Is mining the best way to make btc?

[ad2012]

I am a newbi here and want make btc faster so how mining is the best way to make btc plzzz explain in detail.

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[cflocation]

Mining is a job and takes time and effort to get things running smoothly. Even when your miners are up and running it is a constant upkeep depending on your what miners you go with. I personally love to mine, yes I am getting Bitcoin but I also am a hardware junkie. That said it will take money and time (== more money) to get a decent mining operation going.

Always look at your ROI and see when your break even point is. Also look at your power rates that is critical on deciding if it is worth it or not.

Have fun if you decide to venture into this space.

[SFR10]

And to add up to what the above person stated, you should also have this in mind that using mining equipment is not that easy, specially for beginner and the reason why is that it requires a maintenance for itself, if your not well aware of the problem, it could be even much expensive than what you invested due to the damages the miner could get or even there was an instance a miner got on some sort of fire due to mining without an internet, so put these into consideration... So to answer your original question, the only way mining could be the best way and fast way to earn BTC is to have a great amount of GH/s mining power and on top of that have a low electricity on your place but the problem with good miners is that it really won't come cheap

[philipma1957]

I am a newbi here and want make btc faster so how mining is the best way to make btc plzzz explain in detail.

short answer is maybe.



you need cheap power

10 cents a kwatt or lower

you need power supplies

you need a trusted seller

you need luck or timing

you need some geek in you

what does power cost you?

[Amph]

i like mining as a means to have bitcoin because it's anonymous, and you earn bitcoin directly, it's not like when you buy on exchange

but to have a decent income and not peanuts you need a big farm nowadays, you can have profit with few miners, but as i see it there are better way to earn more

[notlist3d]

I am a newbi here and want make btc faster so how mining is the best way to make btc plzzz explain in detail.

I suggest doing some serious research.  For us to say best or not way.... really it should be you deciding based on your criteria on investment.

You are losing a lot of good experience by not doing some reading.  I highly suggest to look at some of the topics already out there.  You can read about mining ROI, Heat, Noise, the list goes on.

You can't really fit mining all in one thread.

[minerbit hill]

so how mining is the best way to make btc plzzz explain in detail.

who said it is ?  It was the original and only possible way to get btc back then .
you can make more btc by providing your service in btc online...if you have any.

[medUSA]

I am a newbi here and want make btc faster so how mining is the best way to make btc plzzz explain in detail.

I suggest doing some serious research.  For us to say best or not way.... really it should be you deciding based on your criteria on investment.

This is the best advice. Mining is an investment. You buy an expensive miner and hope it mine enough bitcoin to breakeven before difficulty rise so much you never ROI. You need to plan is out. Research into how the cost of miners, cost of electricity and difficulty trends to estimate your return. It's not easy.

[Mickeyb]

The only way I would opt in for mining if I would have free or nearly free electricity. In all other cases, I would just stay out of it!

[philipma1957]

The only way I would opt in for mining if I would have free or nearly free electricity. In all other cases, I would just stay out of it!

I have 17 cent per kwatt in the summer ---------- So I don't mine except  a few usb sticks for fun

I have 10 cent per kwatt power on OCT 1 ---------- So I buy the newest most efficient gear just in time for Oct   this year I got 3 s-7's

I will mine them until early April and then I have to sell them  Because May 1st power rises to 17 cents.

Been doing this for a few years and it has worked out okay.