Is mining still a good idea?

[notlist3d]

I was wondering about mining profitability and i think it's not worth it to get in. I mean you must get asic miners and the minimum to mine with is i think at least 10 TH/s. Even if you make enough money to pay electricity and still get some $ you have to get back the amount of the machines. I know there is cloud mining but that doesn't make that much and not stable. The blockchain is heavy and there are just too many people already mining who are your "concurrency".
So what do you think?

Honestly I think you have some more research to do.   Cloud mining for example on hashnest is not all that different then regular mining if at 10 cents or close.  We need to know if you have cheap electricity, then yes it changes.

And keep in mind the goal is BTC to go up.  So when I made a profit at 230 and stored it all in BTC... all of that I stored is not 430+ in value.  So by holding onto profits can make a HUGE difference, but you can also lose money this way.

[Amph]

If you have free electricity and if the prices remain stable at where they are, I mean more than $450, then there's a chance you can get out with some nice profit in the next few months, but that too before halving, as nobody knows what will be the scenario after halving takes place...

There are chances that people might lose interest in Bitcoins, or might there happen something like a big pump that could take BTC to somewhere that will drag everyone's attention towards it again...

Well with the price 450 USD and having a Antminer S7 + a energy rate of like 10 cent / kW the ROI period is less then 120 days. It's a little bit high yes but 'doable' even more if you expect the price to rise even more.

But looking towards the difficulty that skyrocket big time see:
https://bitcoinwisdom.com/bitcoin/difficulty

It's very risky again. Therefore i wouldn't advice to buy mining gear right now.

Are you sure about those calculations?
Because if u are, then it will be profitable for me so then I am very interested.

he forget diff, but right now a s7 can earn you a nice profit, and consumption is around $45 per month with 0.05, with 0.1 is double that

earning is $360, but the next diff jump will put us on another +10% or so, still plenty of room for profit

[extrabyte]

Firstly it depends on how much budget do you have to spent, to start with you need the latest mining hardware which i would suggest the S7, another factor is having free electricity to get the most profit of this mining rig.

[alh]

If you have free electricity and if the prices remain stable at where they are, I mean more than $450, then there's a chance you can get out with some nice profit in the next few months, but that too before halving, as nobody knows what will be the scenario after halving takes place...

There are chances that people might lose interest in Bitcoins, or might there happen something like a big pump that could take BTC to somewhere that will drag everyone's attention towards it again...

Well with the price 450 USD and having a Antminer S7 + a energy rate of like 10 cent / kW the ROI period is less then 120 days. It's a little bit high yes but 'doable' even more if you expect the price to rise even more.

But looking towards the difficulty that skyrocket big time see:
https://bitcoinwisdom.com/bitcoin/difficulty

It's very risky again. Therefore i wouldn't advice to buy mining gear right now.

After 120 days, you still haven't paid off your S7, unless you got it for less than $600, or unless difficulty starts to fall off below 5% every two weeks. I have no idea what assumptions you made to get a payoff off of 120 days.

Maybe you expect the price of BTC to increase faster than difficulty, and you got the S7 for "half price" maybe you can make it work out.

I think that a 120 day payoff for an S7 require an incredible number of unlikely assumptions.

[FruitsBasket]

If you have free electricity and if the prices remain stable at where they are, I mean more than $450, then there's a chance you can get out with some nice profit in the next few months, but that too before halving, as nobody knows what will be the scenario after halving takes place...

There are chances that people might lose interest in Bitcoins, or might there happen something like a big pump that could take BTC to somewhere that will drag everyone's attention towards it again...

Well with the price 450 USD and having a Antminer S7 + a energy rate of like 10 cent / kW the ROI period is less then 120 days. It's a little bit high yes but 'doable' even more if you expect the price to rise even more.

But looking towards the difficulty that skyrocket big time see:
https://bitcoinwisdom.com/bitcoin/difficulty

It's very risky again. Therefore i wouldn't advice to buy mining gear right now.

After 120 days, you still haven't paid off your S7, unless you got it for less than $600, or unless difficulty starts to fall off below 5% every two weeks. I have no idea what assumptions you made to get a payoff off of 120 days.

Maybe you expect the price of BTC to increase faster than difficulty, and you got the S7 for "half price" maybe you can make it work out.

I think that a 120 day payoff for an S7 require an incredible number of unlikely assumptions.

An antimer s7 cost like 3.5 bitcoins so there never will be an ROI within 120 days because you also need to pay the electricity.
If u can get free electricity, then u spent much money on mining, or mayby buy solar panels for the electricity.

