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

[noobee]

1 minute ago, JDE said:

And...

 

it will die from heat a year or two later

How long is the GPU warranty?

[LienusLateTips]

Just now, rn8686 said:

That would depends on the temperate you keep it at, would be true if high but I can keep my 1070 in the 40s so I dont see how that could be an issue. 

RX 580 Gaming G1 or blower 24/7

[LienusLateTips]

Just now, noobee said:

How long is the GPU warranty?

Depends on brand

[rn8686]

4 minutes ago, JDE said:

RX 580 Gaming G1 or blower 24/7

1070 amp extreme, fans turned up a little.

 

@JDE

Edit: Thought you were asking what card I had, those cards would defiantly die soon.

[Mr.Meerkat]

2 minutes ago, noobee said:

240 is not enough for what you have done I think.

why didn't you make the $8000?

Ermmm...well a real job woud have given me  a third (more or less) so...ermmmmm...

 

Cause the spike happened a year later? Duh  

I mean I explained why I stopped mining, because the pricing of ETH was falling...quick...

[noobee]

9 minutes ago, JDE said:

Depends on brand

So just mine more and burn the card before the warranty ends, that's how the world works right?

[LienusLateTips]

Just now, noobee said:

So just mine more and burn the card before the warranty ends, that's how the world works right?

And then you will get a refurbished mining card that will die just outside the warrenty and it's a bad idea.

[noobee]

10 minutes ago, rn8686 said:

1070 amp extreme, fans turned up a little.

 

@JDE

Edit: Thought you were asking what card I had, those cards would defiantly die soon.

just let it be, and exchange for a new one with warranty!

[noobee]

Just now, JDE said:

And then you will get a refurbished mining card that will die just outside the warrenty and it's a bad idea.

Then exchange it again and again until the warranty ends

[LienusLateTips]

1 minute ago, noobee said:

Then exchange it again and again until the warranty ends

shipping costs

[noobee]

7 minutes ago, JDE said:

shipping costs

NVIDIA should take the responsibility for giving refurbished/faulty product on the first exchange.

[m0k]

10 hours ago, noobee said:

How much do you think we can make a day in any currency with GTX 1070 or RX 580?

dont expect to make money in a single day

there are no shortcuts - and this mentality of getting quick returns will be unsuccessful for you

 

the idea is to break even (cover the cost of the equipment and power bill)  and generate profits once the initial costs have been covered

 

 

[LienusLateTips]

11 hours ago, noobee said:

NVIDIA should take the responsibility for giving refurbished/faulty product on the first exchange.

Well they don't

 

shipping is expensive, plus thousands, or even hundreds of thousands of shipments a day make it unprofitable

[noobee]

 

[Teddy07]

17 hours ago, noobee said:

How much can we make money from mining bitcoins in 2017? considering the initial investment, electricities too?

Why do people still mine bitcoins these days?

lol. you won't even make the money for your electricity cost. It's not even close!

[noobee]

Just now, Teddy07 said:

lol. you won't even make the money for your electricity cost. It's not even close!

what if I do something like this?

https://www.youtube.com/watch?v=K8kua5B5K3I

[Teddy07]

1 hour ago, noobee said:

what if I do something like this?

https://www.youtube.com/watch?v=K8kua5B5K3I

good luck finding Asics and I am not speaking of old trash.

[DutchTexan]

Recent ASIC machines are nearly impossible to get and that's the only way you can realistically mine bitcoin. There is the L3+ that mines around ~$41/day worth of bitcoin while costing under $2/day in electricity (@0.10kWh). The only problem is they are selling for $3,000 to $5,000, you still need a special, expensive PSU and that's assuming you find one that is actually for-sale and available to ship this year...

 

So, assuming worst case scenario you pay $5,500 and get a L3+ three months shipping. It would then take ~134 days to pay off. Which is actually an amazing ROI. GPU mining alt coins through nicehash would take you around 300 days to get your GPU rig ROI. Whether you have 1 or 2 gpus or a dozen, it will take about 300 days of mining 24/7 to pay off(ASSUMING the price stays exactly where it is and doesn't keep dropping, which it will) In a month the return on the investment could take twice as along.

 

I mine with my 1080 and a 6gb 1060 about 19-22 hours a day. If I ran both of them 24 hours straight, on a good day, then I would have about .0015 bitcoin a day, $4.20. Most of the time it estimates $3.80-$4.30 a day. A month and a half ago one 1080 would do $6-$9 a day.

