Anybody into bit coin mining? - Jeep Patriot Forums
The Sway Bar Your Off-Topic Playland.
Non-Jeep related topics.
The Abyss   Where bad threads go to die  (restricted access)

 15Likes
Reply
 
LinkBack Thread Tools Display Modes
post #1 of 213 (permalink) Old 11-28-2017, 07:46 PM Thread Starter
 
aroundincircles's Avatar
 
Join Date: Dec 2011
Location: Arizona
Posts: 7,263
  
Anybody into bit coin mining?

I just bought into a cloud mining service, https://hashflare.io/r/C893E80F, Starting off with some seed money. This particular miner lets you start off with a very small amount (10gh for $1.40 for a year), so I have bought in, interested in what others are doing, if anything. I've had my eth miner going for a while, and its made me some cash, but Hoping to hit it bigger with bit coin (and not have such a hot office). My investment of $2300 should net me a little more than $700/month, which will grow with the auto reinvest.

2012 FDII Patriot - Sold
1989 Cherokee Pioneer - Sold
2003.5 Mazdaspeed Protege
1998 Mazda B4000 4x4
http://www.youtube.com/c/aicoffroadvideo
aroundincircles is offline  
Sponsored Links
Advertisement
 
post #2 of 213 (permalink) Old 11-29-2017, 09:04 AM
Senior Member
 
croat's Avatar
 
Join Date: Nov 2010
Location: Milwaukee, WI
Posts: 10,939
  
Garage
I still don't understand mining from setting it up to running it cashing in. I am all for doing something simple and making money off of it however this seems to be too good to be true - this coming from an IT industry guy.

Religion has convinced people that there’s an invisible man…living in the sky, who watches everything you do every minute of every day. And the invisible man has a list of ten specific things he doesn’t want you to do. And if you do any of these things, he will send you to a special place, of burning and fire and smoke and torture and anguish for you to live forever, and suffer and burn and scream until the end of time. But he loves you. He loves you and he needs money.

~George Carlin
croat is offline  
post #3 of 213 (permalink) Old 11-29-2017, 09:37 AM
Senior Member
 
Brick Sprickly's Avatar
 
Join Date: Jun 2015
Posts: 129
 
Garage
The perennial problem with bitcoin mining is that on the individual level you'll need enough processing power on a PC to perform it, and the amount of electricity needed will cost more than the coin you can make. I've been told by friends that do it that the best way is to take advantage of power that you yourself do not pay for. Even then, the rate that a single high-end PC can mine isn't really worth the time or stress it puts on a machine.

2011 Latitude 2.4l - Debadged - K&N filter upgrade - LED blinkers/directionals/reverse/plate/Deep blue cabin LEDs - 30% tint + Sunstrip - AVS Deflectors - Purple K extinguisher - Dashcam - Casevac compliant


www.getyourasstomars.com
Brick Sprickly is offline  
 
post #4 of 213 (permalink) Old 11-29-2017, 10:33 AM Thread Starter
 
aroundincircles's Avatar
 
Join Date: Dec 2011
Location: Arizona
Posts: 7,263
  
Quote:
Originally Posted by croat View Post
I still don't understand mining from setting it up to running it cashing in. I am all for doing something simple and making money off of it however this seems to be too good to be true - this coming from an IT industry guy.
Well, if you do cloud mining, you buy a contract with a company that has all the equipment, and then you get shares. there are a ton out there, so its important to do a little research, and see who's been around, and who's profitable. I went with hashflare, since I could start off with a very small investment (currently $1.40) and see the results.

Getting set up is pretty easy, you need a wallet (online or off line), and then buy hashrate through somebody and point your payouts to your wallet. If you have an online wallet, most are associated with an exchange that lets you convert your coin to USD (or any currency you wish).

Quote:
Originally Posted by Brick Sprickly View Post
The perennial problem with bitcoin mining is that on the individual level you'll need enough processing power on a PC to perform it, and the amount of electricity needed will cost more than the coin you can make. I've been told by friends that do it that the best way is to take advantage of power that you yourself do not pay for. Even then, the rate that a single high-end PC can mine isn't really worth the time or stress it puts on a machine.
Agreed. I don't bother with having physical hardware for bitcoin. Its not worth it. far to much investment for little reward. I do have a physical miner for ethereum, and I have made decent money with that. Cloud mining is the way to go. Your investment is similar per hash, but you can do it in smaller increments, and you don't have to pay the power bill.


All I can say is I've made money on eth, and my investment in bit coin will pay itself back in a couple of months, and then I'll be making a profit, even if it drops in half of its current value.
Brick Sprickly likes this.

2012 FDII Patriot - Sold
1989 Cherokee Pioneer - Sold
2003.5 Mazdaspeed Protege
1998 Mazda B4000 4x4
http://www.youtube.com/c/aicoffroadvideo
aroundincircles is offline  
post #5 of 213 (permalink) Old 11-29-2017, 11:24 AM
Senior Member
 
DangerAaron's Avatar
 
Join Date: Jul 2013
Location: Orange County, VA
Posts: 1,114
 
Garage
The news that it just hit $10K will probably cause a spike in investment. I have done a little research, but have yet to take the plunge. Like most things, I research a subject to death (even stupid things like which TV to buy) and then talk myself out of a good thing. I might just have to jump in this time.

