want to start mining

[shanerc563]

DO NOT USE A COMPUTER TO MINE BITCOIN!!
There is no profit in it because it is way to slow.  Even in a pool you will not do enough mining to earn 1,000 satoshi in a single day.  You can get on faucets and do over 50k in about an hour making mining useless with a PC

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[larem]

lol your friend and his computer are about 5 years too late.

5 years is a little too much in the past, but in 2012 and even 2013 mining in your home was profitable.
I guess that past 2013 the only way to real profit from bitcoin mining is own a specialized mining farm with hundreds of ASICs.

Yeah but not really what the set up they were working on. By 2013 we had asic and before that we had killer fpga's.

It was still profitable with GPUs, though. Especially when it jumped to $1200/coin in 2013.

[lahm-44]

if mining is not profitable then why are the big companys or industrys are doing it now and also china is doing it in big scale too isnt it i thought mining is just getting difficult these days so i should switch to trading now hope that brings me a good profit and a good grip on money

[notlist3d]

if mining is not profitable then why are the big companys or industrys are doing it now and also china is doing it in big scale too isnt it i thought mining is just getting difficult these days so i should switch to trading now hope that brings me a good profit and a good grip on money

It can be profitable but you need things like low or no import tax.  Then you need low cost electricity.  I mean look at value of BTC one can get a profit, many still do.

There are always some that sit there on sidelines and say don't mine you wont make money.  But I suggest everyone do ROI math on a asic and see how it works for him.

[RyanLiang]

if mining is not profitable then why are the big companys or industrys are doing it now and also china is doing it in big scale too isnt it i thought mining is just getting difficult these days so i should switch to trading now hope that brings me a good profit and a good grip on money

My electricity cost is higher than $0.2/kWh, so I do not mine. It is not profitable at all for me.

[thirdchance57]

if mining is not profitable then why are the big companys or industrys are doing it now and also china is doing it in big scale too isnt it i thought mining is just getting difficult these days so i should switch to trading now hope that brings me a good profit and a good grip on money

For these large companies, Mining is profitable because they are running larger operations.  Where we could buy a miner and make a whopping $3.00 a day, they have 1,000 miners operating at once, making $3,000 a day.  This is an example, but you can get the understanding from this.

[lahm-44]

no body answered my question that if there are so nany big industrus are running bitcoin mining they why still now we have the confermation speed problem still now i see the litcoiners payments were faster than ours no matter that we have a lot of miners then them its just the difficulty

[notlist3d]

if mining is not profitable then why are the big companys or industrys are doing it now and also china is doing it in big scale too isnt it i thought mining is just getting difficult these days so i should switch to trading now hope that brings me a good profit and a good grip on money

For these large companies, Mining is profitable because they are running larger operations.  Where we could buy a miner and make a whopping $3.00 a day, they have 1,000 miners operating at once, making $3,000 a day.  This is an example, but you can get the understanding from this.

You can still make profit as a home or hobby miner (I consider hobby to be bigger then home miner).  All depends on how much electricity you have and price of electricity.

Big companies do have a advantage as they can go to a area with already cheap electricity and make a deal for large amount's of unused electricity for even cheaper.  So they are able to get amazing prices on electricity.

[greBit]

DO NOT USE A COMPUTER TO MINE BITCOIN!!
There is no profit in it because it is way to slow.  Even in a pool you will not do enough mining to earn 1,000 satoshi in a single day.  You can get on faucets and do over 50k in about an hour making mining useless with a PC

Yes it's an old school technique. At present its a dumb idea to use computer for mining of Bitcoin it will be just waste of time and money which you will spend for electricity without any profit because there are some cool machines launched in the market for mining which would attract more.

[yocoin15]

Kindly let me know the cheapest solution to mine alt coins.

[lahm-44]

Kindly let me know the cheapest solution to mine alt coins.

well according to my knowledge alcoins have a low difficulty level and since you can mine them with the older methods we used in bitcoins like cpu mining,gpu mining but it needs a good power supply and a good mother board too

[lolgato]

CPU and gpu mining are not as efficient anymore with more powerful asics flowing around.