[gkv9]

If you have free electricity and if the prices remain stable at where they are, I mean more than $450, then there's a chance you can get out with some nice profit in the next few months, but that too before halving, as nobody knows what will be the scenario after halving takes place...

There are chances that people might lose interest in Bitcoins, or might there happen something like a big pump that could take BTC to somewhere that will drag everyone's attention towards it again...

Well with the price 450 USD and having a Antminer S7 + a energy rate of like 10 cent / kW the ROI period is less then 120 days. It's a little bit high yes but 'doable' even more if you expect the price to rise even more.

But looking towards the difficulty that skyrocket big time see:
https://bitcoinwisdom.com/bitcoin/difficulty

It's very risky again. Therefore i wouldn't advice to buy mining gear right now.

Are you sure about those calculations?
Because if u are, then it will be profitable for me so then I am very interested.

he forget diff, but right now a s7 can earn you a nice profit, and consumption is around $45 per month with 0.05, with 0.1 is double that

earning is $360, but the next diff jump will put us on another +10% or so, still plenty of room for profit

But difficulty jump ain't just one thing, halving is another and the price is the most considerable topic to be focused when it comes to mining, as buying for least BTC at higher prices might look good, but even if you get that ROI in BTC in 6 months and the price is slashed 50% down, then I guess it's double your wait to just gain your ROI in full, I mean the one will need to wait a year instead of the mentioned 6 months...

[Amph]

If you have free electricity and if the prices remain stable at where they are, I mean more than $450, then there's a chance you can get out with some nice profit in the next few months, but that too before halving, as nobody knows what will be the scenario after halving takes place...

There are chances that people might lose interest in Bitcoins, or might there happen something like a big pump that could take BTC to somewhere that will drag everyone's attention towards it again...

Well with the price 450 USD and having a Antminer S7 + a energy rate of like 10 cent / kW the ROI period is less then 120 days. It's a little bit high yes but 'doable' even more if you expect the price to rise even more.

But looking towards the difficulty that skyrocket big time see:
https://bitcoinwisdom.com/bitcoin/difficulty

It's very risky again. Therefore i wouldn't advice to buy mining gear right now.

Are you sure about those calculations?
Because if u are, then it will be profitable for me so then I am very interested.

he forget diff, but right now a s7 can earn you a nice profit, and consumption is around $45 per month with 0.05, with 0.1 is double that

earning is $360, but the next diff jump will put us on another +10% or so, still plenty of room for profit

But difficulty jump ain't just one thing, halving is another and the price is the most considerable topic to be focused when it comes to mining, as buying for least BTC at higher prices might look good, but even if you get that ROI in BTC in 6 months and the price is slashed 50% down, then I guess it's double your wait to just gain your ROI in full, I mean the one will need to wait a year instead of the mentioned 6 months...

well halving is not tomorrow, plenty of room for profit, 7 months, plus you can always resell, s7 can be sold again at the same price at whch you bought it, unless the price of bitcoin skyrocket too much and you payed in bitcoin

but this is another story, better to pay in fiat your asic

[FruitsBasket]

If you have free electricity and if the prices remain stable at where they are, I mean more than $450, then there's a chance you can get out with some nice profit in the next few months, but that too before halving, as nobody knows what will be the scenario after halving takes place...

There are chances that people might lose interest in Bitcoins, or might there happen something like a big pump that could take BTC to somewhere that will drag everyone's attention towards it again...

Well with the price 450 USD and having a Antminer S7 + a energy rate of like 10 cent / kW the ROI period is less then 120 days. It's a little bit high yes but 'doable' even more if you expect the price to rise even more.

But looking towards the difficulty that skyrocket big time see:
https://bitcoinwisdom.com/bitcoin/difficulty

It's very risky again. Therefore i wouldn't advice to buy mining gear right now.

Are you sure about those calculations?
Because if u are, then it will be profitable for me so then I am very interested.

he forget diff, but right now a s7 can earn you a nice profit, and consumption is around $45 per month with 0.05, with 0.1 is double that

earning is $360, but the next diff jump will put us on another +10% or so, still plenty of room for profit

But difficulty jump ain't just one thing, halving is another and the price is the most considerable topic to be focused when it comes to mining, as buying for least BTC at higher prices might look good, but even if you get that ROI in BTC in 6 months and the price is slashed 50% down, then I guess it's double your wait to just gain your ROI in full, I mean the one will need to wait a year instead of the mentioned 6 months...

well halving is not tomorrow, plenty of room for profit, 7 months, plus you can always resell, s7 can be sold again at the same price at whch you bought it, unless the price of bitcoin skyrocket too much and you payed in bitcoin

but this is another story, better to pay in fiat your asic

Is that true what u saying about reselling? I am not sure because after several years, won't it get vroken or something? Also second hand is much cheaper then brand new.

