How long does a bitcoin take

[Br3tt96]

I saw somewhere bit coins are worth a metric ass ton. How long does it take to mine one or whatever it is? 

[The Sloth]

so many factors you have so consider

- hardware 

-power 

not really worth mining bitcoins anymore. 

here is a calculator http://www.coinwarz.com/calculators/bitcoin-mining-calculator

[Br3tt96]

4 minutes ago, nerdslayer1 said:

so many factors you have so consider

- hardware 

-power 

not really worth mining bitcoins anymore. 

here is a calculator http://www.coinwarz.com/calculators/bitcoin-mining-calculator

I see why they're worth a lot lol

[Mooshi]

29 minutes ago, Br3tt96 said:

I see why they're worth a lot lol

Artificial scarcity and enough people to buy into it does that.

[Simon771]

Mining bitcoins isn't that profitable anymore.

 

There are other crypto currencies that are worth mining, and you get around 5$ per day when mining with GTX 1070.

Check website: https://whattomine.com/

 

Not sure exactly what happened, but Zcah jumped from 100$ worth to 230+ like over night.

Bitcoin was worth 1000$ last time I chcked, now it's more than 2200$.

 

last time I checked for Zcash mining it was making me around 1,5$ per day with GTX 1070 and now suddenly 5$ or more. I should take some time to research the cause for that but I'm too lazy.

[manikyath]

quite simply put: mining a bitcoin will take long enough for having spent more in power than you got in bitcoins.

 

7 minutes ago, Simon771 said:

and you get around 5$ per day when mining with GTX 1070.

if that means the 1070 is running full tilt around the clock... that's not very profitable..

[desertcomputer]

54 minutes ago, Br3tt96 said:

I see why they're worth a lot lol

Also depends on the market demand, a few ago it was pretty easily to get on basic machine. There were essentially giving out free bitcoins as it really worth nothing back than. 

[Simon771]

18 minutes ago, manikyath said:

quite simply put: mining a bitcoin will take long enough for having spent more in power than you got in bitcoins.

 

if that means the 1070 is running full tilt around the clock... that's not very profitable..

That's true. It's better to set TDP on GTX 1070 to around 60-70% since you qill get the most effcient profit. More money per watt.

But even if you run it at 112% TDP it will use around 160W and give you 450 sol/s on Zcah mining with Windows 10 ... no tweaking or anything (meaning with Ubuntu you would be making even more profit). Anyway ... 450 sol/s will give you 6$ per day.

Your GPU is using 160W *24h = 3,84kWh ... lets round it up to 4kWh. So even if you have to pay 0,2$ per kWh (which seems very high rate), you still get more than 5$ per day pure profit.

 

One might argue that GPU will die fast if you use it for mining ... well those GTX 1070s have 3 years warranty, so if GPU will die because you was mining with it, Nvidia will give you new one. And if you can mine for 3 years with GTX 1070 with current rate you would get 5400$ profit. So enough money to buy 15 new GTX 1070s.

 

But yes, it won't be always 5$ per day ... it will probbably drop down to 1,5$ again. Still profitable after some time, but for that amount of money I wouldn't bother.

[Unimportant]

14 hours ago, Br3tt96 said:

I saw somewhere bit coins are worth a metric ass ton. How long does it take to mine one or whatever it is? 

It's a moving target. The bitcoin protocol aims to have miners find a new block approximately every 10 minutes. It does this by changing the mining difficulty. If more processing power is added to the network, difficulty increases. If some miners stop and there is less processing power on the network, difficulty decreases. All so it will always take around 10 minutes to mine a block.

 

This means that as the network grows and the difficulty increases, your reward for mining will constantly shrink unless you keep adding processing power to your mining farm at a rate that keeps pace with the growing difficulty. Hardly do-able for a hobbyist these days, mining bitcoin has become big business.

 

Back in the day you could mine tens of bitcoin or even more per day on a plain CPU. After that on GPU, and now, thanks to deticated mining chips, difficulty has increases so much it takes months (or worse?) to mine a single bitcoin on a plain GPU.

[Br3tt96]

21 hours ago, Simon771 said:

Mining bitcoins isn't that profitable anymore.

 

There are other crypto currencies that are worth mining, and you get around 5$ per day when mining with GTX 1070.

Check website: https://whattomine.com/

 

Not sure exactly what happened, but Zcah jumped from 100$ worth to 230+ like over night.

Bitcoin was worth 1000$ last time I chcked, now it's more than 2200$.

 

last time I checked for Zcash mining it was making me around 1,5$ per day with GTX 1070 and now suddenly 5$ or more. I should take some time to research the cause for that but I'm too lazy.

