980TI and ASICs for bitcoin

Status
Not open for further replies.
S

SomeGuy133

2[H]4U
Joined
Apr 12, 2015
Messages
3,447
I am wanting to generate rather then buy some bitcoins for personal use...I figure its harder to track bitcoins that i generated vs purchased. (am i mistaken)

Assuming the assumption above how good is a 980 TI at generating bitcoin? I am not overall concerned about efficiency as i would run this when I am not using it but i can't figure out how much bitcoin/fraction of coins it can generate.

What are my ASIC options? I am looking to generate at most 2 Bitcoins over the next year for personal use. I probably only need one but lets plan on 2. What are my options.

Anyone know if those ASICs are "poisoned" as in Government backdoored to track bit coins?

also anyone know of any good guides on how to use bitcoins like the basics of using them for transfers?
 
Nvidia GPUs are all terrible at generating Bitcoin (and all cryptocoins), additionally only ASICs make any sense at this point, even if the electricity was free you wouldn't accumulate enough coins for it to be worth using a 980TI.

And yes, it is harder to track generated Bitcoins. If done properly it can be almost impossible. All the ASICs are made in China by Chinese companies so if they are poisoned (which no one has found evidence of) it would be the Chinese government watching you.

The only ASIC I can think of that is worth buying and there is a reasonably quick way to purchase one of is the Bitmain Antminer S7, 4.73TH/S (which is more than 4000 times as fast as a Radeon 290x). They sell them here, https://www.bitmaintech.com/ I am not affiliated with them at all and I do not guaranteed they won't rip you off.

After typing all of that, I recommend you not bother. Mining Bitcoin is not worth doing, even if you have enough money to set up a giant farm ROI is really low and there is a lot of capital expense up front. Almost anything is a better way to make money.
 
Quix said:
Nvidia GPUs are all terrible at generating Bitcoin (and all cryptocoins), additionally only ASICs make any sense at this point, even if the electricity was free you wouldn't accumulate enough coins for it to be worth using a 980TI.

And yes, it is harder to track generated Bitcoins. If done properly it can be almost impossible. All the ASICs are made in China by Chinese companies so if they are poisoned (which no one has found evidence of) it would be the Chinese government watching you.

The only ASIC I can think of that is worth buying and there is a reasonably quick way to purchase one of is the Bitmain Antminer S7, 4.73TH/S (which is more than 4000 times as fast as a Radeon 290x). They sell them here, https://www.bitmaintech.com/ I am not affiliated with them at all and I do not guaranteed they won't rip you off.

After typing all of that, I recommend you not bother. Mining Bitcoin is not worth doing, even if you have enough money to set up a giant farm ROI is really low and there is a lot of capital expense up front. Almost anything is a better way to make money.
Click to expand...

its not for making money! It is for personal use to use things anonymously! That was stated in first post.

Now looking into this a bit more. That miner if I understand correctly can make 100 dollars in 2 weeks at the current difficulty and market price but given the sky rocketing difficulty it virtually makes no money in a couple months. Assuming electricity is free it almost stops making money in 4 months because of the difficulty jumping so fast.

https://bitcoinwisdom.com/bitcoin/difficulty

Any reason why difficulty has skyrockets over the last 2 months?

Even a 1K ASIC miner at 4.7 TH/s turns into a space heater in a couple months since difficulty is going up at 13% a month or so.

Am I reading this correctly?

Any new miners coming out on the new processes? IIRC these are 28nm? (Yes 28nm)
 
Last edited:
Difficulty has been "skyrocketing" since mining started. It's the nature of this process to "control" the number of coins in the market.
Any HW that was good became obsolete pretty quickly. And that cycle repeated itself over and over until now only the top .01% (maybe less) of the mining community makes any ROI.
There is no hardware worth the cost. Nothing. And nothing is forthcoming.
As stated above, it's not worth the bother this late in the mining game.
If you want to be anonymous and actually have something to spend you might need a different method.
 
