Anybody have knowledge on Bitcoin Mining?

[ball15life]

Someone at my job just told me that he has his machines up for Bitcoin Mining (when not in use). Makes about $8 daily (after factoring in electricity use).

I have a couple machines I could potentially rig for this


Do any of you do this? Any stories/experiences you can share? Any info on how to set it up? It seems like an easy way to make some extra cash. About $2300-$2400 extra yearly

 

[Dat Migo]

Someone at my job just told me that he has his machines up for Bitcoin Mining (when not in use). Makes about $8 daily (after factoring in electricity use).

I have a couple machines I could potentially rig for this


Do any of you do this? Any stories/experiences you can share? Any info on how to set it up? It seems like an easy way to make some extra cash. About $2300-$2400 extra yearly

Better off mining other coins.

 

[Liquid]

I won't even bother TBH. I just buy cryptos and trade, much less of a hassle and it takes quite a while to recoup your initial hardware costs. I gave up the mining craze back in like 2014.

 

[natturnher]

Better off mining other coins.

Exactly. The days of mining bitcoins with your desktop and a single gpu are long gone. Even if your electricity is cheap for all those boxes you plan on running it would be better to try another crypto-currency than Bitcoin. That ship sailed years ago. People moved on to using ASIC hardware ages ago for Bitcoin mining. Either try a crypto-currency that is ASICs resistant (and new) or do like what LÍQUIDO is suggesting.

 

[TripleAgent]

If you want to mine, use NiceHash if you want to be paid in Bitcoin. It will mine whatever is most profitable for your setup, and pay directly in Bitcoin. My suggestion is to build a portfolio with several different coins, with Bitcoin being 3rd or 4th most important. It's still a good investment, but if you're looking to get rich, another coin blowing up is probably a better bet. Good to be diversified.

 

[IslandG]

dont bother. the game is dominated by chinese mining farms with special deals to get electricity at very low costs.

 

[duckbutta]

No way in hell he is making 8 dollars a day unless his electricity is basically free...

 

[JAY?]

What if you use solar power

 

[TripleAgent]

What if you use solar power

Whatever you can save is more money in your pocket.

 

[Family Lives Matter]

you would need to rent a few houses and rig each room head to toe with machines

 

[the cool]

I mine 9 dollar ethereum a day

 

[ball15life]

No way in hell he is making 8 dollars a day unless his electricity is basically free...

I don't know how many machines he has setup....
The guy is pretty good with math...it checked out in a casual convo

 

[ball15life]

I mine 9 dollar ethereum a day

How hard was it to get setup?

 

[duckbutta]

I don't know how many machines he has setup....
The guy is pretty good with math...it checked out in a casual convo

The more machines he has set up...the more electricity he is using...meaning the more it cost him to mine bitcoins

The only way a person is mining bitcoins and making it profitable right now is if they are paying nothing or next to nothing for electricity...because what you can mine on a per hour basis for a bitcoin is generally less than what you pay for electricity on a per hour basis...

That is why when it comes to bitcoins you typically see these huge farms...because that is how many machines you typically need to make the per hour mining higher than what you pay in electricity so you can turn an actual profit...

 

[Liquid]

You guys are not thinking about this straight.

It will take you forever to mine a bitcoin...just buy when it dips.