grendel25
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June 15, 2015, 06:21:22 AM |
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I agree with most here. I think the BTC price is pretty low but this could actually be a solid base. But you don't want to be on the sidelines win the next big news comes out and you're sitting there thinking of all the things you could have done to start accumulating bitcoin. Welcome to the scene and good luck to you.
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jacktheking
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June 15, 2015, 06:42:29 AM |
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This thread should be belong to the Mining forum which is located here. As for your question, mining Bitcoin now is not really profitable. However, it all really depend on your location and luck. If the place you are mining in have low electricity fees, than it might worth mining Bitcoin. If it is not, you will not be able to get back your money.
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So sad! This profile does not appear as the #1 result (on anonymous) Google searches anymore.
Time to be active on the crypto forums again? Proud to be one of the few Legendary members of the Sparkie Red Dot!
Gonna put this on my resume if I ever join a cryptocurrency/blockchain industry!
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adzino
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June 15, 2015, 07:16:46 AM |
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Just like the others said there are several factors that determine whether bitcoin mining is still profitable or not. These include the cost of the electricity to power the system, the availability and price of the rigs, and the difficulty. Also time is a factor. How long do you wish to spend and is it worth it spending those time mining? Right now i don't think it's profitable to mine bitcoins. See if you are willing to lay out the necessary investment for the hardware, and estimate the future value of bitcoins as well as the level of difficulty. When both bitcoin prices and mining difficulty falls, it usually shows that fewer miners and more ease in receiving bitcoins.
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ikydesu
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June 15, 2015, 07:27:06 AM |
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Hello there! I am new to the whole bitcoin universe and I've informed myself quite a bit about the currency, what I would like to know is that is it worth investing now in a ASIC rig?
I'd like some help to choose the best ASIC rig to mine and make the best possible profits asap.
Also I'd like to know that is luck a factor with mining coins? You can generate a block or coin and make more money than usual? I'd like some explanation on that.
Thank you for your help guys!
You can check about mining hardware comparison here: https://en.bitcoin.it/wiki/Mining_hardware_comparisoninvest your bitcoin now and you can see in the next year ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) also you can find about mining here: https://bitcointalk.org/index.php?board=14.0~iki
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NoBit
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June 15, 2015, 12:17:17 PM |
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I think it is a good time to invest. Just don't put money in mining.
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Bitrated user: nobit.
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BitUsher
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June 15, 2015, 02:51:04 PM |
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21 readily admits their devices WON'T BE PROFITABLE UNDER ANY CIRCUMSTANCE - but that they will be 'educational'. yeah, you're going to get a lesson alright.
It is too soon to judge without the specs , but a free router that was slowly paid for with electricity over 2-3 years , with added functionality and helped decentralize mining would be worthwhile investment IMHO. Investing is sometimes about money , and sometimes about our future of our ecosystem and if one were wise we would realize those don't have to be mutually exclusive.
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Don007
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June 16, 2015, 09:44:55 PM |
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21 readily admits their devices WON'T BE PROFITABLE UNDER ANY CIRCUMSTANCE - but that they will be 'educational'. yeah, you're going to get a lesson alright.
It is too soon to judge without the specs , but a free router that was slowly paid for with electricity over 2-3 years , with added functionality and helped decentralize mining would be worthwhile investment IMHO. Investing is sometimes about money , and sometimes about our future of our ecosystem and if one were wise we would realize those don't have to be mutually exclusive. I do agree, however, this topic is really about whether ASICS are worth investing money in; whether they can make a profit. If you do not live in a country with very few energy costs (or in a situation with "free energy"), I don't think mining will be profitable for you soon. Especially not if you still have to buy the devices. However, like I said before, I'm talking about the current situation. If the Bitcoin hits the $10.000 next year, it would have been very profitable to mine nowadays, although then you might be better of by buying the BTC now in that situation.
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Biodom
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June 16, 2015, 11:46:56 PM Last edit: June 17, 2015, 12:03:15 AM by Biodom |
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Mining could be done as if you are buying bitcoin slowly (after the initial machine purchase). Essentially (after initial expenses), you will be buying bitcoin cheaply: using SP20 at low power settings-mining at 1.2Th (~640w) will result in ~0.36 BTC/mo with electricity cost of ~$50 (at $0.1/kw), so you are basically paying $139/mined BTC for now. Just don't sell mined bitcoin and use cash instead to pay the electricity bill. The final numbers/btc will be higher because you will be able to sell SP20 or S5 only for some % of the initial price. In ~6-7 mo you are likely to mine ~2 BTC, which is a lot IF bitcoin will be very successful as ONLY max 10mil people out of 7bil earthlings will ever have two bitcoins (it reality it is even smaller number due to unequal distribution).
In conclusion: a ~$400-450 initial outlay and mining effort for 6-7 mo might result in you being among top 0.15% or earthlings as far as their bitcoin richness is concerned. It might be something valuable if bitcoin succeeds, and if not, not much harm done as your outlay is relatively small.
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Don007
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June 17, 2015, 11:32:02 AM |
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Great calculations Biodom!
However, I'm not sure whether much people are able to pay $0.1 per kwh. I think dollar, I have to pay about $0.3..
- -
You might also want to look at investing in altcoins. In the last weeks, many altcoins have doubled or tripled in value. I saw my current value of Digitalcoin has doubled since yesterday. (If you were lucky enough to buy some yesterday, you would have 100% profit // 200% ROI in one day. Sure, I know you have to be really lucky to do that. But beware, investing in altcoins is even more dangerous than investing in BTC directly. I think most altcoins are way more volatile.
