Anyone into bitcoins?

[Forrest Gump 9]

You would profit for 'today', but what about in the long run as the hash get's more and more difficult? Will you ever actually hit the break even point?

 

Well, I’m new to this too, so we’re all learning together. I have a friend that live in Indy that into mining. He said it takes about 10 days to make .03 BTC. As far as electricity goes, the S9 required to run on 220v for optimum harsh power. And it costs him about $120/month/S9.

 

As of today, you’ll earn about $1k/month-$120-cost of the S9. So when it not profit to run anymore, you simply stop running it. He’s currently mining Bitcoin, Ethereum, and Litecoin.

[Trouble Maker]

Can someone tell me how these things are 'mined' in a non-computer guru lingo?

 

A little virtual world runs on your computer

Where a little virtual man leaves a house and family he doesn't like

To go to a job he doesn't like

Mining coins

Until one day he decides to just quit

Because the mining was too hard

[Rally Pat]

Can someone tell me how these things are 'mined' in a non-computer guru lingo?

 

[STEVE-O]

Holy fuck. So these things were like $1 a few years ago? That's unreal.

 

In September they were just over 3,000 now almost 10k and in 6 months if there is a economy shift who the hell knows?

[RedRocket1647545505]

[Lauren]

I just did 5 minutes of google research, some calculations, and the result is = you are a potato.

 

My quick image is you would need something roughly in the supercomputer realm (maybe many of them) to get 2 BTC/day.

 

You would need about 167 of Antminer S9's according this article. https://www.bitcoinmining.com/bitcoin-mining-hardware/

Which would put you back roughly 1/3 of a million dollars, assuming the cost ~$2k like that article says. But, they would pay for themselves in 16 days?

Quite possibly the bigger issue is you would need 225Kw of power to run all of them. Just as a point of reference, you're house assuming a 200amp service has 48kw running to it, so you would need all of the power running to you and 4 of your mostly friendly neighbors power to run all of them.

 

The S9 miner price might be $3k now, so the up front cost would be closer to a cool half a million doll hairs.

 

I'm seriously thinking about buying one of the miners after reading a few articles. With one of those S9's you'd spend $3k on the machine, $1.5k on power for a year, and end up with 4.3 BTC, about $40k worth of BTC. Am I missing something? Yeah, the computing will get harder over time, but not exponentially harder in 1 year right?

 

Edit: Is this calculator correct? https://www.buybitcoinworldwide.com/mining/calculator/

13.5TH/s (Antminer S9 rate) would only get you 0.5 BTC/year at the current difficulty rate?

 

Edit 2: Bitcoin computing power is growing at 0.5% per day (your miner mines that much less/day), but price is going up (makes what you mine worth more). The calculus is a little difficult to see profitability or not with these miners. I'll have to dig into it some more later.

 

Edit 3: My previous post calculation of 167 S9's was based on 'old' info. Assuming the calculator I just posted is correct, you would need a lot more than that now, maybe about 1,500 of them to get 2/day, but that only works for today and you'd get ~1.99 tomorrow, and about 1.98 the next day... I think. But, you'd need about 2Mw of power for those. :lolguy:

 

That amount of power looks like this, by the way.

http://www.cumminspowerblog.com/en/files/2012/08/Screen-shot-2012-08-27-at-1.46.19-PM.png

 

 

So you are saying I have a chance. Nice!

[Forrest Gump 9]

And there's a machine I can buy to produce 2 coins a day? What's the initial investment and cost to run? ( I have zero computer background or knowledge )

 

I'm seriously thinking about buying one of the miners after reading a few articles. With one of those S9's you'd spend $3k on the machine, $1.5k on power for a year, and end up with 4.3 BTC, about $40k worth of BTC. Am I missing something? Yeah, the computing will get harder over time, but not exponentially harder in 1 year right?

 

Edit: Is this calculator correct? https://www.buybitcoinworldwide.com/mining/calculator/

13.5TH/s (Antminer S9 rate) would only get you 0.5 BTC/year at the current difficulty rate?

 

Edit 2: Bitcoin computing power is growing at 0.5% per day (your miner mines that much less/day), but price is going up (makes what you mine worth more). The calculus is a little difficult to see profitability or not with these miners. I'll have to dig into it some more later.

 

Edit 3: My previous post calculation of 167 S9's was based on 'old' info. Assuming the calculator I just posted is correct, you would need a lot more than that now, maybe about 1,500 of them to get 2/day, but that only works for today and you'd get ~1.99 tomorrow, and about 1.98 the next day... I think. But, you'd need about 2Mw of power for those. :lolguy:

 

That amount of power looks like this, by the way.

http://www.cumminspowerblog.com/en/files/2012/08/Screen-shot-2012-08-27-at-1.46.19-PM.png

 

I think it’s a little easier than that. According to my friend he gets .01 BTC every 3 day or so. So you’ll need (3 x S9 to get a penny) x 200 = 2BTC a day.

 

Roughly a little more than 600 S9. Each S9 plus power supply unit and shipping fee will set you back about $2k. About $1.2mil will get you $20k/day minus electricity cost.

 

Damn, in roughly 60 days you’ll get back the $1.2mil investment. That’s sick!!

[STEVE-O]

I think it’s a little easier than that. According to my friend he gets .01 BTC every 3 day or so. So you’ll need (3 x S9 to get a penny) x 200 = 2BTC a day.

