MINING COINS

Yeah dude, this is some very weird shit. It's like people just ignore this yet it seems very profitable. If I had the money I would be giving it a try asap. The 30th of this month I'll get paid by Nice hash in bitcoins, if it's really paying then there's no way this is not to go.

It's a fucking goldmine if you have the money to invest. Fuck, seriously hoping I am not missing something incredibly obvious here.

>then there's no way this is not the way to go.

FTFM

i seriously wonder where is the catch, because sounds too good to be true, like, it sounds too good to be without a catch. For example with this small beauty ebay.com/itm/X11-X13-X14-X15-Quark-Qubit-Miner-Baikal-150M-40W-DASH-miner-/112055019860 you can mine 140 dollars a month, for investment of only 540 bucks. Its not much, but its a start, you dont have to invest 5k dollars into something

I really hope someone will explain me whats the deal with it, because currently i dont see a single downside.

>invest money, from 550 - 5500 dollars
>unpack it, set it up
>plug it in
>start making money
>pay it off in 4-6 months

why isnt there more people doing this? What are we overseeing? Making money cannot be that easy, can it?

- Requires a ton pf power.
- Produces excessive amounts of heat.
- It's generally loud.
- may hang randomly and stop mining so it needs attention and troubleshooting skills

I have 4 mining rigs and miner out of my garage. The temps there now are 45+ degrees C.

Electric costs cancel out the profit. There's literally warehouses in China filled with GPUs mining this shit with a fraction of the electric costs. The market is very very large scale. There's very little margin to profit. Only the big investors do.

You are thinking of ASICS. GPU mining is still very much viable in a regular household if you have the technical know-how to set it up and maintain it.

what kind of troubleshooting?
restart?

yeah.. ideally. Not always the case tho, for example one of my GPUs just started randomly hanging in OpenCL. I know there is nothing wrong with the card because I disconnect it and restart but when I do that another one does the same thing. I mine equihash just fine but I can't mine eth with that particular rig for a long period of time without it hanging,

The more people hear about it the less it's profitable to you and other because as the total hashing power increases the shares reduce and the difficulty increases to the point where it's not profitable to mine with GPU or mine at all. Look at bitcoin, regular people used to mine that shit left and right back in the days.
I mined myself 900 BTC with my GPU back in 2011-2013.
So you better hope that people don't get into mining again and profit quietly.

difficulty increases and eventually goes POS which could be anytime AFAIK
(at least for ETH)
if you had spent the same amount of money youd pay for a rig back when ETH was lower, youd have made more money

if you had spent the same amount of money just investing*

How do you start?

>- Requires a ton pf power
well yeah, but they are included in calculators, right? According to cryptocompare, baikal miner quad cube eats 17 dollars a month in electricity, that doesnt sound too terrible. And even with it included, you still net 1100 bucks a month, thats fucking awesome for single machine, especially when you are in eastern europe (like me) and thats literally double the average pay here

>- Produces excessive amounts of heat.
>- It's generally loud
i dont have problems with these, as they wouldnt be in the room where i sleep

>- may hang randomly and stop mining so it needs attention and troubleshooting skills
yeah, i guessed that much, that it requires some sort of maintanance from time to time but cant be that hard, can it?

Can it really be that simple? Invest, plug it in, check it from time to time, and make 1100 dollars a month. Nothing you mentioned sounds like a big obstacle to it. I am still suspicious, it sounds way too simple and easy

some things to consider:
- seemingly random breakdowns
- downtime of any sort; internet outages, power outages, etc. Every second you are not mining, you're losing money.
- natural hardware failure from overtaxing what are basically shitty consumer graphics cards designed for children to play video games
- if the market tanks before ROI you're not necessarily ever going to make your money back

pros:
- you can sell the HW afterward so you have more control over your outlay in a sense

I like your attitude user. I say go for it. I've been mining and accumulating hardware since Sep of last year. There are plenty of good coins out there to be mined even if ETH goes POS. GL

>those 400-series cards
jealous... all I can find now are 500-series
how much are you bringing in, net?

Wouldn't altcoins still be viable? Considering they should be easier to mine and are likely to gain some value over time.
nonminer here

Te problem with altcoins is that most of them are worthless in a fundamental sense—the only reason they're traded is due to speculators and/or people trying to make money off of the gullibility of others. Also, some of the new "coins" coming out can't be mined, etc. You should know what you are doing 100% before you commit any money.

thanks man, appreciate the input and encouragement. Thats sort of my plan too, start with one and if it turns out to be profitable invest remaining money (got 15k dollars available) into few more machines. Just wanted to know if there is some hidden catch because it all sounds too good, but seems there is not, at least no major one.

