Bitcoin Forum

Hi guys,
i had known about crytocurrent five months ago, but i only trading. The current market is unstable so I decided to keep it. i'm studying about mining, but my friends, they tell me forget it, present difficulty is too high. i don't mining BTC or ETH. Mining other small coins is easy but low profit. what should i do now?. please give me advice.

Yes, it's late, look the ROI
You can study, search and keep following the cryptos, possibily will be another rally

Yes, Obviously difficulty is now too high not mentioning its still getting higher and higher, mining nowadays will always be depend on your electricity or your power rates, you can always check with any Online mining calculators if your mining is profitable in your location based on power rates.

Consider also your knowledge about at least how simple computer hardware parts works.



If you find not profitable then simple, don't do mining.

Mining is a long term investment strategy. If you are looking to make quick cash by investing in a mining rig, that's probably not going to happen and you should listen to your friends. If you don't care about making a quick profit and want to accumulate coins for the long term instead, then mining is certainly an option.

If the long term electricity is over $0.15/kWh, it is too late. The ROI will be bad.

Depends on your financial situation, I started mining a few months ago and as difficulty rises I will move to the next profitable coin and store for long term.

As of now the profitability is low the difficulty keeps growing, but this will change with time and new coins and so on will be available.

Electricity in my country is $0.1/kWh.

it's too late now, profit is dropping like a rock in the water, but not because of the value only but because there are too many miners, everyone and his cat is mining now lol, better to buy cheap coin and wait for the pump

It depends on your circumstances and what you want to get out of it. I'm new to mining, it's a learning experience. I'm gaining a large amount of hardware knowledge and it's introduced me to crypto in a relatively low risk way. The cards I use haven't lost any resale value as I bought them used and I'm looking after them in terms of temps and fan speeds. This also mean my ROI on each card is less than 3 months.

I wish that were the case. That's exactly how a decentralized POW network is intended to work. The more people participating and securing the network, the better off it will be.

Well as other guys mentioned, this depends mainly on the costs of the electricity but also very important, the price of the GPU's you will acquire.
You can calculate profitability in here:

https://new.nicehash.com/profitability-calculator/
(most recommended for starters)

or here:

whattomine.com

Good luck.

still new with mining as well and from each day that passed difficulty shown from time to time and if you are going to do it expecting for profits better to think twice mining will take some time especially if you will going to mine coins that will have a good future holding and waiting for it will give you a lot of profits.

Just keep on searching before you invest or trade... Actually we are in the same boat! I am also process of researching about RISE, I am very interested on there platform..

The common sense wins battle, wars, and no, is never late to people who have cheap electricity, and yes will always be late to people who have expensive electricity. This is the battle of electricity price, people with cheap electricity will keep increasing their farms until is not profitable for you with expensive electricity and that is the truth, in the end you will have to stop mining and that is it, move on.

i am mining dbix atm not really profitible but diff is stil really low, its risky investment but if it pays off i well have plenty of coins to play with

Mining is pretty harder for newbies and we need to invest big fund to get the ASIC miner and need to purchase the hash rate from the network to get the more income in mining.
What your friend said is right. Now Bitcoin and top five altcoins are not easy to make profit in mining you have multiple mining hardware set-up with the Antminer S9 or same specs in other brand.
You can mine Monero, LTC or Ethereum classic. These all good in value and easy to mine. Prefer Monero mostly.

you can count your profit by yourself here https://whattomine.com

Mining is not profitable! Go away, digger!

I personally would do 90 percent investing in ico coins while they are cheap and do 10 percent mining,  When you feel like the market is in a bubble sell some and use those funds to buy more video cards.

You get the benefits of using them as tax write offs for equipment expense and pay less capital gains tax.  You also hedge  your bets by having value in the cards itself so your risk is lower compared to a market crash

When I went all in on mining by getting Three s9 miners, Initially i was only getting $5 dollars per day,  Now it's getting more like $10-12 dollars per s9 per day so it's finally starting to look good..  I would have made more buying more eth/monero/etc.. instead of using all my cash on s9 mining.  I am curious to see how long the s9 machines can last and be profitable.  I do have one L3+ and that's been very profitable if you got them early enough.

When I initially started gpu mining I was getting $10 dollars per 1080 gtx ti card per day,  Now it's only getting around $3 to 4 dollars per 1080 gtx ti per day. However I have gotten lucky on signatum and selling at the top and a few coins to pay off 75 percent equipment off in 3 months. But this was luck and being willing to sell your coins at the top.  I am curious to see if 1080 ti gpu mining can achieve the good all days 10 dollars per day per card during a strong bull run.

