Bitcoin Forum

Thinking of a mining rig (ether and/or Sia) but have been told by a few people that there's no money in mining now, and that ether is switching to POW which will make it impossible anyway. Is there still money to be made home mining or not please?

So 2 random idiots (I'm going to call them that since you didn't specify their intelligence level or relationship) said something and you're here to get us to confirm or refute said statement. What you seek is confirmation bias.

If the next 10 posts tell you mining is dead will you believe them? If they tell you you make fistfuls of money would you believe them?

What if everybody in California told you mining is hopeless and everybody in Canada says it's easy money?

Best advice you'll get - stop being lazy and actually read the damn posts. Phillipma57's thread alone has enough information in it to make an informed decision - let alone all the  1050/1060/1070/1070Ti/1080/470/570/580/GPU Mining threads.

Yea it is still profitable. My new years vows are to get a couple of rigs running this year  8)

Follow what drg said. We are living in the age where information is Readily available right at our fingertips. Look around for yourself instead of trusting a word of a total stranger on the internet.. If you are in for the money then you must do your research before investing your money into a rig. It doesn't makes sense to throw money at something you don't understand. Mining isn't a get rich overnight scheme. You will only end up losing money this way..

Gosh, someone got out of bed the wrong side!

Not I. Look at my post history. When a noob ask a question which they've obviously tried to look for but is buried deep inside one of these threads then I will offer help just like many of other users here.

When a noob strolls in here after seeing a blurb on CNBC and asks where do I sign up for money - I want to correct their laziness in not doing their research or show them the door. Laziness has led to many of the pitfalls we have seen with crypto and many a stupid mistake (myself included). This site should celebrate crypto and all the work that goes along with it, not the moron who buys some 3 letter crypto and makes a million dollars and wonders why his coins are stolen when he gets malware.

TL:DR (lol) Don't encourage the lazy noobs.

You'll lose all of your money if you put money into a mining rig.

if you don't want to lose your money in mining, then you have to understand it,you have to believe it.somebody told you that mining is not profitable in current situation and you stop mining. that is ridiculous. look around you keep continue to learn about altocoin.research it.I am sure you are here to make handsome amount.so be careful before investing.and the answer of your is,yes mining is still profitable.

First of all why are you asking "a few DUMB people" if you want information about something that is well discussed on the internet ?
Let me start by saying that YES mining is still profitable and will always be. Ethereum is going up and price and broke the $1000 wall a week ago. This just started just another new wave of attention to mining and mining rigs again as the profitability of one rig exceeded a $1000 per month. That's less than 3 months to get ROI when mining Eth+Lbry.

I don't promise you that the difficulty or the price will stay the same. The diff will surely go up. But I just want you to look at the bigger picture. Coins that have a purpose (like ether and their incredible smart contracts system) are ever-growing coins. They won't die anytime soon unless something better comes (which I doubt). What I mean is even if the prof goes down again, don't stop mining or switch as it will totally jump again. Think of it as when it was at about $300 and a month later.

And also you'll lose all of your money.  That's why I mine.  I have a lot money to get rid of.

BEST FORUM POST FOR YOU TO READ IS HERE (https://bitcointalk.org/index.php?topic=2208927.msg22248565#msg22248565)

i am agree! not only mined new coin + change rate ))) double profit

Agreed. I've never made as much $ mining as I do right now. Anyone who tells you it's not profitable has absolutely no clue what they're talking about & the most important thing is to do your own research. Also HOW/what you mine, how much you pay for what hardware & your ability to squeeze every hash out of your cards while maintaining stability makes a big difference.
GPU mining rigs aren't always just plug in/go like ASIC & being tech savvy goes a long way. Lastly if you want to be successful you need to treat mining like a business & have an always evolving business plan. This is a very competitive industry & success long term depends on taking advantage of every edge you can get.

Good luck!

First of all don't put all your money into mining rigs
Mining is not DEAD, and it is still profitable.

I never had a mining rig, I am mostly an investor, but I mine for fun from time to time with my laptop Lenovo y50
I mine with CPU mostly on 5 cores and I still get awesome profit from easy mining coins.

You must target newly added coins with low diff to mine so you can mine them faster on the start.
I mine IntenseCoin (ITNS) just for fun even tho I am an investor
I have mined 1$ in 2 days with no constant mining with 5 cores on my CPU

You can see what can happen if you have mining rig with 7 or 8 GPU's or maybe more :)
cheers*

Yeah personally, I don't think spending a bunch of money on a mining rig is a good idea.
Big companies with millions worth of equipment are poping up everywhere and taking over the market on Bitcoin Mining, Ether mining, Litecoin yadda yadda. All the big money Currencies.

I think the best way to go about mining is to maybe build a comp with like 2-4 GPUs and a nice processor. Also you can pick up external hard drives fairly cheap. But you get those, and start mining smaller coins.
It's the smaller coins I believe will earn you the more profit over a longer period of time, because they are more likely to go to the moon than say, Bitcoin and Ether. They've had their run.. Now it's someone else's turn.

Plus, all the Lazy people don't even know there is more than 1 page of currency on Coinmarketcap. All the talk I ever see is all about mining the top 50 coins (That you can mine). Now that ALL the attention is brought to them, in my honest opinion, the money is going to be made on smaller Altcoins. Even ones that have not yet came out yet.

I personally feel, you can't ask the question "What coin is profitable to mine" or even "Is mining profitable". Because yes. It COULD POTENTIALLY be very profitable.
You have to ask yourself, what company is going to change the world and make an impact with their business plan.

Look at Sia coin for instance. They're going to give both google and amazon (And other companies I'm sure) a run for their money.
If they can capitalize on even 25% of both those markets. The current price is not justified at all!
But that is just 1 example and there are like over 500 Altcoins in the market as of now.