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Have you tried building your own mining rig?


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Hello, Crypto fans!

Mining is not that profitable if you are only using a low spec computer or laptop. We would have to buy and install the latest GPUs to have the most profit. A single GPU can only do so much so we will have to buy a motherboard that supports multiple GPUs.

Have you tried building and mining with your own rig?

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This is very expensive to build, it requires a lot of resources and even electricity as well which is something we don't have to be stable. 

So therefore, I don't think that I would be taking up building my own mining rig because I definitely wouldn't afford it. 

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On 5/14/2018 at 11:16 PM, legendsneverdie said:

Nah, it's too expensive and infrastructure-heavy, and you really need a supercomputer or a group of supercomputers now to even mine at a reasonable rate, which is why so many people outsource through various websites.

The problem with those websites or services that offer cloud mining is that they are risky. Most of them turn out to be scams. I wouldn't risk my money if the odds against me are too great.

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On 5/14/2018 at 8:49 PM, Martinsx said:

This is very expensive to build, it requires a lot of resources and even electricity as well which is something we don't have to be stable. 

So therefore, I don't think that I would be taking up building my own mining rig because I definitely wouldn't afford it. 

So true! A lot of people who invest in bitcoin has the money, time, and resources to pull it off. Most of us stick to free ways of earning them.

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I tried mining on a single PC but it didn't work out well. I was curious at that time and want to try it. Fortunately my pc specification are within the requirement range so i tried it using a software Bitmint it seemed working for a couple of days. The only problem i had is my pc resources is always used up that i couldn't do anything more. I really didn't know if i got something out of it, i just stopped it and uninstall the software. 

I guess if you want to do mining you really need to invest...

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10 hours ago, Steve5 said:

So true! A lot of people who invest in bitcoin has the money, time, and resources to pull it off. Most of us stick to free ways of earning them.

Yeah, you are very correct with that assertion. Bitcoin is very expensive for an average income earner to invest in. It's the reason why most people resort to mining the cryptocurrency block to earn these coins. 

The only issue is that it does take time to mine up a reasonable amount of Bitcoin or other cryptocurrency but it's definitely worth giving a trial. 

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This is best for people who have the time and patience for it. Aside from resources, people should also be consistent in monitoring their progress. Some people forget about their investments and end up feeling bad about it. In short, it takes a lot to simply join bitcoin investment.

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On 5/19/2018 at 5:32 AM, Martinsx said:

Yeah, you are very correct with that assertion. Bitcoin is very expensive for an average income earner to invest in. It's the reason why most people resort to mining the cryptocurrency block to earn these coins. 

The only issue is that it does take time to mine up a reasonable amount of Bitcoin or other cryptocurrency but it's definitely worth giving a trial. 

Do you think it's still possible to earn a lot now? I think there are too many people following this trend right now. I'm not sure how long before bitcoin loses much of its availability.

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59 minutes ago, Steve5 said:

Do you think it's still possible to earn a lot now? I think there are too many people following this trend right now. I'm not sure how long before bitcoin loses much of its availability.

I think it's still possible to earn from participating in mining Bitcoin, there is absolutely nothing which can prevent it as long as the cryptocurrency is still alive. The issue is find the best site to mine from which can pay you once you reach the threshold for withdrawal. 

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Building your own rig would be great if it's lucrative but sadly it is now considered counter productive and a novelty because you'll end up spending more in power than earning money from it.

I think this is only good nowadays for people who have free access to power and internet.

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22 hours ago, Martinsx said:

I think it's still possible to earn from participating in mining Bitcoin, there is absolutely nothing which can prevent it as long as the cryptocurrency is still alive. The issue is find the best site to mine from which can pay you once you reach the threshold for withdrawal. 

That's nice to know. You're right about that. It's still a struggle to find sites that actually pay you for the effort you put in. Definitely something to think about.

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24 minutes ago, Steve5 said:

That's nice to know. You're right about that. It's still a struggle to find sites that actually pay you for the effort you put in. Definitely something to think about.

Yes, that's just about the only way to guarantee that one doesn't waste his or his precious time mining only to end up not getting being able to get any penny from all the efforts invested in trying to mine the cryptocurrency - Bitcoin. 

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On 5/21/2018 at 4:50 PM, Martinsx said:

Yes, that's just about the only way to guarantee that one doesn't waste his or his precious time mining only to end up not getting being able to get any penny from all the efforts invested in trying to mine the cryptocurrency - Bitcoin. 

Some bitcoin sites have proven legitimate lately. I think as time passes by, more sites will become available for dedicated bitcoin users. They just have to avoid scam sites. Better safe than sorry. 😊

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I have not thought of this plan since I have been in a situation where I am just investing to make some returns. Building it is going to cost a lot of money and it is said that one needs to have some constant power supply to make it work as well which is the challenge that I am having at the moment.

