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  1. #1
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    Bitcoins/Altcoins

    Has anybody been watching these in the news? Around 2010 when I heard more about bitcoins I wrote them off as a fad and I really wish I hadn't! Bitcoins (and altcoins, which is a collective name for different digital currencies) are created by letting your computer run various algorithms. At the beginning this wasn't especially hard and bitcoins could be created in a small space of time by leaving a program running on any home computer. Back then bitcoins were only worth a few dollars. At the time of writing a bitcoin is worth nearly $2700.

    To put this into perspective, a man left a Dell laptop running in 2009 and generated 7500 bitcoins. At the time you had to store bitcoins on your hardware rather than a digital online wallet. The man forgot about it a couple of years later and threw the laptop away. If he still had that laptop today, inside its hard drive would be over $20,000,000! Unfortunately it ended up crushed in a landfill. (I bet he's still kicking himself.) Most people cashed out their bitcoins when they were only worth around $20 some years back and thought it was a great investment, but I'm guessing they regret that a little today! There was one man who remembered he had a lot of bitcoins a few years ago and got nearly a million dollars from it. If he waited a few more years he'd have a lot more.

    Now many years later it takes a lot of horsepower to generate a bitcoin. Last night I decided to give mining a try and I really wish I had done this much earlier. I use software called NiceHash which is really easy to use. I'm guessing they take a small bit of commission but on a recreational level I think NiceHash is a great option. It pays directly into your digital wallet (I use Wirex) and you don't need to configure anything. At the moment it looks like I'll generate around $4-4.50 a day in bitcoin. In other words if things keep going the way they are I should have well over half a bitcoin in a year. (Compare that to the guy's 7500! ) However, since the value of a bitcoin seems to change all the time, I might get less or more than that.

    You'll need a good graphics card. My computer has a GTX 1070. I leave my computer on 24/7 anyway, but with the money I should make, this should cover my whole power bill for the year and then some. I don't game that often, but when I do I can just pause NiceHash and then resume when I'm done. Graphics cards mine much better than processors, so if you have good graphics I highly recommend this.

    A digital wallet is highly recommended. I mentioned Wirex and it's definitely one of the best. There's a nice phone app, too. To be clear, this is an affiliate link (it would help me out a bit), but you can sign up for this here. It's apparently even possible to get a physical debit card (not tried this yet) so you can use your bitcoins like any normal card. You can see my NiceHash progress here.
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  2. Informative AsherTheWilliams thinks that this is informative
  3. #2
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    Good topic you have there, I have been looking all over the internet since my cousin and I are thinking about doing mining full time. I have some questions and I hope you can answer them since you have tried doing this. Is it possible to mine using NiceHash in a PC with around 5 GPUs installed in it? Let's just say 5 GTX 1070s and a nice processor like a new i5. Would these hardware mine five times of what you are mining?

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    When I've looked at videos most people put the GPUs on a large wooden rack of sorts, or a case for the GPUs themselves. I think you can buy them for more peace of mind. The other day I overclocked my 1070 and got around a 15% increase which of course means more profit in the long run. However, I can't help a lot with actual mining rigs since I just happened to have a GPU that works very well for mining so I started doing it.

    As for your NiceHash question, yes, the software supports as many GPUs as are on Windows. You'll need special hardware to connect so many graphics cards, maybe also two 1000W PSUs. In theory, yes, your proposed setup would produce five times as much as mine provided they are overclocked like my card. After reading up more though you should consider simply investing in the coins. There are market crashes and your coin wallets could look far emptier, but that's happened in the past with bitcoins which recently have shot up. Mining will also prove more difficult as blocks require more mining power. (This is why it was so easy to mine bitcoins at the beginning but is way, way harder now.) If I had the money to build a rig with five 1070s I'd instead invest over half of that in coins and then spend whatever's enough to build a rig with two 1070s (or other cards with equivalent efficiency), but you should really ask around since I'm a bit of a n00b with all this.

    I don't think the CPU matters that much, so you should look for value for money. (But again, this should be confirmed by somebody with more experience.)
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    Jim: "How do you know?"
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    Jim: "I knew it."
    Gene: "That's okay. There's a first time for everything!"

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  5. #4
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    huh, I didn't know bitcoins were a thing you could make.
    I thought it was just a currency you could exchange for.
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    This was a good idea Mantis.

  6. #5
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    Quote Originally Posted by Mantis View Post
    When I've looked at videos most people put the GPUs on a large wooden rack of sorts, or a case for the GPUs themselves. I think you can buy them for more peace of mind. The other day I overclocked my 1070 and got around a 15% increase which of course means more profit in the long run. However, I can't help a lot with actual mining rigs since I just happened to have a GPU that works very well for mining so I started doing it.