Core32 said:
Difficulty has been "skyrocketing" since mining started. It's the nature of this process to "control" the number of coins in the market.
Any HW that was good became obsolete pretty quickly. And that cycle repeated itself over and over until now only the top .01% (maybe less) of the mining community makes any ROI.
There is no hardware worth the cost. Nothing. And nothing is forthcoming.
As stated above, it's not worth the bother this late in the mining game.
If you want to be anonymous and actually have something to spend you might need a different method.
Click to expand...

look at the link. The last 3 months difficulty has skyrocketed vs the past 9 months. Pay attention. You sound oblivious in that post and ignorant. Summer of 2014 also showed massive jumps in difficulty. And again positive ROI is irrelevant in this situation....well as long as its not drastically negative. I am alright with paying a "premium" for the ability to do a small amount of things anonymously.

to your last comment what is used as widely as bitcoin? I dont see people using litcoin. (companies)

BTW there are 16nm miners coming to the market this year but no word yet if bitman or whatever the company is will sell it publicly. (maybe they have prototypes running cause this boost in difficulty?
 
Last edited:
SomeGuy133 said:
look at the link. The last 3 months difficulty has skyrocketed vs the past 9 months. Pay attention. You sound oblivious in that post and ignorant. Summer of 2014 also showed massive jumps in difficulty. And again positive ROI is irrelevant in this situation....well as long as its not drastically negative. I am alright with paying a "premium" for the ability to do a small amount of things anonymously.
Click to expand...

Try not to come across so dickish and people may be more inclined to help answer your questions about how to be more shady and do shady things ;)

Core32's statement "There is no hardware worth the cost. Nothing. And nothing is forthcoming." is correct imho. To address the difficulty curve question, just look up exponential functions.

I spent a couple months mining litecoins, it was a giant waste of time and electricity.

Nevertheless, good luck.
 
That's just a local jump, every single new hardware generation does this (there are a few more companies making S7-class hardware, Bitmain is just the only one where you can order hardware and receive it any time soon). Last gen hardware is worthless now and this will happen again in a year or so.
 
Quix said:
That's just a local jump, every single new hardware generation does this (there are a few more companies making S7-class hardware, Bitmain is just the only one where you can order hardware and receive it any time soon). Last gen hardware is worthless now and this will happen again in a year or so.
Click to expand...

yea i did a historical test with the S7 and its first release and if you snag one of the first or second batch they almost break even. So I think I'll see if the next one is competitive like the S7 was and buy one of those. I really only need a couple to few hundred bucks of bitcoin but there isn't a reasonable intermediate option so :/
 
look at the link. The last 3 months difficulty has skyrocketed vs the past 9 months. Pay attention. You sound oblivious in that post and ignorant.
Click to expand...
Please smart ass. Go ahead and spend all you want on mining HW. Then come back and tell us how successful you were. Then we will see who is "oblivious and ignorant". Just because you did not hear the answer you wanted does not make it wrong.
Many folks on this site, you NOT included, have the experience to make an informed comment.
 
I wouldn't consider mining to be for the hobbiest for years now.

It's now expensive to get into, with an extremely high risk to reward ratio. Go for it if you want, but hardware may not pay for itself until/unless BTC prices spike like it did to $450 a few weeks ago. Which they may, or may not again.
 
Core32 said:
Please smart ass. Go ahead and spend all you want on mining HW. Then come back and tell us how successful you were. Then we will see who is "oblivious and ignorant". Just because you did not hear the answer you wanted does not make it wrong.
Many folks on this site, you NOT included, have the experience to make an informed comment.
Click to expand...

yes and your right! Numbers are totally wrong and certain trends don't exist! I'll take your magical word over actual factual historical data thanks!!! /sarc

http://i.imgur.com/ZGrx0PO.png

@Yakk yea turning a profit isn't needed in my case. Just excessive loss is not exceptable of course and at this point I am 4 months too late to the S7 so I need to wait and see what happens with the next ASIC if they release one. I would have definitely gotten that S7 if it was batch 1/2 but now it is kinda pointless.
 
SomeGuy133 said:
yes and your right! Numbers are totally wrong and certain trends don't exist! I'll take your magical word over actual factual historical data thanks!!! /sarc
Click to expand...

Spoken like someone who has years of experience mining!!! /sarc
What you are doing is misinterpreting all the "numbers and trends".
So like I said, bring back your results and prove me wrong "numbers whiz".


What could you possibly be hiding from that would make it reasonable to lose crap loads of currency?
You do know that the best "crypto-hiders" are all indicted or in jail by now, right?
Good luck with your attitude.
 
980Tis are fantastical at mining bitcoin, as is anything from Butterfly Labs. Butterfly Labs has a great reputation for delivering product on time. Get on their preorder list and buy as much as you possibly can. You'll have your one maybe two bitcoin soon.

Good luck!
 
Status
Not open for further replies.
Back
Top