williamshoops96
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Bitcoin Mining, is it worth it?

Fri Feb 21, 2014 10:32 pm

I'm thinking about setting up MinePeon on an SD, getting a block eruptor and starting BTC mining. I'm not really looking to make it a large profit thing just a bit of fun but I've heard you'll probably lose money because of the running costs? I haven't calculated anything like running costs or mega hashes/second but just wondering what you guys think. I probably will get one in the end anyway because I can't resist things like this but haha oh well. Anyway like to hear everyone's thoughts on this!

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kyle2k
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Re: Bitcoin Mining, is it worth it?

Fri Feb 21, 2014 11:24 pm

With the BTC price at the moment then no!

Worth doing for experience or try mining an easier Alt coin?

williamshoops96
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Re: Bitcoin Mining, is it worth it?

Fri Feb 21, 2014 11:30 pm

kyle2k wrote:With the BTC price at the moment then no!

Worth doing for experience or try mining an easier Alt coin?
Yeah I can't remember where I read it but someone said about lite coin. I'll look some up and see what I can find even though value will be low it'll be pretty good to try out!

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kyle2k
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Re: Bitcoin Mining, is it worth it?

Sat Feb 22, 2014 12:11 am

Value will be lower but a lot easier to crack the hashes so time and energy required might be a better bet with a rasperry pi???

I have not ran the numbers, but BTC is near impossible without being in a big mining pool and the price ATM is bad!

If you want to use BTC I recommend buying and selling rather than mining.

Just my opinion though.

Have fun learning :D

williamshoops96
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Re: Bitcoin Mining, is it worth it?

Sat Feb 22, 2014 8:23 am

kyle2k wrote:Value will be lower but a lot easier to crack the hashes so time and energy required might be a better bet with a rasperry pi???

I have not ran the numbers, but BTC is near impossible without being in a big mining pool and the price ATM is bad!

If you want to use BTC I recommend buying and selling rather than mining.

Just my opinion though.

Have fun learning :D
Yeah I'll find some easier coins to solve. If I get a block eruptor though and mined any type of coin would it use the pi's power and the block eruptor's?

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mikerr
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Re: Bitcoin Mining, is it worth it?

Sat Feb 22, 2014 9:06 am

Worth it for the fun and learning experience.

Mining for profit is only really feasible in the early days of any coin system ( those days are long gone on bitcoin)
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williamshoops96
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Re: Bitcoin Mining, is it worth it?

Sat Feb 22, 2014 10:04 am

Yeah I am going to do it for a good experience.

But I'm going to buy a ASICS block erupter.
http://www.amazon.co.uk/gp/aw/d/B00CUJT7TO

Now it says bitcoin so I'm just thinking if it will only mine bitcoins or will it also mine alternative coins such as dodgecoin? (It won't mine litecoin as it's a script for mining it).

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Re: Bitcoin Mining, is it worth it?

Sat Feb 22, 2014 10:16 am

williamshoops96
But I'm going to buy a ASICS block erupter.
Why for goodness sake?

It won't make you a profit. It's no use for anything else. It's not even any fun watching it do whatever it does. It has no educational value.
Memory in C++ is a leaky abstraction .

williamshoops96
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Re: Bitcoin Mining, is it worth it?

Sat Feb 22, 2014 10:19 am

Heater wrote:williamshoops96
But I'm going to buy a ASICS block erupter.
Why for goodness sake?

It won't make you a profit. It's no use for anything else. It's not even any fun watching it do whatever it does. It has no educational value.
Oh well, I'll get it if I want.
What do you recommend doing then, can be anything?

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Re: Bitcoin Mining, is it worth it?

Sat Feb 22, 2014 10:26 am

williamshoops96
What do you recommend doing then, can be anything?
Leaving your money in the bank would be a good start.

There are a billion interesting, educational, useful and/or and fun things you can be doing with a Rasperry Pi.

Bitcoin mining is none of the above.
Last edited by Heater on Sat Feb 22, 2014 10:39 am, edited 2 times in total.
Memory in C++ is a leaky abstraction .

williamshoops96
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Re: Bitcoin Mining, is it worth it?

Sat Feb 22, 2014 10:32 am

Heater wrote:williamshoops96
What do you recommend doing then, can be anything?

Leaving your money in the bank would be a good start.

There are a billion interesting, educational, useful and/or and fun things you can be doing with a Rasperry Pi.

Bit coin mining is non-of the above.
I suppose you have sort of a point. I'll look around for some other projects.

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Heater
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Re: Bitcoin Mining, is it worth it?

Sat Feb 22, 2014 10:41 am

williamshoops96,

That's the spirit.

There is lot's to do. Have fun.
Memory in C++ is a leaky abstraction .

williamshoops96
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Re: Bitcoin Mining, is it worth it?

Sat Feb 22, 2014 10:44 am

Heater wrote:williamshoops96,

That's the spirit.

There is lot's to do. Have fun.
Haha indeed!

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markatlnk
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Re: Bitcoin Mining, is it worth it?

Sun Feb 23, 2014 8:11 pm

I was looking at setting up something like this also. I have rev 1 B Pi that will be doing almost nothing and one of those ant miners is about $50. Doing a bit more research on Bitcoin, it looks like it would solve a block on average every 200 years or so. Right now, if you solve a block it is worth 25 BTC so it is not even close to being worth it. If you join a pool, you should get the same average payout (not worth it). If you put in a bank of USB miners, it is still hard to justify it.

That being said, I do play the lottery from time to time so I might set one up and do it anyway. Haven't looked at the other mining currencies.

