FareedMN (OP)
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Merit: 0
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February 06, 2015, 05:50:20 PM |
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Hi!
I'm new in the "bitcoin world" and I want to know if the bitcoin mining really worth a try.
because I'm from Syria (please don't accuse me of being ISIS it's really insulting) and I can't buy any hardware to mine so I have to use a cloud service .
I'm an IT engineer and worked for a few months as a web developer and manged to earn about $5000 , so do you know if there is any good service that I can use?
And do you think that I might be able to get $500 of bitcoin every month if I use $5000 to buy enough GHS?
I would really appreciate some good information, Thanks.
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seriouscoin
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February 06, 2015, 06:22:24 PM |
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Hi!
I'm new in the "bitcoin world" and I want to know if the bitcoin mining really worth a try.
because I'm from Syria (please don't accuse me of being ISIS it's really insulting) and I can't buy any hardware to mine so I have to use a cloud service .
I'm an IT engineer and worked for a few months as a web developer and manged to earn about $5000 , so do you know if there is any good service that I can use?
And do you think that I might be able to get $500 of bitcoin every month if I use $5000 to buy enough GHS?
I would really appreciate some good information, Thanks.
dont, just buy btc. Mining is not for individual but corporations. And cloud minings are all scams. |
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bittyfree
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Activity: 126
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I like nuts
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February 06, 2015, 08:57:07 PM |
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As said before, mining is not profitable anymore. Difficulty is rising too fast and the miners cant catch on.
DONT INVEST IN MINING!
Bitcoinprices gone down from 500$ to 200 in 1 month!
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Stcgold
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February 06, 2015, 09:24:46 PM |
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If you can arrange free electricity
YES
Bitcoin mining still profitable
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redsn0w
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Activity: 1778
Merit: 1042
#Free market
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February 06, 2015, 09:26:17 PM |
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If you can arrange free electricity
YES
Bitcoin mining still profitable
Yes of course, if you have free electricity and some machine (for a good price).... bitcoin mining is still profitable. |
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hedgy73
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February 06, 2015, 11:35:46 PM |
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Very rarely is it profitable. Better off buying bitcoin instead.
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guitarplinker
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Merit: 1024
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February 07, 2015, 01:43:38 AM |
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I agree with the others, unless you have free electricity and get an awesome deal on a miner, I think you'd be better off just buying bitcoins.
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jones techbit
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February 07, 2015, 03:10:31 AM |
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just start trading/holding bitcoin yourself. Mining isn't the way anymore.
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bitwarrior
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Merit: 1000
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February 07, 2015, 03:19:45 AM |
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Mining is not profitable unless you have free electricity and a good hardware for mining btc.
Better buy or trade BTC instead. Cloudmining is also not good at the moment, most of these companies are closing or shutting down due to maintenance fees and bitcoin price continuing on a down trend.
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cryptopaddles
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February 07, 2015, 06:13:23 AM |
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Nope. absolutely not profitable. Especially cloud mining as most of those are just scams
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master sato
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February 07, 2015, 09:01:14 PM |
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Does anyone have up-to-date information on the correlation between cost of mining and bitcoin price? How much does it cost to mine 1 bitcoin? How has that cost changed over time?
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Balitourist
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February 07, 2015, 09:10:22 PM |
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Does anyone have up-to-date information on the correlation between cost of mining and bitcoin price? How much does it cost to mine 1 bitcoin? How has that cost changed over time?
the answer is in here mate https://bitcoinwisdom.com/bitcoin/calculator |
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ajw7989
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Merit: 1000
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February 08, 2015, 05:51:35 AM |
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Only profitable mining is if you are an asic bitcoin manufacturer yourself or get the equipment below market value with extremely cheap electric.
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hazenyc
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February 08, 2015, 05:20:27 PM |
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cryptopaddles
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February 09, 2015, 09:31:38 AM |
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Mining still profitable? Unless you have free electric and can manage to find one hell of a deal on some hardware then probably not.
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adaseb
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CoinPoker.com
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February 09, 2015, 09:37:52 AM |
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Yes you basically need to wait until BTC crashes and causes panic selling of ASICs and find a place where you can get free electricty.
And even then its hardly worth it because you'll only make a couple bucks a day per ASIC.
About a year ago you paid like $10000 for an ASIC and were banking $500 a day. So when the ASIC was paid in full you were still pulling in at least $200 per day or so.
Now it will take 6 months to ROI an ASIC just to make $2/day.
Not worth the hassle.
In certain countries like ASIA. electricity is DIRT cheap or stolen from an electrical pole and $2 a day feeds a family probabily. In america $2 a day is nothing. Coffee maybe. And thats crappy coffee at McDonalds and not Starbucks.
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ChuckBuck
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February 09, 2015, 03:41:02 PM |
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Unless you have dirt cheap or free electricity, free hosting facility, and free cooling costs, the odds are pretty much stacked against you on ROI or break even, let alone profit.
Not only would you need minimal maintenance and overhead costs, you'd need cheap efficient miners, that you can get through a partnership with an ASIC manufacturer, or a sweetheart bulk purchase deal.
Also, you'd need to account for pool luck, variance, zero pool fees, and difficulty to stay plateaued or going down to maintain payouts.
Lastly, you'd need the price of BTC to go up, to cover the electrical costs, since most electric companies don't accept Bitcoin payments, which no doubt would cut largely into any profit margin, mainly due to the relatively low $218 price.
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