 

Roughly a little more than 600 S9. Each S9 plus power supply unit and shipping fee will set you back about $2k. About $1.2mil will get you $20k/day minus electricity cost.

 

Damn, in roughly 60 days you’ll get back the $1.2mil investment. That’s sick!!

 

Sounds full proof , give it a shot and report back in 90 days

[Forrest Gump 9]

Sounds full proof , give it a shot and report back in 90 days

 

You wanna finance me? The problem is to get your hands on the S9. If you order now, you won’t get them until March.

[STEVE-O]

You wanna finance me? The problem is to get your hands on the S9. If you order now, you won’t get them until March.

 

So in September bit coin was worth roughly 30% of its current value and March is 4 months away so by then who knows what it will be worth. Just saying people who have the money to do this on that level are usually pretty smart investors and I don’t see all these millionaires dropping stupid coin on The capability to mine the hell out of bitcoin

[Forrest Gump 9]

So in September bit coin was worth roughly 30% of its current value and March is 4 months away so by then who knows what it will be worth. Just saying people who have the money to do this on that level are usually pretty smart investors and I don’t see all these millionaires dropping stupid coin on The capability to mine the hell out of bitcoin

 

There are still roughly about 5 millions Bitcoin available to mine. But if you have a warehouse full of these miners you can also sub-contracts to other people. You can lease 1 miner out for 12/24hour time slot, there are many way to make money not just mining for yourself.

[TimTaylor751647545500]

10945.00

[Forrest Gump 9]

10945.00

 

I woke up this morning with a freaking perma-grin on my face

[Zx2guy19]

10945.00

 

It went up $1,000 already?!?!?!?!

 

Fuck....

[TimTaylor751647545500]

well hmmm

 

11290.00

[Trouble Maker]

You wanna finance me? The problem is to get your hands on the S9. If you order now, you won’t get them until March.

 

So, fourish months ago and S9 would net 5 BTC/year

Now it's 0.5 BTC/year

So in March it's going to be 0.05 BTC/year?

Sounds like a deal!

 

Am I missing something? If the computing power is increasing 0.5% per day, it shoudl be about 2.5x the current level in 180 days.

So, in reality that S9 would get you about 0.2 BTC/year six months from now?

Which, as of prices right now is only $2k, so it would take you 1.5 years to recoup, except for at 2 years out from now the computing power will be 38x the current levels so you'll only be getting 0.013 BTC/year. :lolguy:

If I just did my calculations right, it would take the heat death of the universe to pay off one of these things AT the current BTC price.

If you got it today, the R4 might pay for itself in a half or 2/3 of a year, but if you got it in 6 months, it would never pay off.

[99StockGT]

Most terrifying part about riding a runaway freight train is when to get off... many thought $10k, others say $30k? Who's jumped and taken their incredible earnings with them so far?

 

... still riding...

[BigOxley]

It's not too late guys. There will be dips in the future, but gains are to be had.

 

Sign up for Coinbase.com. add your info and a credit card. Super simple. There's a good Coinbase app too

 

 

Sent from my iPhone using Tapatalk

[Archie]

It's not too late guys. There will be dips in the future, but gains are to be had.

 

Sign up for Coinbase.com. add your info and a credit card. Super simple. There's a good Coinbase app too

 

 

Sent from my iPhone using Tapatalk

 

Thanks!

 

I'm gonna get set up and try to get in there during a dip... Do you get anything for referrals?

[Trouble Maker]

Anyone know if these ASIC miners can mine any kind of coin?

Can you allocate x% to this coin, y% to this coin, z% to this coin?

[RedRocket1647545505]

Trying to setup the coinbase app from my treestand (hunting) and my freaking bank won't authorize my damn debit card. Arrgghhhh...

[Forrest Gump 9]

So, fourish months ago and S9 would net 5 BTC/year

Now it's 0.5 BTC/year

So in March it's going to be 0.05 BTC/year?

Sounds like a deal!

 

Am I missing something? If the computing power is increasing 0.5% per day, it shoudl be about 2.5x the current level in 180 days.

So, in reality that S9 would get you about 0.2 BTC/year six months from now?

Which, as of prices right now is only $2k, so it would take you 1.5 years to recoup, except for at 2 years out from now the computing power will be 38x the current levels so you'll only be getting 0.013 BTC/year. :lolguy:

If I just did my calculations right, it would take the heat death of the universe to pay off one of these things AT the current BTC price.

If you got it today, the R4 might pay for itself in a half or 2/3 of a year, but if you got it in 6 months, it would never pay off.

 

Like I said, I’m a noob at this and I’m still learning. I don’t know where you get your onfo from. My friend literally screenshot his progress and it showed he earned .0033xxxx BTC per 24 hour.

 

With that .0033 x30= .099 x $11,000 = $1089 per month

[Archie]

Trying to setup the coinbase app from my treestand (hunting) and my freaking bank won't authorize my damn debit card. Arrgghhhh...

 

I can't even get the website to load lol

[99StockGT]

Their servers are being overwhelmed, traffic is through the roof with east coasters making accounts and joining in. Dashboard is barely loading, growing pains!

[coltboostin]

Even in the descriptions of how to Mine, it states that you are LITERALLY creating "bitcoin" out of thin air.

 

People are manic and frantic about the price, of, nothing. Insanity.