Looking to mine

[Totally-A-Hero]

So im 15 and have quite a bit of cash from my recent job saved up. (1g USD). Im looking for a way to invest before i turn 16 to have extra money for a car. Now i dont pay the electric bill, so that isnt a factor. Also idgaf about heat.  So is gettign into mining worth it? My current system can support a 290x or 290, is that eve nthe way to go still? Is it worth it? 

[Unlikelyjoker]

Bitcoin is ASIC or bust now (not sure about other coins for amd cards)

EDIT: Im sure dogecoin and litecoin is good with amd. (wont make a profit)

[Clyne]

I wouldn't recommend mining with gpu, it will raise your electricity bill and you get jack for money, it's ASIC or none, if you wanted to mine bitcoin then ACIC would be the one.

@AlwaysFSX is the one who made the statement above.

http://linustechtips.com/main/topic/210977-noob-wants-to-lite-coin-with-cpu-help-needed/

[AlwaysFSX]

You may not pay the electric bill but your parents are probably going to notice the large spike in cash going towards it. Mining isn't an investment, it's a money hole.

[The Crazed Child]

Don't mine, if you're looking at using your GPU for stuff other than gaming I would start folding. It's just as satisfying.

[Pelop17]

So im 15 and have quite a bit of cash from my recent job saved up. (1g USD). Im looking for a way to invest before i turn 16 to have extra money for a car. Now i dont pay the electric bill, so that isnt a factor. Also idgaf about heat.  So is gettign into mining worth it? My current system can support a 290x or 290, is that eve nthe way to go still? Is it worth it? 

You can buy bitcoins and then sell them

[Totally-A-Hero]

SO even if i bought a ACIS, i wouldnt make a dime?

[tobben]

don't think anyone should give this guy advice if he is planning to mooch off his parents without telling them, might aswell ask them to give you money instead of slowly stealing it with expensive hardware, you might not pay the electricity bill but someone has to, unless you have some kinda strange arrangement. 

[FizzyFantom]

Mining Bitcoin on GPUs is done, ASICs have taken over, but you probably already guessed that. You may be able to mine some LTC or Dogecoin in a pool with several very powerfull AMD cards, but this probably won't be worth the electricity bill and certainly won't be worth buying hardware specifically for. The only mining I would really suggest on GPUs now is mining of new coins that are ASIC resistant such as Cryptonite, which uses the "M7" hash. I would also recommend against mining for profit, as most coins are falling in value, not rising, so yo may simply be dumping money into a hole unless you are willing to wait for a very long time. I personally retired my mining machine a while back.

As @tobben said above, someone has to pay this electricity bill and they certainly won't thank you when it suddenly spikes. If this was your plan, please reconsider.

[RuecanOnRails]

SO even if i bought a ACIS, i wouldnt make a dime?

 

Mining by design, is a zero-sum game. It's not something to be done for profit. The network and hardware efficiencies scale in such a way to keep margins in mining at a complete minimum over direct purchase cost. In almost every case, it's more cost effective and higher returns are obtained by purchasing coins directly rather spending on hardware that will rarely see an ROI.

 

Mining is also extremely heavy on power consumption, it's definitely noticeable on a power bill. You would not be able to hide it.

[Freaky_spider]

STOP! mining is not for profit, the idea is that the coins you gain are worth as much as you use for electricity and your hardware....

[Sandvich]

If you want to mine I suggest get a whole ton of asic miners for scypt