How Much Money Do You Really Make Mining Bitcoins?

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Want to know how much money you really make mining Bitcoin? This guy's personal story will amaze you. ;)

Looking at the BitcoinCZ report, I’ve made somewhere between 0.00036 and 0.00047 BTC since Saturday, depending on how pessimistic or optimistic you are. At the present Bitcoin exchange of 1 BTC = USD$94.13 (as of 11:57 a.m. today), I’ve made somewhere between 3.4 and 4.4 cents. To summarize: I made 1000 times more money by writing about mining Bitcoins as I did by mining Bitcoins.
 
Wow. He must have some really awful hardware. I have a 7870 Myst and make about .03-.04 bitcoins a day or almost 100x what he has made in 4ish days. So...his 3 cents in 4 days is about $12-$15 for me after electricity costs. So I've made 1/3 of what he made for writing and...not had to write anything or pay for web hosting or...his article is extremely pessimistic.

I bought the hardware to game and figured I might as well make some money off it until bitcoins crash.
 
My electric bill is a set rate. I have access to super cheap vid cards, and could be getting around 2Ghash/s if I had the time to do it all.
 
Swimming in bitcoin gold.

In his older article, he mentions using a HP TouchSmart system to mine, which contains a Core 2 T6600 and GeForce 9300M calculating 2M hashes/second.
 
Looks like this guy copied another article somewhere else and didn't do any real research. He is trying to mine with a NVidia card first of all and an integrated one at that. That right there is his main problem. Of course he's going to make nothing doing it that way. He would most likely make as much or more using a CPU miner.

Secondly, he is mining BTC directly. At this point in the lifecycle of crypto, it is more profitable to mine an alt coin (LTC, PPC, etc) and then convert at an exchange. He will make anywhere from 10-40% more doing that even factoring in any transaction fees.

Lastly, even though it's a small thing he is using Guiminer. That might work for starting out but to get the best performance/hash rates you should go with something like Reaper or CGMiner. Much more customizable in every way.

Simply put, a little effort and you can get a decent profit from even a single midrange card. With current difficulty, on one Radeon 7950 you can get around 600K Hash which would equate to about 1 2/3 LTC a day. This is about $3.84 a day or $117 a month. While this isn't a ton of money it is money. This is at the low $2.20 that LTC is at the moment. It has been much more valuable recently and will be again soon when the biggest exchange starts trading it. Many people expect it to jump to $8-10 each.
 
That gut doesn't have any idea what he is doing. My 7950 is getting around .05 per day.
 
Weird -- I've made close to 1000 dollars mining with my two 7970's over the last year or so.

I bought the cards to game with -- the fact I can mine is just a bonus. This article did pose an interesting question -- the author devoted no time to understanding the performance, the economy, or anything important in the decision to mine bitcoins.

I'm just pissed I sold off probably 30 bitcoins back when the price was 17-30 dollars... hind site is 20/20 had I played the market perfectly in both Bitcoins and Litecoins (which I mine now) I'd be sitting on an easy $10k im sure. Just enough to pay off my car or put a nice down payment on a home.
 
The guy who wrote this reminded me of people who claim PC gaming is dead.
 
Want to know how much money you really make mining Bitcoin? This guy's personal story will amaze you. ;)



hashes.jpg


7 MHash/sec.

Most people's cards (AMD) on this forum would get 250+ MHash. People like myself that have mining rigs have 1000's of MHash.
 
I made over 400$ and spent 20$ on electricity, but then again my neck of the woods is really shitty although with cheap energy.
 
hashes.jpg


7 MHash/sec.

Most people's cards (AMD) on this forum would get 250+ MHash. People like myself that have mining rigs have 1000's of MHash.

~2 years ago when I tried mining I got ~400Mhash/s out of my unlocked 6950 and 6970 (they may have been overclocked a little too). I would hope the miners and cards have gotten better in 2 years. I lived in a relatively small apartment though and couldn't deal with the noise and heat from running both cards in my main rig 100% 24/7.
 