2014 Black Jeep Patriot, Latitude, FDII, Sun and Sound package, remote start
2015 White Jeep Grand Cherokee, Limited, Luxury group II
DangerAaron is offline  
post #6 of 213 (permalink) Old 11-29-2017, 12:17 PM
Senior Member
 
croat's Avatar
 
Join Date: Nov 2010
Location: Milwaukee, WI
Posts: 10,939
  
Garage
And this is even more complicated (cloud) - reading into this I gather that me as an "investor" simply chooses what to buy, pay that, and make free money. Sounds was too good to be true which is what I was taught as a kid - if it seems too good or if you make "free money" .... its a scam https://hashflare.io/
Brick Sprickly likes this.

Religion has convinced people that there’s an invisible man…living in the sky, who watches everything you do every minute of every day. And the invisible man has a list of ten specific things he doesn’t want you to do. And if you do any of these things, he will send you to a special place, of burning and fire and smoke and torture and anguish for you to live forever, and suffer and burn and scream until the end of time. But he loves you. He loves you and he needs money.

~George Carlin

Last edited by croat; 11-29-2017 at 12:19 PM.
croat is offline  
post #7 of 213 (permalink) Old 11-29-2017, 03:15 PM Thread Starter
 
aroundincircles's Avatar
 
Join Date: Dec 2011
Location: Arizona
Posts: 7,263
  
Quote:
Originally Posted by croat View Post
And this is even more complicated (cloud) - reading into this I gather that me as an "investor" simply chooses what to buy, pay that, and make free money. Sounds was too good to be true which is what I was taught as a kid - if it seems too good or if you make "free money" .... its a scam https://hashflare.io/
Its more like leasing a tractor and a field, and you pay a maintenance fee for a guy to drive your tractor around to plow your field. (On hashflare you pay a $.35/th/day maintenance fee) So its a bit of luck if your seeds grow into something profitable. Its been all over the place today, I saw it up at $11300 at one point, back down to around 9000, but as long as I can make more than $.36 per TH I'm making money.

Its like any other investment. I toss my money into the stock market in the hopes that this goes up. But I like mining more than just buying coin personally.

2012 FDII Patriot - Sold
1989 Cherokee Pioneer - Sold
2003.5 Mazdaspeed Protege
1998 Mazda B4000 4x4
http://www.youtube.com/c/aicoffroadvideo
aroundincircles is offline  
post #8 of 213 (permalink) Old 11-29-2017, 04:39 PM
Senior Member
 
croat's Avatar
 
Join Date: Nov 2010
Location: Milwaukee, WI
Posts: 10,939
  
Garage
So its basically a really low yielding investment. From what I gather there are many people out there that know how to use the money to generate more - however they do not have the initial funds to do so. You or me step in by providing the money for them to use it to make more money - same concept I guess on how a bank takes your money in a savings account and invests it to make them money and you a few cents a month right

If so how do you manage your account so that instead of making $.35/th/day or less (losing money) to make $.47/th/day or $.95/th/day etc?

Also you pay taxes on this?

Religion has convinced people that there’s an invisible man…living in the sky, who watches everything you do every minute of every day. And the invisible man has a list of ten specific things he doesn’t want you to do. And if you do any of these things, he will send you to a special place, of burning and fire and smoke and torture and anguish for you to live forever, and suffer and burn and scream until the end of time. But he loves you. He loves you and he needs money.

~George Carlin
croat is offline  
post #9 of 213 (permalink) Old 11-29-2017, 05:01 PM Thread Starter
 
aroundincircles's Avatar
 
Join Date: Dec 2011
Location: Arizona
Posts: 7,263
  
Quote:
Originally Posted by croat View Post
So its basically a really low yielding investment. From what I gather there are many people out there that know how to use the money to generate more - however they do not have the initial funds to do so. You or me step in by providing the money for them to use it to make more money - same concept I guess on how a bank takes your money in a savings account and invests it to make them money and you a few cents a month right

If so how do you manage your account so that instead of making $.35/th/day or less (losing money) to make $.47/th/day or $.95/th/day etc?

Also you pay taxes on this?
Is not really low yield... at least I don't consider being able to double my money in a few months low yield. But as far as mining, you can have a few strategies;

You can buy your initial amount, let that contract run for a year, and pull out your value each day, and trade it for cash,

or you can stock pile your earned coin, and wait to trade it for USD when you feel the market is at the level you want it to be (it got up to $11,300 this morning, and so people have sold like crazy, and it dropped to $9300 around noon, and its back up to $9900).

if you buy through hashflare, you can reinvest your earnings into more mining capacity automatically each day. This is my strategy for now, I plan on letting it snowball for the next 3 months, then pull out just enough to recover my investment, and then do a 50/50 split, one day let it roll, then pull the next day, etc. so it both continues to grow, and so I can enjoy some of the money.

as far as taxes, I haven't earned enough, a couple hundred from eth that doesn't touch my initial investment costs, so no taxes there. Next year when I actually pull more than my investment? I'll have to see how they expect taxes to be filed on it, but it is/will be accounted for.

