Bitcoin Mining

RichB · 26 Jan 2014 at 23:54

Hi
So today i got my PC set up to mine bitcoins.
After i got it all set up i can see that my MS/s is 590ish.
I entered my figures into a calculator and it seems with
7970 at 590mh/s
400 watts
£0.00 cost of hardware
£0.15/$0.25 per kw/h ((SSE))
Bitcoin worth $888
i will make a grand total of -$2.28 per day.....Ohh Dear

Here's the thing, even if i added another 7970 and doubled mh/s to 1200 and keep the power the same at 400w ((i know this will need to double))the calculator says i still spend $2.16 per day.

Am i doing something wrong..

R

Addicted · 26 Jan 2014 at 23:55

Yes, you don't directly mine Bitcoin. Mine something like Litecoin or Dogecoin.

http://doge.united-miners.com - it's a decent pool

RichB · 26 Jan 2014 at 23:57

will i make any money with it. i read litecoin are only $20

Rainagul · 27 Jan 2014 at 00:02

So you built a system without planning what was realistic in terms of output?

As addicted said, mining bitcoins is unrealistic unless you have some serious serious power at your disposal.

Make your money off litecoins/dogecoins etc and buy into BTC if you want to go down that route.

RichB · 27 Jan 2014 at 00:08

I certainly did not build the PC for mining, it just sounds really interesting is all.......
Are lite and dodge coins the same as bit coins just a smaller denomination?? like pence????

Addicted · 27 Jan 2014 at 00:14

Bitcoin (or any other sha256 coin) are not profitable on consumer hardware anymore and require ASICs to be even remotely profitable.

You will want to mine an scrypt coin like Litecoin or Dogecoin which are more profitable. If you end-goal is Bitcoin, then trade it as you mine it

.

They're just different coins with different tech and coin numbers, there's no more to it than that but that's the basis of it. If you are new to the game then certainly holding some Bitcoin or Litecoin (or both) is probably the way to go. Dogecoin looks to be a very strong contender to have that "lasting" potential, but nobody knows for sure yet.

RichB · 27 Jan 2014 at 00:26

ok
I
ve just registered with united miners from your link....
ill give it a try.
any tips on setting up..will my gpu be any good here??

snedie · 27 Jan 2014 at 08:38

You need to use ASIC miners these days to make any real money. I am currently assembling a 120Gh/S rig with ASIC miners which at £0.10p/Kwh should net me between £400~£600 a month depending on pool performance.

GPU mining died a long time ago for bitcoin. You could sell your rig today and pick up a 30Gh/s miner off the bay for £600~