Bitcoin Forum

Hi all,

I became interested in bitcoin mining after my friend told me about it a few years back.  I did some research and found out that I'd have to invest quite a bit of money in order to make a profit on my investment.  I was wondering if you guys could give me some insight on how to get started, what I should buy (I found an antminer s4 2000 gh/s bitcoin miner for roughly $1000 and thought this might be good), how much, when, and if I would make a profit on my investment, the benefits of joining a pool and what I would need to do so, the cheapest option I can buy to still make a good profit on my investment, and if this is overall a good idea or not.
Thanks

Mining might've been profitable or worthwhile for you back when your friend reccomended it to you, but it's not really profitable or worthwhile In my opinion. If you want to mine you could try an altcoin but I'd personally leave mining alone and look at earning bitcoins other ways. Up to you really.

Ok thanks for the input.  I just looked up the price history of bitcoin and saw that it was once over $1000 and now it seems to be the lowest it's been in a long time.  You mentioned earning bitcoins in other ways.  What other ways are there to earn bitcoins?  I didn't know that there were any ways other than mining.

If you're not looking to invest anymore in Mining, maybe it's best you buy some Bitcoins using that same money and then you can either, invest, lend, gamble, trade or hold according to your preference.

Ok thanks guys.  I'm glad I didn't invest all that money in something that might not be profitable. I'm going to take a look at litecoin for now and see if mining that holds any rewards.

Don't buy any hardware.

Now is the perfect time to buy lots of bitcoin.

Then you should be safe when you hold.

stay away from litecoin it's dying lol. you should buy bitcoin(price is low) and hodl...

And another reason would be that the block halves next year to 12.5btc

Good, mining btc now not worth anymore.
If you have a lot of money buy bitcoin with half your money and buy half for hardware. Its time to buy btc.

BTC price is 275 $ now and difficulty is increasing, so buying BTC is much better then buying hardware now.

don't do it

invest in bitcoin and it will be more profitable if bitcoin grows up

Unless you're able to have this multi million dollar setup in Washington State, you shouldn't get into mining:

http://media.coindesk.com/2014/06/20140523_164302-e1404154208253.jpg

Ideal situations entail decent BTC price(NOPE), cheap electricity like $0.05 kW/HouR(NOPE for 99% of the country), cheap miners bought in bulk(NOPE if you don't have a few million to invest)...so yea, that should answer your question.

Holy... Do you know who owns this?

http://static.fjcdn.com/gifs/Fapping_1d74af_2046636.gif

Better would be invest BTC in BTC mining services - there are a lot of companies out there  ;D

Not all of them are legit.

Be careful.

FTFY

Anyway, @Firefart7, don't invest any money into mining until you can answer all those questions yourself. At your level of mining knowledge and expertise, there is no way you will make a profit.

That's MegaBigPower out of Washington State:

http://www.logicoins.org/megabigpower-launches-global-franchisee-network-to-add-50phs-per-month-to-bitcoin-network/

Dave Carlson of MBP, the founder/operator, has all the checkboxes for profitable mining, but of course he invested quite a chunk to do so.

Thanks  :D , what about cex.io ?


Wow, I wish I could open a franchise.

Unless you get couple terahashes off power and free electricity look into it or else i say forget it not worth it anymore.

mining was good until june-july, later it has died in a blow, the last good coin was cryptonite, for btc mining i never consider it, it's a big farm zone since 2013

You should start mining after your friend told you about bitcoin ,now is useless ,better buy some

cex.io and some others may be legitimate, but they are also unprofitable.

For example, cex.io's maintenance fee for 1 TH/s is about 0.0128 BTC per day, but 1 TH/s generates only about 0.0124 BTC per day (at the current difficulty).

This is not unusual, because the cloud mining business model doesn't make sense. Basically, why would someone mine bitcoins for you at a discount when they could just keep them?

Personally I prefer having gear over cloud.   If you have decent electricity I still like mining.   It is something that i love doing at this point.  Started at end of GPU day's and been doing it ever sense.

Too many mining service like ponzi scheme, who come first they will serve, And who came late they gone ;D

mining places where it ??
if you can menshare his link?

If you read the entire thread you'd see I posted that this was Dave Carlson of Megabigpower's mine in Washington.

http://www.coindesk.com/megabigpower-launches-global-franchisee-network-add-50phs-per-month-bitcoin-network/

Yeah, if you have a decent amount of money (and free electricity), then go on ahead mining with your equipment.

