Bitcoin mining anyone doing it on here ???

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Geronimoe

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As per title is anyone bitcoin mining or mining any other cryptocurrency on here and can give good advice where to start.

I,ve been doing loads of reading up on it but would like to hear of the pitfalls to look out for and recommendations.

Geronimoe
 
what are you planning on using . miner system or pc/ card based system
you will need to work out cost of system+ cost of running and profit to see if its worth the investment
the pitfalls are coin prices could drop more as its already dropped half in the last 6 weeks
 
Well first off I was going to treat it initially as a learning curve to understand how it all works and not worried about income and cost.
Was looking to buy a used antminer and set up a solo mining setup to learn the basics then setup on a pool.
I,ve got 12 kw solar which should help offset running costs and have an air conditioned log cabin to setup in so noise not a problem.
Was interested in how others have got on and recommendations really.
Also looking at ordering some S9 Antminers from Bitmain and wondering how to handle the import duties.
 
that's a fair chunk to invest to start off mate .the s9 will do about £120 a month after you pay for power but 2 1080ti will do about the same and cost less to run and cheaper to buy also easier to sell on . come with 3 year warranty
 
Will do some research into the 1080ti at the price of the cards at the moment looks like i would be better off buying the whole computers with the cards in.
 
not really mate you best off starting from a mining base i.e a proper mining motherboard and little ram heavy psu and a old 60 gig ssd
 
I did this a while back. At the time i didn't really think it was worth the hassle as I'd came to it too late. I like to learn so gave it a go for a few months. I tried to mine without being in a pool, that just turned out to be a waste of energy. Joined a pool to end up getting 0.0000002 of a bitcoin or something silly like that. I know it all mounts up and with the prices as high as they are maybe its worth it now, but think it might be worth looking into another cryptocurrency?

In the end I got a virus related to cryptocurrency, was wondering why my net usage was sky high. So in the end I randomised my bitcoin wallet password and formatted. Bet that pissed of the creator of the virus lol. Now thinking about it maybe the virus was laundering virtual currency and i could be worth 100s lol.

My pride had taken a hit as I'm usually kinda careful about viruses and i let my guard down! That was the end of my bitcoin experience!
 
nicehash is easy to get you going there are also others like betterhash mostly all mining software will show as a virus as its opening ports and so on nicehash basically mines other cryptos and converts to payout in bitcoin and can be up and running in 5 mins . There is a profit calculator on there website
 
fus10n said:
I did this a while back. At the time i didn't really think it was worth the hassle as I'd came to it too late. I like to learn so gave it a go for a few months. I tried to mine without being in a pool, that just turned out to be a waste of energy. Joined a pool to end up getting 0.0000002 of a bitcoin or something silly like that. I know it all mounts up and with the prices as high as they are maybe its worth it now, but think it might be worth looking into another cryptocurrency?

In the end I got a virus related to cryptocurrency, was wondering why my net usage was sky high. So in the end I randomised my bitcoin wallet password and formatted. Bet that pissed of the creator of the virus lol. Now thinking about it maybe the virus was laundering virtual currency and i could be worth 100s lol.

My pride had taken a hit as I'm usually kinda careful about viruses and i let my guard down! That was the end of my bitcoin experience!
Click to expand...

Thanks for sharing this, not sure too as price continue to increase and fall and i don't want to miss the boat kind off.
 
personally i think instead of mining, it is better to buy lots of a coin that supports staking. so all you do i hold your coins in a wallet and for staking you get extra coins. some give 5% return all depends on amount in your wallet
 
Thanx i will take a look at staking.
Just bought a old Antminer S3 and waiting on delivery. Will be using it for a learning curve and try it out on solo and pool mining so i can learn the basics.
Found a few solo mine ie (solo.ckpool) and others
 
I'm sure mining is all loss but miners rely on the inflation of the currency at the moment, I think.

Not into it myself but I can't see how the cost of the equipment and power can be justified.

After looking at the power consumption of some of the stuff I was wondering how people are powering multiple Antminers (for example). I've read that some use 1.3kW at the wall (I suppose that depends on PSU efficiency) but how do people power multiple miners in a domestic setting?
 
turner brown said:
think you will be luck to get anything back with the s3 as costs more to run than it will make even with your solar panels will be tight

BITMAIN AntMiner S3 profitability on NiceHash
Click to expand...
Yes i looked at that and the intention was not to make a profit from the S3 but to get a idea before i sink to much money in to it.
I am looking long term to mine BTC to hold and see what happens in the future to it.
No worse than buying a lottery ticket but you never know and i,ll learn something in the process.
 
I had a old i5 machine that I stuck a gtx 960 card in and would do about £35 a month after power costs
 
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