Bitcoin Mining

[Bruno_A]

Hello guys, I was wondering if bitcoin mining was worth it nowadays, I mean, graphics card are at ridiculously high prices due to miners, so, it must be worth it, right? If any of you mines, please tell me more about your setups and if it's being worth it.

 

Many thanks, Bruno.

[You_are_a_cunt]

GPU Mining is for Etherum, not Bitcoin.

There's a dedicated sub-forum for cryptocurrencies.

[Kidsnd274]

Right now, I don't think buying a GPU just for mining is worth it anymore (it is still profitable, but not as much anymore). With many people joining the mining bandwagon, mining difficulty has been rising, making it hard to get ROI. But, if you are buying a GPU for gaming and would like to mine as well, then mining would be something that gets you side change. Right now, I have a GTX 1070 and I earn around $1.50 USD a day mining on Nicehash. You can calculate your profitability using Nicehash's Profitability Calculator, it even takes into account electricity bills and stuff.

 

I think the main reason why people are still mining even though cards are expensive and the difficulty is high is because they either do it as a hobby or they are placing their bets that the price would rise in the future. Just my opinion, could be wrong. Hope this helps.

[Mooshi]

LTT really needs a sticky that says Bitcoin hasn't been worth it for years.

[alexjt11]

5 hours ago, Mooshi said:

LTT really needs a sticky that says Bitcoin hasn't been worth it for years.

Really? You come out with that? That's why there are lots of dedicated bitcoin mining farms. If it wasn't profitable then why would they keep going? Maybe you could say that mining bitcoin on a small scale isn't worth it at the moment, but hasn't been worth it for a few years? Sure...

Next time come out with something accurate 

[Mooshi]

2 hours ago, alexjt11 said:

Really? You come out with that? That's why there are lots of dedicated bitcoin mining farms. If it wasn't profitable then why would they keep going? Maybe you could say that mining bitcoin on a small scale isn't worth it at the moment, but hasn't been worth it for a few years? Sure...

Next time come out with something accurate 

lol, whatever you say. OP clearly mentioned graphics card mining and Bitcoins. Context is 100% crucial here. No where in the OP did it mention farms.

 

You can toss several 1080 Tis at Bitcoin and it won't make much of a dent and OP clearly doesn't seem like the type who will go out to buy a fully fledged farm for Bitcoin mining. 

 

Even small scale alt coin mining tends to end up with flooded eBay listings eventually.

[alexjt11]

2 hours ago, Mooshi said:

lol, whatever you say. OP clearly mentioned graphics card mining and Bitcoins. Context is 100% crucial here. No where in the OP did it mention farms.

 

You can toss several 1080 Tis at Bitcoin and it won't make much of a dent and OP clearly doesn't seem like the type who will go out to buy a fully fledged farm for Bitcoin mining. 

 

Even small scale alt coin mining tends to end up with flooded eBay listings eventually.

I think you are right when you say context. You clearly say 'Bitcoin hasn't been worth it for years', I simply presented an argument that shows there is clearly quite a few people making good money off it, for a few years now. People who have ended up sinking millions of dollars into building farms. I would define that as being 'worth it'. Otherwise why would they have ploughed the money into it to never make a return?

I have 4 mining rigs running 6 cards each mining Sia coin and Ethereum. 2 of them are 1070s and the other 2 are 1060 6Gb's. Ill tell you this. For the past 6 months I have been doing this, I have made some money. I have paid for the entire investment. I would say it has been worth it.

Now putting this into context of Bitcoin, because you don't really use GPU's for it, unless you are running Nicehash and it will get converted into bitcoin by them. FYI, I wouldn't use it unless you want to get screwed on the amount of cream they take off the top of your earnings. But I digress.

If we wind the clocks back a few years lets say 2. I know its a couple but I feel like being nice and not crapping on your parade. 2 years ago if I had started mining bitcoin and bought a load of miners, lets say 2 to keep things real simple. I would bet any amount of money that It would have been a fu*k!ng amazing investment. Ill tell you why. 

The price of Bitcoin was 237 dollars as of September 7 2015. Check coindesk to see my stats. As of the 6th of September 2017 its at 4600 dollars give or take. That is a difference of 4363 dollars in 2 YEARS. Jesus. SWEET JESUS. that is some serious money. Now lets come back down to earth for a minute because I just took off with excitement. The coin itself was easier to mine too. So you more than likely would have been able to mine at least one bitcoin. Lets make up a number lets say 2 miners got 1.5 bitcoin in 2 years. I would put my entire life on that being more than the startup costs.

 

So, my poor, not uneducated, but simply misinformed fried. You can see from my very sound and slightly ecstatic explanation you sir are full of sh!". So, I challenge you to dispute my logic and give me a response. I also challenge anyone else to dispute my logic. 

 

[Daniel644]

Video cards haven't been profitable for bitcoin for a while now, bitcoin is mined using ASIC's. Etherium and a few other coins still make money with GPU mining.