If you aren't planning on actually making money with it, go for it.

I have done many things with the Pi and keep learning with everything I do.

Mark

kolon
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Re: Bitcoin Mining, is it worth it?

Tue Mar 04, 2014 8:20 pm

Just for the curious, i just downloaded and compiled the cpuminer (https://bitcointalk.org/index.php?topic=55038.0) in stock updated raspbian, and i'm getting ~.34khash/s mining for litecoin. As litecoin is supposed to be easier than bitcoin,

What this means is it's not worth doing just the cpu... Imagine winning a large lottery. Twice.

Will try to see if there is a gpu miner in a few mins, but don't expect anything better...

markatlnk
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Re: Bitcoin Mining, is it worth it?

Wed Mar 05, 2014 3:08 am

I am over clocking and get 0.48 hash/s if that makes a difference.

mark@pi3 ~ $ minerd --benchmark
[2014-03-04 21:07:24] 1 miner threads started, using 'scrypt' algorithm.
[2014-03-04 21:07:33] thread 0: 4096 hashes, 0.47 khash/s
[2014-03-04 21:07:33] Total: 0.47 khash/s
[2014-03-04 21:07:38] thread 0: 2361 hashes, 0.48 khash/s
[2014-03-04 21:07:38] Total: 0.48 khash/s


In my config.txt file, I have:

arm_freq=1000
sdram=450
core_freq=485
over_voltage=6
gpu_freq=320

mark

Philipjones866
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Re: Bitcoin Mining, is it worth it?

Mon Mar 17, 2014 10:59 am

Only litecoin mining is profitable nowadays, I think. Bitcoin becomes more difficult to mine due to increase in hash rate. If you want to earn more cash in mining, I guess it isn't advisable now. However, if you have budget to purchase new mining rigs and pay those high electricity rates; then why not? Practical miners on the other hand are joining bitcoin affiliations like BetCoin™ to multiply their coins rather than investing in bitcoin mining.

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Fidelius
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Re: Bitcoin Mining, is it worth it?

Mon Mar 17, 2014 1:21 pm

Philipjones866 wrote:However, if you have budget to purchase new mining rigs and pay those high electricity rates; then why not?
Like this one:
http://www.raspberrypi.org/archives/6437
Liz, 5 days ago, wrote:Here’s a segment from KOMO 4, a Seattle news station. [..] this video talks about what it is… and, in doing so, visits one of the US’s biggest Bitcoin farms. We were struck dumb (really – jaws resting on chests, drooling slightly) when we saw the footage of how they’re mining: that’s an awful lot of Pis, and even more ASIC miners. We don’t think we’ve seen so many Raspberry Pis in one place outside the factory in Wales where they’re made. Fast forward to 3:08 for a detailed look.

Tamer
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Re: Bitcoin Mining, is it worth it?

Tue Dec 19, 2017 8:34 am

Hi,
I know it's an old thread, i wanted to know if it's the same answer for the current situation :D .

Thank you

kyle2k
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Re: Bitcoin Mining, is it worth it?

Tue Dec 19, 2017 12:50 pm

300 X harder now than in 2014 :lol:

Ryan12439
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Re: Bitcoin Mining, is it worth it?

Fri Nov 08, 2019 7:05 pm

Has anything changed with the RPi 4? Is it actually profitable now?

Heater
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Re: Bitcoin Mining, is it worth it?

Fri Nov 08, 2019 7:27 pm

Yep, even with a Pi 4 it will be hundreds of times harder that the last post here in 2017.

Why would you imagine otherwise if you are following bitcoin?
Memory in C++ is a leaky abstraction .

313Alf
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Re: Bitcoin Mining, is it worth it?

Sat Nov 09, 2019 2:51 am

I can't imagine with a PI, unless you just want to experience the process and try mining some less popular coins.
You need to get in right at the start with a new coin as (IMHO) they seem to be 'pump and dump' schemes. I possibly destroyed an expensive laptop by mining 24/7, and the resultant coins are now worth very little.

Certainly interesting to learn about, and maybe a PI is the best way as you won't destroy expensive equipment or run up a big electricity bill.

markatlnk
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Re: Bitcoin Mining, is it worth it?

Mon Nov 11, 2019 3:51 am

As others have said, for profit, nope. Even the Pi4 is very slow. But for those that just want to get lucky, there are a couple of sites out there that let you mine in lottery mode. If you are the lucky one that finds the block, you get 95-99% of the value. For bitcoins, that is something like $100K. The down side is the average time to hit one is something like 500,000 years.

For bitcoins you can mine them at http://solo.ckpool.org
For litecoins, you can mine them at http://ltc.tbdice.org

Running all 4 cores mining litecoins on your pi4 without overclocking, you get about 7.6Khashs/sec.
For bitcoins and all 4 cores, you get about 4 million hashes/sec.

Go get a copy of minerd version 2.3.2 to run and generate a set of keys online.

Make sure you have very good cooling on your pi, it will get toasty otherwise. I have one of those $20 fancy ones and it does great keeping it below 50C.

Again, the odds of actually getting any payout are so bad it is funny.

Mark

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bomblord
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Re: Bitcoin Mining, is it worth it?

Mon Nov 11, 2019 12:42 pm

Running a 24 core 300w Intel server 24/7 for months would barely net you a penny if that. You could run the Pi the rest of your natural life and never see a return and you'll spend much much much more in electricity than you'll ever make.

Only purpose for it would be purely educational to learn about distributed computing and block-chains.

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