Ok - someone give this old man the dumbed-down cliff notes version of what cryptocurrency is, how the whole mining thing works and how you make money off it.
Quote:
Is It Worth It to Mine Cryptocoins?
As a hobby venture, yes, cryptocoin mining can generate a small income of perhaps a dollar or two per day. In particular, Litecoins, Dogecoins, and Feathercoins are very accessible for regular people to mine, and a person can recoup $1000 in hardware costs in about 18-24 months.
As a second income, no, cryptocoin mining is not a reliable way to make substantial money for most people. The profit from mining cryptocoins only becomes significant when someone is willing to invest $3000-$5000 in up-front hardware costs, at which time you could potentially earn $50 per day or more.
Now, there is a small chance that Litecoins, Dogecoins, or Feathercoins will jump in value alongside Bitcoin at some point. Then, possibly, you could find yourself sitting on thousands of dollars in cryptocoins. Note: the emphasis here is on 'small chance', with small meaning 'slightly better than winning the lottery'.
If you do decide to try cryptocoin mining, definitely do so as a hobby with a very small income return. Think of it as 'gathering gold dust' instead of collecting actual gold nuggets.
If your objective is to earn substantial money as a second income, then you are better off purchasing cryptocoins with cash instead of mining them, and then tucking them away in the hopes that they will jump in value like gold or silver bullion.
This is 98% unhelpfulredd38 said:
Unless you're in a very unique situation then you won't make money mining it because your expenses will be greater than your income.
wee_ag said:This is 98% unhelpfulredd38 said:
Unless you're in a very unique situation then you won't make money mining it because your expenses will be greater than your income.
The website I posted above has a pretty good outline of what you need.Cstrickland05 said:
How do you mine it? Is there a website or something where you go try to find that magic number?
Cstrickland05 said:
How do you mine it? Is there a website or something where you go try to find that magic number?
Good, maybe this means that people that actually want GPUs for actual gaming that cost less than $500 can finally buy them again.wheelskjm said:
https://www.asus.com/Graphics-Cards/MINING-P106-6G/overview/
NVIDIA just launched mining specific GPU's
wheelskjm said:
Where did you end up buying your equipment?
I've got this laying around. It's circa 2005 but it'll work, right?cr0wbar said:
let's do it, Wee!