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Xialla
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June 17, 2015, 11:41:23 AM |
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I think most altcoins are way more volatile.
for sure, they are, just because market cap is usually quite low, so "few guys" with some BTC may completely manipulate exchanges:) OP: because you are not business and you don't have experience, is better for you just buy directly instead of mine..
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Don007
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June 17, 2015, 11:47:27 AM |
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I think most altcoins are way more volatile.
for sure, they are, just because market cap is usually quite low, so "few guys" with some BTC may completely manipulate exchanges:) OP: because you are not business and you don't have experience, is better for you just buy directly instead of mine.. Correct. However, this volatility enables you to short-term trade between altcoins. Although this requires some knowledge, experience and luck, this might enable you to make some nice profit. The less volatile the coins are, the less profit or loss you are likely to make with investing in it. Besides short term investing in altcoins, you might also consider long term investing in altcoins. The history shows that as soon as the Bitcoin is increasing a lot in value, much altcoins increase even (much) more in value. I think we're going to experience this pattern again. However, don't place your bet on 1 horse (as we say in the Netherlands); spread your investments so you won't loose everything if 1 coin dies instead of starts sky-rocketing.
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vrm86
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June 18, 2015, 09:37:05 AM |
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abolutely worth, it, notice how the price is slowly climbing again
If you rely only on price movements, better idea is to buy BTC directly. Setting up efficient miner brings some problems to solve, like proper place to manage heat, deliver enough electricity etc. Even if there would be an epic crash on the market, there is much easier to sell BTC than mining gear.
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Romanko
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June 18, 2015, 10:49:45 AM |
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Hello there! I am new to the whole bitcoin universe and I've informed myself quite a bit about the currency, what I would like to know is that is it worth investing now in a ASIC rig? I'd like some help to choose the best ASIC rig to mine and make the best possible profits asap. Also I'd like to know that is luck a factor with mining coins? You can generate a block or coin and make more money than usual? I'd like some explanation on that. Thank you for your help guys!
With 1,7TH miner price 450$ and with electricity price 0.03$/kwt (what is Almost free ![Grin](https://bitcointalk.org/Smileys/default/grin.gif) Calculation of expenses: 1,2 kWt*24 hours*30 days*0.03$=26$ and incomes: 1,7 TH*30 days* 0,009BTC=0,459BTC*250$=115 will hit ROI in about 5-6 month, and thats if you have already a PSU, safe room with internet and without rent. So if you don't have access to free energy it's better to invest into crypto currencies. Keep on learning about when the market price is going up and down. Buy on low and sell high. Many gain their money this way. Great calculations Biodom!
However, I'm not sure whether much people are able to pay $0.1 per kwh. I think dollar, I have to pay about $0.3..
- -
You might also want to look at investing in altcoins. In the last weeks, many altcoins have doubled or tripled in value. I saw my current value of Digitalcoin has doubled since yesterday. (If you were lucky enough to buy some yesterday, you would have 100% profit // 200% ROI in one day. Sure, I know you have to be really lucky to do that. But beware, investing in altcoins is even more dangerous than investing in BTC directly. I think most altcoins are way more volatile.
For example LTC went finally up to the price level it was almost year ago, when BTC costed 450-500$. And most probable LTC price will continue to grow bcs of the reward decrease for the found block coming soon. Of course it would be logical if the BTC price would also grow now, corresponding to the network difficulty going up and compensating the decreased of earnings from mining. But actually crypto currencies markets sometimes act unpredicted emotional more then logical. Most probably BTC price will grow for sure in a year or so)when the reward decrease for the found block will be coming. So if you are in for the to-the-moon jump you better have a lot of patience and self control))
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klf
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June 21, 2015, 05:02:31 PM |
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Mining is just a race against time trying to have some return on hardware investment. Buy and hold is the way.
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Don007
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June 22, 2015, 01:14:29 PM |
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So if you are in for the to-the-moon jump you better have a lot of patience and self control))
That's true. However, I think you should also short-term invest a bit in altcoins. Atleast, if you have the time (and knowledge & experience) to do that. Short term trading made my total worth of cryptocurrency in BTC or dollar / Euro increase a lot. Even when you make small profits, you can use these to re-invest.
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bitcoin revo
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June 23, 2015, 02:42:01 PM |
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might actually just be a better idea to wait and see what will actually happen with the fork ?
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Don007
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June 23, 2015, 07:38:03 PM |
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might actually just be a better idea to wait and see what will actually happen with the fork ?
The decision to wait (for whatever reason) or not can only be evaluated at the end.. It might be a great decision now to wait with buying Bitcoins yet, as the value might be -50$ in a week for example. But, the value might also increase. Whether or not you should invest now (or wait), is a bit like gambling I think. (Although some knowledge is usefull).
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Romanko
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July 08, 2015, 01:00:35 PM |
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Just as predicted Litecoin keeps growing ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) hope very much it will hit the 10$ mark soon ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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prodigy8
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July 08, 2015, 09:06:10 PM |
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BTC price is so low that you are just as likely to make dollar profits buying BTC right now as buying miners.
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Don007
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July 08, 2015, 09:22:58 PM |
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BTC price is so low that you are just as likely to make dollar profits buying BTC right now as buying miners.
It's not that simply, you never know what the price is going to do. Currently we're at $268 I see. That's an increase of almost $40 in one month, so yes, it was worth buying BTC one month ago. Honestly I expect an increase of the value. Especially because of the troubles with the Euro and Greece now. I'll keep stacking for now ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) . (I think it's wiser to invest in BTC than in gambling or lotto tickets now).
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