Bitcoin Forum

I am new to BTC. I have heard that BTC mining is not profitable. I like to know more about BTC mining from experienced member.

It's almost not worth mining btc anymore unless you have terrahashing equipment. You should buy in to BTC hold some of it, wait for it to rise, and buy whatever you desire. Without transactions and sales bitcoin would just sit and possibly loose value, but you don't have to spend all that you buy.

Think of it as a type of lottery play to mine it

A lottery pretty much sums it up.

1 block you actually solve and get = 25 bitcoins. But those odds are highly unlikely so, most will see however much effort in speed will return appropriate rate.

This also excludes on work being rejected, since someone already turned it in to solve.

Does a 12-Terrahash prototype count?

Lets say developing that thing cost you only 10,000 USD, you pay 0.1 USD per kW/H and your 12 TH/s prototype eats 6KW
Youd break even after ~51 days assuming 20% rise in difficulty.

Regarding OP. If you want to know whether mining is profiltable or not, do the calculation with one of the many calculators (e.g. https://bitcoinwisdom.com/bitcoin/calculator )
It greatly depends on your electricity cost. Some people claim they get free electricity (which I doubt is true), so any hardware can be profitable if you buy it cheap enough.

Mining bitcoins Is not worth your time and effort, It's hard to make profit from mining now days. Better buy bitcoins for those money that you had for mining rig, that's my advice.

I'm predicting now that you will need a price of less that 1$/Ghz to be mining with profit this days. If you're new to bitcoins and not holding thousands of USD you want to invest, I would rather recommend you to buy and hold bitcoins instead. That will probably give you a better profit.

That makes no sense. Even if you are talking about 1$/GHASH/s. 1$ for what? Electricity? Hardwarecosts? Shipping?

Thanks for your help. What about other major Cryptocurrency? Are they still profitable?

Mining altcoins is pretty much a full time activity now with little to no rewards.

People usually check coinwarz for the most profitable coin, but by the time they mine and would like to sell their coins usually it's already crashed/died.

btw, (bitcoin) mining never was a surely profitable endeavour. When GPU rigs generated a lot of coins their value was only a fraction of todays rate, it never was a get rich quick scheme.

I would advise that you only invest the money you can afford to lose and If you want to support the network consider mining with a cheap USB miner or run a full node.

From where i can buy Bitcoin? Do you have a recommendation?

Depends on your country search it up here : howtobuybitcoins.info

Dude, buy as many BTC ASICs as you want, but I recommend mining other coins that use the SHA256D style, so you can continuously use them to made a nice ROI.

I read a article on Bitcoin mining. That article is showing mining coin that use Scrypt style is more profitable.

Multiple Algorithm currency.

Invalid.

Most of the replies on the forum on this subject, points to "No"

Have you ever wondered what someone would saym if you walked into the "Klondike" years ago, and you wanted to go stake your claim to get gold.

They would all tell you, it's not worth it.

Consider that "mining" any currency, comes with some competition, like in real world.

If the money is good, and there is limited amounts, you would lie, would you not?

But this is just my opinion, and I might be wrong.

I just do'nt believe anything I hear, when money is involved.

Proof is in the Bitcoins ;->

Theres a difference within mining, if you mine directly its not profitable. But, if you mine with alt rigs is the best way for small time miners.

I don't recommend bitcoin mining!
Only because you need to invest a lot to earn well and the difficulty is increasing too quickly!

True, you shouldn't follow others' advice blindly.

You could use any mining profit calculators out there to check the profitability yourself.
Or, you could check the bitcoin wiki to understand how difficulty works and check the mining speculation section here to build your own profit calculator (could be done easily in Excel).

I am pretty sure all these will also point you to "No" :P

I would personally recommend bitstamp and localbitcoins.
You can also use coinbase and bitsimple if you are in US.

Bitcoin ATM are the best IMO. You just need a few seconds and it isn't that hard to use. Also, you don't have to wait longer for bank transfers. Another alternative is Virwox which accepts paypal and credit cards. However, fees are high and limits are lower.

No, no, no. We are all still mining with our old laptops CPU/GPU and our 336MH/s ASICs USB Sticks and make loads of coins. But we dont want you to know this, so we tell you to stay away from mining, because "electricity" and "ROI" and all them fancy words.

</sarcasm>

1$/GHASH/s in hardwarecost. Then you will probably get ROI right now.

Dont know, maybe the machine eats 10TW/s and thats why its so cheap... Thats what I said. You have to consider several things when you want to calculate profit.

Its hard to ROI even with $1/GH/S its unlikely for companies to ship such cheap asics. Its either a never coming preorder or a scam company. As you mentioned, there's alot of factors to consider about. Example, cooling, space,management, powercost. The ASIC might also be of a bad quality. Think twice before buying an ASIC miner.

BTC mining requires big investments:

https://bitcoinwisdom.com/bitcoin/calculator

Even if the seller is legit, it could still be unprofitable due to its effect to the network hashrate and difficulty.
If someone is able to produce and ship thousands of new-generation ASICs (with very high efficiency and very high hashrate), the difficulty could have doubled in 7 days lol. :P

I have also heard that BTC mining has become less profitable.So i am confuse about it. Should i start mining BTC or try in other cryptocoins?

1) Buy (Recommended)
2) Find a high efficiency ASIC from a trusted seller, try not to preorder it. (Guaranteed to make ROI)
3) Find alt coin. I wouldn't recommend this much since there are plenty of pump and dump coins.

Mining is a high risk business.

Should do more research before committing your money into something you have no knowledge of.