Unfortunately there is always a new set of miners wanting to jump in everyday and a lot of the same scenarios get played out over and over again. I wish I could have found a person who Mined BTC on gpu's to tell me their take on it when I got involved. Unfortunately it is hard to get anyone to talk if you can find a miner. At the local Bitcoin meetup everyone was so paranoid about talking in any kind of detail about anything. It was really weird. I never found anyone else that was mining in this area beyond just having 1 rig.
Great advice. It is certainly hard to know what to do sometimes especially when a coin is being talked about so much or it seems like the tech is superior.
Good work! I wish I could have survived long enough to mine ETH / ETC and I'm assuming Monero is profitable again for the time being. It sucked to have to get rid of the equipment.
Most miners will just mine whatever is the most profitable. If I was mining right now and ETC was more profitable than ETH. I would be mining ETC in a heart beat. If I then wanted to have a position in ETH I would just sell the ETC for ETH.
You can mine anything you want with whatever. You had enough going to fund whatever you would like to do. Not sure where you went wrong.
Many dont stick with a coin and just switch around wasting time and money. Gpus can mine nearly anything simultaneously.
Each hardware has their own atributes. It took me a bit of tweaking, but i got cpu asic and gpu running in one instance of bfgminer. Less then 0.01% rejections vs 20-50% with asic or gpu on their own.
Hardware being unprofitable or useless is not known to me. Its usually human error or behavior. Not the hardware.
Oh man....now come on. When exchanges like Gox get hacked and the price of BTC slides for over a year and is at $176 in Jan 2015 and the power cost is over $0.10 / kWh I can't imagine human error being the issue for being profitable during that period.
The roughest part of the mining experience was that I dedicated my entire farm of 24 GPUs total to Monero and held on for a long time but eventually had to sell it a year ago at $0.50 - $0.55.
Awesome post!. I like your setups from back in the day. I too jumped on the mining trend back in the day. In a sense, if you mined in the beginning, There should have been some profit considering the fact that the price of bitcoin went up. The amount you mined might of been small back then, but should be worth a little something today.
It's definitely hard mining when you have guys with big money starting up huge mining farms in remote places where cooling isn't an issue.
True but then if someone has a monopoly with the hashing power, it's kind of the rich stay rich, and the poor stay poor. Only the big businesses can pay for the creation of new mining machines. Everyone else has to stay on the bottom and use what they put out.
The rich will always get richer if they make the right choices. Money is like stored energy and time. Unfortunately for those who don't have a lot of stored energy and time have to figure out how to get there. It isn't easy condensing time to switch from paying interest to earning interest. It is tough busting out of the middle class rut.
I wish you would have had this post up when i was looking for info on mining. Could have saved me some time.
Unfortunately there is always a new set of miners wanting to jump in everyday and a lot of the same scenarios get played out over and over again. I wish I could have found a person who Mined BTC on gpu's to tell me their take on it when I got involved. Unfortunately it is hard to get anyone to talk if you can find a miner. At the local Bitcoin meetup everyone was so paranoid about talking in any kind of detail about anything. It was really weird. I never found anyone else that was mining in this area beyond just having 1 rig.
Most times, the real profit is in what you do with the coin after you mine it.
Great advice. It is certainly hard to know what to do sometimes especially when a coin is being talked about so much or it seems like the tech is superior.
I'm reminded of the guy who posted about his dolphin fund yesterday. Great idea, but he listed all the coins he'd invest in, so now we know... :)
Hahahah, Reverse engineer the engineer!
Don't share this! If @cryptofunk sees it I will loose the office to computers!
Oh no! There is no stopping @cryptofunk He might already be following my posts!
I think electricity costs in the UK wouldn't make it cost effective.
Probably not. You pretty much need hydroelectric power to make it effective.
Still minning ETH...
Good work! I wish I could have survived long enough to mine ETH / ETC and I'm assuming Monero is profitable again for the time being. It sucked to have to get rid of the equipment.
Good plan. If they switch to POS someday, just switch to the scypt coin du jour .
Most miners will just mine whatever is the most profitable. If I was mining right now and ETC was more profitable than ETH. I would be mining ETC in a heart beat. If I then wanted to have a position in ETH I would just sell the ETC for ETH.
You can mine anything you want with whatever. You had enough going to fund whatever you would like to do. Not sure where you went wrong.
Many dont stick with a coin and just switch around wasting time and money. Gpus can mine nearly anything simultaneously.
Each hardware has their own atributes. It took me a bit of tweaking, but i got cpu asic and gpu running in one instance of bfgminer. Less then 0.01% rejections vs 20-50% with asic or gpu on their own.
Hardware being unprofitable or useless is not known to me. Its usually human error or behavior. Not the hardware.
Oh man....now come on. When exchanges like Gox get hacked and the price of BTC slides for over a year and is at $176 in Jan 2015 and the power cost is over $0.10 / kWh I can't imagine human error being the issue for being profitable during that period.
Ouch.
Yep...... that is how the cookie crumbles. :-(
nice one!
Thank you!
brianphobos, Great posts and points about mining!
Thank you for reading and commenting!
Awesome post!. I like your setups from back in the day. I too jumped on the mining trend back in the day. In a sense, if you mined in the beginning, There should have been some profit considering the fact that the price of bitcoin went up. The amount you mined might of been small back then, but should be worth a little something today.
It's definitely hard mining when you have guys with big money starting up huge mining farms in remote places where cooling isn't an issue.
I don't fault the big industrial mines. If I had the resources to do it I would! I tried to optimize as much as possible but it was rough.
True but then if someone has a monopoly with the hashing power, it's kind of the rich stay rich, and the poor stay poor. Only the big businesses can pay for the creation of new mining machines. Everyone else has to stay on the bottom and use what they put out.
The rich will always get richer if they make the right choices. Money is like stored energy and time. Unfortunately for those who don't have a lot of stored energy and time have to figure out how to get there. It isn't easy condensing time to switch from paying interest to earning interest. It is tough busting out of the middle class rut.
Well said my friend.
I am undermining Monero + Steem
cool