Bitcoin Forum

Nowadays, mining is not as profitable as it used to be at the beginning, still it is sort of like a passive income to earn some money along the way.

So I'm just curious to know if you're making decent profit mining Bitcoin or altcoins.

By the way, HashFlare will be adding Dash mining soon so I think it wil be pretty great to buy some hashrate (although, I'm not pretty sure if the service is a scam though)  :)

Their assembly mill to make money

I got in the game a bit to late, bought a couple of old ASIC's to teach myself about mining, but with my electricity price (0,17€/Kwu) and huge import taxes for hardware, there's no way i can make a profit, so i unplugged everything a couple months before the last halving.

I tried out a cloudminer when i first started, turned out to be a ponzi, lost some coins, so i don't think i'll ever buy hashrate online ever again.

Yeah same thing happened to me when I used many cloud mining sites. The one I used the most was cloudminr.io but it turned out to be one of the biggest scams in cloud mining history (in my opinion) Since then, I have been only mining for fun with a few gridseeds that I have to mine scrypt coins.  ;D

Ive got an S7LN that was hacked by sidehack for better efficiency and a couple of gecko usb miners on a raspi. I don't make any money at all. Barely break even, but its a hobby and aslong as it doesn't lose too much every month ill keep them on. If I find a block for the pool im on I think that will be the time I stop mining. The last "tick box" of the hobby I suppose.

Sounds fun. I think that Raspberry Pis could be of great use towards coin staking. Since there is very mininal power and costs attached to it, it will be a great way to "mine some coins. The only thing needed is to have a good amount of coins in order to receive good stakes. I'm setting up a portable RPi3 mining setup to mine on the go. It will be powered via a solar power bank, and will use an Android tablet as screen, mouse, keyboard and internet access. You can check it out here: https://bitcointalk.org/index.php?topic=1591686.msg15985470#msg15985470 (https://bitcointalk.org/index.php?topic=1591686.msg15985470#msg15985470)

Looks good. Ill keep the questions about it in that thread to save confusing things here ;)

not too much,because I do not want to take risks for mining

Yeah I understand. Mining is not worth it nowadays, the risks are too high considering the costs of electricity, difficulty, etc. So it can now be seen as a hobby and for fun and learning. When mining becomes highly profitable with any hardware whatsoever, then it will be the day when everyone will mine. Just my opinion.   ;D

With the altcoin Im mining and exchanging to BTC makes around 0.0024 BTC/day with 1 Ths and about 500W, costing 0.08 USD/KWh so a small profit every day. Its  mostly a hobby and soon the miner may move inside the house to warm it up a bit too :)

HashFlare is scam from Russian thugs living in Estonia and the use of registered compani in Estonia.

theirs is HashCoins

Read Modre about HashCoins
https://bitcointalk.org/index.php?topic=417623.0

It depends on what country are you on its because there are other countries has low cost of electricity billing and if you are living with that country well you can actually earn little profits from mining(i dont know about other altcoin mining) but if you mean like cloud mining?  Or investing anything similar to that well i think the baddest idea you can do since we almost all know that mining companies are now currently unprofitable and possibly they will turn scam if bitcoins more difficulty come.

Maybe altcoin mining well be profitable lets read about others opinion about this. And also i want to know the most ideal hardware for altcoin mining.

Thanks for sharing your earnings. As nowadays it is not profitable to mine, it may change sometime in the future if a better proof of work system would be developed in order to make a fair distribution of coins no matter what mining hardware you own (and prevent mining centralization) Something similar to this has already been established, called M7M mining algorithm from Coin Magi. The only downside in my opinion, would be that the bigger the hashrate, the less the reward, but in the bright side it prevents big miners from centralizing the whole ecosystem.

I think there is no altcoin right now is profitable but if you are early miner and you have a free electricity you can make a profit.. or for those who smart people they are using free vps online to mine altcoin..
This is what i do before i am seeing many promo vps to buy for cents for yearly use and start mining altcoin..

That is correct. Usually when a coin is starting to grow is the best chance to being mining it in its early days as the more miners join in, the difficulty would become higher thus making it less profitable every time. As for free VPS, I've never thought of that but sounds like a great opportunity to mine those altcoins and maximize profits.  ;D

Not anything right now, just got my U1 and U3 running for gambling/solo mining :)

Those are good ones to begin with, but not enough to make profit out of them. I remember when I got my first block erupter when I was a noob. I've always thought that I could make 1 BTC in a matter of days, until I figured out that there were several factors that limited my profitability such as network hashrate, mining difficulty, power cost, among others.

Thanks for your reply, mate. Hope that you have lots of fun mining.  :)

I'm pulling somewhat over $1000 (but paying out about $300 of that to the electric company) on my current set of miners per month.
Ballpark $450-$500 range from the A2 farm depending on Litecoin price/diff each day (which is pretty much paid off at this point, but those things eat ballpark 2/3ds of the electric) and the rest from an assortment of stuff mining ETH.
Just switched the NVidia rigs over to something else though that's just become more profitable (and happens to be my LONG-TERM intent for building those rigs in the first place), and have MOST of the parts on hand to add a couple more of those.

