Bitcoin Forum

Hello guys, I'm new to bitcoin mining, i have been cloud mining from 6 month but i wonder why i don't start mining with my own ANTminer or mining Asic and i buy  start mining, but the problem is it too late? , like am scared to buy some asic that goes 1325 GH/s i know it do nothing but for the futur, but the problem is it worth it right now? , also i want to ask about there is any chance bitcoin price will get back too 1000 $ per 1BTC? and sorry about my english thank u. ;D

if you have cheap electricity go with it, but compared to cloud it won't change too much, and the risk is always there(maybe not about being scammed, but about receiving a units that is defective because the courier is an incompetent or something)

if you are doing good with cloud and your cloud is secure(not a ponzi or a scammer) i would suggest to stay with your cloud

It's not late to buy an antminer given that they're the most efficient miners out there at the moment. S5 is the most efficient one with 0.51 watts per Gh/s depending on how cheap your electricity is other antminers could also be profitable for you.

And seeing that you ask if bitcoin could be $1k again, you shouldn't be betting on that. There's no way to know if it ever will, your goal with mining should be to prevent short-term losses so you can minimise the risk of having to shut down your miners due to losing money. You'll be paying a certain amount of your earning back to electricity anyway so your machine could theoretically end up generating debt. Luckily bitcoin dificulty has been relatively stable from February.

Here's a website that you'll find useful.
https://bitcoinwisdom.com/bitcoin/difficulty
https://bitcoinwisdom.com/bitcoin/calculator

I think it's too risky, there are high possibilty you won't reach ROI if you do mining. as bitcoin price keep failing everyday, and chance bitcoin price to get back too $1000 is very little. Another thing is bitcoin difficulty keep increasing, make mining condition is not good.
Stay with your cloud mining if you feel satisfied with them, and be sure you check it for ponzi possibility

Cloud mining can also be risky, there were several providers that turned out to be ponzi schemes. Both cloud mining and mining at home have certain advantages against the other. If op doesn't have to pay much for electricity mining at home could be much more profitable for him.

your question does not provide us the information we need to answer you.

A) your power cost
B) your internet cost
C) what country do you live in
D) do you own a good power supply
E) do you not mind a very loud antminer s-5
F) would you put in 20 dollars in mods to make it less noisy?

Yeah you're right, that's why i said be sure check his current cloud mining service is legit and non ponzi scheme.
I think most of cloud mining operate ponzi scheme, that's why they sold GHS contract cheaper than real mining price.
Hard to get cheaper electricity :(

In 99.99% of the cases no. If you do happen to have free electricity, need a heater, and are okay with noise, then yes it MIGHT return a profit. If Bitcoin doesn't keep falling.

Also, even if all the requirements align in your favor, do not expect to get "rich" by mining on a small scale. Everybody has a  definition of "rich", so if you are happy with a few USD per month in operating profit, then you are good to go.

Where are you cloud mining at?   As far as future we an guess, speculate, but we don't know when things will happen with new miners.

A lot has to do with your electricity.  What do you pay for electriity?  Also do you live where there is a vat?

Its never too late to start.

I started 8 months ago and doing well.  Do your research and make smart decisions.

I just started at the beginning of the year.  As others have indicated you have to look at electricity costs.  Assuming you can have income after electricity costs, then you have to evaluate your ROI.  Speaking of ROI or Return On Investment, it is generally confused with payback period on this Board.  ROI is not how quick you will recover your initial cost, but rather your rate of return on your invested capital expressed as a %.  Its formula is simply income / invested capital.  If you bought a used S3 for $100 and your income (revenue less costs) for the year is $50 then your ROI is 50%.  Payback is how long into the future will your income exceed your initial investment.  Using my same numbers, if your income is $50 each year, then you have a payback period of 2 years.

Given the risk and uncertainty of mining you'll want to make sure you have a high ROI and a short payback period—certainly less than the 2 years in my example.  That being said, I'll still keep mining as long as I don't lose money—I just enjoy the learning about crypto currency and having a small part to play in hopefully establishing this form of exchange as a currency preferred over fiat currency.

