Bitcoin Forum

I am a new comer. I am here to learn about BTC. Specially BTC mining. I hope everyone will help me. I have heard that altcoin mining is much more profitable than BTC mining. So what should i do? Go for altcoin mining or start with BTC mining?

Btc mining isn't profitable, you should have thousands of $ in order to set up a mining farm, otherwise you won't earn anything.

That's mostly face-value rhetoric. For most people, altcoin mining is more profitable than Bitcoin mining. For a few, it's the other way around. Mining profitability is largely dependent on the investment that one is willing to put into the endeavor. Unfortunately, the investment necessary to net any substantial profit from Bitcoin mining is phenomenal. Unless you are willing to invest tens of thousands of dollars to purchase high-end mining ASICs, then you will always come out with a loss when mining Bitcoins. Altcoins, on the other hand, can be mined with regular computer components and at far lower difficulties. There are additional costs to consider, but some people are lucky enough to net at least a few cents worth of coins a day. The profit is not much, but it's much higher than what you would get from mining Bitcoin without a hefty investment.

If you're a beginner, start by mining more established coins with relatively low difficulties. You might be tempted to mine newer coins, but there are so many risks involved with those types of coins that are not worth the pittance that you'll get from mining them. Once you've mined a few coins, you can then decide if you want to make an investment towards mining Bitcoins.

As for what coin you should mine, you should do your own due diligence on them. Shills abound on this board, and they all want to make a quick buck at everyone else's expense.

mining is only profitable for big asic cartels, the mining game is over for peasants like us  ::)

You better mine altcoins, theycan stey profitable for some while.

I honestly wouldn't even consider it with less than an hundred thousand... I've had a quick discussion with a dude some time ago who was going to invest in an established farm by buying a share. I think he was going to invest some 7-digits number.

I'd say that's what it takes to get into BTC mining with reasonable risk by now. I told him to do a GPU multipool instead!

Mining can be only profitable if you either invest a large sum, or speculate on new altcoins. It's difficult to pull off.

GPU mining profitable is even worse right now.. look at the profit for x11..

you need to hire asic machines or buy one if you want if u want a chance

oh and forget about solo mining! join a pool

It basically comes down to what you intend to mine. A lot of altcoins chose to use another PoW algorithm than SHA256, in order to be ASIC resistant, but that didn't work. Mining altcoins is still more profitable if you only have a GPU, since there aren't ASICs for all the latest altcoins that are being released and for that reason you may still mine them with a regular computer - that's why people are mining them if they don't have an ASIC

Yeah, it basically is about pushing down the costs as much as possible. You need to have as little overhead as possible! Also, you need to have access to really cheap electricity! That's basically the key to still earn money from mining!

Unless you have an ASIC then do not mine BTC. If you have a GPU or lots of GPU's then mining altcoins is a good idea. most altcoins on a GPU are hundreds of times more profitable than mining BTC.

Instead of bitcoin mining, which is really hard, you could try with altcoins mining, it's cheaper and if you are enough lucky is profitable.
If you want only to pratice mining without investing too much, try a cloud mining website and do your experiments.

But keep in mind that there are also ASICs for certain altcoins, so you may be better off mining a coin that's new and there's no ASIC for it already. SCRYPT coins do have ASICs by now, totally messing with the equilibrium, man!

Bitcoin mining is a process of mathematical calculation performed on the Bitcoin network. As you well know, Bitcoin running in an online system, and the purpose of the mathematical calculation is to verify bitcoin transactions on the Internet. By performing the verification, a bitcoin miner will get a new block gap in the Bitcoin network that contains a number of new and Bitcoin can be taken. That's where a Bitcoin Bitcoin miner will get to him. The more the process of verification and pemenuan new blocks, which can then be mined bitcoin will be the more. Got it?

