Mining Cryptocurrency..?

[Anonymous]

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. 😮

[Wildt]

You guys seen the latest spike in value? Dang, @cybereality  - good timing with that new rig 🙂

[Anonymous]

The way to earn money with this is with Cloud Mining like I mentioned in my earlier post. I still haven't got my Photo ID sorted out yet so I haven't started yet. With cloud mining you don't need to fork out on overpriced hardware, no electricity to burn. You end up earning less than you would if you did it all yourself because you pay for the hashrate and using their equipment but if you compound your hashrate by using Bitcoin to pay for more hashrate you only need to make one initial payment from your own pocket.

[cybereality]

Cloud mining is an option. There is also a service call nicehash.com when you can buy/sell compute power. It's kind of interesting because you can make money with a rig (basically renting it out for other people) and bring in a guaranteed gain, regardless of what currency is hot or the ups and downs of the market.

[Pic0o]

I haven't mined coins for a few years since I had a 570 GTX? (back in 2013).  I was also using a distributed pool via bitcoin.de.  I have zero coins in my account as the computing was a fraction of a full coin.  FWIW, the processor also did one of those 'rollover service' things.  All I can say about that, is if you are looking to bitcoin for long-term investment, you might want to spend it in Vegas instead.

I don't have personal experience mining on multiple 1080 Ti cards but I saw people mention 6x of those cards will exceed your residential electric capacity (like, not work because it pulls too much power).  Thanks cyberreality on the details about your electric bill to mining output.  I personally was not comfortable with the GPU running @ 100% 24/7, but I see the appeal of generating math money.
I chuckle and think of it as a monetized Seti@Home.

[Zenbane]

For anyone who plays Darknet, the application has a "news feed" that is always talking about Cryptocurrency and its impact on both corporations and government. It's purely fiction, and part of the futuristic world that Darknet is set in, but the author put some serious thought and effort in to these news headlines. It reminds me of the writing behind Mr. Robot.

[cybernettr]

 Cryptocurrencies are interesting, but I am a little skeptical. For one thing, it's not known what effect quantum computers will have on it. They could  undermine the whole concept.  Cryptocurrencies rely on encryption, and quantum computers may turn the idea of encryption on his head. (I'm not sure what effect they will have on other areas of society either, such as privacy and security.)

[Zenbane]

ooohhh sheit! Cybernettr just busted out Quantum computing. Love it! You are 100% correct about it turning cryptography on its head.

https://www.youtube.com/watch?v=fwvKOFNJvBs

[Mwilliams78]

cybereality said:

Yeah. I think like 4 years ago my brother sent me $5 in Bitcoin. When I logged in recently to check (I had completely gotten) that $5 was now worth $28. Sure, not a lot of money, but had I been on it maybe I could have bought more than $5. I've been sort of following things, but never really bothered getting into it. People are saying it's too late, but they were saying that years ago, and they were wrong. 

Also, here is the rig I built if you are interested. There aren't many (or any) motherboard/cases that can handle 6 dual-slot GPUs, AFAIK, so you have to kind of DIY it with custom cases and PCI-E riser adapters. 

Sorry your pc doesn't  meet the minimum requirements to run the Oculus Rift. :wink:

[cybernettr]

Also, don't forget the electricity it costs to mine bitcoin. 

[Percy1983]

Well I sold a 290x then ordered a an rx 580 for a little more in the run up to the vega release, amazon are classing it as a pre order to its in at £230, the price has gone back up now due to vega shortages but mine will stay cheap and arrive at some point.