Title: Worth mining? Post by: SparkedDev on August 01, 2014, 10:41:27 PM Well since BTC is being legal tender in california I'm looking into way to profit off this big move such as ideas/mining/owning my own currency exchange building mabe in sanfran.
Personally do you feel i should just stick to what i normally do, or should i put up some money i can spare into a bigger project? Title: Re: Worth mining? Post by: DrG on August 02, 2014, 03:49:20 AM I'm not sure why you posted this in mining speculation.
Nobody will utilize small players as an exchange. Your neighbor Coinbase is a HUGE BTC company and a lot of Bitcoin users still don't like them or trust them. I would develop services that use BTC as payment, avoid fiat altogether so you don't have to deal with the mountains of paperwork as a money exchanger. Title: Re: Worth mining? Post by: xstr8guy on August 02, 2014, 09:36:24 AM Absolutely the wrong forum. I will ask an admin to put it in the correct forum.
Title: Re: Worth mining? Post by: Kprawn on August 02, 2014, 10:18:33 AM Well it seems as he is new to BTC and is asking help on how he can enter the BTC area. So he is at the right place.
His Subject question was ..." Worth Mining" --> By that I suppose, you asking if BTC mining is still profitable? The short answer - No, if you solo. The Long answer - No, if you cannot invest a lot in good hardware and have low electricity cost. How much do you plan on investing? There are other coins to be mined, and traded for BTC if you only have little to invest. Title: Re: Worth mining? Post by: bomb177 on August 02, 2014, 10:47:41 AM You should invest what you can afford to lose in bitcoins, but avoid mining since it isn't profitable anymore for most people.
Title: Re: Worth mining? Post by: ranochigo on August 02, 2014, 12:00:31 PM Well since BTC is being legal tender in california I'm looking into way to profit off this big move such as ideas/mining/owning my own currency exchange building mabe in sanfran. Owning an exchange requires you to go through legal procedures, build your own server and manage security. This isn't something that anyone can manage, if something gets stolen, you would be 100% responsible for the explaination and your reputation would be gone completely.Personally do you feel i should just stick to what i normally do, or should i put up some money i can spare into a bigger project? Title: Re: Worth mining? Post by: iluvbitcoins on August 02, 2014, 01:33:00 PM Well since BTC is being legal tender in california I'm looking into way to profit off this big move such as ideas/mining/owning my own currency exchange building mabe in sanfran. Owning an exchange requires you to go through legal procedures, build your own server and manage security. This isn't something that anyone can manage, if something gets stolen, you would be 100% responsible for the explaination and your reputation would be gone completely.Personally do you feel i should just stick to what i normally do, or should i put up some money i can spare into a bigger project? exactly, and building a reputation will take years, hundreds of bitcoins and quite a lot of advertising there's plenty of competition out there, it's hard to make it you should try to find a new idea and implement bitcoin in it instead of just creating an exchange Title: Re: Worth mining? Post by: HashFarmer on August 02, 2014, 01:48:06 PM Well since BTC is being legal tender in california I'm looking into way to profit off this big move such as ideas/mining/owning my own currency exchange building mabe in sanfran. Personally do you feel i should just stick to what i normally do, or should i put up some money i can spare into a bigger project? You need to know how to build your own mining gear to be profitable, otherwise none of the mining gear is profitable.. Title: Re: Worth mining? Post by: 2double0 on August 02, 2014, 01:51:19 PM Yes if you trade on cex
No if you buy equipment Good luck man Title: Re: Worth mining? Post by: Don007 on August 02, 2014, 01:54:15 PM I don't think mining is currently profitable if you still have to buy all the equiptment yet.