Truth is it's really never 'too late' to buy a miner...the more pressing question is will I be able to earn back what I put into it?

A: highly unlikely unless you manage to find some used units "on the cheap"

to be honest is all about the price and electricity, with very cheap electricity, if the price remain the same, which will result in the diff also remaining the same, than i think it's feasible

if someone had started this year it could have already reached roi practically, the more you wait the more it is bad...

It is very feasible with low electricity to ROI on old gear even.   A popular one is S3's.  They are built like tanks.

They last for a very long if you get a good used price you can make a profit with low electricity prices.

too bad my electricity isn't good enough, otherwise i would have for sure bought one, because i love mining like everyone else here

i've always dreamed about mining bitcoin directly, my last time with it was with a 7950 long time ago

Can I ask what price is your electricity?  It definitely sadly can keep people out of the mining game.

It's been a long time since the GPU days.  I personally miss them.  Building rigs was a lot of fun.  I parted mine all out long ago.

it's abysmally high, around 0.28 usd, i live in the euro zone(italy) so is about 0.25 euro cent

last time i mined with a gpu(just a single one used for gaming at first) was when diff was around 7M i still remember it clearly

actually long roi isn't that important, but your reward per day should be obviously above your electricity, otherwise it's pointless

if with the next antminer generation(not s6 or s7, we need something with 16nm) we can achieve a good hashrate/wattage ratio, something along the line of 1 tera with 100w or like that

i might start to think about returning to mine bitcoin directly

yes it is too late. instead of any mining gear just buy btc, print them to paper wallet, put to some safe space and send me thank you PM in couple of years.)

It's never too late to start anything  ;) If you're a fan of computing and like to play with new toys I implore you to buy an Antminer. The small form factor is great for home mining and if you consider an S5 it should yield well, I get somewhere around 0.01 per day per S5 before expenses. Also home mining is typically more about having fun learning the industry. For example most home miners will buy, mine and sell equipment on frequent basis. The more you do it the better you'll get at it and with that the more profit you'll learn to make. Best of luck.

It all depends on your electricity price.  It is a game with tighter margins, and no longer 3 month ROI.  It can still be done yes.

But cheap electricity is a must.

It is better to just buy a super asic at this stage ?

There is no such thing as a "super asic".    They are different chips that are asic chips, but i don't think super has been used.

op no longer replies to the thread.
 and he never gave us price of his power.

most likely he was a troll.

I am starting to get sad at amount of troll posts.   I enjoy sharing mining information with someone new, but the amount of trolls seems to be up.

Its fine, as long you tried to help someone out, is what it counts for!

Keep helping regardless, cause that helps out the community overall  :) More friendly faces, the better since most people think bitcoin seems to be a scam and what not.

is to late for everything related to home mining, imho even if you had free electricity.) you know, now is amazing time to buy and HODL:)

It depends on how "low electricity" they have.  I have seen some very lucky people who have very very low electricity.  Some are able to buy S3's and turn a profit in a matter of months, and have.   

It is not to late, but much harder and tighter margins.

1 miner? Yes, it is too late, it ll bring you next to nothing. Go cloud or go PoS. I like Hashnest and DMD Diamond coin.

why must you write in absolute terms?

3x s-3 right now = 240 + 100 for a server psu.

340 usd .  set three for 1200 gh and 950 watts

you have your money back in 175 days after 1 year you make 305 usd

now if you had a psu on hand you have you money back in 114 days. after 1 year you make 405 usd



the above is true if your power is 2.4 cents a kwatt


if you are free power  you did 3 s-3s  for  240 your money is back in 85 days  and you make about 655 in 1year.

Now most of us do not have cheap power like 0 cents or 2.4 cents a kwatt.  but some do.

At least say if your power is under 6 or 7 or 8 cents you have a chance

If you power is 5 or 4 or 3  cents a kwatt or better  free you almost certainly will earn money.

Once you get over 10 cents making money is hard.

I completely agree on absolute terms. There are people who say "Mining is dead".  They assume since they cannot mine no one can.  It just is not true. 

Everyone is such a different situation there is no one size fit's all on mining.  But people with cheap electricity will continue to prosper in my opinio.