Silk Road forums

Discussion => Off topic => Topic started by: MrRibena on November 08, 2011, 05:59 pm

Title: Bitcoin mining
Post by: MrRibena on November 08, 2011, 05:59 pm
Does anyone mine seriously? Im thinking about investing in a rig solely for mining that I will be able to leave running 24/7 without any problems.

If you do which OpenCL mining software do you use? Any tips or advice for a newcomer to the game?
Title: Re: Bitcoin mining
Post by: MrRibena on November 08, 2011, 06:11 pm
OK, I've just watched a few videos on youtube including some guy running a 48g/hash rig. FUCK THAT FOR A BAG OF SPANNERS!

I'll stick to paying for them like everyone else :(
Title: Re: Bitcoin mining
Post by: profspudhed on November 08, 2011, 07:45 pm
at this point there is no point investing in mining hardware, i could write a big post on the why of it but it sounds like youre already deterred as it is, but just for your info a friend of mine rund 8 5850s and they net him between 2 and 3 btc a day, at that rate itd take a lot of time before you make youre money back or even mine up any decent drugs, back when coins were worth more it was worthwhile but now not so much, but soon there is new hardware and even dedicated mining fpga systems that may change all that, but for now just buy em and if you want to make a bit extra profit then just trade on the exchages, buy low, sell high etc, although you need to be using large volumes to make it viable and its still a gamble at the end of the day
Title: Re: Bitcoin mining
Post by: godofall2 on November 08, 2011, 11:01 pm
right now if your mining your paying more for your bitcoins. 1st you have to buy the stuff then you need to pay for the energy it uses. the video card will run at 200 watt or so a hr so if your running it 24/7 that 200 X 24 X 30= 144000 watts so in kwh that will be 144kwh  (kwh is how they bill you 1 kwh for me is avg 24 cent) so you be adding 144 x0.24 = 34.56 to your bill at lest. that with just 1 video card getting you want like a bitcoin a week.
Title: Re: Bitcoin mining
Post by: vanilla on November 08, 2011, 11:32 pm
It is only worthwhile to mine if you already have the equipment and don't pay for electricity. I have several machines at work that mine away 24/7 but I recently turned off the ones I was running at home because I was not breaking even on the electricity usage. Electricity is expensive. Also using tons of power can arouse suspicion from the cops. I read several accounts of bitcoin miners being suspected of running grow houses for weed since both use high amounts of electricity. The time that mining was worthwhile is coming to an end I am afraid. Back when bitcoins were worth $30 apiece it was worth it but now at $3 each not so much.
Title: Re: Bitcoin mining
Post by: mr arcarnum on November 09, 2011, 01:19 am
what is this mining?
Title: Re: Bitcoin mining
Post by: vanilla on November 09, 2011, 01:42 am
http://bit.ly/sbmhRK    8)