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Bitcoin/Litecoin Mining (cryptocurrency)

Refeek Maher

Hi,

I am looking into getting a few miners from Alibaba.com, a 3.2 T/h machine. I'm wondering if anyone else out there has ordered miners from Alibaba before?

Information on where one could purchase miners?

Thoughts on bitcoin mining? Iv'e done the math and have found that it is possible to make money from bitcoin mining... You only need about 10 T/h....(THATS ALL)

There seems to be huge profit to be made with feathcoin, has anyone had success with this?

In general, has anyone any experiences in bitcoin, litecoin or any coin mining to share on this or information on where to buy from/Scams out there/profit made/success stories/places that accept bitcoin etc...

I have been reading a lot about cloud mining, has anyone any success with this?
Sites like Megamine and bitcoincloudservices.com, large investments but will they pay off realistically?

Any information or replies would be greatly appreciated, started to get into this mining scene around 6 months ago.... there is so much to learn!

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alb

I'm a fan of Bitcoin, but I'm pretty sure mining it is the most expensive way to obtain it. I'd love to see your maths that you think prove otherwise.

I mined script coins at a profit in the past, but I don't know if it's profitable these days, I expect not, and certainly not without script ASICs.

Most cloud mining is likely a ponzi scheme that just slowly drip feeds you back the money you paid them, minus a cut.

Crypto-currency is amazing and mining a bit as a hobby to see how it works can be worthwhile, but don't expect to profit.

Refeek Maher

Well, I have used a few calculators from different sites such as coinwarz and based the prices of the miners on prices I have seen from China (So obviously it is not very realistic) and also, that is based on the miners running 24/7 for 365 days a year which isn't going to happen. A 2.3 T/h bitcoin miner in China I have found can be got for 1500 euro (which could be very dodgy from alibaba.com). I was being a bit sarcastic when I said you only need 10 T/h... the returns are poor even at that (for the amount you'd have to invest).

What miner were you using to mine the scrypt coin? and what coin did you mine?
Iv'e also seen scrypt miners on alibaba for about 1300e that can mine at 90 M/h....

Ya I read a lot of reviews on them and it isn't very positive at all.

It is a great hobby, you'd learn a lot from it as well.

Would have been great to have had got into it a few years ago!

Do you still mine scrypt?

vibe666

you're not going to make any money at it now, those days are long gone.

look at it this way. if you were a company who made crypto currency mining gear, why on earth would you sell them to other people if they had the capacity to make more money by running them than by selling them?

if there was any kind of decent profit to be made in them, you'd be building them as fast as you could and plugging each and every one of them in yourself to mine your own currency, not sell them to someone else for them to mine with.

Streets_of Rage 2 Come_On

If ya can't hear the buzzing from down the road you're doing it wrong.

http: // www .thecoinsman.com/2014/08/bitcoin/inside-chinese-bitcoin-mine/

Shame they didn't put all that processing power to "some" use. Naka whats his face slipped up there.

Putting the Blockchain to Work For Science!
http

/ bitcoinmagazine.com/13187/putting-the-blockchain-to-work-for-science-gridcoin/

braddun

http://www.mintpressnews.com/bitcoin-hype-spent-whats-next-2/199680/

dathi1

I mine myself, mainly alt currencies. LeaseRig is great, especially for pool mining. http://leaserig.net
Buying mining rigs is a waste of money because the hashing rate is obsolete by the time you receive it.

bobs ur uncle

hello, i dont think buying mining equipment is a good idea.. its actually a very very bad idea imo. i will try to explain why.

first i need to explain some deficiencies and flaws in the bitcoin protocol. bitcoin uses a "proof of work" algorithm for its consensus mechanism. as revolutionary as bitcoin and proof of work are, they is far from the optimal solution and some will argue that they are inherently flawed, which i tend to agree with.

Proof of work is exactly what is says on the tin.. when mining a block (confirming transactions, minting new bitcoins, and distributing the newly mined block through out the network) miners perform mathematical equations to "prove" you have done "work" but these equations dont actually do anything other than prove you have done some kind of work. because of the way PoW(proof of work) works, it has led to an arms race of who can build the biggest faster mining rig in the business, that is to say, proof of work promotes monopolization of the industry which inherently leads to centralization. and this is one way in which bitcoin is inherently flawed - bitcoin was supposed to be, and stay, decentralised but it is quite easy to see the opposite has happened.

while all this is going on, huge amounts of block rewards are being released causing massive inflation. ~3500 bitcoins are mined per day which means at least 3500 bitcoins worth of money needs to enter the market every single day simply to support the current value. with out this support, the price will fall. these block rewards along with monopolization also cause another problem, which is making the already very bad distribution of bitcoin worse allowing for a large mining operation to willy nilly manipulate the price down to an unprofitable price in order to flush out the small miners further monopolizing the network - above anything, this should scare you. if bitcoin becomes a real threat to the global hegemony it would only take say, a "terrorist attack" or a couple fires or even a few hefty bribes fresh from the US printing press in order to knock out the entire bitcoin network. they say bitcoin is indestructible but it is not - and far from it.

but these issues, among many many others, have been solved by new coins written from scratch that use a novel new consensus mechanism called proof of importance. however proof of importance is an evolutionary step after proof of stake so i will explain the latter first.

