Bitcoin Mining as sole source of income

[Illustrious]

I would like to know how much I would have to invest in a site like CEX.io to make Bitcoin mining my sole source of income.

I plan:

• 1. Invest in Bitcoin mining
• 2. Reinvest 50% of monthly revenue
• 3. Gain wealth.

[hodedowe]

I would like to know how much I would have to invest in a site like CEX.io to make Bitcoin mining my sole source of income.

I plan:

• 1. Invest in Bitcoin mining
• 2. Reinvest 50% of monthly revenue
• 3. Gain wealth.

You need:

1. Cooling
2. Electricity
3. Efficient miners


Quit-my-job style mining is only attainable through a large starter investment and possibly discussions with your power company and an electrician. Most outlets only allow 1200 watts max through the plug. You'll need a new rail ran from the breaker box if you really go big and "build wealth".


It gets expensive, but that also assumes you're in a developed country. What are your real goals?

[Illustrious]

I will be investing between $5000 - $10000..  At a website like CEX.io - no hardware, no electric costs.  I would like to partake in cloud mining.

With Bitcoin cloud hashing you can forget about the most frequent mining problems, such as:

Massive electricity consumption,
Constant connectivity issues,
The need to provide cooling and space,
Annoying noise,
Other hardware maintaining issues

[notlist3d]

I will be investing between $5000 - $10000..  At a website like CEX.io - no hardware, no electric costs.

Don't do CEX.io.   But honestly a 5-10k investment is not going to give you enough to live off of in the mining world.

There are no guarantees, you could lose money.  So keep that in mind.  But it would take a LOT more to be sole source of income.

[Illustrious]

Why not CEX.io?

I plan to reinvest 50% of monthly income

I don't see how I could lose money when it's being mined 24/7>?

[notlist3d]

Why not CEX.io?

I plan to reinvest 50% of monthly income

I don't see how I could lose money when it's being mined 24/7>?

You need to read more about mining in general and cloud mining.  There are fees including electricity on reputable cloud hashing.   

Difficulty and bitcoin price comes into play.  No form of mining is a for sure bet, yes you can lose good amount of money.   You could reinvest income and end up with bigger loss.

I love mining and am not against it I just highly suggest reading about difficulty and price, and ROI.  Most ROI were talking in the hundreds of day's not 30 day range.  And again not guaranteed.

[hodedowe]

Cloud mining? Oh, I'm sorry. I thought you wanted to make some money.  
You'd be better off wiping your butt with that 10K or sending it to me and I'll wipe your butt. Once. If you don't tell anybody 

If you're going to invest 10k in a mining operation and you don't want to put some of that into equipment you really should think about spending your money better. You might be better off just buying 10k worth of bitcoins at today's low price ($228 each) and holding them for the future.

[notlist3d]

Cloud mining? Oh, I'm sorry. I thought you wanted to make some money. 


If you're going to invest 10k in a mining operation and you don't want to put some of that into equipment you really should think about spending your money better. You might be better off just buying 10k worth of bitcoins at today's low price ($228 each) and holding them for the future.

The problem is he want's a monthly income and he mentions "sole income".   Even if you spend 10k on coins or mining gear it would not work as sole income for most.

It is a investment and day's of 30 and 90 day ROI are over.   It is a way to make money yes that is true, but counting on it as a monthly income I don't think it's to that point.

[unholycactus]

Why not CEX.io?

I plan to reinvest 50% of monthly income

I don't see how I could lose money when it's being mined 24/7>?

If the mining difficulty rapidly increases or Bitcoin price decreases below a certain point, you'll be losing money. You're also trusting a 3rd party with your funds.

Mining as a sole source of income is possible if you don't value your quality of life.

[Phildo]

If cex had miners that would generate more than 45 btc, why would they rent them to you for 10k?

 For 10k you can get 45 btc right now, how would you ever get that high if you kept taking your payouts and giving them back to cex? All you are doing when you "cloud mine" is hoping that someone will give you back more than 45 btc over the course of time, why take all that risk and wait when you can get that many coins up front?

If cex had miners that could generate unlimited coins they wouldn't be renting them out.

[unholycactus]

If cex had miners that would generate more than 45 btc, why would they rent them to you for 10k?

 For 10k you can get 45 btc right now, how would you ever get that high if you kept taking your payouts and giving them back to cex? All you are doing when you "cloud mine" is hoping that someone will give you back more than 45 btc over the course of time, why take all that risk and wait when you can get that many coins up front?

If cex had miners that could generate unlimited coins they wouldn't be renting them out.

Yes. This is the kind of reasoning you should have in mind when you want to invest.
If yours is "These guys make a lot money and they want to make me part of it for free", think again.

They basically want to mitigate the financial risk of mining Bitcoin by exposing you to it instead.
It is possible to make money off of that, but no sound business would lose money in the long run. In other words, you are the loser in the long run.

[navigatrix]

I won't rain on your parade. It can be done, but not all at once.

I just reached the threshold where I can live off my mining proceeds. It took about $10K initial investment and allmost 100% re-investment since last September. Last January I actually started to cash in my BTC to pay my power bills.

But here's the clincher -- I wouldn't be there yet without last month having moved my Antminer S5's to the next county where power is really cheap. It cost me another $3K of cash to have the site properly set up with electricity and VPN connectivity so I can manage my miners from 150 miles away.

