Bitcoin Forum

Hello everyone!

I have been searching around the forums for a while now, to figure out what's best for me in terms of Bitcoin mining.

I have one of those small Antminer USB's, but let's face it.... it will take me a year, and i'm up to 50 cents or MAYBE 1$

There is no way, at this current time i will have the space, nor the equipment to set up my own bitcoin farm, so...

I had a look at Genesis Mining, I have been a customer there before, and everything was running smoothly, now my contract ran out, i'd have to buy myself another contract with them.

But is this my solution, perhaps buying 1 TH/s from Genesis Mining, or can someone recommend a company that does sorta the same?

Thanks!

Alex.

Thank you for your answer.

So there is literally no point in Bitcoin mining anymore?

Because i'm just wondering why everyone else on the forums are building new mining rigs if it's pointless :-/

Don't invest on those cloud mining. Most of them are just ponzis waiting to collapse. Genesis mining indeed has been here for quite sometime. But I think when they are no long profitable they will just run. It's better to just invest whatever you have elsewhere and not to mine bitcoins. Unless you have the money to invest into those bigger mining rigs than USB ones and have really cheap electricity in your place, then go for it. But if you don't have those, then you are better off investing on something else.

Good luck my friend.

Its better to keep your coins away from the so called cloud mining sites, most of them are just ponzi schemes and will close their doors sooner or later. Try trading altcoins if you have good knowledge about it

For now it is hard to mine bitcoin right now even you have a good hardware but there is some alternative ways to mine but in different coin like altcoin.
You can check this section https://bitcointalk.org/index.php?board=160.0
And maybe it can help you to mine some altcoin instead of investing your money in cloud mining site that we do not now if it is legit or not provably almost cloud mining site are not paying anymore and turn into scam best alternative to mine is to build a mining rig and mine altcoin...

I don't think there is a real reasonable way to make money mining for most people.  Unfortunately due to electricity costs the market is sort of cornered to people who can have a large farm of mining equipment.  It might change in the future depending on what happens here but in the mean time I would stop your mining, as others have said on this thread it will end up costing you money in the long run.  Cloud mining seems to be a scam so far.  The best way to make Bitcoins is to purchase them unfortunately, you can get small amounts from faucets and stuff like that.  Wish you luck on your adventures!

Most of them can scrape by some profit because they either have a large set-up of mining rigs , their electricity is cheap or they are getting the more efficient newer rigs.

Well anyway, newcomers to mining will find almost no profit(and might even encounter losses) from mining

Agree, stop this madness. It sounds fun, its fun, but you WILL loose money.
So continue only if u want to loose money.

Loose is not equal to lose. Just to correct some errors here.

It's not actually not profitable or is madness. If you can invest a substantial amount of money to buy a lot of miners and have cheap electricity in your country, you can go for it. Without those requisites you probably will lose than gain anything. However, if it's just for purposes of entertainment, go for it. If it makes you happy, why not.

Try it if you want. But dont invest big amount just for experience. Many investors lose and many people were scammed by cloud mining sites. Believe me, it will not give you a decent profit. Its just a waste of time and money. If the cloud.mining site where you invested your money and earn back your investments in the end of the contract, you are lucky.

The only profitable way of mining right now is through a rig with 2,3 or more GPU-s. Best coins to mine even with expensive electricity which will give you profit for the moment are Zcash and Ethereum although not as much as they were in their beginning.

You maybe don't have money to build a bitcoin mining farm but maybe you have money to build an altcoin mining rig (great computer with 2,3 or more GPU-s).

Don't invest on Genesis Mining and in any other kind of cloud mining site. You won't get profit and you will just lose your money if you do this. Many people are complaining here on forum everyday about Genesis Mining and another cloud minings. Don't make the same mistake with your small amount of money that you spent a lot of time to get!

Instead of mining, start trading alts, if you don't have the money for a farm, don't bother trying to mine. It is going to use up alot of electricity, and when there are machines out there who do the same thing ten times faster, you're not going to have any change.

Also don't fall for the cloud mine companies, 90% of them end up scamming you. Watch out!

Mining using usb is not profitable at all and putting your money into cloud mining is not a good idea, because you will be scammed by the owner, it is better you find another investment to put your money, or you can find another way of income like trading

Nah!!! Mining is not profitable it will only give you headache because of the high electric bill. Better to stop it before its to late ,or dont start mining at all.  Your  only giving yourself  problems.

no save your bitcoins there many better ways to make some profit like loans or selling bitcoins

Electricity bills and the price of the mining rig will be the headache of miners. But if you can provide this at really cheap costs you can profit. You can check some online calculators regarding this, and check whether you could be profitable.

No Bro Don't Try this Now Because its Not Profitable Now Because Of the Halving Passed this Year....
As You Know that After the Halving the Reward For Solving a Bitcoin Block is Halved and Now Even it Doesnot Covers Your Expenses So How you think to Do Mining........

Mining can only be profitable for you if you have no electricity costs or the costs are cheap in your area, in that way the electricity your equipment costs wont take all the profit you earn from mining and you might get some profit, but if the electricity rates are normal around you then skip it.

Do your calculations in this website for mining altcoins, a few of them are still profitable as I am writing this reply.

https://www.cryptocompare.com/mining/calculator/eth

Start with Ethereum, you can build a cheap PC with only 1 GPU for example 1 RX 470 and get about 23-25 Mhs. Put the other details of yours in the calculator and check for yourself if it's profitable for your area to mine Ethereum.

If it is , even in small quantity like 1-1.5 USD profit per day by all means do so as you can convert it in Bitcoin and who knows how high the price of bitcoin can go. So that 45 USD per month profit now maybe 450 USD after 2 years, so it's really worth a try if the stats of the calculator are positive for your area.

By looking at the profit rates, i don't think it is worth the time and effort someone might spend on it, because earning even $2 a day will earn you just $60 a month which is almost nothing for someone living in a big country.

As I already said above you have to look at the bigger picture. At the moment maybe 60 USD but once you convert it to bitcoin and save the coins then you have a chance of calmly waiting for a rise in price.

If you have mined for 1-2 years and made like 700-1500 USD( 1-2 BTC) worth now, after a few years those maybe 10-20 btc worth now because of btc rise in price.

This is to do as a side quest and never touch those coins mined after you convert them to bitcoin. I am not saying to make a living out of this but to use as a trampoline for a better future.

You had your contract at genesis mining but you did not gave any detail about did you had profit or not on that contract, in todays current situation Bitcoin mining with one or two mining unit is waste. It is better that you can do new altcoin mining which are going to hit the market which will give you return very soon

If you want to invest for the profit purpose, I don't think that going for cloud mining is the best bet but rather you might go for another miners (I know you are not interested in setting up a farm, but going for just one miner is good) if you have cheap or free electricity. I will not say that don't mine, because if like everyone, I will say the same and if affects the mining thing and some day, people completely stop mining, then I don't think that this is, under any circumstances, in favor of bitcoin network.

yes the price of electricity now a days is so high now a days
that mining is not the way make if you had loads of rigs an was making a good profit but it is really hard to so try you hand at something different.

i agree because for now cloud mining is really hard to make profit and the risk is always scam you in every time without you realize. i think better we build our own rig in the home, and buy a new pc with new vga then i think you can get profit with that. there is many altcoin that you can choose to mining.

genesis mining is really need long time to get ROI, i have been there before and until now, i still have my account but i only have small hashrate to i don't expecting to get much of profit, but i have already my ROI and it needs almost 10 month.