Bitcoin Forum

Bitcoin have price over 1000 USD for some time, so BTC current price around 1200 USD means, it is good time for Bitcoin mining. Either through own hardware mining ASIC equipment or cloud mining. See latest BTC price here http://preev.com/.

The opportunity will be short-lived. The difficulty will continue to rise quickly, returning mining to normal profitability. It is risky for a person without cheap electricity to spend the money on an ASIC miner..

Bitcoin price actually has less and less meaning since the difficulty keeps rising and there are so many huge companies jumping in.


Also one post/fork of BU and it will collapse. ( The bitcoin Price )
It is nowhere near stable, plus the fact that you are not going to be able to compete with miners who have free electricity ( Venezuela ).

BU? There are many which are coming nowadays with their own proposals to eat some pie from the markets' big share, but do you really think that for will take place? Still, even after the birth of BUCoin, nothing happened to the price of Bitcoins and it has risen only. I am not saying this over an optimistic sound, but still I think that OP is correct that ATM, mining may be profitable but should not be considered as a long-term profitable activity because of difficulty itself which you pointed out.

This this, price can either drop and difficulty will rise for sure, it always rise quite fast. So profits are often in theory only.
Good luck tho, if u wanna try.

I also think, this is basically trap on eager, inexperienced investor.

Mining ins and outs have been throroughly examined over the years. And nothing has changed the general movements towards corporativization of entire process. Single person, even technically gifted cannot compete with dedicated mining pools, putting local conditions (electricity price) aside. Most could consider themselves lucky, if they covered initial investment on their part.

In the modern days, people need to stop thinking about mining bitcoin withkut any proper hardware and money to start the project.
The location is extremely important too, because the electricity bill for mining needs to be low- to make it really profitable.

There are too many big players in this business already, to start your own mining project without at least 10,000$ (which is not much).

The difficulty will constantly rise, and with every year gains from mining will decrease.

I don't feel that either of these is accurate. The size of a mining operation is only tiny factor in the operation's profitability. The major factor is the cost of electricity. If your electricity is cheap, then you can mine profitably with just a single ASIC. If your electricity is expensive, then a warehouse of ASICs means more losses and not more profits.

The reason that you can no longer mine with a PC is that it is no longer powerful and efficient enough to compete with an ASIC.

Just reading about a user asking about mining and if it is efficient to take part in it and he was shot down for even thinking about starting to at this time.
https://bitcointalk.org/index.php?topic=1862894.0

But now another new one saying it is the right time with the rise in price. :-\

No wonder new members are confused of what to think at times.

I think that no one should be left behind by criticizing them for their questions, but instead, we should help them take their decisions as they ask us with a hope of getting correct answers. OP is somehow correct with his statement that with the increased price of Bitcoins, the probability of profits has also been increased. But what these guys need to know is that, they need to throw away some real hard cash in order to purchase those mining hardwares that they need to pour in the profits that we are talking here about.

It can indeed be so confusing as there are people with different views and varying experiences. Anyway, the most important thing is to filter information and decide which can be real or not. In case there can be doubt on anything, the best thing to do is hold on first and decide later though if a person has guts and can be listening to his/her hunch telling the person to go for it then jump with both eyes open. This forum can be presenting us with many ideas, opinions, views and even data so it is our own responsibility to select which can more likely be telling the truth.

Although this will be short lived due to difficulty increase this still remains a golden opportunity even for a beginner who wants to mine. A beginner can opt to build a PC-mining rig with at least 3 GPU cards and mine altcoins. Then he will immediately convert his daily profit from mining into bitcoin and take profit of the actual bitcoin price. Best would be to save these mining profits in bitcoin and wait a few years, I am 100% sure this will be the best investment someone has made in his entire life. At least that's what I do, opened a specific wallet only for mining and named it MINING. I suggest this to everyone who have financial possibility to do it, it's now or never.

This will be very much emphasized in poor countries, like India,Bangladesh and alike countries. Their energy cost is very cheap so they should take advantage of bitcoin price.

