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Your cousin is Satoshi Nakamoto??!!

Posted: 8/24/2017 6:22:13 AM EDT

[#25]

You are competing against people who have free electricity (somebody else pays for it, rental, business, school, government)

China supposedly has a huge complex for mining right on a hydro electric dam.

Posted: 8/24/2017 6:16:34 PM EDT

[#26]

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You are competing against people who have free electricity (somebody else pays for it, rental, business, school, government)

China supposedly has a huge complex for mining right on a hydro electric dam.

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No, China simply spreads malware to have a botnet of bitcoin miners and other agents that call in to their command and control.

Posted: 8/24/2017 10:12:41 PM EDT

[#27]

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No, China simply spreads malware to have a botnet of bitcoin miners and other agents that call in to their command and control.

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View All Quotes

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Quoted:

Quoted:
You are competing against people who have free electricity (somebody else pays for it, rental, business, school, government)

China supposedly has a huge complex for mining right on a hydro electric dam.

No, China simply spreads malware to have a botnet of bitcoin miners and other agents that call in to their command and control.

Not really.

China actually does have multiple mining complexes that are right next to hydroelectric plants, probably getting their electricity for free or nearly free.

Posted: 9/8/2017 12:45:32 PM EDT

[#28]

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Not really.

China actually does have multiple mining complexes that are right next to hydroelectric plants, probably getting their electricity for free or nearly free.

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will be funny if the users eventually believe that BTC is a china centralized operation and abandons it for something else.

Posted: 9/8/2017 8:02:42 PM EDT

[#29]

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will be funny if the users eventually believe that BTC is a china centralized operation and abandons it for something else.

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Quoted:

Not really.

China actually does have multiple mining complexes that are right next to hydroelectric plants, probably getting their electricity for free or nearly free.

will be funny if the users eventually believe that BTC is a china centralized operation and abandons it for something else.

It's reaching that point. At some point in the near future all btc mining will be controlled inside china, a country that is turning increasingly crypto-hostile and restricts external internet access to the point it is actively degrading the btc network.

[ARCHIVED THREAD] - Bit coin mining, what am i doing wrong?

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