[planetroving]

The days for CPU mining have long gone. People now mine using ASICs, which are very powerful machines designed to only mine Bitcoin (Bitcoin mining ASICs, that is). Even with them, it is only profitable if you are in a region with low electricity costs or a place where electricity is free. However, you can go and try mining some altcoin instead. I'm sure you'll earn more from mining altcoin than mining Bitcoin.

[larem]

if mining is not profitable then why are the big companys or industrys are doing it now and also china is doing it in big scale too isnt it i thought mining is just getting difficult these days so i should switch to trading now hope that brings me a good profit and a good grip on money

For these large companies, Mining is profitable because they are running larger operations.  Where we could buy a miner and make a whopping $3.00 a day, they have 1,000 miners operating at once, making $3,000 a day.  This is an example, but you can get the understanding from this.

You can still make profit as a home or hobby miner (I consider hobby to be bigger then home miner).  All depends on how much electricity you have and price of electricity.

Big companies do have a advantage as they can go to a area with already cheap electricity and make a deal for large amount's of unused electricity for even cheaper.  So they are able to get amazing prices on electricity.

It doesn't matter if you have free electricity -- you're paying for hardware. You're spending money regardless, and in 99.9% of the cases, you will not earn more than you're spending.

[Amph]

if mining is not profitable then why are the big companys or industrys are doing it now and also china is doing it in big scale too isnt it i thought mining is just getting difficult these days so i should switch to trading now hope that brings me a good profit and a good grip on money

My electricity cost is higher than $0.2/kWh, so I do not mine. It is not profitable at all for me.

there is some profit you can do with a s7, a s7 can produce almost one btc, now a little less because of the recent diff increase, 0.75, which is $360

at 0.2 electricity your consumption per month is $180, so your net profit is still $180 per month

[larem]

if mining is not profitable then why are the big companys or industrys are doing it now and also china is doing it in big scale too isnt it i thought mining is just getting difficult these days so i should switch to trading now hope that brings me a good profit and a good grip on money

My electricity cost is higher than $0.2/kWh, so I do not mine. It is not profitable at all for me.

there is some profit you can do with a s7, a s7 can produce almost one btc, now a little less because of the recent diff increase, 0.75, which is $360

at 0.2 electricity your consumption per month is $180, so your net profit is still $180 per month

Looking at calculators, it looks like at the CURRENT rate, with zero electricity, break-even would be 11 months. Starting next month, that jumps up to 13-14 months. The next month it jumps up to 17 months, and this pattern continues. The chances of breaking even are almost non-existent, especially when you consider how quickly new hardware is being created/added.

[xuan87]

it is really not recommend if you only mining using laptop with specification

nowadays the serious miner already buy tools to do mining, you will waste your energy and your cost if you only depend on that latop and phone to do your mining

[BlackPanda]

DO NOT USE A COMPUTER TO MINE BITCOIN!!
There is no profit in it because it is way to slow.  Even in a pool you will not do enough mining to earn 1,000 satoshi in a single day.  You can get on faucets and do over 50k in about an hour making mining useless with a PC

yes to the PC we just going to spend the cost of electricity and large devices. while earnings below.

[2double0]

You can check amazon and ebay and get some good miners for cheaper.
With that, you might be able to break-even faster compared to buying a single big miner for higher hash.

[Amph]

if mining is not profitable then why are the big companys or industrys are doing it now and also china is doing it in big scale too isnt it i thought mining is just getting difficult these days so i should switch to trading now hope that brings me a good profit and a good grip on money

My electricity cost is higher than $0.2/kWh, so I do not mine. It is not profitable at all for me.

there is some profit you can do with a s7, a s7 can produce almost one btc, now a little less because of the recent diff increase, 0.75, which is $360

at 0.2 electricity your consumption per month is $180, so your net profit is still $180 per month

Looking at calculators, it looks like at the CURRENT rate, with zero electricity, break-even would be 11 months. Starting next month, that jumps up to 13-14 months. The next month it jumps up to 17 months, and this pattern continues. The chances of breaking even are almost non-existent, especially when you consider how quickly new hardware is being created/added.

no , don't fall for the "% diff increase each month", it's not working like that, the diff will settle at the same ratio as it was before, there will be no always the same increase as the last one

so the next diff increase will not be + 13% or something, but much lower, and with free electricity your earning would be $360 a month which mean 5 months roi not 11, S7 cost only 3 btc on bitman