Bitcoin Forum

I just want some advise, is it profitable to venture into Bitcoin mining? Thank you in advance and God bless.

i will suggest you keep distance from cloudmining but i will recommend for hardware mining .
since hardware mining is less profitable but it is legit way to earn free btc .

It might be profitable if you have a lot of time to wait for your return on your investment in whatever mining hardware you opt to purchase, and you have cheap electricity. If you don't have cheap electricity, that might rule it off outright, and if you have cheap enough electricity you might be able to make money off of your venture.

Cloud minings nowadays had best offer to there investors but it will not take too long to live there here to scam people who had best income source every week to invest on there website cloud mining is not profitable of bitcoin mining you should learn not to do this and try trading instead of loosing money from crap sites

It would be profitable when open the large scale mining with low electricity costs. If you can able get a electricity free or cheap rate, I am sure you can make profit easily. Check with solar miner as well in google search.

Depends upon the electricity cost you have in your country, if you have cheaper electricity like 0.03 usd per KW than it may be profitable if you can run a big mining farm. But if you have expensive electricity than buying bitcoin directly from exchange will be cheaper than mining for years to get same amount of bitcoin. You can check how much you can earn mining with hardware here http://www.bitcoinx.com/profit/

If you are thinking about cloud mining, think again. If you are thinking of mining with something like an antminer, then it is pretty much only profitable when you have a lot of mining hardware.

i thimk you should try blockchain mining platform . but i think also you should try gpu mining also . since profit is sufficient for your satisfaction . so try first .

GPU mining is definitely not a good idea. It destroys your GPU and you should just buy an antiminer if you want to start mining. Just keep in mind the price of electricity in your country.

Bitcoin mining will not be profitable unless you actually invest millions into a mining farm. Otherwise, no.
Buy an ASIC. Keep it general. Antminers are like Nvidia. They may be the prominent face, but not necessarily the best. (Take AMD as an example)

Cloud mining really is hard to trust because most of it are really ponzi. But i know one cloud mining or shall we say it as faucet it is bitzfree the idea was really good because you can gain powers when you convert your earnings to MHZ but actually the power that they give you is from the ads their site getting.

I think bitcoin mining is a business now and should leave for them who treat it so. The CPU mining days are over and there is no possibility of profits in casual mining. I was curious about cloud mining few days ago but I realized that that one is also not worth it. If you can manage to undertake bitcoin mining on professional level then you can think about profits but I don’t think it’s possible on individual level with casual mining.

Well for now mining is not too profitable anymore because the mining rate has dropped due to the halving event, and because my country electricity is expensive so it can't cover up the expenses, if you have some capital and cheap electricity, it can be profitable

If you really wanna know anything about mining. You should go to mining section.
https://bitcointalk.org/index.php?board=14.0
This will help you on what specifications of hardware is recommended for mining. I have not try mining coz the electricity cost here were too expensive. So if your electricity is cheap, its good for you.

Mining bitcoin right now is not really recommended because bitcoin's price right now is not high for the miners to get some profits on mining it. It is better if you something else than mining like trading and so on. Just keep on growing your BTC right now and wait until the bitcoin's price will go up again and when that time comes you can start mining and you will get a huge profit from it for sure.

After the halving it's not profitable anymore but if you want to try and test it and you have the resources,you can still try go to the mining section of this forum,in my opinion it's much more profitable to mine altcoin and trade it to bitcoin..

It all depends on what you want to mine. Forget about Bitcoin mining, because solo mining for bitcoins will not be profitable. You can mine Alt coins, but you have to consider which Alt coins to mine, and then sell quickly. These Alt coins are fly by night operations, and it would be here today and gone tomorrow. ^hmmmm^

How much money do you plan to sink into this mining operation of yours? Do you pay for the electricity or do you have cheap electricity? How cold is it in your area?

Minning with bitcoin is advantageous because we can get two benefits at once apart from mining profits. when bitcoin up the price without the photo, immediately we are also benefiting. but be careful choosing a site for Minning because many sites are deceptive

Cloud mining is a scam,bitcoin mining isn`t profitable unless you live in

a third world country with cheap electricity and get cheap mining hardware.

This is everything you need to know.

If you're talking about amateur mining, you'll never make money.

If you're talking about millions in investment and making your own hardware and facilities, you'll probably won't make money also.

is mining profitable still?
short answer-no
long answer noooooooooooooooo
the only scenario it can be profitable is if you buy gear now and bitcoin price goes through the roof in the next few months
but you can buy a couple of s7 or s9 and quietly (not so much with s9,as it roars like a beast) mine some coins for your personal needs

If mining isn't profitable, than was BitFury silly to opened one of the biggest datacenter in georgia? Or do you want to say that they can't imagine what will happend after halving?

Mining Profitable depends on electricity and hardware, please don't talk only about antminer, there are more companies which sells mining rigs but most of them don't sells and tries mining theirself. Some days ago I found one mining hardware which was very profitable even if you use high cost energy, if I amn't wrong it was Baikal miner or something like this.

It was probably a scam.

KNC made their own hardware and datacenters and they didn't make it, it's a though business even for knowledgeable people imagine if you're a new to it...

Do u mean BitFury is a scam?

I meant the "Some days ago I found one mining hardware which was very profitable even if you use high cost energy"...

At first I thought you said it about BitFury.
Do you heared anything about baikal miner? And as I know Baical Miner's company isn't scam but their miners are very expencive, their cost starts from 500$ and up, on amazin you can buy it in 800$.

I personally don't have experience with this miner but the company as I know isn't scam but now I wouldn't risk to pay 500-800$ on it.

You can find more information here: https://www.dash.org/forum/topic/hardware-discussions-asic-gpu-cpu.101/  or here: https://bitcointalk.org/index.php?topic=1568973.0

Well, it may not be a scam but it's still a bad deal, it may be profitable right now at current coin values but in a few months who knows, and you need almost a year just to recover the investment, at current market values...

Bitcoin Hardware mining is not really profitable nowadays you need atleast much more powerful hard ware when it comes of mining, If you really want to risk your money in bitcoin then why you don't try to learn more about trading and focus on that. It's more profitable that your planning to mine a bitcoin just in my opinion it's up to you if your going to do it or not.

The OP asked if Bitcoin mining is profitable. I'm not sure why so many people mentioned cloud mining, that is not Bitcoin mining, it is investment with a company that is mining Bitcoin. And more often than not a bad investment.

But, to answer the original question:
It depends. There are many variables that go into that equation.
For Bitcoin mining at home, the primary variable is cost of electricity.
First answer that and then go from there.

Baikal has sold to many people and they have confirmed that their products work. It's just a matter of getting their miners, which can be difficult since they cost so much. It's an interesting product, though, and I'll probably buy one to mess with once they go down in price.