Can Crypto-Currency Mining Make You More Than Power Costs?

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slave
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23 Nov 2015, 8:38 pm

This is purely an economic issue.

Q#1.
Clearly, crypto-currency mining companies make money....BECAUSE of scale, but can an individual with an ave. PC make more money that he/she pays in electricity costs?

Q#2.
AND how much does this vary depending on the specific crypto-currency?? ...after all there are 667 different kinds.

Q#3.
Do you mine? if so, which one?

and if you care, this site has a visual history.... http://mapofcoins.com/

LupaLuna
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24 Nov 2015, 2:48 am

If you're gonna mine crypto currency for profit. Then Bitcoin is your best bet. As far as mining Bitcoin with a standard PC goes. it's no longer practical to do. You will need one of those custom ASIC based mining machines. They cost about $600 and it can take up to 6 months just to recupe the cost of the miner and you're still at the mercy of Bitcoin prices.

izzeme
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24 Nov 2015, 3:43 am

slave wrote:

different kinds.

Q#3.
Do you mine? if so, which one?

and if you care, this site has a visual history.... http://mapofcoins.com/

A#1, highly unlikely, you're competing against dedicated machines and botnets, a consumer-level PC has no real chance to make a profit.

A#2, some, i don't know the mining rates and exchange prices, but i'd say that for the final result, there's no difference: none will make a profit that's worth the trouble, if any at all.

A#3, nope, see #1 and #2 for why

Kurgan
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24 Nov 2015, 1:54 pm

There's no point in burning out your GPU for bitcoins anymore. The only way to make money on bitcoins is to wait for a significant drop in value and buy them at the bottom.

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Edenthiel
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24 Nov 2015, 7:01 pm

ASIC based:
https://en.bitcoin.it/wiki/Mining_hardware_comparison

General hardware based:
(AMD / ATI / Intel / ARM /nVidia)
https://en.bitcoin.it/wiki/Non-specialized_hardware_comparison

Note that the better ASIC based rigs measure in thousands of mhash/s use more than 3000watt/hr of power
& the regular hardware is measured in tens of mhash/s & uses the power of a PC (60-500watt/hr).

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slave
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26 Nov 2015, 5:50 pm

Thanks for all the great responses

I'm not surprised really, esp. about Bitcoin specifically(been out so long already).

I wonder about catching novel crypto-currencies ON release, that if you get in early enough you might be able to make a little $ before the coins become so much harder to mine(mathematically). There have been 3 new ones released recently.

Of course, the majority become defunct :skull: and don't have much longevity.

Kurgan
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27 Nov 2015, 10:24 am

slave wrote:

Thanks for all the great responses

I'm not surprised really, esp. about Bitcoin specifically(been out so long already).

I wonder about catching novel crypto-currencies ON release, that if you get in early enough you might be able to make a little $ before the coins become so much harder to mine(mathematically). There have been 3 new ones released recently.

Of course, the majority become defunct :skull:

and don't have much longevity.

The value should be roughly equal to the Google search stats if it's before a bubble.

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Zefferon
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27 Nov 2015, 10:34 am

The only type of money that I want to use is a state-issued currency based upon
a unit of energy. If the countries of the world all issued currencies based upon
the kilowatt-hour, then currency exchanges wouldn't be needed.

slave
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28 Nov 2015, 1:17 am

Kurgan wrote:

slave wrote:

Thanks for all the great responses

and don't have much longevity.

The value should be roughly equal to the Google search stats if it's before a bubble.

interesting comment

Wall Street algos do monitor that kind of thing for HFT companies :money:

since ya can't beat 'em join 'em

slave
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28 Nov 2015, 1:19 am

Zefferon wrote:

May I ask where you encountered that idea?

I ask b/c I'd be interested in reading more about that.

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