Hi Cred Forums. I feel like I have a handle on bitcoin mining and would like to start my own processing soon. I find it so interesting to be a part of a peer system like this but I need some advice on joining a pool. Is anyone part of a big pool? Small pool? Private pool? What have been the pros and cons of each in your experience? Do you prefer one over the other or are you involved with multiple pools? Thanks and cheers guys.
Best pools for beginners?
Other urls found in this thread:
enjoy your useless digital money
Last I heard the electric cost of running a bit coin system just isn't worth it
Best pool is the one that takes you back 6 years
I've read that miners (esp ASIC) are becoming more and more energy efficient. This fact of power usage, in tandem with another hustle to recoup and/or mitigate electricity costs, means that it is feasible
And by side hustle, I mean that the house I'm living in now is already fairly energy efficient plus I have an AirBnB room I rent to defray utility costs. If I increase my clientele this should negate any extraneous electric costs produced by my miners (I plan on having maximum 2 or 3)
if people use it, is it really useless?
Bitcoin mining is effectively controlled by 5 Chinese guys.
It's no longer decentralized in any real sense. The sooner it dies the better.
Stop paying into this ponzi scheme. Unless your electricity is cheaper than China you won't see any profit.
Why would it be considered a ponzi scheme?
>controlled by 5 Chinese guys
sim long woo tim zhi
im pretty sure he just got that data from a motherboard video
You don't find that immoral at all?
im sorry what?
fuck off to with your ecoin cancer
Craig Wright is not Chinese
>Hi Cred Forums. I feel like I have a handle on bitcoin mining and would like to start my own processing soon.
see: , you're 5+ years too late
it has almost never been worth it unless you had access to very cheap electricity or were generating and the feedback tarrif would have been less than the profit from mining
for the most part simply investing the money you'd have spent on the rig (+ time invested, maintenance of the rig, added cost of cooling a mining rig etc) straight into bitcoin would have been about on par from the profits you'd make mining, but of course if you're mining you get to keep the mining rigs and the coins you generate can't be traced to you if you're not silly about it
that's not to say nobody made profit from mining bitcoin but for the most part "investing" in bitcoin was always profitable too
>I've read that miners are becoming more and more energy efficient.
consider this, you're literally competing with people that have dirt cheap electricity for whatever reason (they're stealing it, they've stolen stuff that can generate and can't get feedback tarrif, they have free/cheap electricity for whatever reason (parents basement doesn't count)) and have spent tens to hundreds of thousands on rigs already and thousands of people have bee doing this since 2011-2013 (first asic miners were 2013 but gpu mining rigs were still usable during this period as were the fpga rigs)
mining has always been a fools game but especially so post 2014 or so unless the only thing you want is new virgin currency that can't be traced to you, in which case invest now and hope the mining difficulty doesn't go up, hope the price of bitcoin doesn't drop, hope you can access cheap electricity for well over a year, and you *might* just get a return on investment and some measly profit (and of course straight up investing into bitcoin achieves similar results)
rethink my decisions: the post
thanks for your candor in the matter. I suppose the allure of the riches without sweat meme is always too much to handle for a faggot like me.
You're 6 years late to the party and that shit belongs on
You're too late to the party, OP
the chinese control bitcoin now. malware these days explicitly searches for bitcoin wallet codes or bitcoin related stuff.
even if you have free electricity youre always going to be in danger. dont think for a moment these chinese don't have crawlers looking over the internet searching for bitcoin miners to victimise and rob. youll probably find yourself infected into an elaborate chinese botnet if you arent already.
It's actually just 4 Chinese guys/companies.
why isn't there better ways to mine ? Seems to me it's only a matter of hardware power. Why isn't there someone making a more efficient miner or something ?
It's how Bitcoin is designed, it's flawed by default.
Some other cryptocurrencies try to handle this differently, for example Ethereum is planning to switch to "proof of stake" at some point.
mine monero thanks me later
Do you have a specialized cpu for bitcoin mining? If no, then you're fucked up.