Can we still make significant amount of $$ from mining bitcoins in 2017?

[You_are_a_cunt]

Just now, noobee said:

So why do people mine? 2.5 a day is like nothing, maybe it's even like losing money considering the electricity bills, and burning GPU.

ETH crashed a couple weeks ago and people mostly stopped mining

[noobee]

1 minute ago, JDE said:

lol know nothing about mining other than you make money and it's measured in hashs

 

off-topic, i feel bad for people in taiwan who want to mine

So maybe that's why Elon Musk is building his own power plant...

[itzsnookums]

Ethereum Difficulty: 1,531,405,069,274,305

Bitcoin:                            860,221,984,436

[Guest]

2 minutes ago, JDE said:

lol know nothing about mining other than you make money and it's measured in hashs

 

off-topic, i feel bad for people in taiwan who want to mine

Dang a dollar per KW? And I thought my 20something cent here was bad (well it is compared to other states in the US, but still)

[LienusLateTips]

Just now, noobee said:

So maybe that's why Elon Musk is building his own power plant...

off-topic again:

I have cheap electricity in BC:

[LienusLateTips]

Just now, Abyss Gaming said:

Dang a dollar per KW? And I thought my 20something cent here was bad (well it is compared to other states in the US, but still)

65 cents off peak (overnight hours, 12-5am) $1 peak (5am-12am)

[Guest]

1 minute ago, itzsnookums said:

Ethereum Difficulty: 1,531,405,069,274,305

Bitcoin:                            860,221,984,436

And? Bitcoin isn't like ethereum though even with the higher difficulty. Ethereum benefits from GPUs, Bitcoin from ASICS. Meaning the difficulty thing doesnt level out the same way.

[You_are_a_cunt]

2 minutes ago, Abyss Gaming said:

Cause it used to be much more. @revsilverspine said it only spiked to 5 but I thought it spiked closer to 10... I honestly dont know though.

I haven't seen it go past 5. Kept a fairly close eye on it in case it spiked to the point where I could cover electricity and get at least a 6-pack and a pack of smokes in a day

2 minutes ago, JDE said:

lol know nothing about mining other than you make money and it's measured in hashs

 

off-topic, i feel bad for people in taiwan who want to mine

PPD is profit per day

Hashrate/hashpower is, in rough terms, the speed/efficiency of a given card for a given currency.

[LienusLateTips]

Just now, revsilverspine said:

PPD is profit per day

Hashrate/hashpower is, in rough terms, the speed/efficiency of a given card for a given currency.

i know

[noobee]

2 minutes ago, Abyss Gaming said:

Dang a dollar per KW? And I thought my 20something cent here was bad (well it is compared to other states in the US, but still)

How do they make profit having motherboard, and most of the computer parts from there? The factoris use a lot of electricities, right?

[Guest]

1 minute ago, revsilverspine said:

I haven't seen it go past 5. Kept a fairly close eye on it in case it spiked to the point where I could cover electricity and get at least a 6-pack and a pack of smokes in a day

 

Ah ok. I didnt really keep a close eye on it so I wouldnt have known. More like I poked it with a pole once in a while.

[LienusLateTips]

Just now, noobee said:

How do they make profit having motherboard, and most of the computer parts from there? The factoris use a lot of electricities, right?

No their from China but it's all designed in Taiwan. My parents used to work at MSI.

[You_are_a_cunt]

1 minute ago, Abyss Gaming said:

And? Bitcoin isn't like ethereum though even with the higher difficulty. Ethereum benefits from GPUs, Bitcoin from ASICS. Meaning the difficulty thing doesnt level out the same way.

as block chain difficulty goes up, the computing power required to keep a constant PPD also goes up. The bubble bursts when diminishing returns begin showing up (spending more on the equipment than can be recovered in a given period)

[Mooshi]

15 minutes ago, noobee said:

 

why don't everybody just mine cryptos then?

 

Because it's dumb, burns electricity for pointless calculations, harms the environment, causes an artificial inflation spike so gamers get screwed over, burns more holes in wallets than fills them, makes less than a minimum wage job, takes over your PC's resources if you don't have a dedicated rig, is more unstable than a crazy ex, requires perfect timing to get in where most people hop on late and later flood eBay with abused cards.

 

If that same power was focused on actually helping others like the scientific community instead of some stupid fad, the computing power would actually be worth while.

[noobee]

1 minute ago, Mooshi said:

Because it's dumb, harms the environment, causes an artificial inflation spike so gamers get screwed over, burns more holes in wallets than fills them, makes less than a minimum wage job, takes over your PC's resources if you don't have a dedicated rig, is more unstable than a crazy ex, requires perfect timing to get in where most people hop on late and later flood eBay with abused cards.

Yes... GPU price is crazy bcos of those wasteful mining effort... what the F!

Basically, you don't earn anything, and possibly losing money with mining right?

[rn8686]

7 minutes ago, noobee said:

Yes... GPU price is crazy bcos of those wasteful mining effort... what the F!

Basically, you don't earn anything, and possibly losing money with mining right?

Not quite, I am currently earning about $2 AUD after power with my 1070 on Zcash, down from about $5-$6 when I started (Prices went down and difficulty rose, may increase though I hope). It wouldn't be wasteful or no one would be doing it. 

[noobee]

2 minutes ago, rn8686 said:

Not quite, I am currently earning about $2 AUD after power with my 1070 on Zcash, down from about $5-$6 when I started (Prices went down and difficulty rose, may increase though I hope). It wouldn't be wasteful or no one would be doing it. 

$2 AUD is like $60 a month... how much do you pay for electricity bills a month?

[Skanky Sylveon]

26 minutes ago, JDE said:

lol know nothing about mining other than you make money and it's measured in hashs

 

off-topic, i feel bad for people in taiwan who want to mine

I wonder if solar panels would help.

[noobee]

Just now, Cinnabar Sonar said:

I wonder if solar panels would help.

Yes, Elon Musk will be the king of cryptos!

[rn8686]

3 minutes ago, noobee said:

$2 AUD is like $60 a month... how much do you pay for electricity bills a month?

About 24c/KWH, used to be alot more profitable as I said. Didnt buy the GPU for mining specifically anyway, why not get some ROI? 

[noobee]

Just now, rn8686 said:

About 24c/KWH, used to be alot more profitable as I said. Didnt buy the GPU for mining specifically anyway, why not get some ROI? 

and how many KWH do you use a month to make that $2 a day with 1070?

[rn8686]

Just now, noobee said:

and how many KWH do you use a month to make that $2 a day with 1070?

Little under 4 a day, ~110 or so I would guess. 

[noobee]

5 minutes ago, rn8686 said:

Little under 4 a day, ~110 or so I would guess. 

So you made about $33 profit from doing nothing? That's pretty good..

[rn8686]

1 minute ago, noobee said:

So you made about $33 profit?

No, I said $2 after power, closer to $3 before (About 90c or so a day for power). 

[noobee]

2 minutes ago, rn8686 said:

No, I said $2 after power, closer to $3 before (About 90c or so a day for power). 

wow so, it's about $60 a month, with just a single 1070?

Then the question now is why don't everybody mine?