Anyone crypto-currency mining?

[cstreit]

I think there's still some profit left for the hobby miner. Not a lot - but still a decent return if you are careful and have decent power rates.

Anyone else doing this?

I'm considering some of the newer ASIC machines if I can get my hands on a few.

Yes I know the market is volatile. Everything I don't want to risk losing would be turned into USD.

[cstreit]

Really? No one?

[Craig T]

[craigster59]

I'm just trying to rake up all the damn leaves in my front yard. I ain't got time for that!

[Vipergrün]

I looked into Bitcoin Mining Hardware - ASIC Bitcoin Miner - Butterfly Labs a couple of years ago. Seems pretty volatile at the moment.

[WPOZZZ]

How do you cash out?

[red-beard]

At the extremely high price, is the mining cost now reasonable?

[cstreit]

WPO there are several reputable exchanges. Coinbase is one of the more popular.

Mining hardware can be had cheap. Profitable mining hardware (that is, hardware that generates more worth than the electricity that it consumes) isn't.... TONS of scams out there. In fact if I were to guess there's probably 50 websites scamming people for every 1 legitimate one that will sell you hardware.

[Brando]

Bitpay and Coinbase are the two *most* reputable at the moment. If you're looking for a miner go for AntMiners. With BTC climbing you can mine, exchange, repeat and probably keep ahead of your electric bill.

[cstreit]

Originally Posted by Brando

Bitpay and Coinbase are the two *most* reputable at the moment. If you're looking for a miner go for AntMiners. With BTC climbing you can mine, exchange, repeat and probably keep ahead of your electric bill.

Good luck trying to find one though.

I tried to get my hands on the new S9 to no avail unless you want to pay 3x retail. I have a few Avalon 741's coming. Power requirements for two Avalons are about 2100W vs. 1600W for the S9 at a similar hash rate.

That translates into $40 more per month in power cost - but thats 4% of the current value. You can offset that by buying more efficient power supplies than most people use. Going from a Gold to a Titanium PSU gains you 4% efficiency.

[Scott R]

I use Antminers on Slush's pool for about seven years now, it's done very well for me.

[bleucamaro]

I just do some hobby trading, getting my feet wet.

I like the Antminer hardware, but I think starting now is too late in the game. I think, if you took the same investment in hardware and put it into a forex with a conservative trading strategy, you'd do better.

I'm still learning and trying to develop a strategy that I can apply to code to automate the trading.

[widebody911]

From what I've read, at leat for BTC, it's a waste of time unless you have a lot of resources to commit to it. People are hiding mining software in websites now, so when an unsuspecting rube visits the site, his machine starts mining in the background. I wouldn't be surprised if some of those "casual games" eg Candy Crush aren't doing this as well; I know the fan on my wife's laptop goes nuts while she's playing.

[cstreit]

Originally Posted by Scott R

I use Antminers on Slush's pool for about seven years now, it's done very well for me.

Thanks.

Slushpool has some nice features and I will probably start there.

Is there a good list of legitamate hardware suppliers somewhere? I seem to find 50 suspicious/scammy sellers for every 1 legit.

Chris

[cstreit]

Originally Posted by widebody911

From what I've read, at leat for BTC, it's a waste of time unless you have a lot of resources to commit to it. People are hiding mining software in websites now, so when an unsuspecting rube visits the site, his machine starts mining in the background. I wouldn't be surprised if some of those "casual games" eg Candy Crush aren't doing this as well; I know the fan on my wife's laptop goes nuts while she's playing.

I've read that. Pretty sneaky (and genius).

I think the Bitcoin Miner on the windows 10 store may be doing this. Just a gut hunch.

[Scott R]

Originally Posted by cstreit

Thanks.

Slushpool has some nice features and I will probably start there.

Is there a good list of legitamate hardware suppliers somewhere? I seem to find 50 suspicious/scammy sellers for every 1 legit.

Chris

If you want really legitimate Amazon has everything.

https://www.amazon.com/s/ref=a9_sc_1?rh=i%3Aaps%2Ck%3Aantminer&keywords=antminer&ie=UTF8&qid=1513012939

[cstreit]

Originally Posted by Scott R

If you want really legitimate Amazon has everything.

https://www.amazon.com/s/ref=a9_sc_1?rh=i%3Aaps%2Ck%3Aantminer&keywords=antminer&ie=UTF8&qid=1513012939

Thanks. The BTC ones are astronomical. However the two I bought should break even in about 3-4 months assuming the price stays up. If it drops in have that time doubles.
So that's pretty good. Once I get the BTC Rig running we'll start looking into some of the alternate currency.

[sc_rufctr]

So basically you guys are printing money!

That sounds too good to be true

[Scott R]

Originally Posted by sc_rufctr

So basically you guys are printing money!

That sounds too good to be true

It is. It takes a long time to recoup equipment costs and it's unlikely most people will ever profit over their KW/h input.

[Tervuren]

Originally Posted by sc_rufctr

So basically you guys are printing money!

That sounds too good to be true

Not so much printing money, as piecing broken money together.

In its early days, there were lots of broken pieces to be found, but now that most has been put together, it is about finding new broken pieces. A much smaller return.

The more that look, the smaller the return per individual.