Ethereum mining

I told two friends about ethereum mining a month ago, and now they're building a 6 gpu rig w/o me. They're being pretty annoying now, talking about making thousands. How likely is it that they won't hit ROI so i can tell them told you so??

Other urls found in this thread:

blockchain.info/charts/estimated-transaction-volume-usd
youtube.com/watch?v=h_EpAAzQUVQ
forum.ethereum.org/discussion/5225/for-those-thinking-of-getting-into-ether-mining-read-this
decred.org/
twitter.com/SFWRedditImages

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Jump on the Urbit train instead. Or if that's too obscure for you, just start mining Dash.

Do people still bother with scamcoins? I thought they became all but worthless at least 4 years ago

>thinking anything will hit Bitcoin value ever
It's just like World of Warcraft, it hits jackpot once and everyone try to copy it but nothing comes out of it

They'll enjoy their electricity bill, that's for sure.

They went to microcenter to buy 6 rx480s, and then wondered how they were "going to get the ethereum off of the graphics cards to spend" (i.e. they dont know what a wallet is)

What in the actual fuck

this is beyond comedy gold.
comedy platinum?

oh boy

I hit ROI on my miner like a year ago. Then again I was mining it at $2.

BTC is ~ $2000, Ethereum is ~ $120, and there's a few others around $100 right now. Cryptocurrencies are still in their infancy, but there's a lot of money to be made in them. There's billions of dollars worth of transactions daily already and it's just increasing.

I'm all in with Dogecoin.

/biz/ is always shilling new ones

Hope you held them. I sold about 3000 at $20 or so right before the DAO fiasco and was happy as a clam but now I wish that I'd held onto them.

How long did ROI take to hit??

Dont lie, there's not BILLIONS of transactions a day. Order of millions would be pushing it even.

How do I turn my memecoin wallet back into cash?

Is mining shitcoins still worth it? I never even heard about this Ethereum coin, and yet, it's at 120$. What other shitcoins are worth looking into, could one still make profit with a single GPU on one of these, or is it too late again?

If you've never even heard of Ethereum at this point, you're too stupid/oblivious to have any hope at this.

The age of casual mining is over, Chinese mega farms are taking over both bit and every major alt coins

Considering etherium jumped up $80 in value in the last 6 months, there's a strong possibility they could make their money back.

It's probably going to drop like double that by the end of the year...

blockchain.info/charts/estimated-transaction-volume-usd

>It's going to be worth less than $0
okay

They actually sponsored a car at Talladega.

Vape shops have gotten into hosting bitcoin ATMs.

I knew that's what Steve was going to say just from the situation we're dealing with here. Jungle fucking niggers.

Sometimes proving people wrong feels okay, and maybe they'll listen to sound advice in the future and you'll make a difference in their life. Others it feels too good for words, like eating some greasy unhealthy bullshit and basking in laziness after consumption. This is going to be one of those times for you OP. Don't help them when they ask for advice and can't figure it out.

I'd intervene if they were buying jewvidia cards; but as it stands, it can't hurt to give AMD some boost - no matter how insignificant.

i've given up trying to tell if a racing picture is a video game or not

I bought ETH 2 days ago and already made like 30%+. Gotta figure out how taxes for this work. Apparently they're doing some corporate stuff thatll really boost value of ETH so holding it for a bit only invest what you can afford to lose.

The best feeling is gonna be buying one of those rx480s at discount when they try to earn their money back

It's pretty likely that they WILL hit ROI. If they're using 470s theyll get ROI in about 2 months. If they're using 1080 ti's itll probably take about 3.

Even if the bubble bursts it probably won't take more than 5 months.

I've been GPU mining for 5 years and 3 GPU generations and have remained profitable the entire time.

I haven't been doing it that much recently since I've had a really well-paying job, but I'm considering dropping some money for either a 6x470 rig, or a 4x1080 ti rig.

Currently making about 7 bucks a day with what I have. Not amazing but not bad for 3 gpus.

What should I mine for with my single 1080? or is it worth?

I'm waiting for VEGA.

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Sure. Here's how to start:

Make an account on Coinbase so you can buy/sell bitcoins.

Download Nicehash and start mining, and put into Nicehash a payment address from your Coinbase account.

Click the benchmark/profitability thing in Nicehash. It'll go through and figure out what you can mine.

Let it mine, check back. You get automatically paid out every week. The software switches to other coins automatically when they're profitable to mine and immediately sells them.

You'll make about $120 to $150 a month at current prices with a 1080.

Thanks for the great info user. Love you for it!

Do you have any expectations with VEGA? Won't that fat HBM2 bandwidth make huge mining gains?

I haven't been following Vega. It doesn't really matter. If it's a lot better, I'll sell my current hardware and buy that. That'll create a real short ROI time.

