Bitcoin Forum

Hey guys, im wanting to start doing this again. Back in the day i was using GPUs and it was pretty long. These days i have a better income and was considering getting back into it using specific hardware.
I was looking at purchasing 2 Bitmain Antminer S5 miners to start with, then each fortnight buy another and so on.

Would it be really worth getting back into? After doing some searching today ive noticed the difficulty is so high that a month of constant mining would only accumulate 0.2 of a coin. Do you think Bitcoin will continue to increase in value?

Cheers.

I personally would say it doesn't worth it , at least not like before .
Bitcoin value should continue to rise over the years , so if you are willing to wait few years (5-10) before selling then yes you may comeback to mining otherwise if you are willing for a quick profit then I'd say you should drop it .

There is really no such thing as a quick profit, pretty much getting lucky. So it would be a long haul thing. No way id make money money back, let alone a profit in the first month.

Unless you can afford to get the cheap electricity then mining wont be very profitable for now. Even if the value increase, more and more people will keep on mining bitcoin therefore the difficulty will keep on increasing as well. If you are not looking for a quick ROI and long term prospect then mining should be good enough for you

I would not suggest you to mine Bitcoin now. This year (or probably a few years later) will start a new world of mining. Whereas only big corporates will be able to mine with profit. I would suggest you to invest your Bitcoin (or fiat) into a Bitcoin related business. More and more people know Bitcoin everyday. Better start a Bitcoin business soon before you are too late.

Welcome back to the world of Bitcoin - if you are back!

Recent days big companies are showing high interest on bitcoin, which will automatically move them towards mining as the above mate said. Start a business through bitcoin now will make you high as much people are not into it at the present.

How you were part of GPU mining, the day's of 90 day ROI are gone. It's now a much longer term game to play.

What is your electricity price? This is one of the biggest factors anymore.  It literary makes or breaks your profit margins.

Not for Bitcoin. Your described equipment is too weak in order to make a gain after substracting the equipment and electricity costs. The difficulty to mine Bitcoin has been increased enormously compared to your last try.

I would rather try to mine other interesting coins like Eth for instance. There is still some good potential and difficulty is not the high yet.

I'm also trying to start another round with now old rig. Ati 6950..and sapphire 7950.
now i need to buy some better gpus and i'm not sure will this be profitable at all?

Maybe better money can be made if i sell everything and just buy btc-s now and sell after few months..

I would avoid GPU rigs at this point.  Look at the cost of cards then do some ROI on how long to pay off card.... I think that will stop you from buying it.

Even if free electricity paying off the GPU is unlikely I think at least.  Asics just have taken over, and coins left for GPU are not consistent enough to count on long term profits. In my opinion at least.

You also have to keep in mind that the mining reward will halve in a couple of months. In about 4 months the time to ROI will double and especially the older generation miners will be next to useless.

I would suggest using the money to buy bitcoins instead. The 0.2 bitcoin a month you'd get from mining only sets you back 80-90 USD at the moment, and you don't have to pay for electricity.

Don't bother mining BTC :p better go to coinwarz and find some alt-coin that you could mine, it could pay out fine.

Agree with Lannister. The only way to get profit with mining Bitcoin is cheap electricity. If you do not have access to it , you will not be profitable in mining.

Mining bitcoin is not profitable now a days.. the difficulty is too high and i think it will profitable if you have a free electricity.
The price must be rise this coming end of halving. after that all miner's will be profitable..
If you want to start mining again its better to wait for newborn asic hardware from ant miner so that you can make lots of bitcoin fast..
But i think it is better to mine right now after halving so that you have bitcoins to exchange or to sell when the value of bitcoin after halving is above 700...

If your electricity is dirt cheap, you have a small chance for it.
But you'll need the rather expensive hardware....

Please also take the coming halving into account and the fact (not very likely, still not impossible) bitcoin drops a lot again.

no any asic miner for bitconi is useless, maybe you can have some luck with some altcoin like eth or new one, it's better to play with one gpu initially and see if there is profit

try with a 750ti which is very cheap or an old 280x

I have an idea to mine alts, but not whole the time.
From time to time we have very profitable coins such is ETH.
Maybe is good to be prepared for this trend and take advantages from investors..

For me BTC mining is over.

Mining in alt coins or own coins is only worth nowadays if you are trying to mine bitcoin then i think you will be in loss as after halving the mining will become more difficult . So first go through the market and research fully then go for mining.

China is on the lead. Watch Here: https://www.youtube.com/watch?v=7E67XXXhZgY (https://www.youtube.com/watch?v=7E67XXXhZgY)
Or search yourself on google and or youtube.
They have such massive power, you'll easily get drowned with your two asic's.
The transition from homemade coins to huge investment driven companies/ventures is already past.

That is a good video been a while since I have seen it.  But the sound I would not consider it so secrative, that has to be able to be heard from outside.

One of my favorite threads about a mine is HAO's.  It is a great read - https://bitcointalk.org/index.php?topic=1072474.0 .  They use hydro electricity and have a heck of a operation.  You can really see some of the day to day it feels like through that thread it is long but it is worth reading if you have the time.

I have watched this video and this is very inspiring.
When you see someone investing in this large money
then you realise how bitcoin is actually very big project!

Gives you quite the drive to hold on to your Bitcoins doesnt it?
Makes you feel as if you are actually a part of something big.

And if you start to doubt, videos like this makes you stronger in your decision.
I saw many videos but documentaries are best.