Is mining dead ?

[Clint]

Hi, when I got into bitcoins, people around me already told me mining is dead. BTC mining will not make you any money because the electricity fee used will be greater than the outcome. Is this true? And how can btc mining be easier again?

[GigaBit]

Hi, when I got into bitcoins, people around me already told me mining is dead. BTC mining will not make you any money because the electricity fee used will be greater than the outcome. Is this true? And how can btc mining be easier again?

Here's the deal... I'm one of the last standing profitable home miners but I made sacrifices to get free power.
Unless you got free or extremely cheap power <$0.05 per KW.h then it's a losing game.
Alternatively, you can pay for power out of pocket and wallet all your mined coin.
Even at that, with free power, I got about 6TH.s right now and only make about $15 a day... and I'm being generous.
I make more than that but I sell hardware and hashing contracts.
With power costs I would be in the hole and be stuck paying for power out of pocket again.
Right now my pwoer bill is tiny, I only turn it on when renewable ran out.

If you pay for power and bank the coin, then you have the best chances for a ROI down the line.
Right now, there aren't any ROI's possible without free power.

I used to encourage new miners, now I discourage them because most have no idea of the task at hand.
They also think they're gonna go plug a few machines and make a killing...
Just like in Gold, people think they're gonna go dig a hole and get rich... well you can but not likely for a n00b.
Then same people get upset when "mining industry constants" get involved in crypto mining and they don't make as much...
I don't know how many people complain abotu incosistent earnings... well, the same is said in Gold mining.
At least in cryptos, you have a rough idea of what you're going to get.
In Gold, you only know once the gold is assayed.... you lose a lot via refining.

It's mining either on of offline, most who enter it go back home broke and become trolls.
Yeah, they exist in Gold mining too... but they're much sadder in Gold mining.

Another thing that serves me well is my knowledge of Gold mining and its history... I also mine Gold IRL.
If you don't have working capital (Around $5,000) and intend on selling coin to make ends meet, don't get into mining.
If you're the type of person who needs to have everything go perfectly smooth all the time, mining ain't for you.

Mining is taking a whole lot bunch of nothings and making 1 something work non-stop... if you don't get it, you won't get mining.
It's also jury rig things to get your ass back to coin generation and only accept minimal downtime.

On the other hand if you don't care about he money and just looking for education and a fun time, then mining might be for you.
Most successful miners will agree:  Mining is addictive but so much fun!

IE: I spent my morning replacing a power bar, I used a shitty extension cord to free an older powerbar.
That was my fuckup for not having a spare power bar.
However, I jury rigged something and I'm back mining full force.

Moral is, if you can't tackle adversity and bully your way through, then don't come up here...

[temroa]

Hi, when I got into bitcoins, people around me already told me mining is dead. BTC mining will not make you any money because the electricity fee used will be greater than the outcome. Is this true? And how can btc mining be easier again?

that is true and there is not a posibility about easyness of mining since asics come out

[NoahWL1]

If you have free electricity, no.  No miner is obsolete when it takes nothing to run and spits out BTC.  As GigaBit has said, it may be profitable if you have extremely cheap power, but if not, yes it is dead.  I pay 11 cents a kilowatt here so I only make a couple cents a day, but it's the fun I'm after, not just money.  It's also why I've been buying cheap solar panels to run some little USB miners solo mining.  It's like a free lottery (if you don't include the cost of the solar panels...).

[Xialla]

Hi, when I got into bitcoins, people around me already told me mining is dead. BTC mining will not make you any money because the electricity fee used will be greater than the outcome. Is this true? And how can btc mining be easier again?

yes, for you as a person it is true. problem is current (low price) of bitcoin and diff, so it might be easier again once price will somehow raise..

[Amph]

you can hope for something like 21 inc in the future, they are planning to make casual mining possible again, but the problem is that earning will always be abysmally low, and even more lower with the incoming block halving

the only two others option, are hosting in a cheap electricty zone and cloudmining, but search only for those where you can sell your contract at anytime

[eyeknock]

Hi, when I got into bitcoins, people around me already told me mining is dead. BTC mining will not make you any money because the electricity fee used will be greater than the outcome. Is this true?

well it is true if you if you dont have cheap electricity, you should do your maths and check if for you it is profitable.

And how can btc mining be easier again?

lets burn all those chinese farms!! , is just a joke...

[Xialla]

well it is true if you if you dont have cheap electricity, you should do your maths and check if for you it is profitable.

it is not just about electricity. you have to secure place, where are you mining, take care about fire hazard, internet connectivity, dust, humidity, there is lot of waste heat so during summer is air conditioning almost must - another expenses. I mean - there are more aspect then price per kW.

[amjman]

I am a newbie but a tech and wanted to get into mining. I have read 200+ posts here and soooo many web pages during a slow week-and have recently moved into an office that supplies co-hosting at no cost, and the empty racks are numerous-and they are air conditioned.

I was looking at http://www.ebay.com/itm/Bitmain-Antminer-S4-2TH-ASIC-Bitcoin-Miner/201371305407?_trksid=p2047675.c100005.m1851&_trkparms=aid%3D222007%26algo%3DSIC.MBE%26ao%3D1%26asc%3D31729%26meid%3D9a5eb40d77db45228daa2880fa1e5c5e%26pid%3D100005%26rk%3D2%26rkt%3D6%26sd%3D251993468862&rt=nc

to start off with, or a similar machine-and considering that I have no cost of electricity (included in my rent) and my internet connection at 50GB down/10GB out is also included, would I be getting into something profitable-or should I invest my $$$ into a cloud service and start at 10TH/s?

