Bitcoin Forum

The most profitable bitcoins I ever mined, were the ones I mined when it was unprofitable to do so.

So good times are ahead?

Good times are a path, not a destination. If you are being productive in the Bitcoin community, learning, and having fun, then the good times are already here. You choose your own path.

Very well said.
All the early adopters who got in didn't knew that Bitcoin would ever be this big but they trusted it when others didn't.

In other words: "if you hear it in the streets, it's time to get out"!

I wish I would have found bitcoin much earlier when those times when you could actually earn something from cpu mining. It's too late right now but what I can do to look forward is to get as much as possible on whatever I can with the current price dip and hopefully someday I could look and see what I've done today and be proud of it  :'(

You'da been richer if you bought coin back then, instead of mining it.  And didn't "reinvest" the profits into [now worthless] gear.
Oh wait, it was "the fans" who paid for the worthless gear...
Nvrmnd, carry on.

And compared to just buying at the time?

Buying coins was always more profitable than mining yourself. And with the current equipment you will never see ROI in bitcoin.
The good thing is: Most miners can not properly calculate their costs. All mining equipment sellers say: Thanks TARDS for the easy money.

At next to no cost, CPU hashing in the background on a PC you were using anyway or an always-on PC? Before there were any exchanges?


Those are perhaps the wisest words that have ever been posted in this trollbox sub-forum.

You're obviously not some goofy inexperienced adolescent like most of the bears around here seem to be.

Cheers.  :)

Might be pearls cast in front of swine, but wise word indeed.

Wrong.

CPU mining on a a PC that was on anyway was always profitable. Same with single GPU mining.

Also, Bitcoin didn't start with MtGox. There haven't always been exchanges from which to buy bitcoins.

There was a time when if you wanted coins you had to either mine them or trade pizzas for them.

Nope. Even then you could buy BTC for gaming currencies and other stuff. Even some accepted paypal. 5$ for 1000 BTC  :o
You can still find such forum postings in the internet. Scammers were not that popular than today.

And a PC that is always on in IDLE consumes much less power than a CPU miner. Buying or Trading BTC for other stuff was easier and much more profitable.

Yup. Bitcoin back then was unheard of by many people until the ath back in 2013. Most people jumped into the train thinking that they could get some easy money out of bitcoin. But look at those who invested during that time. They are now worrying because of the massive price drop.

And again, (I like this line a lot):

I guess it comes down to how much electricity costs. If it's free, mining is a no-brainer.

This is why I only mine during the electric heating season.

That is a good point.
But you can only mine a significant amount of coins with ASIC miners, and they normally do never achieve ROI (late shipping, increase in difficulty, ...).

Even LTC GPU mining is a waste of time after ASICs emerged for script mining.

Agreed. Luckily I got my 30GH BFL ASIC miner barely in time (Oct 2013) to mine enough to pay for it, even at today's prices, before it became almost totally obsolete. Fuck BFL. I hope they all rot in jail.

I was fortunate that I bought mine with fiat (Paypal) the previous February while trying to find a way to buy bitcoins. If I'd paid in Bitcoin, I'd be really pissed off.

As for Scrypt ASICs making LTC and others unprofitable to mine, perhaps there's still a ray of hope in multi-algorithm alts like Ethereum or Darkcoin.

Can you clarify that ? Is it because you mined when the price was around 100$ and went to 1000$ in very less time ?

I was referring to coins mined in the <$3 range, which was the last time I saw people as fearful as they are now.

Do you have any virgin coins left?

Lol at the term "virgin coins". If only I knew that bitcoin will gain such a value, I definitely mine them or bought them when it was still below $50.
And again:

Highly doubtful.  I use my coins.  If everyone just bought and held, Bitcoin would be worthless.

"If I'd had done it for the money I'd have been a fucking lawyer"

Hahaha! True on that point. If everyone just bought/mined and held, bitcoin would have got no value, and that is what's happening right now. Most bitcoiners hold their coins with high hopes that it will soon rise in price.

Golden. :D

After the April 2013 bubble popped to $60 sentiment was low but not this low. Still, there were plenty of naysayers at the bottom, and those who gave up and capitulated. People somehow think that price is the only measure of success when currency is simply one use of the network. This is illogical.

Back then I liked Bitcoin because I read the whitepaper and learned how it worked under the hood. It's just a really amazing technology, so I bought a few coins then. I do trade to provide liquidity (it's a needed service to help stabilize the price) but I enjoy the tech being built upon it much more and what the future may hold. Back in the sub $100 days, things were quieter and developers and miners were working on improving the network and user experience. Very few thought the price would rise much through 2014. As hard as it is to conceive now, we really have come quite a long way.

Price goes up, price goes down, Bitcoin is declared dead multiple times by those who don't understand what it is. Just another storm to weather! Hang tight everyone and wear your life vests ;)

very much agreed.  the journey has been quite a bit of entertainment to say the least.

This. Maybe an idealist with a three-figure energy bill was prepared to mine at a loss back then, but a professional mining farm with a six-figure bill is not, lest they want to end up like CoinTerra. This is survival of the fittest, and trying to defy it is futile.

No it hasn't. I you had bought a Batch 1 Avalon in September 2012 for about 130-150 BTC ($1,350 wire transfer to Yifu's HSBC bank account)  it would have mined 500 BTC throughout its lifetime in 2013.

Hold fast miners.  Tough times may lie ahead, but that's what separates the profit seekers from the believers.

Surely the most profitable Bitcoins you ever mined would be the ones you have kept.

Agreed. One more ATH and I am out. Or at least cashing out 50% and reinvest in other stuff.

Well said!  :D

Sort of like what is happening now because bitcoin reached an ath last December 2017. Now, those who jumped on the train are getting off because of how low the price went. Those who stayed and continue to stay will profit even more because they were able to buy or mine coins. Many get discouraged easily when they don’t profit immediately and get envious of those who were able to do so but it really takes hard work. There’s no easy way to get rich, there are no short cuts definitely not in bitcoin.

And at then when it was of less value, when no body looked or believed it will scale high was ever the best time of having (mining or buying) it, cause now is the time to enjoy the long run as a reward.

Looks like we're heading into the thick of it.  Stay strong!

We're here in the thick of the accumulation phase.  Those of you who are mining and hodling will feel an end to the pain soon!  Stick with it!