Mining is a long term strategy and I would not recommend going "all in",  I would focus mostly on buying some cheap good project ico coins and also the top 5 coins to get steedy stable growth.  Use any coin excess profits to buy gpu for fun as well as tax write offs and help accumulate coins and diversify your strategy

Thant's what I'm doing. I was able to get 5.3cents/KWh & while difficulty is always rising it seems to me anyone smart enough to not expect fast returns & is willing to adjust their strategy with the market can still do well. I'm mining Eth right now but I'm watching many other options everyday always looking for the changes.

That's a better idea, you should be more careful on how the coins that you are mining went well. For me it's not going to be bad now for eth and as it rises lately it's current value. That's why people who invest for it nowadays begun to hold their token and other investors also buying eth same as you are mining it.

I would not say is to late to get into mining , i would say right now its not the best time :)

There is a lot of factors you need to consider about ...
Mining is a long term investment...
Investing into mining is a little bit gambling right now...

Yes difficulty is going sky high , but if the coin/fiat exchange rate somehow following the difficulty growth you are still good :)

Mining is still profitable , but the ROI time is much more longer than it was 3-4 or 6 months ago

Members suggesting to use profit calculators .. you need to understand those calculators is for just that moment when you typing your information , its not calculating difficulty increase , or Coin/Fiat price increase/decrease for tomorrow :)

One of The most important thing when you thinking about get into mining ... how much your paying for electricity , kwh/$ or kwh/euro ,  make sure all the taxes included in your kwh/$ or kwh/euro price.

Well I can't start right off the bat say that if had started five months it would have been much better. Profits from mining are getting lower and lower. Mining profits is controlled by the difficulty of the network. More diff.= less profits. And as more and more people start mining the diff. goes up.

In the past few months, mining got so much hype and everyone bought gpu cards and started their own mining rigs which pretty much explains why all cards are either sold out or are for insane prices.

I started two months ago and I can say that it's not bad considering that my electricity is not expensive. I pay about $0.045/kwh.
 
That's a lot. If I were you I'd actually not get into before doing the maths and calculating how many months needed to ROI (keeping in mind that your calculations can be useless if diff. goes up for example.)

It's really your and only your decision. Think about it and since you're trading as well compare it with the profits of trading and do the better.

Good Luck.

Yeas. Quite a nice source of info.

Look what Bitmain is doing do Dash difficulty with its Antminer D3

Yes, if you are referring Bitcoin as your mining cryptocurrency. There is no way you can mining bitcoins through GPUs.
No, if you are willing to try mining other Altcoins but also under the condition that you have access to cheaper electricity.

Another thing is that you noobs think is profitable but in truth is not and you will be in debt soon. It happened to many people that I know, they thought it was profitable and in the end it was not. they had to sell computer parts to pay the bills and give up mining.

you should just pull out the calculator, and spend about five to ten minutes, and you will have the conclusion, right?
your return on investment = ( hardware investment ) / (daily mining revenue - daily electricity cost)
you can easily find the price of any miners, right? here or Google
and you can easily find the online calculator of daily mining revenue of most popular coins, right? here or Google
and you know your electricity rate, right?

 :D

Eth hash rate dropped like nealy 15 percent this weekend as dummies exit

eth network hashrate is still the same, no changes since the difficulty bomb.

It's too late to invest your funds to get into mining, I did it a few months ago and yet to achieve the full return of my investment. The earnings have dropped tremendously the past month rendering it unprofitable to run a machine 24/7, especially if you have high energy costs.

I highly doubt that anything will change for the better any time soon.

I don't really think mining is dead, i don't think it will ever be 'dead' if you have decent electricity costs, it might take much more to ROI but its still a better investment than the bank, and its not really a lot of work

lol,

We did the same thing.  We started a few months ago buying used gtx 970s off Craigslist and Facebook marketplace for 100.00.  You can always find someone that needs money really bad for bills and things like a computer or computer parts are the first thing to go.  We just kept adding what ever cards we could that were cheap. 

Even with prices coming down if you were to get into mining at this point with new gear I think you would have a tough way to go.   I don't think its too late if you want to get in with cheap used gear. 

I would invest into ICO :)

stay away from, ico scam.

Yes, I agreed. Most ICO are scammed. So, it is better you start mining at some alt coins.

It's too late for on demand profit but long term its not too late.   You should just mine the coin your doing and promote the crap out of it and see how it goes.   2013 the bitcoin increase by 50 times from YTD.   ATM its 4 times.  Getting more people involve like using it and of course mining it can boost the popularity even more.

You will more than likely never return on investment if you bought gpus now.  You could buy ASIC machines when they come with a new, faster version of hardware and buy as many of them as you can right when they come out.