Bitcoin Forum

Some of you are here since the beginning of the bitcoin mining story. At the beginning it was much more profitable than now. I would like to know your stories about how this decrease of profitability affect your life. I imagine that some of you at some point saw their income from bitcoin mining going down the pipe.

I would like to know when it happens and if you had to make decisions in your life because of that.

The story that bitcoin mining used to be very profitable is a myth. Since the beginning, mining has been generally profitable for only short periods of time at best.

At the very beginning, people were mining worthless bitcoins. Then when bitcoins began to have a value, people were still paying more for electricity than the value of the bitcoins they mined.

no because i never mined b itcoin with asic, only with gpu back then and then i go straight to altcoin which is much more profitable and self sustaining compared to asic

there is no point in mining with asic unless you can afford a giant mega farm with 3 cent electricity

Yes it did, I used to get some 2 BTC worth of mining profits from hashnest off an investment but is now totally gone as I sold them late last year when the trend in difficulty increase is being noticed.

I never mine any coins because my pc is not that strong and the electricity bill will get higher then ever. So I just use my own money to inevst in some coins.
But it would be nice if I could actually mine them it is allot cheaper.

Not in the least.  And even if bitcoin quadruples in price at the halving, it still wouldn't affect my life much.  Bitcoin is a small part of my life, but it's an interesting one.

Knew bitcoin since its inception, never started mining from the start, never will. The technology is the thing I am into. However, I will not deny joining in the pump dumps of new alts just to capitalize on profit.

May be this will sound against bitcoin but i see altcoin mining is way too profitable than mining bitcoin. If you get lucky mining altcoins in announcement days and it get some value when hit exchanger, you can easily make 10x or even 100x of your initial mining cost.

Well, no since I'm not really mining coins because I don't have the amount of funds to buy the hardware and the price of electricity here is soaring high. I do feel bad for those who are getting less profits from mining now.

Nah, the price of it will be the one that will affect most poeple's life not the mining.

I never got into mining Bitcoin or any other alt coin because I don't have the time to maintain mining rigs nor do I have the required free space to place them. Also I would have not liked the noise output and the heating up of my apartment in the summer anyways so I am staying neutral to mining and it doesn't affect my life. In fact I think buying Bitcoins with cash and holding long-term will net you more profit than trying to invest in mining hardware and hoping to break even and turn in a profit. Only the early adopters mined a lot of coins when the difficulty was very low. Nowadays professional Chinese miners can stay afloat because of the dirt cheap electricity in China.

Mining was just as profitable back then as it is now. But anyway, I was not effected by the decreasing profit of bitcoin mining as I never mined.

I joined bitcoin hype train too late to be able to fully utilize mining potential of BTC.
When I started my bitcoin journey ASICs were already on the market and huge mining farm started to dominate mining industry.
But I know some people who tried to mine prior to ASICs with GPU etc. and they were making plenty of BTC back then.
For some time it was profitable but as difficulty increased everyone was forced to stop and sell their mining rigs...

I am not mining coins so no, i have no any problems with it. Maybe in future it will affect my life but now nothing happenning. People just cahnged place for mining.

Not, i entered late to minning and i had only few winners that produce less than 0.10 btc monthly, now i have only one running on a solo pool, like playing a lottery game.

I never got into mining bitcoins. It was easier and more efficient for me to just buy them. Though, I always was fascinated back in the day by the thread(s) where people would post pics of their mining rig set ups in their homes, garages, dorm rooms, etc.

No, it's not, because i never get into mining too and i don't understand how is mining works. I heard bitcoin mining is not popular anymore now, and many people stop mining bitcoin.

i dont think mining is a thing now?and i never understood it in the 1st place.

NO, i dont mine bitcoins ,but if this mining in the future decrease profitability it will have an affection also on the bitcoin price it will have a good and bad effects in my life.

The value of bitcoin has maked me dont invest at asic ,i had almost bought one with a friend mine we had free energy,meaning we didnt pay the energy we consumed ,here they call it *cat* we were scared to see the price down the 500 dollars and then 200 soo we choose to not invest ,it were 2 th asic miner costing around 2200dollars ,this at Brazil because the high fees.On the time we had consider to do that we didnt know how much montly we could get because the difficulty keeps raising soo we had avoid ,it could had changed our life if i knew what i know now about bitcoin .

I had never mined bitcoins I have mined several altcoins though. Mining will not be profitable for you unless you have free electricity or have the best basics on the market.