LebGeeks

Hackour

Member

Bitcoin Mining in lebanon

Hello

Does anyone mining ?
Using Antminer or VGA?
What about the revenue?

Draguen

Member

Re: Bitcoin Mining in lebanon

I was looking to mine ethereum coins, but you need to download abt 30 gigs of data in order to sync your account to the block chain (or something like that), so i gave up.
Let us know if it works for you

MrClass

Member

Re: Bitcoin Mining in lebanon

Hello

Does anyone mining ?
Using Antminer or VGA?
What about the revenue?

Bitcoin mining is not that feasible anymore. Better mine altcoins such as ZHash or Ethereum using AMD RX 480 or 580 or Nvidia GTX 1060 or 1070 cards. You can also wait for the dedicated mining graphic cards; should be out in a couple of weeks. That is if you can find any in the market. Demand is extremely high; supply cannot keep up.

As mining difficulty rises, your profit margin reduces with time. You'll have to keep upgrading your hardware to keep up with the profit.

The way I see it, if you really want to make profit, you'll have to go big as you'll be racing with the difficulty. Some dedicated people to mining are running tens and hundreds of rigs each running 6-8 cards.

It is an investment and you have to run the numbers yourself to be convinced.

Or just do like what I did; just buy bitcoin.

Since you're willing to spend money on mining, why not buy bitcoin directly?

Let's say you have 5000$ spare to spend on mining equipment. With this money you can buy 2 BTC instantly.

If you're willing to mine instead, with this money you can get a rig running 8 x GTX 1070. Assuming the difficulty and BTC value remain the same, you'll break even in 190 days.

Do your own calculations before going in. You can make it, or seriously break your bank.

nuclearcat

Member

Re: Bitcoin Mining in lebanon

Sorry, may i be sarcastic?
Mining in Lebanon?
With cost running uninterrupted electrical supply?
LOL!

Last edited by nuclearcat (July 1 2017)

Nemesis-301

Member

Re: Bitcoin Mining in lebanon

Assuming the difficulty and BTC value remain the same, you'll break even in 190 days.

190 days of running it 24/7 ?

Silentcontrol

Member

Re: Bitcoin Mining in lebanon

I am mining ethereum on my 1070 i run for a month arround 70% of the time i made in a month 0.33 ethereum which is arround 100 $ depending on the ethereum price
Ps mining in lebanon is the thing, it is free on "moteur"

Last edited by Silentcontrol (July 2 2017)

Elied

Member

Re: Bitcoin Mining in lebanon

Ps mining in lebanon is the thing, it is free on "moteur"

This is somewhat misleading. It's not free, you're paying a flat fee. That's the only difference and depending on what percentage of your available Amps you use it might cost you more to mine on generators.

nuclearcat

Member

Re: Bitcoin Mining in lebanon

Also circuit breakers work such way, if you are using constantly let's say 75% non-stop they might shut at hot weather. It will be lot of fun with ROI, running day and night to circuit breaker, haha.
Then circuit breaker will die finally raped such way or generator guy will decide to do maintenance for few hours... and what his customer who is doing mining will say? HEY I AM DOING MINING RUN AGAIN! double lol.

And last word - mining is hype, now (in Russia) stupid people who believed in this hype trying to sell tons of GPU's they bought, when prices was high.
And i am extremely negative about this type of "invention", because it is burning 11Twh worldwide annually just for mining bitcoins, it is almost consumption of whole lebanon. And burning this energy without producing anything significant (useless hash collisions) that some people decided to use as currency, exploiting flawed model of economics used by humanity at this evolution stage.

Last edited by nuclearcat (July 2 2017)

Tech Guru

Member

Re: Bitcoin Mining in lebanon

I started Mining recently , this thing is real not hype or scam - 100 USD per month using a single GTX 1070 is a good start - I donot have any electricity problem3s / heat problems , currenly I am on 18/24 hours - 7 days /week Operation  . I followed this Noob's Guide to Bitcoin Mining

https://youtu.be/Q5hfr5poLl0

samer

Admin

Re: Bitcoin Mining in lebanon

And i am extremely negative about this type of "invention", because it is burning 11Twh worldwide annually just for mining bitcoins, it is almost consumption of whole lebanon. And burning this energy without producing anything significant (useless hash collisions) that some people decided to use as currency, exploiting flawed model of economics used by humanity at this evolution stage.