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On 5/20/2018 at 6:05 PM, Kakashi2020 said:

Building your own rig would be great if it's lucrative but sadly it is now considered counter productive and a novelty because you'll end up spending more in power than earning money from it.

I think this is only good nowadays for people who have free access to power and internet.

You're right for it is only better for those that can have constant power supply at a cheaper rate or even free. It is wiser to invest in mined coins instead of having to go through the stress of building another rig for mine Bitcoin.

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13 hours ago, Steve5 said:

Some bitcoin sites have proven legitimate lately. I think as time passes by, more sites will become available for dedicated bitcoin users. They just have to avoid scam sites. Better safe than sorry. 😊

Yes, it's true what you just mentioned. Over the years, some scam sites have competed with the legitimate sites but it's just a matter of time and the scams are found out and so it marks the end of the site. But the real good and legitimate ones would always be in business. 

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7 hours ago, Henrywrites said:

I have not thought of this plan since I have been in a situation where I am just investing to make some returns. Building it is going to cost a lot of money and it is said that one needs to have some constant power supply to make it work as well which is the challenge that I am having at the moment.

It's not even the money that it would cost you to build your own mining rig. After building, you have to consider accommodation and electricity because there is no way you can be successful with cryptocurrency or Bitcoin mining without these two things. 

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17 hours ago, Henrywrites said:

You're right for it is only better for those that can have constant power supply at a cheaper rate or even free. It is wiser to invest in mined coins instead of having to go through the stress of building another rig for mine Bitcoin.

You're quite right about investing in mined coins already out in the market, it's easier and in reality it's cheaper than mining with a rig.  

But there's another problem and that's where to buy these coins what exchange is legit etc. 

There are a lot of exchanges as can be seen in the news lots of them closing down, getting investigated while some are newly launched, the problem is there's no regulations for a worldwide currency.

 

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1 hour ago, Kakashi2020 said:

You're quite right about investing in mined coins already out in the market, it's easier and in reality it's cheaper than mining with a rig.  

But there's another problem and that's where to buy these coins what exchange is legit etc. 

There are a lot of exchanges as can be seen in the news lots of them closing down, getting investigated while some are newly launched, the problem is there's no regulations for a worldwide currency.

 

I see where you're coming from. Bitcoin is a relatively new currency. It's not expected to be stable or reliable any time soon. But I do see how legitimate sites can be difficult to find. Navigating authentic mining has been difficult for most users.

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11 hours ago, Martinsx said:

Yes, it's true what you just mentioned. Over the years, some scam sites have competed with the legitimate sites but it's just a matter of time and the scams are found out and so it marks the end of the site. But the real good and legitimate ones would always be in business. 

I don't know how long they'll stay like that. Considering the fact that bitcoins will run out one day, I can't think of what they'll do once it happens. But for the time being, they're doing really well.

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On 5/18/2018 at 7:31 PM, fishbate said:

I tried mining on a single PC but it didn't work out well. I was curious at that time and want to try it. Fortunately my pc specification are within the requirement range so i tried it using a software Bitmint it seemed working for a couple of days. The only problem i had is my pc resources is always used up that i couldn't do anything more. I really didn't know if i got something out of it, i just stopped it and uninstall the software. 

I guess if you want to do mining you really need to invest...

Yes, most people who mine bitcoin put in a lot of time and energy. They want to make the best of their invested money. That's why they're careful not waste any of it.

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On 5/14/2018 at 11:16 PM, legendsneverdie said:

Nah, it's too expensive and infrastructure-heavy, and you really need a supercomputer or a group of supercomputers now to even mine at a reasonable rate, which is why so many people outsource through various websites.

That's funny. I think anyone with a supercomputer would not be that interested in making money unless they're not rich. I mean, if you can afford to have a supercomputer, what else would you want? I'm just kidding. People just want money for money's sake. Sometimes there's no logical reason for it.

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Bitcoin prices are going down this past week after going up to the 8k level, I think it's natural bargain hunters are now selling their shares for a quick profit unless I'm wrong this would continue until June and would surge up in july-august.  This is my own opinion because that's how stock prices move in my country.  I don't think of Bitcoin as a currency, I think of it as a stock.

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3 hours ago, Steve5 said:

I don't know how long they'll stay like that. Considering the fact that bitcoins will run out one day, I can't think of what they'll do once it happens. But for the time being, they're doing really well.

I think it's about 21 million Bitcoin that was projected to be mined and put into circulation, and as of now, about 12 million Bitcoin has already been mined. So therefore, looking at the statistics, there is still enough Bitcoin ready to be mined. 

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