G+_Timothy Hamlett Posted January 27, 2015 Share Posted January 27, 2015 What's the latest with bitcoin and other crypto-currencies? Which one should I try to mine? Link to comment Share on other sites More sharing options...
G+_Rodrigo Graça Posted January 27, 2015 Share Posted January 27, 2015 Namecoin? :) Link to comment Share on other sites More sharing options...
G+_Brandon Jasper Posted January 28, 2015 Share Posted January 28, 2015 Zeushash just installed their new cluster so if you'd like to try cloud farming their maintenance cost is cheaper than others. http://goo.gl/e3Z4Ra Bitcoin isn't overly profitable right now though it's fluctuating. Litecoin had a huge boost earlier this week. To be honest though unless you have ASIC miners or go the cloud route you'll be spending more money on electricity than you're generating. Dogecoin is overmined right now so there's little room for profit. There are some new coins designed specifically to prevent ASIC mining coming along that will be profitable for GPU mining. Maidsafe and Ethereum have potential as distributed internet resources as well as a coin market. Link to comment Share on other sites More sharing options...
G+_Adam EL-Idrissi Posted January 29, 2015 Share Posted January 29, 2015 From what I've seen,mind you I've never mined just kept a wandering eye on it, bitcoin is worth it right now since lots of places/services are starting to take it. However like was mentioned asic is the way to go. Personally if I were to mine I'd buy a 7-21 port USB hub, connect it to a raspberry pi and use USB asic miners (about $25) and a couple USB fans for the miners and pi. Low cost mining and low power consumption. I saw a video of one asic miner and it took about 48 hours to make I think 10 bucks (or less). I don't see it as a get "rich" quick deal,at least with 1 miner, but of you use a service that takes monthly payments it should cover those costs. Link to comment Share on other sites More sharing options...
G+_Brandon Jasper Posted January 29, 2015 Share Posted January 29, 2015 Adam EL-Idrissi those days are long gone. Those little USB ASICS were 300MH and you can get them now for $30. You'd never make your money back at the current difficulty. You can get a gigahash for less than a dollar on cloud mining sites like Zeushash but to make your investment back you'll have to get 5+ TH. As it stands right now 1TH will make you about $1 US/day after costs. Link to comment Share on other sites More sharing options...
G+_Adam EL-Idrissi Posted January 29, 2015 Share Posted January 29, 2015 Well dang. I haven't kept up with mining. The video was about a year old. A whole lot has obviously changed in that time. I'll have to look into the cloud side of mining. Link to comment Share on other sites More sharing options...
G+_Rodrigo Graça Posted January 29, 2015 Share Posted January 29, 2015 Brandon Jasper can you explain me why sites like "Zeushash" have the mining power to mine bitcoin themselves and rent it out...? Why don't they just mine the bitcoins(or others) instead of renting the hash power... It seems counter productive... And, can you really take profit on those rented machines? You are basically paying to someone to make you money.... They should be making money to themselves... Link to comment Share on other sites More sharing options...
G+_Brandon Jasper Posted January 29, 2015 Share Posted January 29, 2015 The cloud providers have different models but Zeushash buys a huge block of machines to mine with then divides the hashing power per cost unit and sells that. They make money mining on unsold hashrate and they make a profit on selling the hashrate along with a very slight profit on maintenance fees on that sold hashrate. The whole setup allows them to make enough for the next round of more powerful mining hardware. The maintenance cost is $2/TH/day. In my area if I ran a TH miner myself at 1200w that would be about my power cost so it's a slight savings to go the cloud route. A TH will make about $3/day minus maintenance, but that's at the current BTC price. If the price rises, so will the profit. Link to comment Share on other sites More sharing options...
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