This is a common misconception. Andreas Antonoupolos has a nice video talking about this.

Nuclearcat, if you're feeling adventurous, I highly recommend the book Mastering Bitcoin. It's also available for free (if you compile it yourself) on github. If you're interested in computer science, game theory, economics, cryptography, you'll love learning more about how Bitcoin works.

Mr. Anderson

Member

Re: Bitcoin Mining in lebanon

What do you use as wallet? does it allow exchange to USD?

nuclearcat

Member

Re: Bitcoin Mining in lebanon

Nuclearcat, if you're feeling adventurous, I highly recommend the book Mastering Bitcoin. It's also available for free (if you compile it yourself) on github. If you're interested in computer science, game theory, economics, cryptography, you'll love learning more about how Bitcoin works.

Samer, sorry just noticed your message. I dont reject that bitcoin is complex idea, i checked cryprography part.
But not enough well mastered, as recent fork shows and protocol weaknesses exposed :)
None of businesses will base their transactions on currency that has uncertainty in processing time/cost of transaction, while other currencies, with deterministic options - exist.
Also it missed huge weakness that other coins tried to "patch up" - that computational algorithm(hash) can be weakened or offloaded to ASIC(and parallelized), in case of bitcoin it's SHA, and also it has logical deadlock - in case SHA weakened algorithmically(significantly), you need consensus of majority to change it, but at same time it means majority of miners have to abandon all their investments in mining ASICs, that wont work on new algorithm.
And important it is useless for most of cases, it is niche toy. As soon as it comes to eyes of governments as enough significant, they will compromise it by laws and hacking incidents, and it will lose it's value. In best case they will keep it low profile, as it is easily trackable. Without way to exchange it to something materialistic(exchanges) - it is useless, and no person will operate exchange, if they can face extradition and tens of years sentence, as "supposed to be" btc-e guy. New SEC ruling makes also any ICO illegal.

Last and most important - i am strictly against burning energy, most valuable human resource - for useless purposes.

I had better idea for proof of work, spacecoin, where transmitter within solar system(but quite far away from earth) sends complex signal in blocks, and instead of dumb hash collision search, people will master DSP algorithms and antenna receiving technology, which is completely equal alternative for current dumb proof of work. This one will be beneficial for humanity.

Last edited by nuclearcat (August 6 2017)

nuclearcat

Member

Re: Bitcoin Mining in lebanon

Sorry but guy on video talks bullshit.
First he manipulates the facts, about mining scaling. Its easy prove he is wrong
http://www.ofnumbers.com/wp-content/upl … itcoin.jpg
http://hashingit.com/images/articles/20 … linear.png
Important - first chart is log scale! it shows clearly, mining energy consumption rising crazy way, while transactions amount not.
When he talks about bullshit like it replace security personnel, trucks and bla bla bla, well, he is forgetting, that employing this security personnel, making this trucks - is important part of human economy, not comparing with convering invaluable energy to heat.
While their theory their beautiful, they miss the point that energy cost often underestimated, undervalued and subsidized for sake of civilization, so basing assumption on "bitcoin mining self-regulating", is just a fact that bitcoin exploit multiple human weaknesses/workarounds for profit of it's owners.
And most important all this "security" will be rendered useless, as soon as governments will clamp on exchange points(i believe this is unevitable). As soon as you cannot convert your currency to goods - value of this currency will drop drastically, while mining cost is still expensive, so it is programmed for self-destruction. Maybe it's a real purpose of cryptocurrency, to show what is real life is.

Last edited by nuclearcat (August 6 2017)

Leb_Knight

Member

Re: Bitcoin Mining in lebanon

well i don't think that mining from your home is profitable in lebanon u can do cloud mining as am doing

TheLebGeek

Member

Re: Bitcoin Mining in lebanon

What do you use as wallet? does it allow exchange to USD?