$5 isn't bad. How do I get into this and how does it equate to actual spending money?

[2FA]

23 hours ago, manikyath said:

if that means the 1070 is running full tilt around the clock... that's not very profitable..

Plenty profitable in the US, I only pay $0.12/KWh. That ends up being about $0.50 per day in power cost.

[2FA]

2 hours ago, Br3tt96 said:

$5 isn't bad. How do I get into this and how does it equate to actual spending money?

A couple things are going to be needed really. You will want a Bitcoin wallet as you really don't want to keep altcoins for extended periods of time due to volatility unless you're investing. 

 

Next you will want to find an exchange that takes Zcash. I personally mine zcash directly to Poloniex and exchange my zcash for bitcoin pretty instantly. I then withdraw that bitcoin into my separate wallet since exchanges can be sketchy for storing bitcoin. (Mt Gox incident is a prime example)

 

Then you will want to find a pool to join. example: https://zcash.flypool.org

 

Some exchanges let you convert your BTC directly into USD. I have to use Coinbase (I live in NY which has a stupid e-currency law that requires a "bit-license" for exchanges) which directly deposits the money into my bank account.

[Unimportant]

4 hours ago, DeadEyePsycho said:

A couple things are going to be needed really. You will want a Bitcoin wallet as you really don't want to keep altcoins for extended periods of time due to volatility unless you're investing. 

 

Next you will want to find an exchange that takes Zcash. I personally mine zcash directly to Poloniex and exchange my zcash for bitcoin pretty instantly. I then withdraw that bitcoin into my separate wallet since exchanges can be sketchy for storing bitcoin. (Mt Gox incident is a prime example)

 

Then you will want to find a pool to join. example: https://zcash.flypool.org

 

Some exchanges let you convert your BTC directly into USD. I have to use Coinbase (I live in NY which has a stupid e-currency law that requires a "bit-license" for exchanges) which directly deposits the money into my bank account.

You can use shapeshift ( https://shapeshift.io )

to exchange most crypto's for another instantly without any account. Never had a problem there.

[Simon771]

8 hours ago, Br3tt96 said:

$5 isn't bad. How do I get into this and how does it equate to actual spending money?

The easist way is to download NiceHas miner and enter in your bitcoin address. You can get bitcoin address on various websites. One of them is Kraken.

Then you just start mining ... simple as that.

[2FA]

5 hours ago, Unimportant said:

You can use shapeshift ( https://shapeshift.io )

to exchange most crypto's for another instantly without any account. Never had a problem there.

Shapeshift has really high fees though. 

[Br3tt96]

On 5/25/2017 at 6:58 AM, Simon771 said:

The easist way is to download NiceHas miner and enter in your bitcoin address. You can get bitcoin address on various websites. One of them is Kraken.

Then you just start mining ... simple as that.

Alright so I downloaded it and created a kraken account and am still in the verification process. So I don't have a bank account, so will that be a problem? I have a PayPal but I don't believe that'll help... 

[BuckGup]

On 5/25/2017 at 0:47 AM, DeadEyePsycho said:

Plenty profitable in the US, I only pay $0.12/KWh. That ends up being about $0.50 per day in power cost.

Yeah with Zcash I pull in around $60 a week and it costs $31 a month for electricity.

[Simon771]

20 hours ago, Br3tt96 said:

Alright so I downloaded it and created a kraken account and am still in the verification process. So I don't have a bank account, so will that be a problem? I have a PayPal but I don't believe that'll help... 

I didn't get that far.

You have now your bitcoin "wallet". How do you change that into PayPal money ... there are probably a lot of ways to do, but I didn't have any experience with that.

Hopefully someone else can tell you how to sell crypto for USD or EUR.

[Simon771]

8 hours ago, BuckGup said:

Yeah with Zcash I pull in around $60 a week and it costs $31 a month for electricity.

Zcash is kinda weird thing to mine

It was very profitable at the beginning, then it drop down all the way to 20$ per ZEC. Then it slowly came back to around 80$, and jumped to almost 300$ few days ago. Now going back down to 150$ per ZEC.

Still profitable, but sadly not as much as few days ago when I would be making more than 5$ per GTX 1070.

 

 

[Foxxer]

On 5/24/2017 at 10:01 AM, Simon771 said:

-snip-

"Man buys $27 of bitcoin, forgets about them, finds they're now worth $886k"

 

Heard of that?

[Teddy07]

On 27.5.2017 at 5:31 AM, BuckGup said:

Yeah with Zcash I pull in around $60 a week and it costs $31 a month for electricity.

That´s great and Trump will ensure that the costs stay the same. Green energy is expensive