Bitcoin Forum

Hi guys,


I am considering investing a fair amount of money 6BTC into a mining operation.  I have never done any sort of mining before, and was wondering whether or not it's actually worth it ?.

What miner is the best to go for that amount of money?
How much would i make a day?
How much electricity would cost me?
Is it worth time/effort?

People say it's not worth it, but i'm just giving a shot on here to see if someone thinks differently.
I am looking for a stable income, so i'm not sure if this is for me.

You call it an investment.  Typically people expect investments to earn them money.  If you spend 6BTC buying hardware and mining it's almost certain you will end up with less than 6BTC (unless you have a good connection with cheap ASICs).

You might be able to make ROI, but there are a lot of factors to consider.  Space, electricity costs, time, etc.  You said you wanted a stable income, mining is about as far away as you can get from that.

For the $, I'd recommend you go with a couple Dragon (https://bitcointalk.org/index.php?topic=514758.0) 1th miners.  You'll get $25 off each for buying more than one.

At the moment it would make 0.0428 each daily

Power costs depend on your area.  Those machines use a little under a kW, so just multiply your kWh cost by 24 and you have the daily cost to run each one.

If you're talking about profit wise, it almost certainly isn't worth the time.  If you wanna get involved in BTC and play around with some hardware, it is :)

Mining can be fun but there is of a lot of uncertainty and only the very skilled are winning atm

If you are new you will not get skilled right away so you are likely to lose (negative BTC ROI) and it will consume a lot of your free time so I would advice you not to do it if you don't have a passion for it

Invest 6btc in mining equipment and watch your "stable income" decrease 40-60% every month. Or you can increase your hashrate 40-60% every month just to maintain your original first month income.

Doesn't sound so great now, does it?

If you start mining now, it doesn't end at 6 BTC. 

You'll end up re-investing more BTC into more miners just to keep up with the difficulty jumps and electrical costs just to maintain or increase your initial daily payouts.

Mining for ROI is probably the hardest thing to do at this point, without significant financial investment, cheap electric and/or hosting facility.

It all ends up to what you said : you have to be a professional miner or to do it for fun

3k usd is not much.
hold onto your Bitcoins... it might go up it might go down.. but if you buy mining equipment it will go down and difficulty will go up.
so yeah, hold your bitcoins. I reckon most minors would of preferred they held onto thier coins. espeacilly ones who spent 100 or 1000s of bitcoins when they were $5 on pre-orders

The same goes with traders or most Bitcoin investments : Most would have been better off holding

OP probably has more than 6BTC total

Of course it's worth it, but if I were you I'd just wait a bit, there are really big projects in development right now, like GAW's Prime, that will give a steady and secure ROI.
First of all read a bit and know the industry, don't throw your money away.

You have better chances just saving your Bitcoin and wait for the price to increase. It will be your best bet and in your best interest.

This is the right time to hold, 6 btc will be at least doubled in value next year.
On the contrary if you buy miners with them you will only lose part of your initial capital.

Probably not a good idea.

The rate of difficulty increases will likely be greater then the rate that bitcoin increases in price (this is essentially what buying a miner is betting will not happen).

Yup, miners are in a way betting against Bitcoin, if price stagnates/goes down then investment in new mining gear dies down and you can most likely make a profit in BTC if you have low costs of running them. The big risk is sudden price increases exponentially increasing the investments in mining gear like late last year.

My suggestion is to never go all in when betting "against" BTC ;P

Unless you get really lucky or have an inside line with no-scam asic manufacturer your better off simply holding your coins (if profit is your primary motive that is)

This exactly. Best try not getting into mining at this stage.

 With 6BTC  ($600x6= $3600).....Maybe. I have already invested nearly 10 grand (mining equipment) and I haven't made ROI yet. Most likely I might spend another 3 or 4 grand this year.

Do not go with preorder route, in fact do some basic research about the company. I recommend Bitmain.

Your ROI is not going to depend on how much you spend on your equipment, it will be based on how much you paid per GH/s (or TH/s) and how efficient (in terms of electric usage) the machines are.

agreed,
it is very risky. because it requires hardware and electricity.
and with increasing difficulty that makes income decreases every week,
but it depends on what coin you mine.

Only if you are going to wait for the S3, else no.

Bitcoin is worth far more than mining gear, you will never make it back paying retail prices for the miners, even with free electricity/rack space.

I would say just hold on to your coins. If you really want to mine, just get a single small one.

As a hobby: go for it. That is all mining is now is an expensive hobby for anyone lacking a million dollar bankroll.

As a profit venture: good luck, impossible without buying at manufacturing cost for the ASICs, and having a high power datacenter to house them.

In theory you would eventually ROI if you did not have these operating costs as you could simply leave your miners on almost "forever"

Interesting to know what will be the value of BTC and when will it jumps big time.

Nevermind that it can "falls" big time too.  ;)

Bitcoin mining was for hobbies earlier and now its purely for experts unless one ease to loose money in mining hobby.
If you are an expert you can ROI from mining hardware. You need a lot of thinking, you need to baby sit a lot.
After all if the exchange rate plummets, all the efforts will go to worthless and money you invested will shrink.
It all means, if you know and have time buy hardware else hold on to btc and sell after a lot of difficulty jumps, you will earn a nice income.