Bitcoin mining anyone?
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bbneo
Jan 13, 2018, 8:08:03 AM1/13/18
to Akron Linux Users Group
Who's mining Bitcoin?
Have any expertise or experience you would like to share?
Is it worth it today for amateurs?
I got my son to start doing it with the gaming machine we built together... key part is the GeForce 1060 GPU... He is using the NiceHash platform to contribute computing power and the system tells him that he is making about $4 per day with that.
David Egts
Jan 13, 2018, 10:58:46 AM1/13/18
to bbneo, Akron Linux Users Group
On Jan 13, 2018 08:08, "bbneo" <brad....@gmail.com> wrote:
Who's mining Bitcoin?
Have any expertise or experience you would like to share?
Is it worth it today for amateurs?
I'm sure tons of people have opinions, but from what I've read, mining is cost prohibitive unless you have a cheap or free source of electricity. There are calculators for that, and some coins are more profitable than others.
Personally I've been puttering around with Storj on Raspberry Pi...
I got my son to start doing it with the gaming machine we built together... key part is the GeForce 1060 GPU... He is using the NiceHash platform to contribute computing power and the system tells him that he is making about $4 per day with that.
I have no idea how good NiceHash is but they were in the news recently...
Dave
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Galehouse,Daniel
Jan 13, 2018, 9:59:03 PM1/13/18
to bbneo, Akron Linux Users Group
To all,
I have a GeForce 480. Is it worth anything for BitCoin mining?
Dan Galehouse
From: akro...@googlegroups.com <akro...@googlegroups.com> on behalf of bbneo <brad....@gmail.com>
Sent: Saturday, January 13, 2018 8:08:02 AM
To: Akron Linux Users Group
Subject: [ALUG] Bitcoin mining anyone?
Sent: Saturday, January 13, 2018 8:08:02 AM
To: Akron Linux Users Group
Subject: [ALUG] Bitcoin mining anyone?
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Jonathan Woodall
Jan 13, 2018, 10:21:33 PM1/13/18
to Galehouse,Daniel, bbneo, AkronLUG
It is not profitable to mine with power costs in Ohio, nor worth the hassle.
You need a big operation with commercial power in a place where power is very cheap for the math to work.
It is better to just buy coins with the money you would lose by mining if you really have to get into the mining game.
On Jan 13, 2018 9:59 PM, "Galehouse,Daniel" <d...@uakron.edu> wrote:
To all,
I have a GeForce 480. Is it worth anything for BitCoin mining?
Dan Galehouse
From: akro...@googlegroups.com <akro...@googlegroups.com> on behalf of bbneo <brad....@gmail.com>
Sent: Saturday, January 13, 2018 8:08:02 AM
To: Akron Linux Users Group
Subject: [ALUG] Bitcoin mining anyone?
--
Who's mining Bitcoin?
Have any expertise or experience you would like to share?
Is it worth it today for amateurs?
I got my son to start doing it with the gaming machine we built together... key part is the GeForce 1060 GPU... He is using the NiceHash platform to contribute computing power and the system tells him that he is making about $4 per day with that.
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bbneo
Jan 14, 2018, 6:31:26 PM1/14/18
to Akron Linux Users Group
NiceHash has a profitability calculator which is supposed to take into account your hardware as well as your electricity costs.
It automatically selects algorithms which might be more profitable for your hardware. It uses $0.10 per kwH for a baseline assumed electricity cost (and presumably takes into account the power requirements of your hardware to compute the profitability...)... a power hungry CPU can kill your profitability I assume, but on the other hand, usually during mining, your CPU might be idling much of the time assuming you are using a GPU and modern processors are better at power consumption control, aren't they?
On Saturday, January 13, 2018 at 10:21:33 PM UTC-5, Jonathan E. Woodall wrote:
It is not profitable to mine with power costs in Ohio, nor worth the hassle.You need a big operation with commercial power in a place where power is very cheap for the math to work.It is better to just buy coins with the money you would lose by mining if you really have to get into the mining game.
On Jan 13, 2018 9:59 PM, "Galehouse,Daniel" <d...@uakron.edu> wrote:
To all,
I have a GeForce 480. Is it worth anything for BitCoin mining?
