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Bitcoin Q & A - Ask Me Anything

Travis
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I believe I have an interesting question for OP.

 

If electricity costs isn't a factor anymore, meaning I don't have to pay for it.

 

How much money and what hardware/software would it take to make ONE bitcoin in a week 24/7 or less?

 

I'm pretty serious about the money, if it's not too much.

 

Thanks for any replies.

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Posted

I believe I have an interesting question for OP.

 

If electricity costs isn't a factor anymore, meaning I don't have to pay for it.

 

How much money and what hardware/software would it take to make ONE bitcoin in a week 24/7 or less?

 

I'm pretty serious about the money, if it's not too much.

 

Thanks for any replies.

You are going to need about 2200GH to mine 1 Btc a week. The prices for 2000GH ASICS is around the $6000 range, but I'm sure some are marked down atm. Since power isn't an issue you could get a bunch of Antminer S1s for a bit less. Overclocked to 200GH each you could grab 11 of these bad boys for 6.05 Btc, or about $2700. Throw in another $500 for PSUs and you are all set. Good Luck!!! :)

 

 

Don't do any of this. :ph34r:

You are free, act like it~Warfairy. Moar guns. B) #3Dprinting

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You are going to need about 2200GH to mine 1 Btc a week. The prices for 2000GH ASICS is around the $6000 range, but I'm sure some are marked down atm. Since power isn't an issue you could get a bunch of Antminer S1s for a bit less. Overclocked to 200GH each you could grab 11 of these bad boys for 6.05 Btc, or about $2700. Throw in another $500 for PSUs and you are all set. Good Luck!!! :)

 

 

Don't do any of this. :ph34r:

Is mining Bitcoin still that profitable? It only takes 13 weeks to pay off your investment? Not too shabby! 

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Is mining Bitcoin still that profitable? It only takes 13 weeks to pay off your investment? Not too shabby!

All that anyone has said for months is that you can't make any money on ASICs, and it's all bullshit.  I bought some antminers a little while back  and they are just about paid off while still making .05Btc per day.

You are free, act like it~Warfairy. Moar guns. B) #3Dprinting

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Why can you have something like 0.4 bitcoins ?

 

What software do you need to mine except the wallet ?

 

How do you put your wallet on USB ?

 

Thanks ! 

 

PS: Sorry you might have answered to that, I didn't have the courage to go trough the topic :P

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i did some more research and i found out that the gold model was used some time ago, i had ancient informations. well i'm scared now, i don't like this new way of determining the value of a currency, but i guess it somehow validates cryptocurrencies' way of creating value out of nowhere

 

i'm still not sure about the second part of your answer though, because if mining were just to validate transactions, it would mean that transactions could take very very long, and the amount of stuff that the network has to do could vary with the amount of transactions going on. plus, NCIX conveniently published a video with linus in which he classifies "mining" and "validating transactions" as distinct processes

 

and thanks for the answer, i had lost hope in any explaination after a couple days i posted

Todays economy is based on emotion.  If everyone freaked out tomorrow and thought there was going to be an apocalypse, the value of the dolar could drop to near nothing.  Same goes for bitcoin, it's based on emotion and the value is determined by what people think it's worth.

Linux "nerd".  If I helped you please like my post and maybe add me as a friend :)  ^_^!

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Todays economy is based on emotion.  If everyone freaked out tomorrow and thought there was going to be an apocalypse, the value of the dolar could drop to near nothing.  Same goes for bitcoin, it's based on emotion and the value is determined by what people think it's worth.

yeah, in the end i found that out

since the day i found out, economy generally scares me

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yeah, in the end i found that out

since the day i found out, economy generally scares me

Yeah, it's quite an interesting way of determining the value of money.  It hasn't failed us too bad recently (except 2008, almost) fingers crossed

Linux "nerd".  If I helped you please like my post and maybe add me as a friend :)  ^_^!

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You are going to need about 2200GH to mine 1 Btc a week. The prices for 2000GH ASICS is around the $6000 range, but I'm sure some are marked down atm. Since power isn't an issue you could get a bunch of Antminer S1s for a bit less. Overclocked to 200GH each you could grab 11 of these bad boys for 6.05 Btc, or about $2700. Throw in another $500 for PSUs and you are all set. Good Luck!!! :)

 

 

Don't do any of this. :ph34r:

So links please? I wanna buy it right now, as I am in a position where electricity is free for now, at least for the next 4 months. Amazon, etc. And it would be so nice if you could tell me the exact amount of bitcoin I would make in a week with either setup and how much it's worth in USD. 

 

Is mining Bitcoin still that profitable? It only takes 13 weeks to pay off your investment? Not too shabby! 

Please explain how it takes 13 weeks to pay off the initial cost. Thanks.

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So links please? I wanna buy it right now, as I am in a position where electricity is free for now, at least for the next 4 months. Amazon, etc. And it would be so nice if you could tell me the exact amount of bitcoin I would make in a week with either setup and how much it's worth in USD. 

 

Please explain how it takes 13 weeks to pay off the initial cost. Thanks.