Dont they say that you dont really make money mining today, but instead need to just become a savvy trader aka stock market daytrader style?
 
I still don't understand the bit coning bubble and I think it is bound to burst.

Video game cards are for gaming and I think there is alot of room for pro gamers to make alot more money using video cards to win than using them for bit coining.
 
HE is absolutely right. If you aren't a seasoned miner don't start. You'll just increase the difficulty. ;)
 
I still don't understand the bit coning bubble and I think it is bound to burst.

Video game cards are for gaming and I think there is alot of room for pro gamers to make alot more money using video cards to win than using them for bit coining.

The bitcoin bubble has already burst like twice in the last couple years. But people just bough in and waited for it to grow again.
 
So, how much of the money do you spend on electricity mining it?

Good question, what are your rates? In dollars, my rates would be about 35cents / KWH. Assuming that i'm getting 0.05 a day, would I be breaking even in a month?
 
My understanding is that the pool of bitcoins are finite. So when you do this calculation stuff where are you displacing the money from?
 
i did some math a bit ago if you want to get in now you make a decent amount your looking at needing around 2Ghash at lest and closer to 10Ghash if you want to keep it up for more then a year or so
 
My understanding is that the pool of bitcoins are finite. So when you do this calculation stuff where are you displacing the money from?

2 places

1. the block chain pays out 25 coins per block atm and that will halve to 12.5 in a few months but it wont stop giving out coins for a long time yet
2. any time you send bitcoins you pay a small fee this fee is payed the miner that finds the next block in the chain
the idea is when 1 runs out in 2100something there will be enough people using bitcoin that the transactions fees will be worth mining for
 
HE is absolutely right. If you aren't a seasoned miner don't start. You'll just increase the difficulty. ;)

I'm with Robble, this guy is a genius and you should all pay strict attention to it. If you want make money with bitcoin, then trading is for you. Mining is a dead deal and no money is to be made there at ALL..


:D
 
My understanding is that the pool of bitcoins are finite. So when you do this calculation stuff where are you displacing the money from?

Users are generating new coins, and every new coin generated is harder/more complex to create than the last. If you mined in the infancy of BT, a single person could generate many a day....and if that person sat on those coins until today...they'd have a small fortune.
 
So running 2 x 6970s, my LTC to BTC got me 0.035 BTC in about 6 x 24hr days (hashing averaged 920 kh/s scrypt).

I made 0.0100 BTC in about 2 hrs playing poker on a BTC poker site.

Poker is a LOT more profitable :)
 
Good question, what are your rates? In dollars, my rates would be about 35cents / KWH. Assuming that i'm getting 0.05 a day, would I be breaking even in a month?

Depends on how much power your machine draws while mining and current bitcoin exchange rates. Looks like today's rate is ~120 coin and in the last 30 days has ranged from 50 to 266 per coin. That's a big range, I would guess somewhere between decently profitable and waste of time while mining with a video card.

power draw in watts * 24 hours / 1000 * 35 cents should give you an electricity cost w/o factoring in extra house cooling or wear and tear on your system. If you want to get crazy they're starting to make dedicated FPGA's for this stuff.
 
after it went to $250 per coin i was thinking damn $1000 will be here by next month but i was wrong!!
 
How much money are you guys making a month mining bitcoins?
 
So running 2 x 6970s, my LTC to BTC got me 0.035 BTC in about 6 x 24hr days (hashing averaged 920 kh/s scrypt).

I made 0.0100 BTC in about 2 hrs playing poker on a BTC poker site.

Poker is a LOT more profitable :)

that's very close to my mining rate and I'm getting around $7 a day using one of the multipools, and I'm only using around $21 a month in electric here in ohio.

Damn well worth it for me. So funny reading the doomsayers, this mining stuff is in its prime if anything, and people will keep buying the coins just to hide their money from various governments for a variety of reasons.
 
This thread is from April 2013 by the way.
 
So you're making $1.50/mo. mining. How much is the electricity costing you?

bit more then that i think he means 0.05 bit coin a day
which would be about $750 a month at current prices ~$500 per btc
 
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