Anonymous asked: I am apologize if this is a repeat question, but I cannot find any answer to this one anywhere. I was curious I started bit mining yesterday just for something to do, and its going at .0079 BTC/ day. At this rate it will take roughly 130 days to make 1 BTC. Now with say the Asic 50 Gh/s according to the calculators I will earn roughly 3.2 BTC/ day. My question being if I make the investment wil I actually see an improvement if everyone else does the same thing? Is it relative to others hardware?
Good question. The difficulty will go up as more hashing power comes online so it is relative. However, I would contend that it would still mine faster than what you have at the moment given what you have stated.
Here is a really good calculator I recommend that will help predict your profitability depending on a number of factors, such as network hash rate, difficulty, your hash rate, power usage, etc.
Anonymous asked: Complete newb here: I have a pretty basic box - i5 2400 processor, 1Gb nVidia 550Ti, and 12Gb Memory. Worth joining a pool with this thing? And if so, what sort of return/timeframe would I expect?
With the exception of the new ASIC’s that are coming out, mining is dependent on the GPU that you are using and nVidia GPU’s are not nearly as good at processing the complex mathematical equations that are necessary for mining as ATI Radeon cards are.
I recommend Bitcoinx: http://www.bitcoinx.com/profit/
It is a great way to help determine your profitability considering a number of factors.
Anonymous asked: I've got a gaming rig I built awhile back with a phenom II and a Radeon 6850. Do you think this rig would be good enough to turn a profit?
It all depends on how much you pay for electricity, really. From what I know the 6850 hashes around 250 MH/s, which isn’t much, especially considering the recent moves of the market, so it is going to be a tossup at that speed right now and almost irrelevant once the ASIC’s come out on the scene. While I’m all into Bitcoin, this may be a case at some point where you would be better off mining Litecoin and exchanging that for Bitcoin.
Anonymous asked: Now that the Avalon machines have entered the hash pool and the BFL rigs are soon to be released, how do you think it will effect the small miners doing this as a hobby or even second source of income? Is it worth entering the hash pool with GPU rigs?
It will be interesting to see the effects of the ASIC releases on small/hobbyist miners. I would not recommend entering the pool by buying a new GPU rig right now, but if you already have a setup that hashes well then I would still run it until it is no longer profitable. But if you are looking to invest money at this time, I would put it into an ASIC if I were you, as there will be a much better chance of recouping your investment and profiting faster. Of course, there are always other indicators that may change along the way, but that is how I see it at this moment.
Anonymous asked: nvidea
Nope. ATI Radeon cards are the best GPU’s out there for performing the complex mathematical equations that mining requires.
For a list of average hardware mining specs:
Anonymous asked: I couldn´t find any guide about how to go solo mining. every page says that is possible to go solo, but only explains poolmining. the only guide about solo mining is too old and doesn´t work anymore. is there another way to do that or can u only go pool mining?
I do not recommend solo mining anymore, although it is still possible. Your best and most profitable course of action would be to join a pool at this time.
Anonymous asked: Do you think the Bitforce products will ever actually ship? It looks like they've been "two months away" for a year. If/when they do, do you think that the value of Bitcoins will crash when everyone is mining at 10x-100x the rate that they previously were?
I do believe they will ship soon. Yes, they have had some delays but as I’ve said before, this is somewhat uncharted territory for ASIC development and I expected some issues along the way. Now, this is just an educated guess, but I do believe the opposite will happen and the Bitcoin price will go up with better, faster miners out there. Of course, that could always change depending on a number of factors that don’t simply depend on the network hash rate, as Bitcoin has shown that it is still a volatile market in its relative infancy and subject to a number of factors that dictate its price.
Anonymous asked: What do you think of Butterfly Labs' 5 GH/s Bitcoin Miner for someone on a budget?
I think the Butterfly Labs 5GH/s miners are perfect for someone on a budget as they will provide the most bang for your buck, so to speak, as compared to what you would get from putting together a mining rig with GPU cards that could become obsolete soon after they start shipping ASIC’s. There is nobody out there in the industry that is putting that kind of power into a mining machine for that low of an entry-level price. Just have to be patient right now.
Anonymous asked: Is it too late to start mining as of 4/16/13 or should i just give up and accept the fact that i missed the bus.
I definitely do not think that is too late, but you must be smart about your initial investment and how long you expect to recoup that money before you start making a profit. Here is a good calculator that I recommend: http://www.bitcoinx.com/profit/.
Anonymous asked: with all those equipments turned on, wont it spend a ton of electricity? Were i live we pay for the ammount we use. could that be a big problem to me? TY
It all depends on what kind of equipment you are using and how much your electrical utility provider charges you for usage. With the new ASIC’s coming out, power usage is much less pronounced than previous FPGA rigs or mining from GPU cards. There is a very good calculator out there for you to get a better idea of what your cost would be considering a lot of factors, to include power: http://www.bitcoinx.com/profit/