Bitcoin Forum

I have managed to get a little BTC saved up to initially buy some mining hardware.

I was wondering though is it worth it right now? should I wait for new tech before I purchase?

we need to know your electricity bill, if it is very low maybe with a used miner(like antminer s1/s3/s5) you can earn something in the long-term(diff shouldn't rise too much in the upcoming months, seeing the price trend)

Definitely no. Only large farm can afford to mine these days. If I were you, I would go for some PoS coins.

I think it really depends on your electricity bill. If you can get cheap power than yes, otherwise I would do it only as fun/learning project. Do the mat to see if its worth it.

If you're planning on home mining steer clear of the rack mounted rigs.  They're too noisy.  I got a great deal on an SP10 and I've had to move it to the shed.  Wife wants it moved to the DC but it's not fast enough for any rack space.

Even if mining could be a bit profitable in some circumstances now (e.g. cheap energy, miners bought at low prices), there are some factors that can suddenly turn that business unprofitable - BTC price, difficulty, mining gear failure and so on. You have to be prepared for possible mining on loss for some time (not specified of course) - ask yourself if you are able to manage that.   

Definitely no, better to buy BitCoins instead. With mining you would be relying in increasing prices to make a profit. But then you would be making an even bigger profit if you had bought the BitCoins.

Not true. With mining you are able to profit if the price stays the same, while when buying coins you are relying on it to increase.
You can definitely profit from mining, but as Amph has already mentioned, you need to check your prices per kWh. What's the temperature outside? Do you have a location to put the miner, as it will generate a lot of heat and noise?

Short answer: no.
Long answer: no no no.

Yup buy hardware.  Do your ROI calculations and mine away for some profit.

I would wait for the next gen asics or for some X11 Asics.

I wouldn't invest in any current mining hardware available on the market right now. Maybe wait for newer technology to come out?

here you go

https://bitcointalk.org/index.php?topic=826541.600

i don't know if they are legit or not...but it seems so

they seems to be the usual "pre-order company", that wait money from investors(many it seems) otherwise they can't proceed with the production, sound like bfl all over again...

"We only received 2 pre-orders, both were refunded because it was no where near what was required for development, hence the accredited investor search"

what about these cloud mining contracts?  Are there ANY that are worth it??

Not to be repetitive  power cost pleaseee!

Profit can be made from renting.  Depends how clued up you are.

I know it depends upon power costs, but from a gross btc standpoint, I am less than 1.5btc away from covering my btc outlay for 5-SP20 and 2-S5 units from the end of December.  This has been from mining almost exclusively on CKPool with failover to Eligius.

I haven't included power costs because I have generous boss, very few machines ROI when including electricity without selling them before they are useless.

I have bad power prices.

 13 in the winter adjust to 10 with heat gain.
16 on the summer adjust to 17 with a little bit of cooling needed


  I buy cutting edge most efficient  gear and sell in 60 to 90 days. It works for the most part.

That is going to make it hard on any miners.   If you lose maybe 1/3 of mining time that is a lot over time.  I would suggest looking at hosting options if its that bad.

2/3 of day mining is just a whole lot of downtime.

Cloud mining contracts are typically not worth it because even though they seem profitable now, the ever increasing difficulty of bitcoin is going to reduce profit more and more until the contracts become obsolete. Worse case, you might actually be negative with them, depending on their fees.

Yes, i think so . Shouldn't mine these days. low prifit even you can lose.

I highly suggest everyone doing their own ROI.  No you can no longer (on most) get the guaranteed 3 month ROI like it once ways.

If you have low electricity you do have a chance at mining.  Especially if you get good at making the miners efficient and then sell them once your done with them.

Yes it is a risk some will ROI some will not.

even with free electricity it is more than 3 months ROI right now, (antiminer= 0.35 a day and cost 2 btc, this mean 6 months roi at the very least, fucking crazy, if you buy it used, it still above 3 months roi, around 4-5)

if bitcoin stay at current price and you accept 4-5 months ROI then at the end you will probably gain something, it's a bit like gambling at this point...

I think , buy mining hardware at the moment is not worth. No much profit even lose

I enjoy doing it.  It is a fun hobby to have.  There are so many factors it is good for some right no and not for others.

I chances are will always have a miner or two for the fun of it running. If you mine you have to enjoy doing it.   If you are doing it 100 percent for the money you will not have fun.

I've been trying to give my old S1's away but it appears I'm the only one in my part of the country mining.

I`m going with cloud mining at my own risk, but only since the provider accepts credit cards.

https://bitcointalk.org/index.php?topic=521520.0

they also seem to be leading better performance then bitmain so I`m taking my shot, and if something does happen then the fall back would be the fraud dept with the credit card.

But op, it honestly comes down to do you have the facility to continue buying and upgrading hardware, and electricity cost all that.

Like why bother, so its why I`m doing cloud mining for now.

I'm renting hash at Nicehash.  Making a lovely profit.  Sink 0.5BTC in, get approx 25% extra back.  Ching Ching!!!