I've currently got 2 RX 470s hazing away on XMR/Ethereum, switching automatically every 12 hours as I can't decide which one to mine. Sold a few of my old S3s, they were getting pretty annoying and all I have left now is my one S7LN and a few S5s. Honestly not sure how much I make each day; I don't keep track.

If you do intend on mining, GPU'S are a viable option right now; they do good and they have a relatively high resale value.

since you are already a experienced person and user of bitcoin and you already knows that mining like.cloud mining are not profitable now .
but still you want make some profit through mining .
i will suggest you to go first at the beginning of any mining site which has plan like hashocean . through earliar strating you can find your roi and profit without loss .

Thanks for sharing your experience mining with GPUs.  Right now,  XMR and ETH are very profitable to mine with them so I'll give it a shot.  It is better to mine at your own home,  rather than leaving your money on a so called cloud mining service for them to leave with all your hard earned cash.

The only downside to mining at your place is the high electricity costs,  depending on where you live.  :(

Cloudmining is a huge mistake lots of newbies make; it's just not worth the risk. If you can't mine at home, don't do it. Easy as that. I wouldn't even trust sending my miners over to a datacenter, as stuff happens. I've had some pretty bad datacenter experiences that aren't related to miners.

Of course, mining is NOT the only option. Investing and trading also is, but I'm not going to meander too much off of mining, as that's what this section is about :)

 Which is why I moved from an area where I was paying close to 8c/KWH for 3/4ths of the year and over 14 the rest of the time, to a place I'm paying less than 5 yearround.

As you said before, mining is not the only option, but in my opinion, it is much easier to do than trading and investing (like cloud mining). In addition to this, by trading you can end up losing all your capital, in which it can be seen as sort of like gambling. Those who can trade, mine, or invest shall choose the path that most suits them. Just my opinion.  ;D

I shut off all of my bitcoin mining gear a long time ago and built a small GPU farm.

As of now, I am making a few dollars daily by mining Ethereum.

Thats true thay mining is no more profitable with bitcoin and it is not recommended to those people who want to start mining people it will very too risk if they going to build a miner without a knowledge on this maybe alt coins can help them but not bitcoin anymore maybe cloud mining.

Great. I've seen that the most profitable coins to mine right now with GPU is XMR and ETH. I'm tempted to buy one of those AMD Radeon Nanos to see how much XMR and ETH I could mine with it. One of the things that I like of this GPU, is that it is much smaller than others. Anyways, I'll see what I can achieve once I have my rig completely set up. I used to mine with AMD Radeon R9s, but they were borrowed from a friend while he returned from vacation. Now, I'm back to having a no GPU mining rig (no GPU in terms of the external one, it is just running with the internal graphics for now).  ::)

I am agree with you sir, nowadays even you are going to buy some special hardware miner it still not profitable if you are going to use it to mine bitcoin , you need to find a solar system power to provide cheap electicity than can help you to over power the miner, the passive income for me to earn bitcoin is to do some signature campaign like this.

Yeah me too. Signature campaign is one of the easiest ways to earn some Bitcoin without risking yourself like cloud mining. It is nice income for you while at the same time you learn more about Bitcoin and cryptocurrencies. I'm looking to switch out to solar mining by the way, so in the meantime I will stick with coin staking as it is energy efficient.  :)

Solar isn't the best choice, so I hope that you've already looked into it enough that you understand the initial investment needed and the risk factor; the panels are pretty easily damaged in adverse weather conditions, no matter how it's advertised. Coin staking is a pretty nice passive income, but most of the stakeable coins aren't traded much, with the exception of PPC.

If you're looking at solar for fun, go ahead- I run a few gridseed miners off of a battery in my garage, and it runs just fine. It's definitely interesting to see solar panels get more and more efficient; maybe someday actual mining with them will be possible.

I have actually been looking at solar as well. While it is true if you look at it from a purely Mining aspect, it probably isn't justified, but considering you consume electricity outside of mining activities, it is an investment that will continue to pay off over time. As far as the panels being damaged in storms, that is what homeowners insurance is for.

It is really much better to use solar system than using real electricity you can't earn profit there and hardware mining isn't that easy to build as well thus if you are going to ignore those cost then you can do mining activities with highly consume in electricity off course theres a monthly maintenance depends on what hardware you bought

Well solar is a bit expensive in the terms of purchasing the panels and the installation of them at your place. But, in the bright side it may save even more energy than using conventional power sources. Still, I do not have the kind of money yet to set up solar panels so my options would be limited right now towards using external batteries to power the miners.

As for PoS, I think that ETH would be great to stake once it hits this stage, since nowadays it is the second most actively traded cryptocurrency on the markets.  ::)