Then how to verify and find someone new block in the Bitcoin network? just as we are want to open a word file or mp3 file, Bitcoin mining also works the same way. But when we have entered the bitcoin network, a process that will be done will be much more severe because the computer is required to open the data that has been protected by strict security system. Therefore, in doing Bitcoin mining, the device has a high specification is an obligation.

There is no trick.  Mining can be profitable and ROI.  Just make sure to do math.

A lot will have to do with your electricity price and space you have.  If you are lucky to have extra space and cheap electricity you can still make a profit on Asics.  (This is from personal experience GPU/CPU is dead as far as profit for me but Asics are very much alive.)

Yeah sure, but you have to have the access to cheap electricity. It is not as if you can easily gain access. It most often depends on where you live and which company sells you your electricity!

Yeah, most people rather just mine the latest coin and hope that people will buy their coins in a futile attempt to diversify their portfolio (in order to catch 'the next big thing')... Just take a look into the altcoins section! It's like a freak-bazaar!

Some places have a outrageous price for electricity. That is why there is hosting.  Electricity unfortunately your right you cant switch around in most cases.  Electricity is always dependent on location of miner and company.

Yeah, but which hosting company would sell their hash rate at a rate that is better than actually using it to hash for yourself? Why would they sell their stuff if mining for themselves was more profitable? I think many people also want to run their own gear because they like mining, man :) Good guys, protecting the network!!!

This question arises quite often.

Selling your hash power makes sense.

Why?

Because you give up your risk to your customers and monetize immediately your investments instead of holding and holding and holding. If you have even a very small amount of loans then having a constant income lowering the risk can be extremely beneficial.

Yes indeed, he would have probably pulled my hair a bit... but I still believe GPU multipools are going to stay - they're really a good thing to start while you wait for the FPGA cards to be designed.

 

mine to learn that too, ha ha

What kind of equipment do you have or plan to get? Sha256 ASIC? Scrypt ASIC? Or just a computer with GPU and CPU?

TBH, unlike a few years ago, it is much harder to get profit with bitcoin/altcoin mining now, and you should do some calculations first.

BTC mining or AltCoin is much more profitable if we can invest in the large sum of $, it's difficult to pull the investation
so it depend on you, you have large number of $ you can invest it with trusted cloud mining service

It totally comes down to the place you are at, actually. People in the Pacific Northwest for example sometimes have extremely low rates for electricity. It's practically almost free there! Those people could even run old ASICs en masse. They can buy cheaper ASICs that are not that effective and still profit, while other people can't do that because they only have access to expensive electricity!

can i start mining with pools? What do you think about it?

You should definitely use pools.
Unless you have a lot of hashrate, say 100 TH/s, you are very likely going to get nothing with solo-mining.

Which altcoin  is better and profitable to mine?

Why so interested in mining? Speculating on mining difficulty, IMO, is much more difficult and uncertain than speculating on price. And if you are not backed by big money, you could potentially be left behind VERY quickly if difficulty takes off again. Altcoin mining can be very profitable, but you will often ending up mining worthless coins, then get saved when one of them gets pumped. Eventually. :P Make sure to take profit!

yes true altcoin mining more profitable because in terms of fees and terms of current income and a lot easier to mine, but still depends on the market price of the coin and the coin Difficult when the mine.

Altcoin is much easier. BTC requires hardcore equipment with huge hash rate. Do your research on Litecoin, it might be the perfect fit for you.

You need to buy asic or cloud mining service.

i have read about BTC mining, may you can try CEX.IO or PB mining
PBmining more profitable than CEX.IO
hopefully you can get a lot of BTC when you mining in that site ...

BTC mining is not profitable, so you better mine altcoins, Because they can stay profitable for some while.

You can check Coinwarz for profitability of different coins, or you can use profit-switching pools to mine the most profitable coin automatically.

yes but a lot of risk as well altcoin die coin and sometimes we lose.
so it must be clever clever in buying a coin where the coin is good again what ugly: D

Yup the altcoin price can go up and down crazily in just a day.
You can see on http://www.cryptocoincharts.info/v2/ that a coin has its price going up 1150% in the past 24 hours while another coin has its price going down for 73%. :)

I am also thinking like that. But i am not sure which altcoin will be more profitable.

