Bitcoin Forum

hey just wanted to know that is Bitcoin Cloud Mining profitable??
I am new here just bought 100$$ btc and wanted to invest in mining.i have invested like 5$$ in betarigs.com but after 10 min .i could see that i was losing what i invested .so i started to do research about mining and know that the actual miners cost like 1000k to 2000k $$.it was too much for me so searched for some cheap options and found out about Cloud Mining .I just wanted to know about it a little bit more and if anyone can help me get started with it any good sites to start could mining and is Bitcoin Cloud Mining PROFITABLE!!!

Thank's in Advance!! ;D

EDIT: I am thinking to buy this http://buy-antminer.com/antminer-u2 .will it be profitable to invest in the device??

Cloud mining is not profitable.  If it seems like it is, the company will disappear with everybody's money after 6 months and there's nothing you can do.  After all why would somebody go through all the work of setting up miners, a website, and company so they call sell you profit?

Miners don't cost 100-200k in USD. You can buy small ones for as low as $50.  The large companies do have a benefit when buying millions though.

They will come with lot's of reasons cloud mining is needed.  Fact is most miners now you plug in like a computer to network and set up information in it.  It's not near as hard as they want you to think.

If you want to mine long term get a miner, if electricity is to high in your area look into hosting.  Do ROI math.  Electricity and space are two big things to consider when deciding hosted or running at home.

any miner u suggest that i can make profit??

WELL IN MY COUNTRY THERE ARE HUGE POWER CUTS AND I DON'T EVEN HAVE MUCH SPACE IN MY HOUSE .ANY MINERS U SUGGEST .MY BUDGET IS LIKE 50 TO 70$$ AND OF COURSE PROFITABLE!!!

I would save up a little more and look in group buy.  $70 dollar sadly will not get you much mining gear.  You can get some of the older stuff in that budget for fun, but do ROI before buying.

I'm unsure by power cut if you mean shortage or cut in price.   If shortage and high look into hosting.  If cut as in cheap price mine at home, just be aware of possible heat/noise.  But if you have space for it and cheap electricity then you have a good start to being profitable.

Congrats on your first bitcoins :)

My best advice to you is to SAVE them. You will most likely be better of not mining.  
Spend your time reading and learning how to safely store you bitcoins, instead of reading how to mine bitcoins.

Hide them away safe, promise your self not to spend them. In a few years will you be happy about that decision.

The Antminer S3 is what everybody says is priced low enough that you might be able to make a profit.  You need to buy 2 at once and they're 0.64BTC right now, so out of your budget. You can buy part of one in a group deal but that can be risky.

I would suggest just waiting for a little dip in BTC price and buy as much BTC as you can with the $70.

First off, no, cloud mining is not profitable to anybody but the guy selling you the cloud mining contract.

Secondly, congratulations on your purchase of BTC!  That Antminer U2 is a fun little USB stick miner, but you certainly won't make any profit from it, especially at the completely outrageous price quoted in that link you gave.  The U2 should cost no more than $10 - $15.

If you want to try out mining and have your very own hardware just for fun, with your budget I'd suggest something like the Rockminer R-box (32-37GH/s for about $65 - $75).

Lastly, your expectation of being able to just spend $70 and somehow having that magically multiply itself from mining is unrealistic.  Mining is not a get-rich-quick scheme.  It is an investment.  And, just like any investment, it can either be rewarding or not.  Honestly, since you've already purchased the BTC, I would suggest you just hold onto it, rather than trying to find mining hardware with it.

hey do u sell it. I WAS THINKING TO MINE OTHER STUFF LIKE LITECOINS AND OTHER COINS .HOPE I CAN FIND A GUY WHO CAN GUIDE ME and do u know anyone that sell the antminer U2 plz tell me!!

Are you planing on mining litecoin with a antminer u2?   :D

lol yah but why??
EDIT: and i wanted to know about your trick!!

Oh you are serious ...  :(

The antminer U2 can be used to mine SHA-256 based coins.
Litecoin is a scrypt based algorithm, so you cannot mine litecoin with antminer U2.

Here is a good place to start:
http://www.coinwarz.com/cryptocurrency  

However the calculations does not take difficulty into consideration...

I can see that you knowledge-wise are almost starting from scratch, you could consider getting a used graphic card, I have seen a R9 280X sold for less than $100. And then mine a bit and get some experience. You will not make a profit, but you can make some experience, and after you will still have a ok graphic card to play games with.

Alternative strategy would be to invest in a PoS coin, like MINT or BC. Then use your normal PC to stake coins. But getting into altcoin is also a risky business.

But really, you should HOLD ON TO THOSE BITCOINS and not spend them.

sorry i forget about it :-[ :-[
and i am planing to buy more btc can u help me??

EDIT:and bro i was thinking that to invest in new coins like in the algo of x11 and x13 i dont know much about them and how to mine them .

consider being hosted .  read my hosting info thread


https://bitcointalk.org/index.php?topic=698679.msg7894701#msg7894701


keep your coins.  and buy a lower cost hosted miner.  they have some for btc and some for scrypt. you can use a cc to pay

feel free to ask advice as a newbie. 

yah bro i am pming u about it

for now i think bitcoin mining is not profitable, price of bitcoin increase smoothly but when we want to change bitcoin with our currency, it's more cheaper, thanks ...