No where do i see a cost analysis in a calculator like using http://www.cloudmining.website/calculator.php WITH the fees involved, to make a good decision. Can anyone provide me something meaningful, perhaps someone using a this or a comparable cloud service? Based on this link at 10TH/s I could theoretically net 3.03 BT per month.  What's the costs (I am sure that they erode the profits, but how significantly I do not know).

I do believe bitcoins are going up in price, slowly, from here on out.  I could be wrong, of course...

Thanks!
A

[bitcollins85]

Almost all equipment is priced with a break-even 3-4 months based on current value. Forecasting ROI is pointless because BTC has too much variation in pricing.

[trinaldao]

Hi, when I got into bitcoins, people around me already told me mining is dead. BTC mining will not make you any money because the electricity fee used will be greater than the outcome. Is this true? And how can btc mining be easier again?

not all lose if you have more capital not hard to get profit,
you can watch this short video https://www.youtube.com/watch?v=K8kua5B5K3I
you can learn more about problem bitcoin mining and how to fix it

[gallery2000]

Mining is not dead.  It is just being a zombie.

[notlist3d]

This summer has actually been very good to miners.  We have had a slow growth in BTC price, it seems to keep slowly going up (it does go up and down daily).

And maybe the biggest thing difficulty.  The difficulty we have received multiple negatives during summer, and low increases for most part. 

For a miner these two things are very good together.  I personally decided to mine through summer adding fans and a new area, and I'm happy I did it.

[bitcoin revo]

Don't bother. There's no money in mining Bitcoin anymore unless you have a lot to invest in hardware upfront.

[Don007]

Don't bother. There's no money in mining Bitcoin anymore unless you have a lot to invest in hardware upfront.

Currently it isn't indeed. However, if the Bitcoin appears to be worth $1000 / $5000 next year, it appearently as profitable to mine now. However, you can also just buy the BTC now instead then, I think that's the better choice.

Electricity costs + initial costs to set up miners (including the actual buying of the devices ) in relation to the current income of BTC, makes it often not profitable to mine now. You might however, if your costs are very few.  Mining altcoins might be profitable as some of them appear to be very volatile; and new ones might become worth something later on.

However, this does not mean that "mining" is dead. If the mining was "dead" and thereby no one mines anymore, the Bitcoin itself would be dead as no transactions can be handled anymore.

[Amph]

Don't bother. There's no money in mining Bitcoin anymore unless you have a lot to invest in hardware upfront.

Currently it isn't indeed. However, if the Bitcoin appears to be worth $1000 / $5000 next year, it appearently as profitable to mine now. However, you can also just buy the BTC now instead then, I think that's the better choice.

Electricity costs + initial costs to set up miners (including the actual buying of the devices ) in relation to the current income of BTC, makes it often not profitable to mine now. You might however, if your costs are very few.  Mining altcoins might be profitable as some of them appear to be very volatile; and new ones might become worth something later on.

However, this does not mean that "mining" is dead. If the mining was "dead" and thereby no one mines anymore, the Bitcoin itself would be dead as no transactions can be handled anymore.

it is better to buy now, because buy the time you will roi, you will lose a big opportunity to have more bitcoin in case the diff rise and your profit will be reduced

instead with buying you could have much faster the same amount of bitcoin, wasted for purchasing the miners

[Don007]

Don't bother. There's no money in mining Bitcoin anymore unless you have a lot to invest in hardware upfront.

Currently it isn't indeed. However, if the Bitcoin appears to be worth $1000 / $5000 next year, it appearently as profitable to mine now. However, you can also just buy the BTC now instead then, I think that's the better choice.

Electricity costs + initial costs to set up miners (including the actual buying of the devices ) in relation to the current income of BTC, makes it often not profitable to mine now. You might however, if your costs are very few.  Mining altcoins might be profitable as some of them appear to be very volatile; and new ones might become worth something later on.

However, this does not mean that "mining" is dead. If the mining was "dead" and thereby no one mines anymore, the Bitcoin itself would be dead as no transactions can be handled anymore.

it is better to buy now, because buy the time you will roi, you will lose a big opportunity to have more bitcoin in case the diff rise and your profit will be reduced

instead with buying you could have much faster the same amount of bitcoin, wasted for purchasing the miners

If you look at it that way - you're right indeed. That's indeed the reason why I suggest people to invest in BTC directly (by buying it) than indirectly by buying mining equiptment.

I think it's actually quite a good moment to buy-in now. The troubles with the EU // Greece might positively influence the value of Bitcoin. (I can understand that some Greece inhabitants are very happy now that they own BTC; as they currently can not take much cash out of an ATM they have atleast 1 method to pay; BITCOIN! Some inhabitants don't have any cash yet, and are unable to buy groceries, medicines etc etc.)

[-droid-]

if you have free electric you can still make profit but not much at all

[hodedowe]

Is solo mining dead? The answer is yes and no.

If you're a normal person with normal power costs and normal ASIC hardware, the answer is yes. You should be in a pool unless you wipe your butt with $100 bills and would rather mine than buy BTC outright (cheaper).

If you're one of the lucky few with free electricity then solo mining is still 100% fun and profitable. Mine solo all you want. You can help Bitcoin by running a full node too.

Just pick your category and you can easily see what you should do.

[futurebit640]

i think mining is best left to the specialists, those with the money and hardware to run machines that spit out gigahashes per second