A large part of my growth did come through cloud mining at Bitmain's Hashnest. It's the only 'cloud' hosted solution I trust. The electricity/maintenance costs are better than my local power bill, but not super-cheap (9.76 cents/kWh). The miners, unfortuneately, are limited to mining at Antpool, which lately has had crap luck. Your $10K will buy you about 34 TH/s at Hashnest.

Instead of buying 'pure' hash rate, you are actually buying the rated speed of an actual device, the most efficient right now being the Antminer S5. At today's BTC price ($225), you get about half of the Bitcoin they generate, if pool luck is neutral. If it gets unprofitable, you have the option to redeem your hashrate for hardware. Or you can sell it on their market at any time and get your BTC back, give or take how well you're able to trade.

I took my 'virtual' S5's and sold 2/3 of them off for physical ones. I'm exploring the idea of buying some property in said 'next county' and setting up a couple more Bitcoin mining 'hives' with the robust electrical package we have developed. A properly configured shed the size of the Tardis can, at today's prices and diff and assuming using miners at least as efficient as the S5's can net you about $3500/month income, with an investment of about $27K plus the land.

Hope this helps. If you want to discuss investing in the BTC-Hive or hosting there, please IM me.

Note that, considering the volatility and uncertainty of Bitcoin, your income may sky-rocket or slow to a crawl, so having another income source (maybe a paying hobby? I facet and trade gemstones.) waiting in the wings would be a good idea.

[jdebunt]

If you want to start earning a viable monthly income next month, and want to use (cloud) mining, 10k isn't going to cut it.

Use that money to buy BTC, daytrade it on exchanges and siphon away the profits every month. You'll earn more that way, but you will also need to learn the ins and outs of Bitcoin trading.

[crazyivan]

I would like to know how much I would have to invest in a site like CEX.io to make Bitcoin mining my sole source of income.

I plan:

• 1. Invest in Bitcoin mining
• 2. Reinvest 50% of monthly revenue
• 3. Gain wealth.

If it were that simple, we would be millionaires by now.

First, cex.io does not provide cloud mining anymore. Second, cloud mining s a very risky business, I d say you would need to invest about $150-200k to live on mining and even then, it would be very risky, due to nature of cloud providers to scam people.

If you are into living on crypto, I would strongly suggest to start thinking about PoS, proof of stake coins. I do that and I ve been quite happy with the results. I am not 100% financially independent but probably in a year or so, I might be. Let me know if you need more help about staking.

[navigatrix]

If you are into living on crypto, I would strongly suggest to start thinking about PoS, proof of stake coins. I do that and I ve been quite happy with the results. I am not 100% financially independent but probably in a year or so, I might be. Let me know if you need more help about staking.

I'd like to know which PoS coins you think are the most promising.

[subSTRATA]

If you want to start earning a viable monthly income next month, and want to use (cloud) mining, 10k isn't going to cut it.

cloud mining wont cut it imo, regardless of the investment put into it, which would have to be ridiculously large to sustain a living off of that since the profits are razor thin anyways, and roi is going to take even longer tha nif you were mining by yourself with hardware.

10k either  way i think, wouldnt be enough to sustain an income off mining alone either. you would need several times that initial investment as well as cheap internet, a well ventilated and cooled location to house the miners, and most importantly, cheap electricity. it would be extremely hard even with something like a 30k investment to sustain a living, as miners can and will break, and the difficulty will always be rising. not to mention that hardware is constantly improving as well.

[Blazed]

If you want to start earning a viable monthly income next month, and want to use (cloud) mining, 10k isn't going to cut it.

cloud mining wont cut it imo, regardless of the investment put into it, which would have to be ridiculously large to sustain a living off of that since the profits are razor thin anyways, and roi is going to take even longer tha nif you were mining by yourself with hardware.

10k either  way i think, wouldnt be enough to sustain an income off mining alone either. you would need several times that initial investment as well as cheap internet, a well ventilated and cooled location to house the miners, and most importantly, cheap electricity. it would be extremely hard even with something like a 30k investment to sustain a living, as miners can and will break, and the difficulty will always be rising. not to mention that hardware is constantly improving as well.

Pretty much this ^^

Sorry to say, but you are a few years too late for this idea to work. Even with free power and spending $10,000 on used gear it would not sustain any decent lifestyle. Do yourself a favor and do not buy into cloud mining.

[WaffleMaster]

Do yourself a favor and forget about this idea completely. Do you think somebody like me just throws random b.s. in their signature?

[Illustrious]

Why not CEX.io?

I plan to reinvest 50% of monthly income

I don't see how I could lose money when it's being mined 24/7>?

You need to read more about mining in general and cloud mining.  There are fees including electricity on reputable cloud hashing.   

Difficulty and bitcoin price comes into play.  No form of mining is a for sure bet, yes you can lose good amount of money.   You could reinvest income and end up with bigger loss.

I love mining and am not against it I just highly suggest reading about difficulty and price, and ROI.  Most ROI were talking in the hundreds of day's not 30 day range.  And again not guaranteed.

What is ROI?

[Illustrious]

I used a mining calculator..  And this is what I got..

https://tradeblock.com/bitcoin/mining/a/FZ9MunyBPphCxLnrGeaS3P

$7000 a month with 10k starting..  Reinvesting 50% each month..  This doesn't sound unprofitable?