If you can get low electricity price probably solar power and nice coolers for your Asic equipment? I think now should be the best time to mining bitcoin profitably. Though you may not be able to mining bitcoin profitable without cloud mining because of the current demands for bitcoin you can mining altcoins for more return.

Cheap or free electricity certainly makes mining look attractive, but if you don't have access to cheap electricity, it will still likely be hard to turn a profit via mining bitcoin.

May I ask how mining works? What is the minimum capital requirement for mining. I can have access to cheap electricity but I would want to know how much is needed to start a mining pool that would be profitable. I have read that mining alone is not really worth it these days as the difficulty is rising and cloud mining is the easiest way to get scammed.

Profitability varies greatly. It is mostly determined by the cost of electricity. There are major factors other than profitability, such as heat and noise and your time. If you are in a situation where you can mine profitably, then you will need one of these at a minimum: https://shop.bitmain.com/market.htm?name=antminer_s9_asic_bitcoin_miner

If your electricity is free then bitcoin mining is so profitable  and can make you a millionaire someday,and if not then bitcoin mining is a waste of time.

Well, becoming a millionaire from mining is not easy. If you spend $150000, you can buy 100 AntMiner S9s that will get you about 0.04% of the total hash power. 0.04% of the total hash power mines about 277 BTC (currently worth about $330000) per year. You will mine your $1 million in about 3 years.

Many people confuse money made by mining bitcoins with money made from holding bitcoins. Very few people have earned a $1 million from mining, but many miners have held onto their bitcoins, and they are now worth more than $1 million.

The price is up but the difficulty also rise, its not that profitable now, and cloud mining is not recommended to try,mining profit is little you better find other to invest

No . it is difficult to profitable.
Altcoin mining better than bitcoin mining.

bitcoin difficulties and some increased fees will eat u.

I agree with you. But which altcoin should we mine? These altcoins are even more unstable than Bitcoin. They can increase in exchange rate by 1,000% in the span of 24 hours, and later in almost no time the rates can crash to the previous levels.

No just because the price went up doesn't mean the difficulty will stay the same. The ratio will be similar. It is not that easy to say. There are lots of other factors to consider as well.

Is it worthy to invest into a USB miner at the moment?

I have the same question. They are inexpensive, and easily available when compared to the mining rigs. But are they worth the money and effort?

The increase of the bitcoin price doesnt means it is a better time for mining, because the difficulty of mining blocks is rising constantly.
Newbies and un-experienced cryptocurrency investors might think like that, but it will be helpful for a short amount of time, but it isn't worth it to build bitcoin mine just because you may get bigger profits from that, but during short period of time.

As odolvlobo has already said, it is better to go with altcoins mining, because there is always a chance that you will be into the correct cryptocurrency when its price will increase in the same time when you already had some of this altcoin.

Even if the bitcoin price will decrease into 1000 or maybe 900 dollars those beginner who are willing to buy bitcoin and then stock on there bitcoin wallet / blockchain account they can still make profit there if bitcoin price start increasing.

This right here, I want this post and my post to serve as a PSA that just because it looks profitable does not mean that this whole mining then won't become saturated very soon based on the amount of money there is to be made. People are going to have to understand that it's only going to last a short while until some fat cat buys ass loads of ASIC's and sets up his new farm.

Also, the price does nothing with profitability minus the exchange part of it. Difficulty determines all of this.

If I was new, I'd get into altcoin mining, seems to be much more worth it and more profitable as I do it with my 1080 graphics card on my gaming rig when I'm not using it and make about $3 a day when I'm not using the computer. Passive income which is instantly converted to BTC through nicehash.

i think it's too hard for amateurs to earn profit from mining bitcoins. the ASIC equipments are so expensive and obsolete too soon to get your investment back.

Not just amateurs, but most miners may not receive their expected shares because the difficulty is also increasing at a consistent pace with the increase in number of users joining the bitcoin movement daily. But still, those who were in before and made much coins would definitely buy back through their profits to run the network and turn that mining into profits too because they must be having a planned mindset for the same.

of course its profitable, but you have to wait approximately 1 year

1300 tops until segwit implemented

That is not like that, you have to wait about 1 year but only if you mining project is already launched.
First of all, it is profitable only for a big players that are able to invest big piles of bitcoins into it, or just large quantities of cash.
Otherwise, you are not going to make the profit because the difficulty will still rise with every new machine starting mining, and the halving is getting closer and closer.

