Post
Topic
Board Pools
Re: [850 TH] Slush's Pool (mining.bitcoin.cz); TX FEES + VarDiff
by
Hermonminer
on 12/04/2014, 16:00:27 UTC
Things I've discovered about bitcoin mining: a noobs perspective

1. Many (not all) BTC miners are liars hahaha
2. You can make money mining BTC. This is abso#uckinglutely true.
3. Many BTC miners will say that is not true, but...see #1.
4. ROI is not the gold standard for for determining if you actually make money at mining! Caring about or thinking about ROI is just one way of thinking about mining. It is not the only legitimate way. I do not give a ratsa$$ about ROI. That money is gone, gone, gone. It is the cost of doing business. (Except for tax purposes and since many miners are liars, they will not be reporting their earnings to the IRS, so that is moot).
5. The only factors that matter to mining are difficulty as it relates to the amount of time a round MAY take, electricity costs versus BTC reward, BTC/$ exchange rate, and luck.
6. To make real money, go big or don't go at all. Unless you are hobby mining start with at least 1-2 TH/s or have as your goal to build toward this as fast as you can. Go up from there.
7. Read the damn forum posts noobs. Most of the info you need is already there.
8. BTC miners will generally not encourage new miners coming on to a pool because you dilute our rewards to some extent.
9. Mining at other pools will generally not earn you more rewards no matter what their payout formula is (PPlns, pps, dgm, etc.) but please go try them so I can earn more rewards on Slush's when you leave.
10. The BTC mining calculators are all based on certain assumptions that may or may not be true especially the more complex ones. I generally ignore them except to see if my actual earnings match what they say I should be earning (but only as a snapshot of today).
11. I am a BTC miner so I may be lying about all this.