However, that's with the current price. If you stash your mined BTC (which are now worth about, let's say $600), if might have been profitable in the long run (when the value might be about, for example $1500). However, that's quite a gamble (in which you shouldn't be involved with money you can't afford to loose / money you lend). Short term trading etc is still profitable (if you know how to, and got some luck). Title: Re: Worth mining? Post by: InwardContour on August 02, 2014, 02:00:34 PM Mining isn't profitable, if you want to have some experience with it just rent a mining rig
through a cloud service and try to mine an altcoin. But to gain some real profit you should buy bitcoins and hold them for months or years. Title: Re: Worth mining? Post by: ranochigo on August 02, 2014, 02:01:19 PM I don't think mining is currently profitable if you still have to buy all the equiptment yet. Why don't you just buy BTC? If you actually just stash mined BTC from bought machines, the profits would be way smaller, shipping fees, overpriced equipments. It is better to use that amount of money to buy BTC as the fees combined would still be smaller than the loss from mining.However, that's with the current price. If you stash your mined BTC (which are now worth about, let's say $600), if might have been profitable in the long run (when the value might be about, for example $1500). However, that's quite a gamble (in which you shouldn't be involved with money you can't afford to loose / money you lend). Short term trading etc is still profitable (if you know how to, and got some luck). Title: Re: Worth mining? Post by: Don007 on August 02, 2014, 02:09:36 PM I don't think mining is currently profitable if you still have to buy all the equiptment yet. Why don't you just buy BTC? If you actually just stash mined BTC from bought machines, the profits would be way smaller, shipping fees, overpriced equipments. It is better to use that amount of money to buy BTC as the fees combined would still be smaller than the loss from mining.However, that's with the current price. If you stash your mined BTC (which are now worth about, let's say $600), if might have been profitable in the long run (when the value might be about, for example $1500). However, that's quite a gamble (in which you shouldn't be involved with money you can't afford to loose / money you lend). Short term trading etc is still profitable (if you know how to, and got some luck). I totally agree with you. That's also the way I roll. I quit mining since many months now. But what I ment to say was that mining still might be profitable. So if the topicstarter is really into mining, he might ROI in the long run. Directly buying BTC instead is a smarter step in my opinion too, but hey, that's his own decision. Title: Re: Worth mining? Post by: notlist3d on August 02, 2014, 02:56:10 PM I don't think mining is currently profitable if you still have to buy all the equiptment yet. Why don't you just buy BTC? If you actually just stash mined BTC from bought machines, the profits would be way smaller, shipping fees, overpriced equipments. It is better to use that amount of money to buy BTC as the fees combined would still be smaller than the loss from mining.However, that's with the current price. If you stash your mined BTC (which are now worth about, let's say $600), if might have been profitable in the long run (when the value might be about, for example $1500). However, that's quite a gamble (in which you shouldn't be involved with money you can't afford to loose / money you lend). Short term trading etc is still profitable (if you know how to, and got some luck). I totally agree with you. That's also the way I roll. I quit mining since many months now. But what I ment to say was that mining still might be profitable. So if the topicstarter is really into mining, he might ROI in the long run. Directly buying BTC instead is a smarter step in my opinion too, but hey, that's his own decision. Mining can still be profitable. There are so many variables. Electricity and room is a lot of it. With cheap electricty and lot's of extra room I am lucky. I imagine in San Fransisco these are a premium so do ROI, also look at hosted if want to mine. Again do ROI. As far as "own currency exchange building". It is very hard to do legally and compete. To get to where coinbase is you would have to most likely in spend hundreds of thousands to become a operating currency exchange in us. Yes... you can do something like localbitcoin, but in US this is technically considered money laundering. So far no one I know of has been in trouble for just localbitcoin trading, there has always been something larger that caused it to be looked into. But look into money laundering before doing your own currency exchange. Or better yet talk to a lawyer who can help you on business idea who knows far more then me :) Title: Re: Worth mining? Post by: ranochigo on August 02, 2014, 03:06:13 PM I don't think mining is currently profitable if you still have to buy all the equiptment yet. Why don't you just buy BTC? If you actually just stash mined BTC from bought machines, the profits would be way smaller, shipping fees, overpriced equipments. It is better to use that amount of money to buy BTC as the fees combined would still be smaller than the loss from mining.However, that's with the current price. If you stash your mined BTC (which are now worth about, let's say $600), if might have been profitable in the long run (when the value might be about, for example $1500). However, that's quite a gamble (in which you shouldn't be involved with money you can't afford to loose / money you lend). Short term trading etc is still profitable (if you know how to, and got some luck). I totally agree with you. That's also the way I roll. I quit mining since many months now. But what I ment to say was that mining still might be profitable. So if the topicstarter is really into mining, he might ROI in the long run. Directly buying BTC instead is a smarter step in my opinion too, but hey, that's his own decision. Mining can still be profitable. There are so many variables. Electricity and room is a lot of it. With cheap electricty and lot's of extra room I am lucky. I imagine in San Fransisco these are a premium so do ROI, also look at hosted if want to mine. Again do ROI. As far as "own currency exchange building". It is very hard to do legally and compete. To get to where coinbase is you would have to most likely in spend hundreds of thousands to become a operating currency exchange in us. Yes... you can do something like localbitcoin, but in US this is technically considered money laundering. So far no one I know of has been in trouble for just localbitcoin trading, there has always been something larger that caused it to be looked into. But look into money laundering before doing your own currency exchange. Or better yet talk to a lawyer who can help you on business idea who knows far more then me :) Title: Re: Worth mining? Post by: Yakamoto on August 02, 2014, 04:06:34 PM Not really worth mining, unless you have a lot of luck, space, and free electricity.