2012 FDII Patriot - Sold
1989 Cherokee Pioneer - Sold
2003.5 Mazdaspeed Protege
1998 Mazda B4000 4x4
http://www.youtube.com/c/aicoffroadvideo
aroundincircles is offline  
post #10 of 213 (permalink) Old 11-29-2017, 05:15 PM Thread Starter
 
aroundincircles's Avatar
 
Join Date: Dec 2011
Location: Arizona
Posts: 7,263
  
Oh, and I made yesterday .00019087 BTC/TH (that value changes a bit every day), or $1.96/TH at current value (its now at $10,300) at 17th I made $33.32 - 6.12 (maintenance fees) I made $27.20 I rolled that into another .21TH of mining power, so today I'll have 17.21 TH, everything being equal, I'll make a bit more, roll that into more TH, so the next day I'll make more, and roll that into more TH... snowballing.

2012 FDII Patriot - Sold
1989 Cherokee Pioneer - Sold
2003.5 Mazdaspeed Protege
1998 Mazda B4000 4x4
http://www.youtube.com/c/aicoffroadvideo
aroundincircles is offline  
post #11 of 213 (permalink) Old 11-29-2017, 10:01 PM Thread Starter
 
aroundincircles's Avatar
 
Join Date: Dec 2011
Location: Arizona
Posts: 7,263
  
I use coinbase for my wallet for bitcoin and Eth. https://www.coinbase.com/join/595d4ae4ee8dc501a22a13e7

2012 FDII Patriot - Sold
1989 Cherokee Pioneer - Sold
2003.5 Mazdaspeed Protege
1998 Mazda B4000 4x4
http://www.youtube.com/c/aicoffroadvideo
aroundincircles is offline  
post #12 of 213 (permalink) Old 12-16-2017, 09:30 AM
Junior Member
 
Join Date: Dec 2017
Posts: 1
 
Quote:
Originally Posted by aroundincircles View Post
Oh, and I made yesterday .00019087 BTC/TH (that value changes a bit every day), or $1.96/TH at current value (its now at $10,300) at 17th I made $33.32 - 6.12 (maintenance fees) I made $27.20 I rolled that into another .21TH of mining power, so today I'll have 17.21 TH, everything being equal, I'll make a bit more, roll that into more TH, so the next day I'll make more, and roll that into more TH... snowballing.
I didn't even know such services existed. Do you only pay for the service, or do they take a percentage when you pull out your money too?
MiloTed is offline  
post #13 of 213 (permalink) Old 12-16-2017, 11:37 AM Thread Starter
 
aroundincircles's Avatar
 
Join Date: Dec 2011
Location: Arizona
Posts: 7,263
  
Quote:
Originally Posted by MiloTed View Post
I didn't even know such services existed. Do you only pay for the service, or do they take a percentage when you pull out your money too?
Well, yes, there is a transaction fee when you move money around, but its a pretty small %, different exchanges have different fees, some higher some lower. Coinbase is on the higher end, but they offer a lot of convince. It's also a bit of a sliding scale, so as you move bigger amounts, the fee gets smaller. so I haven't pulled any out yet, since I want to hit a specific amount where the fee is negligible.

2012 FDII Patriot - Sold
1989 Cherokee Pioneer - Sold
2003.5 Mazdaspeed Protege
1998 Mazda B4000 4x4
http://www.youtube.com/c/aicoffroadvideo
aroundincircles is offline  
post #14 of 213 (permalink) Old 12-16-2017, 01:01 PM Thread Starter
 
aroundincircles's Avatar
 
Join Date: Dec 2011
Location: Arizona
Posts: 7,263
  

2012 FDII Patriot - Sold
1989 Cherokee Pioneer - Sold
2003.5 Mazdaspeed Protege
1998 Mazda B4000 4x4
http://www.youtube.com/c/aicoffroadvideo
aroundincircles is offline  
post #15 of 213 (permalink) Old 12-16-2017, 01:30 PM
Member
 
Join Date: Feb 2017
Location: nePA
Posts: 87
 
Quote:
Originally Posted by Brick Sprickly View Post
The perennial problem with bitcoin mining is that on the individual level you'll need enough processing power on a PC to perform it, and the amount of electricity needed will cost more than the coin you can make. I've been told by friends that do it that the best way is to take advantage of power that you yourself do not pay for. Even then, the rate that a single high-end PC can mine isn't really worth the time or stress it puts on a machine.
THIS ^^^^^^!

My old school computer guru buddy told me this years back.
kramer is offline  
Sponsored Links
Advertisement
 
Reply

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the Jeep Patriot Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome