I've been thinking about trying to mine Bitcoin after I've managed to save up enough to put together a small mining rig.
Is it worth it?
My idea was to build a small rig, and hopefully, over time, make enough with it to pay for a better rig, and continue the cycle until I have a really good mining rig.
Is it worth it?
What about cloud mining services, like Genesis Mining? I've read a lot about Genesis Mining being a scam, but a great deal of what you read about Steemit from other sites says that Steemit is a huge scam, even though I know it's not because I've made decent amounts of money from it!
How hard is it to run a mining rig? Is it difficult to learn?
From what I've looked at so far, I think I can probably fumble my way through it, but I want real, honest opinions on it.
What about mining altcoins?
Steemit has been so amazing for me. I'm wondering if I can put other cryptocurrencies to work for me and hopefully start carving out a small living for myself.
As far as I know bitcoin mining isn't profitable with graphic cards anymore. The best you could hope for is buying some ASIC miner , like Antminer or others. Of course this discussion about mining bitcoin will be more appropiate after August when we will see what will turn up and which coin based bitcoin emerges as a winner.
With regards to altcoin mining the website that @dwhntx mentioned is a good place to start I am sure.
The other thing to consider of course is ROI, if the mining rig would make $5/day profit and you invested $1000 it would not make much sense.
There is this website https://www.nicehash.com/?p=calc , you can calculate the profitability of nicehash app.
Basically the NiceHash app will mine for you the most profitable altcoin and give you BTC in return.
So, you could use that and graphics cards to indirectly get BTC.
Something along the lines of a 3 month return on investment would be great .
These are just my thoughts on the matter for now.
I did not answer your questions, but I am waiting for a more proper response, too.
As I told you already, I wasn't planning on trying to do graphic card mining. Not unless I find that it's a good idea.
You know just as little about this as I do. :P
I am still waiting for somebody with experience to answer your questions :*
I'm starting to think that's not gonna happen. :(
What stopped me from doing it was electricity costs but I am in a rural area and the cost is above average.
I was hoping for more of a response than that, lol.
Electricity is a major factor and this is what it came down to. My electricity costs would have caused a net loss. If I still lived in Houston then I would have a profit. I would actually mine something else other than Bitcoin. You could actually mine two or three alt coins at the same time.
I know electricity is a major factor.
It's hard to figure out which altcoins to mine though, isn't it?
Check this site out. https://www.coinwarz.com/cryptocurrency
I'm having trouble making sense of that at the moment. Gotta love when your brain decides to completely crap out on you mid-rabbit hole.
Wish I could help you. I don't know much about mining but I have been having luck in just buying and selling cryptocurrencies. After selling my SBD I leave some of my BTC in bittrex and when I have a nice amount I buy a crypto that is low and sell when it goes up. I only take small risks with small amounts. Other than studying and watching the markets it's been pretty easy to slowly make money.
I know this is an old post but I hope you read this comment. I've done a fair bit of mining on my laptop. If you're looking at ease, mine Monero (XMR). It only uses your CPU but I've had softwares that use a GPU to mine it too.
I haven't mined Bitcoin but from what I've seen others talk about it, maintenance is an issue. You would most likely use more than 1 ASIC and that would cause a lot of heat and noise.
If you're looking at pure profitability, mining ZEC or ETH with a GPU rig is something you should consider. However, gpu prices are really steep these few months because of the mining boom. I've mined ZEC on my laptop using nicehash.
If you have a bit of crypto to spare, you may want to look at proof of stake coins like Reddcoin and Peercoin. These coins are pretty cheap so you may not make a lot of profit but it saves the effort of actually mining proof of work coins. You could also look at becoming a steem witness, but that requires some technical knowledge on servers and linux and also a fairly large following on steemit.
According to me, a good strategy would be to use cloud mining for Bitcoin and physical mining rigs for altcoins that need gpus or cpus.
@sqamemal
Don't worry, I read comments on old posts, too. :)
Would you mind elaborating on mining only with my laptop? My laptop is actually several years old and nigh on obsolete. But after I get a new one, I may put this one to work as a miner if possible.
If you use Discord, I'm NovaAteBatman#8448. I'd love to chat with you more about this, if you're willing to.
I have read up on mining with my laptop, too, but unfortunately, I learn better in real time when interacting with someone else and I can ask questions and get answers.
Thank you for responding to this post, whether it's old or not!
I'd love to help you out on discord, I'll send you a request right away.
Sorry, I was napping. Request accepted!