Mining Cryptocurrency..?

Just wondering if any of you have tried doing this..?

Some of you may have noticed that AMD some Nvidia GPU prices have gone up and stock is low. This is primarily down to Cryptocurrency miners building machines to mine Cryptocurrency such as Bitcoin and Etherium.

The way it works is this - mathematical formulas are solved by your hardware and for each one that gets solved you get a part of a Bitcoin or whichever Cryptocurrency you've chosen to mine.

1 Bitcoin is currently worth around $2500 and like traditional currency the value spikes up and down, but unlike the US Dollar or Pound Sterling there is only going to be 21m of these things made which practically guarantees that they're going to rise in value because as each one is made there are going to be less of them available to mine, making them rarer.

They reckon all Bitcoins will be made by 2040 but I can personally see that date being MUCH earlier as more people get into it.

I'm going to be doing my Bitcoin mining by using a company called Swiss Gold Global as soon as I can get some Photo ID to get the ball rolling. You basically pay them between $30-2500 to use their hardware and by my calculations you'll break even after 5 or 6 months. But as you start to get parts of Bitcoins paid into your account you can compound that Bitcoin by paying for for more processing power with that Bitcoin , earning you more Bitcoin.

Some (sensible) estimates have put the value of 1 Bitcoin being worth $40,000 at the end of the run, and some RIDICULOUS estimates are saying $1m lol.

I'm going to be at retirement age in around 20 years time so am going to give this a go I reckon, but I'm not going to put my house on it or anything...and if any of you guys try this out please do so at your own risk. I'm not a qualified financial adviser and this thread is NOT giving any sort of financial advice. Bitcoin and other Cryptocurrencies may all end up being WORTHLESS TOMORROW for all I know so don't invest more than you afford to lose!

You might even see governments and banks doing something to kill this all off because once people start getting their wages paid in Bitcoin or other Cryptocurrencies and paying bills and rent with them these banks and governments will lose A LOT of money. :o

44 Replies

cybereality
Grand Champion
9 years ago
I just started mining Ethereum this week. Took some time to get everything setup and working, but It does appear to be running. Have a machine with 6x GTX 1060s and the rest budget parts, and was able to mine around $50 in 3 days. So (assuming prices stay stable or rise, a big assumption) I could make around $500 per month with this one machine. However, electricity costs will likely be at least $100 or maybe more (I'll find out soon) and the rig itself costed around $2,400, so it could take 6 months just to break even. Though I guess after 6 months it would be pure profit, and who wouldn't want an extra $500/month doing nothing, lol.
Zenbane
MVP
9 years ago
I have been considering this but have also been very skeptical. I should look into it a bit more.
Anonymous
9 years ago
That's why I'm deciding to mine via a third party's hardware such as Swiss Gold Global. A lot less hassle and you can easily compound everything whenever you get a payment from them to buy more hashrate.

Not sure about Etherium myself, I think I'm going to stick with Bitcoin because there's no limit to the amount of Etherium being mined so there's more chance of it going down in value.

I just wish I'd taken a look at this years ago, I'd be loaded lmfao :o :D

Hopefully I'm going to be paid some money that has been owed to me since January during the next few months so I can invest some of it into mining with Swiss Gold Global. I'm planning on getting 1TH/s for $150 and then compounding on that every time I get $30 worth of Bitcoin back to buy another 0.2TH/s. Should be a steady rise in hashrate once it gets going. B)

I really need to some Photo ID sorted out first though because you can't open a Bitcoin/Altcoin Wallet without it. I lost/threw out my passport around 17 years or so ago so it's probably going to be a hassle getting another one. I reported it to the police when I realised I didn't have it when I moved from one flat to another but it's still going to be a pain in the arse.

I might end up getting a UK ID Card, you can't travel abroad with one any more but these companies and I think bookies accept them as Photo ID so I should be okay I reckon. Just got to find out if my doctor will sign my photo etc, the fuckers will probably charge me a fortune for doing it but I need some Photo ID so it has to be done I guess.
Zenbane
MVP
9 years ago
The whole idea that Bitcoin will only go up in value because only so many were made just really sounds too much like the late-night Home Shopping Network stuff that tries to get elderly people to spend $100 on a single quarter because only so many of that one quarter were made haha
cybereality
Grand Champion
9 years ago
Cloud mining could be an option, just be sure you're not signing a long contract (some places rope you in for 12 months or 24 months and the market could have crashed by then). I liked the DIY rig option mostly because it was a good excuse to build another computer and I have more control over how to configure everything.
elboffor
Consultant
9 years ago
Snowdog, send me 25 a month and ill mine it for you...
danknugz
Superstar
9 years ago

cybereality said:

I just started mining Ethereum this week. Took some time to get everything setup and working, but It does appear to be running. Have a machine with 6x GTX 1060s and the rest budget parts, and was able to mine around $50 in 3 days. So (assuming prices stay stable or rise, a big assumption) I could make around $500 per month with this one machine. However, electricity costs will likely be at least $100 or maybe more (I'll find out soon) and the rig itself costed around $2,400, so it could take 6 months just to break even. Though I guess after 6 months it would be pure profit, and who wouldn't want an extra $500/month doing nothing, lol.

6x gtx 1060s?

isnsuch a thing even possible?
Techy111
MVP
9 years ago
@snowdog I believe you can still walk into a police station for photo id proof can't you ? Don't cost a penny that way. I can check for and ask my colleagues in blue as I'm at work ;)
vannagirl
Consultant
9 years ago

Techy111 said:

@snowdog I believe you can still walk into a police station for photo id proof can't you ? Don't cost a penny that way. I can check for and ask my colleagues in blue as I'm at work ;)

While there pls pick him up meds

He has been off the rails lately
Calmfixup
Heroic Explorer
9 years ago
I was just talking about doing this last night! After reading about a guy who spent 50k for 2 pizzas back in '12 and thinking of how foolish he must feel now that they're 2500 a pop, it made me regret that I could have built a miner years ago when I first heard about it and had plenty to sit on now :/