Hi,
I'm brand new to the boards. I'm wondering about the potential of mining and whether it's economically viable... my understanding is that the cost to get hardware plus the electricity to run it is increasing in order to be competitive. While older hardware is reduced in price, its reduced viability to "produce" as the difficulty increases means the same rig will produce diminishing returns over time... but the price is also increasing along with the difficulty rate
My question is: Is it beneficial to someone just getting started this late in the game to get into hardware mining? How long before one can reasonably expect to recoup startup costs and turn a profit? Should one mine BTC or are you better off chasing the promise of highly volatile alt coins? With limited capital to get off the ground, it seems a little on the entry-prohibitive side....thoughts?
I honestly think it would be very hard to turn a profit by mining bitcoins if you are just starting. You would need specialized equipment and the money to pay for the electricity costs. I think that if you are willing to take some risk, you could make more by purchasing coins from a trustworthy exchange in the hopes that they will increase in value.
I think some of the altcoins looks somewhat shady and I don't really know that even if you mined many of them that they would be worth anything in the end. Investing your money in these types of coins could be highly speculative and may not yield much.
Thanks for the input. I gotta say I'm really on the fence about it all. On the one hand, mining will theoretically continually produce, so as long as the price increase outpaces the diminished mining returns, so as long as the initial investment can be recouped, the rest is pure profit. Playing the market is essentially gambling, and drumming up potentially worthless altcoins is also where the largest % increases are. So in a way i suppose it's gambling either way....
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