I tend to go all-in on mining by buying hardware with the best resale value. I think 1080 tis are the best for this reason. Even if the price crashed in a couple weeks, they're already at the point where they could be sold and I'd break even.

I'm pretty low risk. I sell immediately after mining and don't hold. You'd hate me if you saw my bitcoin transactions from 2010 back when I was sitting on 1200 coins. I'd love to have that money now, but hey, at the time it was paying my bills, so no worries.

Feels bad man. I wanted to invest in mining when Bitcoin first came out but I didnt have money at the time from being a NEET.

We could have been millionaires

That's okay. No sense in looking to the past. Instead, focus on the future. Mine now. Save a couple of coins up and maybe in a few years they'll be worth 10k each after a few more bubbles.

I gotta be honest this thread reminded me that I bought 20k dogecoin a few years back right

Today I checked how much it is. I originally spent $20 aud for it, and now it is worth $63 aud.

Cash out or hold???

Ok, be a good friend and at least explain to them how this stuff works and emphasise that on a tier like this its more of a hobby than anything

No its gonna be the worst, this is gonna be another generation of extremely risky used buys.
Like buying a used 280x
50/50 chance its been baked half to death in a bitcoin machine

It's real.
youtube.com/watch?v=h_EpAAzQUVQ

Hold
I mean its worth money but dogecoin is slowly rising near all the danm time
Wait til you get about 80$ in value then sell half
Double your original investment with more growing

ya'll retards still missing out.

No coiners on suicide watch when 1 BTC= 1 million USD in a few years. Becoming rich has never been easier.

you need ASICS to mine nowadays kek.

consumer gpus won't cut it.

GPU's are fine for most altcoins

>350,000 people showed up to watch people drive cars in a oval

You gotta take the cards apart to get the ethereum out

that's why these anti-asic cryptos exist

Jesus, what a bunch of idiots. Bitcoin mining is a borderline pyramid scam. Everyone tries to be early enough to profit off of all the people that will inevitably join later who are also hoping they're early enough to profit off of all the people who join later etc. etc. until the bubble pops and it's all worthless.

How does a absolute novice mine ethereum with Windows 10 pc and an rx 480 8gb?

nah better discuss that topic on a Sup Forums standpoint than on a *vomit* /biz/ one

Cmon my doges

>gpu mining
literal meme not get the fuck

>$512 buy in

Urbit is a pure scam run by a nutjob though.

Who said no one ever got rich participating in a pyramid scam?

The whole point of a pyramid scam is that the actual first people who get in on it make the money and everyone else tries to chase after them.

>$0.002

With current difficulty, ETH mining can still be done on GPU's

How does one do it?

All cryptocurency is a scam to bait retards like these. You don't make money by mining it like a retard. You make money buy buying the currency at start wait till it's at max then sell it, then repeat with another scam currency.

I make $3000 a month mining a coin on a shitty, very old Dell laptop... I don't even know what GPU it has, it must be total shit. Even Xubuntu lags on that laptop.

Gotta love PoS staking/"mining" :)

>mining a coin
sure you did

forum.ethereum.org/discussion/5225/for-those-thinking-of-getting-into-ether-mining-read-this
>If you are thinking of getting into Eather mining and start building an expensive rig then dont, soon in a few months you will not be ble to mine anymore.
>PoS will take over and mining will no longer be possible. PoS stands for Proof Of Stake, meaning people that hold Ether can do so called staking where they deposit their coins into a "staking vault" and receive fees for confirming transactions on the network. That works via a consensus algorithm.
>My recommendation: Its too late to get into mining, instead buy Ether now with that money and you will make much more money.
lol
they can still mine bitcoins right, hahaha

?
I am, I can post proof
It's called Decred, the coin

(have to go to work now but I can show after work... Decred has a system that allows you 3% ROI a month right now, which is crazy... )

you don't need a GPU

>Decred
never heard of it, that's probably why you were able to earn so much with mining

I remember getting in on the buttcoin meme way back at the beginning.
Installed it under Sandboxie, let it run away for a while.
I got bored with it about a week later and deleted it.
I am not sure how many buttcoins I was able to mine back then.

All I know is when the value of them exploded, I opened up the ol file undeleter and was infinite sad.

>Decred
this shit?
decred.org/

>See dogecoin on Sup Forums
>R290x just launched
>Buy one, a water block and a 360mm radiator
>Mine millions of doge over a few weeks
>Use it as a gpu for the next 3 years
Now I have about $4000 worth of doge. Can't decide if I should hold a little longer or not.

Sell a percentage every year.
It progressively goes up.
That percentage is whatever you are happy with.
Look at the charts, make some estimates based on the overall cryptocurrency community health.

I miss the daily decrypt =/

I have maybe $25,000 of BTC I mined with a 5970 for long term. Don't understand the doge surge.