Care to tell me how much money you make with a single machine and its properties, and that will be my last question, wont bother you any further

Yeah, my 500 series are the ones giving all the headaches right now but I suspect support will get better over time.
>how much are you bringing in, net?
depends on the coin I'm mining. Lately I've been switching back and forth a bit. I'd say anywhere from 30$ - 40$ a day. Double for the past couple of weeks since everything skyrocketed.

The main catch is that you'll be stuck with thousands of dollars in computer equipment which will quickly be worth 1/3 of what you paid for it. That and keep in mind that your average rig will use about the same amount of power as 5 big refrigerators.

How frequent are the hangups? Have you written a recovery script or anything similar?

Anyone with any real money is banking on shitcoins and other sleeper pennycoins. Mining is smalltime and isnt worth the time/energy unless you're a chinese warehouse owner with multiple high end machines mining 24/7. You'd honestly be better off just throwing that money at some random shitcoin and praying it pans out and you 2x or 10x your investment that way. Essentially its a time sink that won't actually net you a huge profit. Can be good if you have a decent setup and have the power/energy required to use properly. Never mined myself because like i said its smalltime, but i know people that do and they make a decent amount of money every month, plus prices can go up depending on what you mine. Miners as a whole tho and all the people i know that mine with a good setup have a strict "dont ask dont tell" policy in which everyone that knows what/how to mine never talk about it for the sole reason that others doing the same thing will net them a lower profit. Shit I even know of miners purposefully shilling anti-mining memes so less people will mine/realize about mining. Its something nice that can definitely net u free profits but personally i view mining as a waste of time.

Every 15-20 mins usually. I use Claymore's miner which attempts to restart on its own but the OS just freezes.

Holy shit, have you done any troubleshooting? kernel log etc... That's way too frequent. Memory test? etcetc

Well interestingly enough. When I disconnect the GPU that hangs and run it with the rest another one does the same thing. The rig runs just fine when I mine equihash but the moment I switch to ethhash coins. It start doing that crap. I got those cards just recently so haven't done much outside of updating drivers playing and around in afterburner.

mining is not worth it anymore

>mining is not worth it anymore

I always wondered about ASICs, considering they are for the most part one time programmable do they become obsolete over time or whenever there is a change in protocol of the blockchain or a soft/hard fork?
What are the algorithms that you can't go wrong with in the long term?

That's awesome, 140 a month. I really need to look into this, and save money first of all.

what then, to wait for newest gen of mining rigs and buy them immidietely on release to extend their value? I only need 5 months to pay it off, what are the chances they will lose 2/3rds of value in few months?

wait, mining rigs require restarting every 20 minutes? Thats really fucking bad, when you said they require some maintenance i thought it would be once a day or something, not 3 times a hour

advanced jewry i see, seems we got one here

Well, that explains the hush hush around it. I guess I am pissing people off by making this thread.
Get a miner from ebay, download nice hash, link wallet to account, start mining. Cosplay as a Dwarf for bitcoin bonuses.

This only happens with the one I'm currently having trouble with, dude. Obviously that's not normal behavior. The one you see on the pic with the 6 MSI cards has worked for 3 months without me touching it.

how much power do mining rigs eat up?

we got what we wanted, maybe OP should delete the thread if he's still around

ah yeah, got it from earlier post that wasnt up when posted mine, you only have problems with eth. Well then, its all set, i will start with small cube first, and when see how it works / learn how to operate it, will invest in more expensive stuff. Thanks once again man, really

Having no coin and seeing opportunities right in front of you is a fucking soul killer. I am going to have to start selling drugs on the darknet or something.

I wish I had a job, fugg.

Step up the crypto trading game, add me on skype: cryptoanna

Thread is too old to be deleted. You could sage if you feel like it, though.

>Shit I even know of miners purposefully shilling anti-mining memes so less people will mine/realize about mining.

That's complete bullshit.There videos all over youtube on how to setup and run mining rigs. The GPU mining community as a whole is freaking awesome. Just check some of the forums that talk about how to best tune your GPU for mining and get the best profit. People help each other all the time with all kinds of issues.

Meant to reply to this guy too

That's great, I don't like being a Jew to be honest. I still don't want to go homeless though, really need to get into this before it's over.

>Updating drivers
Doesn't claymore's miner say specifically to use Catalyst v15.12?

Doesn't work with RX5 series. I'm about to try a different mining software.