With the numbers he provided, I found out it only take 13 weeks to pay off the investment 

A machine that costs $6k makes a little under 1 BTC a week. 1 BTC is ~$450. $6000/$450 tells you how many weeks it takes

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So links please? I wanna buy it right now, as I am in a position where electricity is free for now, at least for the next 4 months. Amazon, etc. And it would be so nice if you could tell me the exact amount of bitcoin I would make in a week with either setup and how much it's worth in USD. 

 

Please explain how it takes 13 weeks to pay off the initial cost. Thanks.

You should use a calculator to try and see what you will actually make, like this one https://bitcoinwisdom.com/bitcoin/calculator this one can have the difficultly  increase accounted for. You have to remember that you are going to be making less and less Btc/day as time goes on. You don't want to look at how many Btc you will make per day, just look for the best value, and what you can actually power.

 

There are many Asics out there, but Bitman has to be my favorite, they actually have and sell IN STOCK products. Getting some preorder isn't going to make you anything, free power or not. https://bitmaintech.com/product.htm The S2 is much more efficient and compact, but the S1 is much better in GH/dollar.

 

Cointerra apparently has stock atm, and is marked down a bit. http://cointerra.com/product/terraminer-iv-1-6-ths-bitcoin-miner/

 

From my experience it's almost always better to buy from the manufacture, Amazon/Ebay prices are terrible for these things from what I've seen.

 

It should be noted, difficultly will be higher in 13 weeks and you will be making much less then at the start.

You are free, act like it~Warfairy. Moar guns. B) #3Dprinting

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With the numbers he provided, I found out it only take 13 weeks to pay off the investment 

A machine that costs $6k makes a little under 1 BTC a week. 1 BTC is ~$450. $6000/$450 tells you how many weeks it takes

6000 and less than 1 BTC? Thanks, that's all the info I needed...

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6000 and less than 1 BTC? Thanks, that's all the info I needed...

LOL...it's not actually quite $6000, but yeah, amateur hour is over.

You are free, act like it~Warfairy. Moar guns. B) #3Dprinting

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6000 and less than 1 BTC? Thanks, that's all the info I needed...

Your not suppose to mine bitcoin with consumer GPUs, well not anymore at least. Your goal should be mining low cap coins then converting them for a profit. 

Like watching Anime? Consider joining the unofficial LTT Anime Club Heaven Society~ ^.^

 

 

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Your not suppose to mine bitcoin with consumer GPUs, well not anymore at least. Your goal should be mining low cap coins then converting them for a profit. 

We aren't talking about GPUs.

You are free, act like it~Warfairy. Moar guns. B) #3Dprinting

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We aren't talking about GPUs.

whoa wait it's gotten that bad even with ASICs?

Like watching Anime? Consider joining the unofficial LTT Anime Club Heaven Society~ ^.^

 

 

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whoa wait it's gotten that bad even with ASICs?

ASICs are worse, they aren't even good for anything else. And yet it is still possible to make money with them. That said, just buy Btc instead.

You are free, act like it~Warfairy. Moar guns. B) #3Dprinting

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ASICs are worse, they aren't even good for anything else. And yet it is still possible to make money with them.

True all they do is mine. Meh I've more or less left the crypto-currency scene. 

Like watching Anime? Consider joining the unofficial LTT Anime Club Heaven Society~ ^.^

 

 

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This explains the current state of Crypto nicely.

post-5281-0-49861300-1399006977_thumb.pn

You are free, act like it~Warfairy. Moar guns. B) #3Dprinting

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  • 1 month later...
Posted

I have 2 questions:

Q1) is bitcoin mining something I physically have to do? (Where I figure it out or my computer solves it and I can go make a smoothie or something and other stuff?)

Q2) I found a system that can get me 1,000 GH/s from a company called Antminer. Is it reliable?

Link to the system:

https://bitmaintech.com/productDetail.htm?pid=00020140531103056245Ox3OpK1E0664

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I have 2 questions:

Q1) is bitcoin mining something I physically have to do? (Where I figure it out or my computer solves it and I can go make a smoothie or something and other stuff?)

Q2) I found a system that can get me 1,000 GH/s from a company called Antminer. Is it reliable?

Link to the system:

https://bitmaintech.com/productDetail.htm?pid=00020140531103056245Ox3OpK1E0664

 

 

For question 1:

Your computer does all the work, but you wont make any money. At least, not anything you can use. You will be using more in electricity than you will be making.

 

For question 2:

No, it is not. You will still lose money. If you want to support the network and make it stronger and more secure, go for it. However if you only want to make a few $ than no, you will only lose your money.

~Judah

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For question 1:

Your computer does all the work, but you wont make any money. At least, not anything you can use. You will be using more in electricity than you will be making.

 

For question 2:

No, it is not. You will still lose money. If you want to support the network and make it stronger and more secure, go for it. However if you only want to make a few $ than no, you will only lose your money.

 

What do you suggest I do if I wanna do both make money and help support the network?

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Whats your method for turning bitcoins into really spendable money.

 

You can spend BitCoin's at many stores, just keep your eyes out.

 

However, if you need to convert them into USD i personally use BTC-E.com and CoinBase

~Judah

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