The LTB Network Forum

Mining Interest for Non-Miners?

Back to Bitcoin & Beyond

Comments

headswim

Offline
Posts: 33

Hey all,

If you're not currently mining crypto (bitcoin or otherwise), my question is - are you interested, and why or why not?

Is it too much money, or maybe you don't know where to start or aren't technologically inclined? Alternatively, I'd love to hear about any fears or obstacles you may have or perceive about mining.

I feel like mining was a great way to get started with crypto because it allowed me to experiment with small amounts of Bitcoin while contributing to both the growth and stability of the network at the same time. Also helps with the whole 'decentralized' thing, keeping the network safe.

I understand not everyone thinks the same as me and I'd love to hear what you have to say!

Posted on July 27, 2014 at 10:37 PM
Last Edited: July 27, 2014 at 10:41 PM

0 likes

• dogedays

  

  Offline
  Posts: 2

  I've been aware of btc for about a year and finally actually started doing a little research at the beginning of 2014. I've started purchasing and spending them and really getting into the cryptos for the past couple months now. I've looked into mining, but what completely stops me moving forward is it seems like it really would cost a good bit to get started. I see the prices for what people are buying and selling in the forums and it throws me off. When i'm buying coins now, its only around $50 per week or so as i'm only bringing in minimal cash since I have 6 summer courses and that is moving right into fall courses in a few weeks so i really don't have the time/ or the right schedule to put into a job where i can bring in the cash to actually invest. I certainly want to though. That's just my situation though!

  Posted on July 27, 2014 at 11:50 PM
  Permalink
  0 likes
• Mike

  

  Offline
  Posts: 203
  Location: Chicago, IL

  I've been extremely interested in mining sonce I first looked at Bitcoin around three years ago. My main concerns have shifted over time.

  Originally it just wasnt worth it. It was something that mostly hobbiests were doing but it was still pretty cool. I didnt want to ruin my computer for a hobby so I passed.

  Then when it was becoming profitable, I had neither the money nor the technical prowess to start a mining rig, so unfortunately I passed yet again.

  Now, though it is a significant investment, I could buy a rig. However I pay around $0.13/kWh for electricity and so it just seems like an endlessly unprofitable move and I'm not in the business of throwing away money. I would get one, if I felt reasonably sure that I could breakeven. Then it would just be a speculative move on price.

  Another big problem that I have with it now is the lack of use for the machines after their profitability has played out. There is no salvage value to fall back on when all is said and done.

  Posted on July 28, 2014 at 7:17 AM
  Permalink
  1 like
• sbatz72

  

  Offline
  Posts: 133

  I only have a BFL Jalapeno. I do not get much crypto. I would like to have a nicer rig. I think it will fit the budget better soon. Right now, it does not.

  Posted on August 5, 2014 at 12:57 PM
  Permalink
  0 likes
• joetothphoto

  

  Offline
  Posts: 146
  Location: Cambridge

  I tried mining from my Macbook Pro. I think it was more of a challenge to me to figure out mining. I didn't let my laptop run too long as I knew I would run into issues. I looked at Cloud Mining, but what I could afford as a fee wouldn't net me enough or I would just be breaking even at this stage.

  Posted on August 5, 2014 at 1:03 PM
  Permalink
  0 likes
• mikerbiker6

  

  Offline
  Posts: 117

  I am interested in the new chip developments. I like to see innovation and I believe mining pushes the tech industry forward a bit. Chip Foundries are making more money and mabye that sparks faster developments.

  Posted on August 7, 2014 at 2:49 PM
  Permalink
  0 likes
• HODL

  

  Offline
  Posts: 40

  Eventually I'd really like to setup a small solar powered rig just to have humming away 24/7 with no concerns about it's profitability (although some would be nice). Just to contribute some hashing power and decentralize from the network a tiny bit more.

  Posted on August 7, 2014 at 3:18 PM
  Permalink
  1 like
• cryptoMatic

  

  Offline
  Posts: 61

  @hodl Eventually I'd really like to setup a small solar powered rig just to have humming away 24/7 with no concerns about it's profitability (although some would be nice). Just to contribute some hashing power and decentralize from the network a tiny bit more.

  This, but I would have a it running a full node as well. Sounds like were gonna need some big solar panels lol

  Posted on August 7, 2014 at 3:21 PM
  Permalink
  1 like
• Tintin

  

  Offline
  Posts: 200
  Location: Uranus

  Yes, full node is always a good contribution.

  Posted on August 9, 2014 at 1:32 AM
  Permalink
  1 like
• noobdan

  

  Offline
  Posts: 88

  Mining by rigs is not much profit now, but gpu mining new coins, will always be a profit

  Posted on August 12, 2014 at 5:44 AM
  Permalink
  0 likes
• noobdan

  

  Offline
  Posts: 88

  Mining by rigs is not much profit now, but gpu mining new coins, will always be a profit

  Posted on August 12, 2014 at 5:44 AM
  Permalink
  0 likes

Post Reply