Dan Galehouse
From: akro...@googlegroups.com <akro...@googlegroups.com> on behalf of bbneo <brad....@gmail.com>
Sent: Saturday, January 13, 2018 8:08:02 AM
To: Akron Linux Users Group
Subject: [ALUG] Bitcoin mining anyone?
--
Who's mining Bitcoin?
Have any expertise or experience you would like to share?
Is it worth it today for amateurs?
I got my son to start doing it with the gaming machine we built together... key part is the GeForce 1060 GPU... He is using the NiceHash platform to contribute computing power and the system tells him that he is making about $4 per day with that.
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Jonathan Woodall
Jan 14, 2018, 8:16:07 PM1/14/18
to AkronLUG
I ran Akron power costs through that calculator.
The 480 is slower than anything on the website, so based on some CPUs in the same line as the 480 but newer, Dan Galehouse's computer will make less than $2 per month.
At that rate, I'd say not worth the hassle, or the wear and tear on the system.
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Rick Nemer
Jan 14, 2018, 11:34:32 PM1/14/18
to alug
If you have the latest asic based processing units that cost thousands of dollars, it can be very cost effective.
One of our friends has made big money this year by mining. With its value going up 15 to 20 times it had amazing gains this year.
We get sick of hearing about bitcoins at lunch. We are about to ban the topic at lunch.
If you don't mind a $1000/month electric bill, you can make 10s to 100s of thousands of dollars a year.
It will take over your life. Expect to hire a tax attorney.
Maybe a divorce attorney too.
Also the noise of the fans on the boxes with drive you and your neighbors crazy.
I have watched my friends go through this and would not touch it. It reminds me of a gambling addiction.
If anyone wants a talk on block chains let me know.
That is the technology under the covers of crypto currency.
Rick..
bbneo
Jan 14, 2018, 11:43:38 PM1/14/18
to Akron Linux Users Group
I am disappointed in all of the negativity on this topic. ;-) According to NiceHash with a 1070 GPU you can make about $4-$6 per day (profit) in Bitcoin mining... which means that you can pay off the $1000 gaming machine in about 5-6 months... who wouldn't want to try to get a free gaming computer? (I've got 3 boys...)
As far as blockchain goes (distributed public ledger)... I see lots of applications for it. I have an idea for one in healthcare... just got to find the time to see it through.
The GPUs are supposed to be relatively efficient... the 1070 was rated as one of the most power efficient GPUs for mining in an spring 2017 article in Forbes... Not getting negative on this yet. Need the computer anyway...
On Sunday, January 14, 2018 at 11:34:32 PM UTC-5, Rick Nemer wrote:
If you have the latest asic based processing units that cost thousands of dollars, it can be very cost effective.One of our friends has made big money this year by mining. With its value going up 15 to 20 times it had amazing gains this year.We get sick of hearing about bitcoins at lunch. We are about to ban the topic at lunch.If you don't mind a $1000/month electric bill, you can make 10s to 100s of thousands of dollars a year.It will take over your life. Expect to hire a tax attorney.Maybe a divorce attorney too.Also the noise of the fans on the boxes with drive you and your neighbors crazy.I have watched my friends go through this and would not touch it. It reminds me of a gambling addiction.If anyone wants a talk on block chains let me know.That is the technology under the covers of crypto currency.Rick..
On Jan 13, 2018 8:08 AM, "bbneo" <brad....@gmail.com> wrote:
--
Who's mining Bitcoin?
Have any expertise or experience you would like to share?
Is it worth it today for amateurs?
I got my son to start doing it with the gaming machine we built together... key part is the GeForce 1060 GPU... He is using the NiceHash platform to contribute computing power and the system tells him that he is making about $4 per day with that.
You received this message because you are subscribed to the Google Groups "Akron Linux Users Group" group.
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Scott McCarty
Jan 15, 2018, 11:26:12 AM1/15/18
to Rick Nemer, alug
LOL, I second everything Nemer said here :-) It can destroy your life ;-)
But, I'm still mad at myself for not listening to Mel. I literally could
have made 10s of thousands of dollars if I wouldn't have called
balderdash on it ;-)
C'est la vie...
Scott M
On 01/14/2018 11:34 PM, Rick Nemer wrote:
> If you have the latest asic based processing units that cost thousands
> of dollars, it can be very cost effective.
> One of our friends has made big money this year by mining. With its
> value going up 15 to 20 times it had amazing gains this year.
> We get sick of hearing about bitcoins at lunch. We are about to ban
> the topic at lunch.
> If you don't mind a $1000/month electric bill, you can make 10s to
> 100s of thousands of dollars a year.
> It will take over your life. Expect to hire a tax attorney.
> Maybe a divorce attorney too.
> Also the noise of the fans on the boxes with drive you and your
> neighbors crazy.
> I have watched my friends go through this and would not touch it. It
> reminds me of a gambling addiction.
> If anyone wants a talk on block chains let me know.
> That is the technology under the covers of crypto currency.
> Rick..
>
> On Jan 13, 2018 8:08 AM, "bbneo" <brad....@gmail.com
> <mailto:akronlug+u...@googlegroups.com>.
> <mailto:akronlug+u...@googlegroups.com>.
Scott McCarty
scott....@gmail.com
http://crunchtools.com
@fatherlinux
But, I'm still mad at myself for not listening to Mel. I literally could
have made 10s of thousands of dollars if I wouldn't have called
balderdash on it ;-)
C'est la vie...
Scott M
On 01/14/2018 11:34 PM, Rick Nemer wrote:
> If you have the latest asic based processing units that cost thousands
> of dollars, it can be very cost effective.
> One of our friends has made big money this year by mining. With its
> value going up 15 to 20 times it had amazing gains this year.
> We get sick of hearing about bitcoins at lunch. We are about to ban
> the topic at lunch.
> If you don't mind a $1000/month electric bill, you can make 10s to
> 100s of thousands of dollars a year.
> It will take over your life. Expect to hire a tax attorney.
> Maybe a divorce attorney too.
> Also the noise of the fans on the boxes with drive you and your
> neighbors crazy.
> I have watched my friends go through this and would not touch it. It
> reminds me of a gambling addiction.
> If anyone wants a talk on block chains let me know.
> That is the technology under the covers of crypto currency.
> Rick..
>
> On Jan 13, 2018 8:08 AM, "bbneo" <brad....@gmail.com
> <mailto:brad....@gmail.com>> wrote:
>
>
> Who's mining Bitcoin?
> Have any expertise or experience you would like to share?
> Is it worth it today for amateurs?
>
> I got my son to start doing it with the gaming machine we built
> together... key part is the GeForce 1060 GPU... He is using the
> NiceHash platform to contribute computing power and the system
> tells him that he is making about $4 per day with that.
>
>
> --
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> Groups "Akron Linux Users Group" group.
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> send an email to akronlug+u...@googlegroups.com
>
>
> Who's mining Bitcoin?
> Have any expertise or experience you would like to share?
> Is it worth it today for amateurs?
>
> I got my son to start doing it with the gaming machine we built
> together... key part is the GeForce 1060 GPU... He is using the
> NiceHash platform to contribute computing power and the system
> tells him that he is making about $4 per day with that.
>
>
> --
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> <https://groups.google.com/d/optout>.
>
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Scott McCarty
scott....@gmail.com
http://crunchtools.com
@fatherlinux
Jonathan Woodall
Jan 15, 2018, 12:09:32 PM1/15/18
to Scott McCarty, Rick Nemer, alug
Heck, getting rich can destroy your life.
In his book "How To Get Rich", Felix Dennis tells you not to, since it'll alienate friends, family, and generally make a mess.........
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Scott McCarty
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@fatherlinux
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bbneo
Jan 17, 2018, 12:41:36 PM1/17/18
to Akron Linux Users Group
It's more of an educational venture in our household... with higher end GPUs, you can make about $3-$5 per day depending on the values of Bitcoins and the boys will see that value go up and down, and I will get to pair it with the electric bill at the end of the month... they will learn about what currency is, what gives it value, what cryptocurrency is, what blockchain is, etc... and we did need the computer anyway... so If we are able to pay it off with value generated by mining, the more the better. ;-)
We aren't going to get rich from it.
We aren't going to get rich from it.
On Sunday, January 14, 2018 at 11:34:32 PM UTC-5, Rick Nemer wrote:
If you have the latest asic based processing units that cost thousands of dollars, it can be very cost effective.One of our friends has made big money this year by mining. With its value going up 15 to 20 times it had amazing gains this year.We get sick of hearing about bitcoins at lunch. We are about to ban the topic at lunch.If you don't mind a $1000/month electric bill, you can make 10s to 100s of thousands of dollars a year.It will take over your life. Expect to hire a tax attorney.Maybe a divorce attorney too.Also the noise of the fans on the boxes with drive you and your neighbors crazy.I have watched my friends go through this and would not touch it. It reminds me of a gambling addiction.If anyone wants a talk on block chains let me know.That is the technology under the covers of crypto currency.Rick..
On Jan 13, 2018 8:08 AM, "bbneo" <brad....@gmail.com> wrote:
--
Who's mining Bitcoin?
Have any expertise or experience you would like to share?
Is it worth it today for amateurs?
I got my son to start doing it with the gaming machine we built together... key part is the GeForce 1060 GPU... He is using the NiceHash platform to contribute computing power and the system tells him that he is making about $4 per day with that.
You received this message because you are subscribed to the Google Groups "Akron Linux Users Group" group.
To unsubscribe from this group and stop receiving emails from it, send an email to akronlug+u...@googlegroups.com.
Rick Nemer
Jan 17, 2018, 3:32:33 PM1/17/18
to bbneo, alug
I talked to Mel about his experience with Bitcoin and block chains.
He is willing to give a talk at the meeting in the near future.
Most of his Mel's work is with Bitcoin but other ones are similar.
A talk on the block chain would be great.
Let me know when you want to see Mel's presentation.
Rick..
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Christopher Cole
Jan 17, 2018, 3:57:25 PM1/17/18
to Rick Nemer, bbneo, alug
Rick,
Blockchain would be a good topic. Here are a couple of educational links that describe it quite well (a video and an interactive demo):
Maybe an overview of some of the applications of this technology would be good (financial, medical, food supply, etc.). I read that WalMart uses blockchain to track pork as it travels through its supply chain from its sources in China -- http://fortune.com/2016/10/19/walmart-ibm-blockchain-china-pork/ . I think a great example of blockchain in action is git as used in distributed development. After all, a git repository is a distributed collection of blocks of data that include references to previous blocks of data, each containing a cryptographically strong hash.
I think Mel would give a great presentation, as he knows this stuff quite well!
Jonathan Woodall
Jan 17, 2018, 7:55:11 PM1/17/18
to AkronLUG
I heartily support the notion of getting kids involved in this for educational purposes.
Good work getting this started!
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bbneo
Jan 20, 2018, 6:58:27 PM1/20/18
to Akron Linux Users Group
One thing that I have learned about blockchain since starting to explore an idea I had is that it is limited in its transaction rate (inherently, by design) to about 7 per second... compared to about 50,000 per second for Visa and Mastercard networks... impacts on relevant applications for blockchain as well as the potential for Bitcoin to become a widely used currency.
Nour Jabi
Feb 1, 2018, 12:47:01 AM2/1/18
to Akron Linux Users Group
Returns are good based on accumulative principal, meaning the share you buy you can choose to re-invest the earnings on daily basis and the second day your capital will be the previous day's capital plus the earning for that day and so on.
There's also a very rewarding referral program where you earn credits on people who buy shares through you, in order to encourage shareholders to bring more people to expand the farms due to fierce competition in this field. The more you and the people you refer buy shares the more the rewards and it's starting with US800 per day for the minimum share, if you are able to bring enough people earning you and them credits that can be converted to Bitcoins.
Let me know if you, or anybody in this discussion is interested, I can walk them through the process.
Minimum investment is US600 in Bitcoins (we need to source the equivalent and we can assist in that as well), there are shares for US$1100, $2100 and $3600, and you can buy multiple shares.
It's like a pyramid networking just like any business on this planet with multiple branches.
Check this post: http://nour-jabi.com/currency-mining-investing/
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