An ROI may occur if you buy really-high-power equipment soon, as it could help to skoot along the possibility of getting an ROI. Make sure you have efficiency and speed. Those are the two necessary things to have. Title: Re: Worth mining? Post by: ranochigo on August 02, 2014, 04:10:14 PM Not really worth mining, unless you have a lot of luck, space, and free electricity. ROI is never guaranteed. To have more possibility, you need to be the first in the world to receive the most efficient ASIC. You can mine it before anyone else. Since it is sold in batches, difficulty will increase when everyone have receive their ASIC unless it is a limited edition super efficient one which does not exist.An ROI may occur if you buy really-high-power equipment soon, as it could help to skoot along the possibility of getting an ROI. Make sure you have efficiency and speed. Those are the two necessary things to have. Title: Re: Worth mining? Post by: BunsenBurner on August 02, 2014, 05:51:36 PM Well since BTC is being legal tender in california I'm looking into way to profit off this big move such as ideas/mining/owning my own currency exchange building mabe in sanfran. Personally do you feel i should just stick to what i normally do, or should i put up some money i can spare into a bigger project? If you have the capital and ability to create and run a new exchange, you can do it but it will definitely be a huge, difficult, risky but possibly very rewarding project. Bitcoin mining, on the other hand, isn't really profitable from my point of view. Title: Re: Worth mining? Post by: oceans on August 02, 2014, 07:28:34 PM Mining is not as profitable any more, investing what you know you can afford and do not mind losing is a better way than attempting to mine and possibly not gaining half as much as what you could have done investing instead.
Title: Re: Worth mining? Post by: odolvlobo on August 02, 2014, 11:23:57 PM Well since BTC is being legal tender in california I'm looking into way to profit off this big move such as ideas/mining/owning my own currency exchange building mabe in sanfran. Personally do you feel i should just stick to what i normally do, or should i put up some money i can spare into a bigger project? First, bitcoin is not legal tender in California. The recent change just made it no longer illegal to use. Of course, this is not as big of a move as you might have thought. Second, the hardest and most expensive part of setting up an exchange is complying with the regulations. Finally, mining bitcoins is not for newbies. Mining can be profitable only if you can keep your costs down and you know what you are doing. Unfortunately, most people pay more for the mining equipment than they receive in revenue. Title: Re: Worth mining? Post by: Bitsaurus on August 03, 2014, 07:49:30 AM If you're in CA there's always a lot of opportunity to start a business and just accept BTC as the preferred payment method but you would need to keep a tight ledger to pay taxes. Mining is pretty much dead except for free electricity people.
Title: Re: Worth mining? Post by: notlist3d on August 03, 2014, 04:18:53 PM If you're in CA there's always a lot of opportunity to start a business and just accept BTC as the preferred payment method but you would need to keep a tight ledger to pay taxes. Mining is pretty much dead except for free electricity people. Everyone should do their own ROI. I am lucky to have space and cheap electricity so mining is very much alive for me on Asics. Granted I did stop GPU mining as heat and electricity was making my profit to slim, and was better off selling my cards. I'm sure for someone in big cities this is much different then me, but depending on your situation mining is very much alive. Title: Re: Worth mining? Post by: 4onesea on August 03, 2014, 06:24:55 PM I'm trying to "mine" LetsTalkBitcoin (LTB) just by posting in their forum, maybe this is the only coin worth mining.
Title: Re: Worth mining? Post by: giveBTCpls on August 03, 2014, 08:40:38 PM Bitcoin hasn't been worth mining for ages. Of course when everyone gets told that it's not worth mining, well... somebody has to do the mining, for the coin to work, but basically whoever started first scallated on his mining business and now owns tons of hashing power, so whoever comes after that is just mining peanuts.
Title: Re: Worth mining? Post by: harlenadler on August 03, 2014, 09:15:47 PM I'm trying to "mine" LetsTalkBitcoin (LTB) just by posting in their forum, maybe this is the only coin worth mining. Don't know how long that's gonna last. But maybe it will go somewhere.... Anyone remember Motocoin? ;D Title: Re: Worth mining? Post by: griffga on August 04, 2014, 02:02:38 AM If you take a chance and risk mining a coin with really solid fundamentals from minute one you may be able to make a lot of profit. Unfortunately, if you just go to the latest multi pool and mine whatever is most profitable, it's hard to really make good monthly income without a powerful mining setup. What do others think?
Title: Re: Worth mining? Post by: Bitsaurus on August 04, 2014, 06:02:53 AM If you take a chance and risk mining a coin with really solid fundamentals from minute one you may be able to make a lot of profit. Unfortunately, if you just go to the latest multi pool and mine whatever is most profitable, it's hard to really make good monthly income without a powerful mining setup. What do others think? Coins are not stocks/equities. I'm not sure what fundamentals are. Perhaps you mean a coin with great innovative ideas and a good dev team. Unfortunately it's hard to find those now with 10 scam coins popping up per day and cluttering the place with little scam wastes. Title: Re: Worth mining? Post by: ranochigo on August 04, 2014, 10:46:04 AM If you take a chance and risk mining a coin with really solid fundamentals from minute one you may be able to make a lot of profit. Unfortunately, if you just go to the latest multi pool and mine whatever is most profitable, it's hard to really make good monthly income without a powerful mining setup. What do others think? Coins are not stocks/equities. I'm not sure what fundamentals are. Perhaps you mean a coin with great innovative ideas and a good dev team. Unfortunately it's hard to find those now with 10 scam coins popping up per day and cluttering the place with little scam wastes. |