Mining Profitable?

[winspiral]

I will start mining next week...
the profit is not the first point.
it will just be for "to see" if I can earn at least 1 satoshi with my U2.

then I will open a site talking about...and i'm sure this site will make more money that my antiminer U2
I will of course propose to investors to invest in my business...
so one again one will more talk about ponzi or scam than the real subject.
But i'm use about this 

[Amph]

Gross income /= profit.

 Just because a S5 might be pulling in close to 0.01 bitcoin a day does NOT make that 0.01 it's PROFIT - and as the electric cost for most folks doesn't change more than once a year, every 1% loss in GROSS INCOME usually represents quite a bit higher lost PROFIT.
 The only exception to that is if your electric is FREE (or effectively free, like you have electric heat and you're using your S5 to do part of your heating, WHILE you need the heat).

 The current diff drop is a very short-term phenomon related to Bitmain shipping a bunch of S7 units they sold (and obviously were mining with before they sold them), rate will buck back up and then some once the buyers recieve them and get them back online.

remember that if the profit is not too much the miners will simply leave the scene, maintaining as a result the same ratio as before, the equilibrium will be untouched,

and if the bitcoin price increase again we are the same as before, so no matter what is the diff nothing will really change

[afriezalie]

Currently, bitcoin mining isn't profitable with small rigs because electricity cost and maintance. But you can get profit if you use a new Antminer S7 rig because it consume lower power than older generation, so you can reduce your electricity cost while increasing shares with new chips.

But it's hard to achieve ROI if you buy S7 right now because its high price and maximum profit you can get in one day. Also profitable or not profitable depends on your price per KWh.

[Furio]

Assuming you don't have a current rig to set up, is it still possible to make money mining?  I am thinking not because of electricity cost/etc.  But I just wanted to come ask the question that has been asked numerous time since the start,

Can you actual profit by purchasing rigs and mining?

The only way to make money of mining is so incredibly large scale, and then you're still talking about pennies. Or if you dont have to pay for electricity at all, like Turkmenistan or other countries where you can pay off officials

The misconception seems to be that mining was ever profitable, it never was. Only for a real short period when the gold rush and the spike to 1100 dollar came, then it was very profitable, and a lot of people that stept into bitcoin then lost alot of mining in mining. They bought in the high days, and crasht and had to sell everything low...

Mining isnt profitable and therefore also leads to centralization sadly. Staking isnt much better, an even way for distribution, the holy grail hasnt been found yet

[winspiral]

so far it is not profitable for me because I have bouth a miner and i am not able to use it...

[QuintLeo]

The only way to make money of mining is so incredibly large scale

 No, you can make money and achieve RoI on many miners if your electric is cheap enough - even now.
 It's just that "cheap enough" on Electric is now limited to very few areas of the world.


 I've seen profit out of mining at times in the past, paid for several of my current video cards via Litecoin mining back before the Gridseeds were introduced.
 They're currently doing other stuff I had intended to buy them for anyway, just got to buy them sooner and more OF them....


 Folks that bought Sp20s and S5's back before around March 2015 have probably made most or all of their investment back by now, most of the rest will probably RoI real soon.
 Sadly, I figure the only reason I'll manage to get RoI on my S5s and single SP20 is that my electric during winter heating season is "effectively free" most of the time.

[BlackPanda]

inevitably electricity costs should be included. If you buy the current rig rigs make sure that you use has a hash and eco-friendly consumption. many today who have Fiture like it. profit? depending you choose altcoin be mined .. good luck

[cjmoles]

Good question:  Is mining profitable?  Easy answer too:  Yes, if you can afford to go big, and no, if you can't rally the capital to go big.  But, there are ton's of other alternative coin that one can turn their miners onto from what I understand.  So, my thought, keep mining the alts and, maybe, get lucky with one that takes off!

[pjsonowal]

Mining is like a lottery.... So u need to think on things sometimes a better way.... Take on a better calculation with bitcoin mining calculators.......its all about how u plan... Ur assumption... If its correct and right up to mark it will sure hit u some with bitcoins...

[leex1528]

Mining is like a lottery.... So u need to think on things sometimes a better way.... Take on a better calculation with bitcoin mining calculators.......its all about how u plan... Ur assumption... If its correct and right up to mark it will sure hit u some with bitcoins...

Mining isn't exactly like a lottery.  It is more a calculations based on what your electricity costs, how much the gear costs, what you would roughly be making a week, and then figuring out your ROI.  The only gambling part of mining is essentially the diff. increase, but that should pretty much be normalized roughly every 10 days.  So calculation is important on mining.

[VirosaGITS]

Mining is like a lottery.... So u need to think on things sometimes a better way.... Take on a better calculation with bitcoin mining calculators.......its all about how u plan... Ur assumption... If its correct and right up to mark it will sure hit u some with bitcoins...

Mining isn't exactly like a lottery.  It is more a calculations based on what your electricity costs, how much the gear costs, what you would roughly be making a week, and then figuring out your ROI.  The only gambling part of mining is essentially the diff. increase, but that should pretty much be normalized roughly every 10 days.  So calculation is important on mining.

Mining solo can work pretty much like a lottery. Mining in a proper pool is from "not much of a lottery" to "absolutely not a lottery". If OP or anyone else give us their electricity cost, we will give a pretty good recommendation back, i'm sure.