Ide like to know that as well

nas93

Member

Re: Bitcoin Mining in lebanon

Oh god not this again

Hackour

Member

Re: Bitcoin Mining in lebanon

well i don't think that mining from your home is profitable in lebanon u can do cloud mining as am doing

How cloud mining work?

Leb_Knight

Member

Re: Bitcoin Mining in lebanon

well i don't think that mining from your home is profitable in lebanon u can do cloud mining as am doing

How cloud mining work?

well you buy hash power online and you will start mining and you will pay a maintenance fee that is much lower than the electricity bill in Lebanon  if ur interested in this i can help you
home mining is more profitable when you have more cash to spend on a rigs but cloud mining i think the best choice for starting

Last edited by Leb_Knight (August 18 2017)

MrClass

Member

Re: Bitcoin Mining in lebanon

well i don't think that mining from your home is profitable in lebanon u can do cloud mining as am doing

How cloud mining work?

well you buy hash power online and you will start mining and you will pay a maintenance fee that is much lower than the electricity bill in Lebanon  if ur interested in this i can help you
home mining is more profitable when you have more cash to spend on a rigs but cloud mining i think the best choice for starting

Let's take Genesis Mining for example:
Say we go with the 100TH plan to mine BTC. That plan costs 13000$.

Over 1 year, you'll be able to generate 10BTC; which at current price is around say 41000$.

Sounds good?

Well wait, cause you still have to pay maintenance fees. Genesis Mining takes 0.00028$ per 1GH per day.

This means with 100TH (which is 100000GH), you pay 28$ per day. That is 10220$ per year.

So you have to invest 23220$ to get 41000$ and that with the assumption that difficulty and the mining reward stays the same. But guess what? It doesn't.

Mining difficulty is on the rise (see here https://bitcoinwisdom.com/bitcoin/difficulty)

You will not make ROI within 1 year.

Now stop suggesting Cloud Mining please.

Last edited by MrClass (August 18 2017)

nas93

Member

Re: Bitcoin Mining in lebanon

How cloud mining work?

well you buy hash power online and you will start mining and you will pay a maintenance fee that is much lower than the electricity bill in Lebanon  if ur interested in this i can help you
home mining is more profitable when you have more cash to spend on a rigs but cloud mining i think the best choice for starting

Let's take Genesis Mining for example:
Say we go with the 100TH plan to mine BTC. That plan costs 13000$.

Over 1 year, you'll be able to generate 10BTC; which at current price is around say 41000$.

Sounds good?

Well wait, cause you still have to pay maintenance fees. Genesis Mining takes 0.00028$ per 1GH per day.

This means with 100TH (which is 100000GH), you pay 28$ per day. That is 10220$ per year.

So you have to invest 23220$ to get 41000$ and that with the assumption that difficulty and the mining reward stays the same. But guess what? It doesn't.

Mining difficulty is on the rise (see here https://bitcoinwisdom.com/bitcoin/difficulty)

You will not make ROI within 1 year.

Now stop suggesting Cloud Mining please.

Here, we have this gentleman who kindly explained that you cannot profit off mining bitcoin and yet you still have dreamers who think they're the only ones who thought of the idea. If you want to mine bitcoin do it but please stop arguing meaninglessly and without providing actual figures like MrClass did.

Leb_Knight

Member

Re: Bitcoin Mining in lebanon

How cloud mining work?

well you buy hash power online and you will start mining and you will pay a maintenance fee that is much lower than the electricity bill in Lebanon  if ur interested in this i can help you
home mining is more profitable when you have more cash to spend on a rigs but cloud mining i think the best choice for starting

Let's take Genesis Mining for example:
Say we go with the 100TH plan to mine BTC. That plan costs 13000$.

Over 1 year, you'll be able to generate 10BTC; which at current price is around say 41000$.

Sounds good?

Well wait, cause you still have to pay maintenance fees. Genesis Mining takes 0.00028$ per 1GH per day.

This means with 100TH (which is 100000GH), you pay 28$ per day. That is 10220$ per year.

So you have to invest 23220$ to get 41000$ and that with the assumption that difficulty and the mining reward stays the same. But guess what? It doesn't.