    As for your NiceHash question, yes, the software supports as many GPUs as are on Windows. You'll need special hardware to connect so many graphics cards, maybe also two 1000W PSUs. In theory, yes, your proposed setup would produce five times as much as mine provided they are overclocked like my card. After reading up more though you should consider simply investing in the coins. There are market crashes and your coin wallets could look far emptier, but that's happened in the past with bitcoins which recently have shot up. Mining will also prove more difficult as blocks require more mining power. (This is why it was so easy to mine bitcoins at the beginning but is way, way harder now.) If I had the money to build a rig with five 1070s I'd instead invest over half of that in coins and then spend whatever's enough to build a rig with two 1070s (or other cards with equivalent efficiency), but you should really ask around since I'm a bit of a n00b with all this.

    I don't think the CPU matters that much, so you should look for value for money. (But again, this should be confirmed by somebody with more experience.)
    Thanks for the tip, well I really don't plan on buying the GPUs. My cousin fixes some and can buy defective ones on a very low price and he can fix them as if they were new. It's the reason I thought of making a rig since there won't be any problem when it comes to hardware. What I'm having a hard time with is how much money would these GPUs make in the long run and if we would still profit from mining. If we would operate and would just end up paying the bills with the coins that we are making, then we might just put up a small computer cafe using fixed hardware.

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    2 years ago, 1 Bitcoin is worth $400 and I never expected that its price will increase that much in just two years. I recently check the value of a single Bitcoin and it's equivalent to $2400! I used to collect Bitcoin/Satoshis in different faucets but I realize it will take a while for you to earn a single Bitcoin so I stopped. I don't know if I just continued collecting them for 2 years if I would be able to earn 1 Bitcoin (at least).

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    Cryptocurrency

    I'm quite new to bitcoins and other digital currencies, I'm thinking these currencies will play a big role in the future so I want to get a ride even though I think I'm a bit late. Anyone here who earns some good bitcoins online? I have been having a hard time looking for legit sites that pay well.

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    I learned about Cryptocurrency a few years ago and there are a lot of faucets wherein you can collect free Satoshis. I've tried doing it for a few months but realize that it was not worth the time. However, if I only knew that Bitcoins exchange rate will be so high then I should've continued working with those faucets and I might have earned at least 1 Bitcoin at this moment.

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    Bitcoins will fade off soon enough. These kinds of currencies are leaving us too vulnerable to hackers online. They are not stable enough to keep going. I can see them being phased out by 2025 and replaced by something that will be similar but far more secure.

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    Did you forget the thread I made about this or the replies you made, Buck? I suppose I should merge them. I'm still mining. There's been a scare recently because of something called "Segwit" which is planned to be implemented any time now. From what I heard it can improve the efficiency and life of bitcoins as a whole, but people were worried it would "fork" the coins by splitting their data in two and some could get lost in the process. Then again I'm going by a vague memory so I might be completely wrong about that. What's true for sure though is that people overthought all of this and a lot of investors backed out. Subsequently the value of the bitcoin (and other currencies) has decreased a little lately. But I think that will change come August.

    The thing about bitcoin is that even if I'm only earning $2 a day from it right now, people often think of that as only the dollar. However, as the value of the bitcoin increases your amount of dollars you've earned over the course of mining will of course increase too unless you've already cashed it out. For the foreseeable future I do not think cryptocurrencies will "fade off". Their growth can sometimes be exponential and it's a great thing to invest in, so long as you don't invest more than you can afford to lose. Investing in beefy hardware is a mistake because people will begin to worry about market crashes and panic sell their graphics cards, etc. If it's merely an interest, invest in a recreational manner. Buy the coins directly. Or if you want to play flashy video games, get a card like a 1070 (mine) so you can both game and mine. No real regrets since even if somehow mining became a thing of the past, you still got the card for your primary reason of playing some sweet video games. Remember, avoid paying over the RRP for a card and check charts online to see which cards are mining better.

    Right now I have a modest ~$130 in my desktop wallet. That's split between bitcoin, dash, and ether, the latter two being two other currencies. It's nearly an equal split but I have a little more ether. (That's going by current values, mind, so this might change.) I'll keep adding to this and splitting my currencies. Multiple currencies is the safer/smarter way to do it. I recommend this Chrome tracker extension so you can actively monitor the value of coins. People see bitcoins and altcoins fall a little and usually from this write them off as a fad. But then they rise... and fall. It's how it works. If this scares you then I wouldn't recommend investing in many things anyway.
    Gene: "Have faith in me guys, enjoy the ride—you're in good hands. I can handle this. I can do it!"
    Jim: "How do you know?"
    Gene: "I don't!"
    Jim: "I knew it."
    Gene: "That's okay. There's a first time for everything!"

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