 

Take a look at the 800+ coins out there. If you want to really make money, invest in the coins straight up. 

https://coinmarketcap.com/

 

 

[noobee]

46 minutes ago, DutchTexan said:

Recent ASIC machines are nearly impossible to get and that's the only way you can realistically mine bitcoin. There is the L3+ that mines around ~$41/day worth of bitcoin while costing under $2/day in electricity (@0.10kWh). The only problem is they are selling for $3,000 to $5,000, you still need a special, expensive PSU and that's assuming you find one that is actually for-sale and available to ship this year...

 

So, assuming worst case scenario you pay $5,500 and get a L3+ three months shipping. It would then take ~134 days to pay off. Which is actually an amazing ROI. GPU mining alt coins through nicehash would take you around 300 days to get your GPU rig ROI. Whether you have 1 or 2 gpus or a dozen, it will take about 300 days of mining 24/7 to pay off(ASSUMING the price stays exactly where it is and doesn't keep dropping, which it will) In a month the return on the investment could take twice as along.

 

I mine with my 1080 and a 6gb 1060 about 19-22 hours a day. If I ran both of them 24 hours straight, on a good day, then I would have about .0015 bitcoin a day, $4.20. Most of the time it estimates $3.80-$4.30 a day. A month and a half ago one 1080 would do $6-$9 a day.

 

Take a look at the 800+ coins out there. If you want to really make money, invest in the coins straight up. 

https://coinmarketcap.com/

 

 

why do people mine in the first place? what does the miner actually calculate? is it just a useless difficult math problem that is calculated for nothing? or is it a calculation to solve DNA calculation problem for curing some diseases or any other meaningful calculations?

[DutchTexan]

3 hours ago, noobee said:

why do people mine in the first place? what does the miner actually calculate? is it just a useless difficult math problem that is calculated for nothing? or is it a calculation to solve DNA calculation problem for curing some diseases or any other meaningful calculations?

To make money.

 

If you mine Ethereum directly(the main reason GPU's blew up in cost) then you put your gpu to work and then you get fractions of Ethereum. If you run NiceHash's miner then it picks from several coins to mine from rather than just one coin all the time. The main difference is the service. Nicehash finds out what coin(algorithm) is most profitable to run. So, they put your card to optimal work based off profit and then convert all your work to bitcoin. All for a small fee in a percentage of your work.

 

What a GPU actually does when mining is beyond me, but it isn't useless. Sure it's not doing medical or science research, but the work does benefit and support the currency. As you can see by my badge, I let my computer do some medial research at Stanford on behalf of the LTT team. In practice, folding and mining is basically the same thing. The difference is that one is an investment and the other is resource donation. 

 

Personally, I use NichHash. I see it as investing an extra $300 and then ~$20 dollars a month for electricity. I disable my 1060 and game with my 1080 a few a hours a day, as normal.

 

You don't get paid until you convert your ethereum, bitcoin or whatever coin(s) to dollars. So, the xyz dollars a day people say they make is just an estimate based off computer power. You have to go to an exchange and pay a fee to actually turn digital currency into dollars, or whatever. I don't plan on 'cashing out' anytime soon. I plan on gaming and consuming media as usual. Then slowly stocking up a bigger fraction of a bitcoin over time.

[burt]

Hi could I ask do any of you know and use or availed hashing24 cloud mining? 

[Linksys120n]

I got a better Idea for all these fucktarded mining morons go get a job somewhere shitty like fast food or walmart... then work like 10 hours a month if they will even let you work that few hours.... you just made more money in that month then you would make if you used a gtx 1080 to mine 24/7 for the whole month... and that's assuming you got the fucking thing for free....

 

if you cant get a job then I'm sure welfare will give you more money then mining ever could.

[Nicnac]

lolno

[noobee]

11 hours ago, Linksys120n said:

I got a better Idea for all these fucktarded mining morons go get a job somewhere shitty like fast food or walmart... then work like 10 hours a month if they will even let you work that few hours.... you just made more money in that month then you would make if you used a gtx 1080 to mine 24/7 for the whole month... and that's assuming you got the fucking thing for free....

 

if you cant get a job then I'm sure welfare will give you more money then mining ever could.

I started to think that it's not fully about the money. I wasn't interested in mining at all before, and I started to google stuff about mining.

I gradually became interested, although my hashrate is low from my existing machines lol. But somehow I kept spending time looking for more information, tweaks and wonder why am I doing this? I even started to think to buy lots of GPU to mine.

 

So I think it's about finding new novelty and pushing the limits. I think that this mining hype is a new novelty that people have been looking for in a long time. It's like a new field of hobbies. Especially for computer/hardware enthusiast, you love to see the hardware is pushing to the limit doing something.

 

Also, don't you think that mining is even better than playing games?