It's very profitable for me, it could be for "you".

[leex1528]

Mining is like a lottery.... So u need to think on things sometimes a better way.... Take on a better calculation with bitcoin mining calculators.......its all about how u plan... Ur assumption... If its correct and right up to mark it will sure hit u some with bitcoins...

Mining isn't exactly like a lottery.  It is more a calculations based on what your electricity costs, how much the gear costs, what you would roughly be making a week, and then figuring out your ROI.  The only gambling part of mining is essentially the diff. increase, but that should pretty much be normalized roughly every 10 days.  So calculation is important on mining.

Mining solo can work pretty much like a lottery. Mining in a proper pool is from "not much of a lottery" to "absolutely not a lottery". If OP or anyone else give us their electricity cost, we will give a pretty good recommendation back, i'm sure.

It's very profitable for me, it could be for "you".

So mining solo basically if you hit a block(odds are not good correct?)  that is what you consider gambling?

Its about .15cents per KWH.  From what I gathered earlier it is not a good choice for me to go ahead and try to start mining

[VirosaGITS]

Mining is like a lottery.... So u need to think on things sometimes a better way.... Take on a better calculation with bitcoin mining calculators.......its all about how u plan... Ur assumption... If its correct and right up to mark it will sure hit u some with bitcoins...

Mining isn't exactly like a lottery.  It is more a calculations based on what your electricity costs, how much the gear costs, what you would roughly be making a week, and then figuring out your ROI.  The only gambling part of mining is essentially the diff. increase, but that should pretty much be normalized roughly every 10 days.  So calculation is important on mining.

Mining solo can work pretty much like a lottery. Mining in a proper pool is from "not much of a lottery" to "absolutely not a lottery". If OP or anyone else give us their electricity cost, we will give a pretty good recommendation back, i'm sure.

It's very profitable for me, it could be for "you".

So mining solo basically if you hit a block(odds are not good correct?)  that is what you consider gambling?

Its about .15cents per KWH.  From what I gathered earlier it is not a good choice for me to go ahead and try to start mining

Yes unless you have a mega farm. For instance i have a small USB stick on the solo.ck pool, it does 9-10GHs~ take 3watts of powers~ The odds of finding a block are very small. Hence its a bit like buying a small lottery ticket.

I would call it gambling/lotto. If you have a farm with 500THs+ at the moment its not really gambling but your expected average will take a long time. At less than a PH i would probably pool mine.

And with your cost, mining at home with those price is a no go. Even cloud hosting would be much better for you and dedicated ASIC coop hosting somewhere with really cheap electricity is your best bet.

[UfoRia]

So mining solo basically if you hit a block(odds are not good correct?)  that is what you consider gambling?

Its about .15cents per KWH.  From what I gathered earlier it is not a good choice for me to go ahead and try to start mining

https://bitcoinwisdom.com/bitcoin/calculator

[jonnybravo0311]

At $0.15 per kWh, there isn't much gear out there that will be profitable for you.  The S7 (if you had one mining right now) would expect to earn you about $9.46 a day.  At 1.2kW power usage, it would cost you $4.32 a day, meaning you'd make about $5.14 in profit a day.  So, if the network difficulty and exchange rates remained static (which they will not), it would take you nearly a year to pay off your initial investment in the hardware.

How about an S3?  Well, one of those currently expects to earn about $0.86 a day.  At 340W, it'll cost you $1.22 a day to run.  Oops... that's not gonna work.

Ok, how about an S5?  1155GH/s expects to make you $2.25 a day.  590W will cost you $2.12 a day.  OK, you're making about $0.13 a day.

So, in a nutshell, you can take your chances with the S7 - and it's taking a hell of a chance - or look at other options like hosting.

[VirosaGITS]

At $0.15 per kWh, there isn't much gear out there that will be profitable for you.  The S7 (if you had one mining right now) would expect to earn you about $9.46 a day.  At 1.2kW power usage, it would cost you $4.32 a day, meaning you'd make about $5.14 in profit a day.  So, if the network difficulty and exchange rates remained static (which they will not), it would take you nearly a year to pay off your initial investment in the hardware.

How about an S3?  Well, one of those currently expects to earn about $0.86 a day.  At 340W, it'll cost you $1.22 a day to run.  Oops... that's not gonna work.

Ok, how about an S5?  1155GH/s expects to make you $2.25 a day.  590W will cost you $2.12 a day.  OK, you're making about $0.13 a day.

So, in a nutshell, you can take your chances with the S7 - and it's taking a hell of a chance - or look at other options like hosting.

That is not going to happen, for the S7. Don't forget the halving coming, at which point it would be half 9.46$ = 4.73$ per day minus 4.32$ =41 cents per day. And with the reality of raising difficulty, this is simply not ROI-able.

That electricity cost is completely prohibitive. I think the host fee for cloud hosting is 0.08$/kWh which is already high in itself and take up nearly if not all profit away from the investor. So if you "Really" want to invest in mining, the best bet that i can tell right now would be to buy a S7 on Hashnest.

Check the hosting cost, if its still 8 cents per kWh then you're in for not much profit but at least you can bail out at any time.