Mining difficulty is on the rise (see here https://bitcoinwisdom.com/bitcoin/difficulty)

You will not make ROI within 1 year.

Now stop suggesting Cloud Mining please.

yes i know that difficulty is rising everyday every min and every second but i have one question for you what was the exchange rate for BTC USD in 2016?? or what was the exchange rate in the past month ? price is going up with the increasing of the difficulty only 5 million bitcoin or less is available to be mined so you do the math if ur saying u need 1 year to make ROI you totally wrong i don't know
so i have my point of view and ill keep recommending the cloud mining till am ready to get my rigs into my house here in Lebanon than ill move to other coins like ethereum of XMR or even onecion

arithma

Member

Re: Bitcoin Mining in lebanon

Hello plebs. My rig (2 lousy machines, 3x 1070 cards each.)
They're not on a UPS (start automatically with electricity for better or worse; mostly worse - I already sent one card back to warranty, hoping I just exposed the defect, not created it.) Learned my lesson, getting a big ass UPS now.
Already made $700 with BTC rising.
I find it more financially secure to invest in real life machines and participate in the network, than to inflate the currency by buying some.
I use Nicehash btw, and mine Ethereum, ZCash and what not.

BUSINESS
Looking to buy a used Motherboard with at least two slots to start mining with 2x 1080Ti (because why not get larger more versatile ones!)

If you're into this to get rich, go away. (Unless you're able to lose $100K without flinching)
If you're into this because you want your hardware to pay for itself, then you might have a place.

There's lots of risk, and I already rode a wave of bitcoin rising (the $700 were supposed to be much less, around $500, but bitcoin has a habit of rising.)

Sending bitcoin around is quite easy, which definitely verifies some of the hype for me. It not being a government controllable is a big FU to governments (I am a cryptopunk that only has gaming hardware afterall.)

Seriously tho, have fun and stop being a fucking whinge.

Leb_Knight

Member

Re: Bitcoin Mining in lebanon

Hello plebs. My rig (2 lousy machines, 3x 1070 cards each.)
They're not on a UPS (start automatically with electricity for better or worse; mostly worse - I already sent one card back to warranty, hoping I just exposed the defect, not created it.) Learned my lesson, getting a big ass UPS now.
Already made $700 with BTC rising.
I find it more financially secure to invest in real life machines and participate in the network, than to inflate the currency by buying some.
I use Nicehash btw, and mine Ethereum, ZCash and what not.

BUSINESS
Looking to buy a used Motherboard with at least two slots to start mining with 2x 1080Ti (because why not get larger more versatile ones!)

If you're into this to get rich, go away. (Unless you're able to lose $100K without flinching)
If you're into this because you want your hardware to pay for itself, then you might have a place.

There's lots of risk, and I already rode a wave of bitcoin rising (the $700 were supposed to be much less, around $500, but bitcoin has a habit of rising.)

Sending bitcoin around is quite easy, which definitely verifies some of the hype for me. It not being a government controllable is a big FU to governments (I am a cryptopunk that only has gaming hardware afterall.)

Seriously tho, have fun and stop being a fucking whinge.

if you want my advice if you are going to upgrade go with AMD Rx 580 its cheaper with a good result you should watch youtube videos about the hash rater for both of the cards and why to buy more motherboards and more rigs just buy a asrock BTC h110 it support up to 13 GPU on the same rig wish you good luck with your mining plans

arithma

Member

Re: Bitcoin Mining in lebanon

re: rx580: If anyone ever find one please let me know. They're practically evaporating at the end of the production line.
We're getting risers, the machines I have already support 3 (PCIE x16) out of the box and have 3 expansion slots at 1x. Investing more into it will be kind of a challenge, so we opted to scale horizontally first (you have to create custom rigs to support the cards, and then there's the problem of feeding those cards enough power.)
Going for full mining optimisation is valid. The other way I've taken things is: resale value. I can probably resell everything at half price in a year if needed.

Last edited by arithma (August 19 2017)

Padre

Member

Re: Bitcoin Mining in lebanon

built two small units: 5x1080Tis each, been mining for a month or so now. Not so shabby. I Do have UPS on them.