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Bitcoin Mining to Pay for Parts?

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Go to solution Solved by RuecanOnRails,

A single 7950, would be better pointed at mining Litecoin, or other Scrypt based coins. You will generally get more out of it.

Here's a couple calculators you can use to try and see your profitability margins.

 

https://www.litecoinpool.org/calc?hashrate=650&difficulty=623.1704212

 

http://www.bitcoinx.com/profit/

 

You can check these hardware comparisons to get average hashrates for both scrypt (litecoin) and SHA-256 (bitcoin)

 

https://en.bitcoin.it/wiki/Mining_hardware_comparison

 

https://github.com/litecoin-project/litecoin/wiki/Mining-hardware-comparison

 

 

While the difficulty and prices are always in fluctuation right now you're looking at about $2.50 a day before electrical costs. You need to figure out how much electricity you will be using and how much your electricity costs but there is a very good chance you will come out a head as a single computer usually wont cost more than $2.50 a day.

 

You won't be quitting your job anytime soon, but you may end up with a little extra spending cash. Although I would advise getting into cryptocurrencies for the long term and Not to mine then sell immediately. As the difficulty of coins keeps rising the few coins you mine today, may be worth more tomorrow when they become much harder to get.

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I'm kind of just learning about bitcoin mining now and I believe that you need a pretty decently powered system to mine for it? So if I were to buy a 7950, would it be able to pay for itself in a matter of weeks? Months? Years?

 

Is bitcoin mining really worth it? Can mining actually pay for the system?

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The answer you're after is probably "Never".

 

Even more so if you have to pay for the electricity used.

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The answer you're after is probably "Never".

 

Even more so if you have to pay for the electricity used.

So what makes bitcoins worth generating if it costs more to produce them? Or is that what gives bitcoin the value they have?

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Bitcoining is pretty dumb. You have a beastly rig that's able to generate enough bitcoins to pay for the electricity so your computer can continue running bitcoin. I mean..doesn't make sense.

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Bitcoining is pretty dumb. You have a beastly rig that's able to generate enough bitcoins to pay for the electricity so your computer can continue running bitcoin. I mean..doesn't make sense.

I guess it's only worth it if you run a network of computers and run it on them and the company pays for the electricity :P

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It only works if you can turn a profit. If you don't pay for the electricity and are willing to wait a long time, running 24/7, then you my turn a profit. But, on a single GPU, it would take so long, you;d probably kill the GPU before it ever stood a chance of making you money to pay for it. If you;re gonna mine, buy an ASIC Bitcoin miner.

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It only works if you can turn a profit. If you don't pay for the electricity and are willing to wait a long time, running 24/7, then you my turn a profit. But, on a single GPU, it would take so long, you;d probably kill the GPU before it ever stood a chance of making you money to pay for it. If you;re gonna mine, buy an ASIC Bitcoin miner.

Are they actually worth it though? Use less power I assume and are specifically used to just mine? 

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Always nice to learn new things such as bitcoins but the sad news here is if you are just now getting interested you are too late to the party my friend.

 

There is a set # of bitcoins that can be had. That helps give it it's value.

 

People use computer processing power to solve algorithms that reward a bitcoin, litecoin, feathercoin, etc...

 

As more and more bitcoins are "mined" the difficulty gets harder and harder thus requiring more processing power and more time.

 

Everyone works together to solve the puzzle but whoever gets the final piece gets the whole coin. It is not shared between people it goes to one person. A mining pool helps with this because it combines hundreds of people working together to help each other so your odds of someone in that pool getting the last piece is increased and than the coin is shared between the group.

 

long story short is this has been going on for years now. The difficulty now is so large that a person solo mining with 1 or 2 gpu's will most likely never make anything so you would have to join a pool. But now as these industrial miners are being introduced and are getting very high hash rates it is raising the difficulty up to a point where gpu mining will be so inadequate it will be like solo mining on a cpu today.

 

Unless you have free electricity I wouldn't even bother with bitcoins (but that's my opinion). There are a lot of other coins such as litecoins and feather coins that you could look into but there value is no where near the value of what a bitcoin is worth. But that could change one day maybe.

Thank you for the insightful explanation :)

I guess I'll be sticking to mining CAD at my minimum wage part time job lol

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A single 7950, would be better pointed at mining Litecoin, or other Scrypt based coins. You will generally get more out of it.

Here's a couple calculators you can use to try and see your profitability margins.

 

https://www.litecoinpool.org/calc?hashrate=650&difficulty=623.1704212

 

http://www.bitcoinx.com/profit/

 

You can check these hardware comparisons to get average hashrates for both scrypt (litecoin) and SHA-256 (bitcoin)

 

https://en.bitcoin.it/wiki/Mining_hardware_comparison

 

https://github.com/litecoin-project/litecoin/wiki/Mining-hardware-comparison

 

 

While the difficulty and prices are always in fluctuation right now you're looking at about $2.50 a day before electrical costs. You need to figure out how much electricity you will be using and how much your electricity costs but there is a very good chance you will come out a head as a single computer usually wont cost more than $2.50 a day.

 

You won't be quitting your job anytime soon, but you may end up with a little extra spending cash. Although I would advise getting into cryptocurrencies for the long term and Not to mine then sell immediately. As the difficulty of coins keeps rising the few coins you mine today, may be worth more tomorrow when they become much harder to get.

You keep using that word. I do not think it means what you think it means.
Users cannot, and will not securely manage key material. Most users can't and the ones that can, wont.

Ask me about Bitcoin, Litecoin, Crypto-Currencies, and/or Mining them.

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I'm kind of just learning about bitcoin mining now and I believe that you need a pretty decently powered system to mine for it? So if I were to buy a 7950, would it be able to pay for itself in a matter of weeks? Months? Years?

 

Is bitcoin mining really worth it? Can mining actually pay for the system?

Bitcoin is getting harder and harder to mine as well as every other coin that gets notoriety, sure you are late for the bitcoin fever but you may take a look at Litecoin or any other coin base on scrypt (sha256 is not worth it for GPU mining).

 

Keep in mind that the only variable is the price of a given COIN which goes up/down depending on market, the other thing is a constant, the cost of your power (kW/h).

With a relativity low power cost at the actual price a miner can pay for itself, how fast will depends on how low the power cost is and how much Kh/s can you get out of your RIG.

 

Many people will tell you that is impossible for your PC to pay for itself while mining but that's not true,, just think... if this is really such a bad thing to do, why the difficulty of all major coins keep going up period after period? (difficulty only goes up if the total hash power of the network goes up, meaning that there are more miners)

 

It's not like you are going to become rich overnight, but there may be a profit every month if things are done right and market dont colapse!

:)  :)

 

Good Luck.

Looking around,

bla bla bla this, meh that!

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