Bear in mind two things: don't go into bitcoin mining if you are not ready to spend at least dozen of thousands $, and dont go into bitcoin mining if you dont have cheap electricity.

If you talking about the sha256 algo block erruptors then no that will not be good and never pay you back. It will cost more then you get back. I'm unsure of you get us block erruptors for other algos but that would be my best bet. I'm also interested in getting one but o ky for altcoins. Though I'm pretty sure if you can use block erruptors that asics will just blow us out of the water or other better block erruptors if asic is not an option .

increased fees should scream good business for miners especially that there is a recommended floor price(fee) of 0.0001btc which has changed for some time and wont be reduced anytime soon maybe not until the price goes 5fold but better mine altcoins for maximsed profits

It's no longer profitable for most to mine unless they have extremely cheap electricity which especially in America is really hard to come by.

I may be wrong but I don't see any connection to the price of bitcoin and the mining being profitable again (lower difficulty?). :/ Don't think that bitcoin mining will be profitable until maybe some better miner is introduced? You'd be better off mining some alt-coins instead of bitcoin.

i think, for mining bitcoin now is not profitable because the Diff is to damn High, i not recomend you to mining bitcoin now, but you can mining other cryptocoin with the low Diff and still make you profit.

#minexcoin.com

yes true, mining bitcoin now is really not recomended, because few factor like cost for electrical and etc.

#minexcoin.com

The mining does not work like that, it is always profitable but only if you can meet some requirements, but if you cannot- then you should not even consider it as some kind of an investment.
Without really cheap electricity, or some different power source such as renewable energy e.g from wind powerplant, you want be able to get decent returns every month, you will just probably waste your money for the electricity costs and mining machines.

You also should never involve yourself in mining, if you are not into technical stuff, such as coding, programming etc. It is because you need to have knowledge about the whole bitcoin and blockchain, and it is very important to know what is the most efficient way to use your mining rigs. Without that, you will be just a pimple for other people taking part in the mining competition.

Did minning is good sollution for beginner to earn btc? Because i read some thread and it explain need much cost to minning bitcoin.

Really i just can't believed tat beginner can start mining bitcoin for real without a good learning how to start a mine ? Some of mining will cost $2000 to $3000 dollars but for those newbie i recommend that use faucet instead of thinking about money there are many ways on how can earn bitcoin with less experience all can learn by the time past.

It's still way to risky to try mining for Bitcoin...in my opinion at least. It will take a few months (at least) to try to earn back enough BTC to pay off the hardware. The big issue is that SO MUCH can happen in the crypto world that it becomes risky.

You're essentially better off buying BTC with whatever money you would have spent on mining hardware.

Again, in my opinion.

Bitcoin mining is always profitable if you have high tech equipment. Price is growing and growing day by day some of experts predict the price will rise upto 2000$ per bitcoin end of 2017

Absolutely false. Even with "high tech equipment", it is only profitable if the cost of electricity is low enough.

The high tech equipment give you good profit and you will cover all your electricity expense with profit.

I respect opinions like this but realistically, any newbie can try and mine bitcoin without much risk (e.g. if they already own a decent GPU).

Besides, most if not all predictions/analysis/projections point towards the fact that bitcoin price is rising and will continue to rise. Where is all the negativity and skepticism coming from?

Mining rigs are quite expensive. Actually I was planning to buy a few, but then I gave up the plans after finding out that the equipment is extremely expensive. On top of the rigs, we need to find money for electricity and cooling equipment. So instead of purchasing mining equipment, I directly purchased BTC from an exchange site.

I don't think so, unless you already have all the miners ready and some free power you're not going to see profit.

Yes but when the price goes up it's because the difficulty goes up too and the amount of miners so it's not fair to say that. I think it is a much better idea to mine altcoins or even to rent miners is better. Mining you must worry for electric costs and if the miner breaks you pretty much screwed. Make sure there is no downtime. Unless you doing it in Mass the pain of running a farm is not worth it.