Thread: Bitcoin mining?
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Old 12-06-2017, 06:55 PM  
rowan
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Join Date: Mar 2002
Location: Australia
Posts: 17,373
Quote:
Originally Posted by 2MuchMark View Post
I did some digging into this about a month ago. Here's what I learned.

If you want to mine bitcoin on a computer, you need one with a few ultra fast graphics cards. You can set it up and let it go on its own and expect to make about $1.50 per day per graphics card.
I thought we'd already been through this. You were not mining Bitcoin. You were mining some kind of altcoin via a multipool, which was then converted by the pool to Bitcoin. Mining Bitcoin with a GPU, even if electricity was free, is almost completely worthless.

Also, you may not be aware, but the pool you were using (Nicehash) has shut down due to a hack.

Quote:
Originally Posted by 2MuchMark View Post
If you want to get serious, you can buy a dedicated bitcoin miner, but there's a catch. Only the fastest miners are worth the money. This is because as things move forward, bitcoins are harder and harder to mine, requiring more and more computer power. Second hand mining hardware isn't worth anything.
This is less of an issue now due to the rapid rise in Bitcoin's value. Mining hardware which was previously obsolete (cost more to run than value it mined) suddenly became viable again.

The risk now is that you spend money on mining hardware (nb. DON'T pay for it with Bitcoins!) but then the price crashes, so you're left with equipment that may not make back its purchase price.

Everything is a gamble right now unless you already own the hardware.
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