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Author Topic: Bitcoin Mining as sole source of income  (Read 1399 times)
Phildo
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September 01, 2015, 12:04:27 AM
 #21

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?

You are going to have a tough time finding miners that don't need electricity and can do that many hashes per second. (you have a 0 in the power use field).
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subSTRATA
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September 01, 2015, 12:16:57 AM
 #22

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?
return on investment.

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?

You are going to have a tough time finding miners that don't need electricity and can do that many hashes per second. (you have a 0 in the power use field).

there are some people that can manage to find a decent amount of free electricity though, the problem is maintaining and replacing those miners in that case. however, for the few that can manage a decent amount of free electricity and put in a decent amount into buying mining hardware, i imagine roi would take less than half a year for those people.

theres nothing here. message me if you want to put something here.
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September 01, 2015, 05:40:36 AM
 #23

if you did return on investment each time, is that even show signs of profit?

cause what if that operator decides to leave, then youre out 50% x however many times you reinvested.
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