Proof of stake also confirms blocks, and distributes blocks to others in the network how ever coins are not minted in the same way as proof of work so the block rewards work differently. proof of stake also solves the "arms race" problem by eliminating the need for more and more powerful computers. it doesnt matter if you use 100 ASIC chips or a raspberry-pi - the result is the same so there is zero economic incentive for people to go out and buy faster and faster computers as it is just pointless in a proof of stake system.

its called proof of stake because the "stake" (or the amount of coins you have in the network) is what determines your chances of forging(mining) a block so it is irrelevant what kind of computer you have. the result of this is that a proof of stake protocol can run on a tiny tiny fraction of the amount of energy a proof of work system runs on. also the resources wasted to maintain the network is drastically reduced as computers are not being driven into the ground doing pointless math. this makes for a far more efficient network that can actually run on a handful of the smallest computers in the world and it is actually more secure than a proof of work system.

proof of stake is not perfect though. the initial distribution of pos coins have always been a problem, many resulting in scams or just horrendous distribution. 51% attacks still apply but they are far less economical than a 51% in a proof of work system as you would need to buy 51% of all coins in the network. this theory can actually be seen in practice among the 5000 something coins. there have been multiple 51% attacks on proof of work systems and so far not a single 51% attack on a proof of stake system. some proof of work coins are changing to proof of stake because they dont have enough hash power being pumped into their system to maintain a secure network - this should tell you that pos is far superior mechanism. the distribution in a proof of stake system is what determines how secure the coin is apposed to how much hash power is being pumped into the network.

this is where Nem comes into play with proof of importance. PoI works on the similar principals as proof of stake but instead of rewarding the users with the most coins(rich getting richer) users are rewarded based on how important they are to the network. users importance is calculated in a few ways which include who you are doing transactions with and their importance(like a web of trust), the amount of coins going in/out of your account and partially the amount of coins you have. the distribution issue of proof of stake coins has also been solved by a 3 month long registration period where 3000 users all got the same amount of coins resulting in the best wealth distribution of any monetary system the world has ever seen - literally. the distribution of nem, along with the proof of importance algorithm pretty much solves the 51% attack issue and as time goes by a 51% attack will become less and less likely. Nems proof of importance also opens the doors for a host of other opportunities and solves a number of issues that proof of stake systems suffer from however i wont go into the details as this post is long enough as it is.

you may have heard the phrase "money is only the first application of the blockchain". this is a very true statement however note that the quote says the "blockchain" apposed to "bitcoin". there is a reason for that, which is that bitcoins rigid architecture along with the flawed proof of work algorithm do not allow for all these other "applications" to be built into bitcoin at the protocol level which is where these applications truly shine. bitcoin will only ever be applicable as a means to transfer value from A to B. this in itself is revolutionary, allowing us to transfer 1 cent across the world and back in less than an hour(yes it does take that long sometimes) but to think of the block chain as simply a means to transfer wealth from A to B is akin to seeing the internet only as a means to send emails. theres a host of revolutionary applications that can be built on the blockchain but not bitcoins blockchain.

some of these applications include:

asset exchange
digital marketplace
decentralised cryptocoin exchanges
building games literally on the blockchain so they can be played anywhere in the world(think decentralized pokerstars)
instant transactions
voting systems
automated transactions(direct debits, automated payment once certain conditions have been met and a host of other exciting things)
a social network built on the blockchain - seriously, think facebook decentralised, encrypted, anonymous and uncensored

the list goes on and on and on and on..

blockchain technology is evolving at an astounding pace.. bitcoin is only the first generation of blockchain technology and while bitcoin still hasnt gone mainstream yet, the 2nd(nxt) and 3rd(nem) generation of blockchain technology has already arrived unbeknownst to the vast majority of people. these platforms will allow for applications that i dont think anyone can foresee even today. bitcoin may be the reserve crypto currency for a very long time but i have doubts that it will be the currency that gains widespread mainstream adoption on the scale of the internet. the money you want to spend on mining gear would be far better spent in investing in the 2nd/3rd gen coins. you may think i am trying to "pump" one of the coins i have mentioned but that is not my intention. boards.ie isnt exactly the place youl find bitcoin whales nor is it a place the you could spread "hype" lol

my fingers are bleeding at this point so im going to leave it at that lol if you would like to know any more on this subject you can contact me via pm on bitcointalk: i cant post urls so search for "kodtycoon" when you go to www[dot]bitcointalk[dot]org

Refeek Maher

Lets say you has a free source of electricity, surely there would be a way to make profit from mining altcoins?

Thanks bobs_ur_uncle, must have taken a while to write that! very interesting...

I'll be in contact with you on that website.

bobs ur uncle

Refeek Maher wrote: »

Lets say you has a free source of electricity, surely there would be a way to make profit from mining altcoins?

Thanks bobs_ur_uncle, must have taken a while to write that! very interesting...

I'll be in contact with you on that website.

you probably could but since bitcoin has become unprofitable a huge number of domestic miners have moved to mining and dumping alt coins.. if you already owned mining gear id say go hell for leather on the alts but buying gear to mine is a very very risky thing to do as you will probably never see a return on investment.

take a good look at the second gen coins like nxt and more so nem. thats where the future for crypto is going i would say.