Build a Bitcoin Mining Rig for Profit?

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kdyzol

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May 8, 2012
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Hey guys just wanted to say thanks for the help beforehand, you're wonderful.
Basically I want to build a bitcoin miner for minimal cost and maximum profit potential, im interested in raspberry pi and the butterfly labs rig for 650, let me know what you think of turning some money on this-let me know why it won't work and why its a terrible idea, or let me know if its a viable option to get some extra profit. I would have to buy these things so factor that in your verdict. Thanks!
 
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cyphacipher

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Feb 12, 2013
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Im no expert, but from what i understand and have been studying for the last week, the independent ASIC units will totally blow gpu based bitcoin mining out the water, and with considerably less power consumed.
 
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USAFRet

USAFRet

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Mar 16, 2013
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If it were that easy, people with much greater funding than you would already be doing it.

CPU based - long gone
GPU based - going
ASIC based - the new thing (Application Specific Integrated Circuit)

Power consumption. HA!

The vendors such as butterfly labs are in it for one thing - to sell hardware. They do not care if you ever generate any BC.
Your increased electricity costs will kill you.

Bottom line...you can't do it at home.
Maybe/kinda/sort of...buy some BC's today and hope you can sell them later at a profit. Buying and running all that equipment at home will slowly make you broke.
 
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cyphacipher

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Feb 12, 2013
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The butterfly labs units show low power consumption...although thats from their claims and not field tested, but I do agree...and the general consensus in the news and most coin miner forums is that gpu based mining is going out the door.... To make matters worse, butterfly labs orders are backlogged for months, so order today and pray you get on in 3-4 months.
 
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mikehaggag

mikehaggag

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Apr 30, 2013
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Hey... thanks for that! Today, bitcoins are trading at around US$140. Still, it would take forever to make any money using one raspberry pi. How would you go about mining using 20 raspberries? 100 raspberries? (assuming you can buy them... they are all out of stock!). Can they be connected in a parallel configuration, or would you be running each individually?
 
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Ghoul21

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May 8, 2013
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When you build a mining rig you need to take into consideration are you going to ever want to use the GPU's for something else? If so buy with them brand new and make sure you get it the GPU registered since they will be cranking at 100% at about 75C. If not get them used, I prefer this method as you can buy a 6850 for about 75 bucks if you do it right. Also need to realize bitcoin or the BTC is profitable but there are alt currencies that are more profitable to mine right now. There is PPCoin and Litcoin, these will yield you money. It is no over night get rich scheme but with a decent setup you could make about 10 dollars. Then once you have coin you can monetize the coin itself at a cryptocurrency exchange by selling it when its high and buying when its low. This is not hard, you just need a lot of patience.

Also ASICs, you need worry not, Avalon and Butterfly labs are the makes but there has only been 1 or 2 confirmed Avalons. But BFL is very questionable, they said they shipped but this was to reviewers and developers. Only reason they shipped something was because of pressure from paypal. No pool operator(s) have confirmed on of these BFL ASICs on there pools, so I myself am very skeptical. Not to mention Sonny (BFL owner) who has been to jail once for fraud is very good at pulling long con's. I am not trying to detract from the work BFL maybe doing, its just I have been taught if something is to good to be true, well then its not true.

Mining Bitcoin (http://bitcoinblogging.com)
 
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joshchamp

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May 8, 2013
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Bitcoin mining with graphics cards is not as profitable as it once was. Litecoin is a great alternative to mine however. You can build a rig for less than a grand using these instructions:
http://www.coinminingrigs.com/budget-mining-rig/
 
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Ghoul21

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May 8, 2013
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Well both Bitcoin and Litecoin are profitable, if you would like a good estimate on what you would be able to make mining bitcoin look here: Estimating Profit

You can not make any money using a raspberry pi, and well a butterfly ASIC is just a pipe dream they keep saying the shipped but no real customer has received one just developers and reviewers. I believe they are running a long-con, They need to ship tens of thousands of orders but post here we shipped 30, and everyone is freaking saying they are shipping I call BS! Check this article out: ASIC-BS

FYI the CEO already spent three years in jail for fraud. And please don't freak out on me BFL fanboys, I was once fascinated and happily awaiting for these ASIC's but if something is to good to be true... well it isn't.
 
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