Altcoin mining is not more profitable than Bitcoin mining. Scrypt difficulty is going up at a faster rate than Sha, which means ASICs get obsolete very fast.

Also, altcoin's value are considerably more unstable, while Bitcoin is somewhat safer.

You are thinking of cloud/renting these are good options for temporary needed hash rates.

Hosting companies you send your miner there or buy a miner there and it is a good option for some.  It all depends on you location.  Hosting company can save those with VAT and high electricity rates quite a bit, and they own the mining gear. 

Hosted mining is very bad for decentralization though. The purpose of mining should be to allow users from all over the world to individually protect the network, and not give that power to some shady ASIC company.

In your situation I would take an alternative to mining. Mining is almost a non winner non loser game. It always have been, what i read. Just in the past by not selling the mined coins, you could make a win. But the price explosion of btc, already happened and will probably not repeat again so fast. Instead of starting getting all the stuff to know about mining, babysitting the miner, babysitting the btc price, because you want to make a gain too, start getting interested in programming. so you can code your own coins or write contracts for ethereum etc. Thats wise, but the most people are not doing the wise things, they are going for the stupid one.

BTC mining is actually the worst form of investment, buying BTC is a good investment... end of story...

Very much agree.
But for investing in btc, please don't invest more than you can lose.
Also, please don't panic buy (like in late 2013) or panic sell (like after mtgox bankrupted).
Instead, hold it for a longer period of time. :)

And don't buy it all at once too, or else you'll be too tempted to buy again if it goes down, and you might go broke that way :D

The best strategy, imho, is to separate your crypto-budget in at least 5 parts, and buy at different moments when you think your coin is undervalued.

yes I know that, but I am not smart in taking the coin which is good in the trade.

I sometimes even great loss: /
I'm learning the trade, because the incoming trade coin sometimes just ride through and eventually the coin die quickly

If you're unskilled with understanding which coins will do well and which will fail, then your best bet would be to join a multi-pool. (multi-pool.us, CleverMining.com, etc.) Mine with a Scrypt ASIC and you'll make some profit. If you couple it with holding onto the amount of Bitcoin you trade your coins for, you could do quite well in the long run.

If you can tell which coins will be worth holding onto, or you just want to wait for that initial value jump that most coins have, you can use IPOMiner.com or if you're really sure of yourself, a dedicated pool for that coin. IPOMiner specializes in mining coins that have launched recently and look promising. If you sell at the peak in the value jump for that coin, you can make more money than mining with multi-pools that select coins that have already been around and just look for the lowest difficulty. Waiting for that initial value jump (the "pumped" value) requires constantly looking at charts every day to find out when to "dump" your coins to BTC. That's actually why some coins are even created in the first place.

Altcoins are mostly scammy and designed to make the devs rich, I would mine Bitcoin and ignore the people telling you otherwise.  I think the key things is to get *new* equipment, as most people selling are looking for someone to pawn their obsolete equipment on you.   What you pay per kWh matters a lot too.

Even if you buy the newest ASIC, it is not a easy task to make profit from bitcoin mining.
Make sure you do some calculation on how much bitcoin you can mine with increasing difficulty and how much you have to pay for electricity beforehand.

Whatever you do: don't pre-order!  You'll likely end up waiting and waiting while the difficulty sky rockets.  And in that case, making ROI back in BTC terms will be impossible!   BTW, calulate ROI in BTC terms, don't fool yourself into thinking your making a profit otherwise!  (You might as well just buy bitcoins and hold if you don't make roi back in btc terms) 

Very true.
You may get your pre-ordered miners on schedule, a few weeks late, a few months late, or over a year late if you buy from BFL.
The risk is just too huge.