Bitcoin Forum

Everyone keeps telling "do not mine, it's not worth anymore". But why? I have been mining scrypt altcoins for 1 month now with 4 GPUs. The electricity is about 30-40% of the revenue, the rest is pure profit. I bought and built the rig myself. The GPUs are used ones, in good condition from e-bay. The whole rig costed about $1000. I earned 25% of it in the first month and planning to build another one next month.

According to my experiences is DOES pay to mine. It is not an easy work, fine tuning and continuous monitoring of the hardware is essential.

I do believe it's definitely worth it and a fun thing to do. Don't agree? Why not?

Maybe they mean don't mine Bitcoin. It's probably not worth it for BTC, but you can obviously make a bit mining alts and trading them.

I think most of them or talking about Bitcoin. If you want to get some profit from Bitcoin, you should make a big investment. And not everybody thinks 250 dollar per month is worth the hassle.

It's a risk no matter how you look at it. If you're making money then keep at it, but there are a lot of variables at play that make it less profitable for some people. Electricity costs vary and not everyone knows what they're doing when it comes to putting a mining rig together. When people say "don't mine" they're not saying that absolutely no one can make money in the current state, it's more "If you have to ask, it's not for you"

I think the profitability of mining depends on what cryptocoin you are mining. Im currently investing in some pool mining servers for Primecoin, wich still can be profitable if you invest enough time to find cheap providers where you can have dedicated CPU cores for a relatively low price.

From my point of view I found out that you reach the best profits when you use many small machines instead of one big. I still got an i7-3770 running which makes 0.3633 Shares/hour, what means a loss of -59,07% compared to the monthly price. But on the other hand I found a host which covers its monthly price just by the default output of Shares I get. Every lucky shot within(long chains or full blocks) is pure profit for me.

But it takes a lot of research time to find optimal conditions like that. And of course it could happen that the price for XPM halves or something similar. Free enterprise is always connected with a certain risk. :)

I think that it comes down to many things, but for me it isn't feasible to mine - there's the initial investment, the cost of electricity, the wear-and-tear, the difficulty etc.

Of course, mining alts to trade for BTC could see future wins if the value of BTC rises dramatically - we have a tendency to measure against current price, rather than future worth.

Mining is only profitable when you get the newest, fastest hardware first, and you need cheap or free electricity. Unfortunately that ship has long sailed when the batch 1 Avalons sold out. Not to mention the fact that everyone is enticed by the possibility of "free money" so it becomes less profitable for everyone as everyone jumps on the bandwagon.