However, I've been told by many a people that cloud mining might be a little more simple to set up.

i stop all my btc miner

since electricity cost is high at my city

impossible to get profit for me

just a suggestion for you : better you buy BTC and keep it until price high

forget about home mining :)

Agree, stay away Litecoin and Bitcoin they're slowly dying, maybe some altcoin will be good.

whether cloud mining reliable ???

Just to give you the harsh reality that most will probably will overlook and face is the maintenance to these miners.

Like how much electricity it costs to keep them on-going, and what do you do when bitcoin prices are this low? these are some of the things you have to consider.

My country sure doesnt support bitcoin mining, we have like 6 taxes on the electricity  :(

Plus since the problems with Russia and oil, now they are raising the costs.

I think Iceland has the lowest energy prices there, or find one with a good government and small electricity taxes.

To all the Noobs, there's a saying or proverb or whatever in Bitcoin mining land:


I don't know if that's the exact wording, but the gist of it holds true even to this day.

High and Low are all relative I know, but I'd say relative to the lifetime price history of BTC, maybe anything lower than a $600 Bitcoin is considered low and anything higher than that is considered high.

Mining for $200-$300 Bitcoins is no fun, especially when your Mom finds out you spiked the electric bill and blew a circuit in her basement.

Not sure about litecoin, but bitcoin isn't slowly dying.
In fact, bitcoin is making improvements continuously, and none of the hundreds of altcoins out there has an acceptance and popularity level similar to bitcoin, not even close.

Currently you shouldn't mine at home unless it's a hobby, if you are looking to profit don't expect much, as home mining isn't very profitable currently. Instead, invest in a cloud mining site, but make sure that it's a legit cloud mining site, not a ponzi.

I would avoid mining. The trouble is the difficulty can keep going up and you may have a return of 60% - 80% and you keep at the rate seemingly in perpetuity, slowly inching your way back up to under 100%. Then you factor in electricity and the ROI doesn't ever seem to get you back to square one.

Don't go for mining as after reward halving, and even based on current rewards and current price and difficulty, it's next to impossible in order to make any ROI based on each factor that will needed to get considered when it comes to mining, such as electricity, mining hardware cost, efficiency of your hardware, cost/GH/s, etc...

Does anyone have more numbers on that warehouse guy? I would be interested to know more.

I don't think getting is a good idea now. The electricity bill you run up will make it not worth your while.

Even legit cloud mining service is not going to necessarily bring you more than a ROI. Be careful with mining in general. In this age and day the best option is to speculate with altcoins and holding bitcoin.

agree with you sir

buy btc hlod it until 10 years later :)

Yes the day he told you about it 2 years ago drop everything you were doing and invest invest ivnest and save.... and btw if you time machine is up and running can i ride with ya?

If you were to start before, like a few years ago, then you would profit.

Now, the difficulty is so high its not possible in a short term hobby.

It has never been easy for miners to make a profit. Many people believe that early miners used to rake in the dough, but that is a myth. Even back when the difficulty was 20, miners couldn't make much of a profit (if any) because the 50 BTC reward was worth only $0.20.

I meant that some people used to mine bitcoin when the difficulty was low enough for it to just work (BTC in wholes, not insane decimals)

and the held on to it until today, when it is worth something.

GPU mining is a thing of the past. With several companies releasing devices specifically engineered to mine bitcoins, the difficulty has increased so much that it is impossible to turn a profit with a regular computer setup.

Bitcoin investment is a great opportunity. There is no minimum amount to buy and right now they are in their infancy. Because of the increasing demand for Bitcoins is increasing they have increased in value exponentially. There is also a possibility of them dropping. It’s speculation, but the base is getting bigger, and because bitcoin has no central authority to issue them any faster, supply cannot keep up with demand, causing them to rise in value.

Wrong, due to the drop of bitcoin price, the difficulty will decrease on the next retarget http://www.bitcoinwatch.com/ as miners can't afford to cover their costs let alone ROI. It's still pretty silly to invest in ASIC.

If you want to do GPU mining, you might wanna go for altcoins, maybe even litecoin.

this is exactly the story of my life.
my friend told me about bitcoin and bitcoin mining as he was doing it easily and earning good money from it but i was lazy to listen to him.
now (IMO) it is not worth it to get into mining since the high difficulty and low price