Prety smart actually if it is true what u are saying.

[notlist3d]

If you have free electricity and if the prices remain stable at where they are, I mean more than $450, then there's a chance you can get out with some nice profit in the next few months, but that too before halving, as nobody knows what will be the scenario after halving takes place...

There are chances that people might lose interest in Bitcoins, or might there happen something like a big pump that could take BTC to somewhere that will drag everyone's attention towards it again...

Well with the price 450 USD and having a Antminer S7 + a energy rate of like 10 cent / kW the ROI period is less then 120 days. It's a little bit high yes but 'doable' even more if you expect the price to rise even more.

But looking towards the difficulty that skyrocket big time see:
https://bitcoinwisdom.com/bitcoin/difficulty

It's very risky again. Therefore i wouldn't advice to buy mining gear right now.

Are you sure about those calculations?
Because if u are, then it will be profitable for me so then I am very interested.

he forget diff, but right now a s7 can earn you a nice profit, and consumption is around $45 per month with 0.05, with 0.1 is double that

earning is $360, but the next diff jump will put us on another +10% or so, still plenty of room for profit

But difficulty jump ain't just one thing, halving is another and the price is the most considerable topic to be focused when it comes to mining, as buying for least BTC at higher prices might look good, but even if you get that ROI in BTC in 6 months and the price is slashed 50% down, then I guess it's double your wait to just gain your ROI in full, I mean the one will need to wait a year instead of the mentioned 6 months...

well halving is not tomorrow, plenty of room for profit, 7 months, plus you can always resell, s7 can be sold again at the same price at whch you bought it, unless the price of bitcoin skyrocket too much and you payed in bitcoin

but this is another story, better to pay in fiat your asic

Is that true what u saying about reselling? I am not sure because after several years, won't it get vroken or something? Also second hand is much cheaper then brand new.

Prety smart actually if it is true what u are saying.

Miners we are not talking about years.... a miner's life is much shorter then this.  He was talking 7 months which is fair amount of time in mining world.

You mine till profit is not to high, and sell to "free" or very cheap electricity.  They get it and you get a little more money to add on to ROI, or for some might make them ROI.  But no miner is year's as far as realistic life.

[alh]

It's important to understand the "functional lifespan" of a piece of hardware compared to it's "economic lifespan". ASIC mining hardware does NOT have a long "economic lifespan" (i.e the point at which it's not longer viable to run). The usual answer is to sell it off to somebody with a lower operating cost.

I would also suggest that in some, possibly many, cases you'll sell your miner to somebody that doesn't truly understand the economics of Bitcoin mining. I am 90% certain I have never "broken even" (aka ROI) until I sell the hardware. The less kind way to put that is "The greater fool strategy". Works best when BTC price is high, assuming you do your ROI calculations in fiat currency (as I do). Mining hardware seems to have a greater value on the used market when BTC price is high.

[gkv9]

If you have free electricity and if the prices remain stable at where they are, I mean more than $450, then there's a chance you can get out with some nice profit in the next few months, but that too before halving, as nobody knows what will be the scenario after halving takes place...

There are chances that people might lose interest in Bitcoins, or might there happen something like a big pump that could take BTC to somewhere that will drag everyone's attention towards it again...

Well with the price 450 USD and having a Antminer S7 + a energy rate of like 10 cent / kW the ROI period is less then 120 days. It's a little bit high yes but 'doable' even more if you expect the price to rise even more.

But looking towards the difficulty that skyrocket big time see:
https://bitcoinwisdom.com/bitcoin/difficulty

It's very risky again. Therefore i wouldn't advice to buy mining gear right now.

Are you sure about those calculations?
Because if u are, then it will be profitable for me so then I am very interested.

he forget diff, but right now a s7 can earn you a nice profit, and consumption is around $45 per month with 0.05, with 0.1 is double that

earning is $360, but the next diff jump will put us on another +10% or so, still plenty of room for profit

But difficulty jump ain't just one thing, halving is another and the price is the most considerable topic to be focused when it comes to mining, as buying for least BTC at higher prices might look good, but even if you get that ROI in BTC in 6 months and the price is slashed 50% down, then I guess it's double your wait to just gain your ROI in full, I mean the one will need to wait a year instead of the mentioned 6 months...

well halving is not tomorrow, plenty of room for profit, 7 months, plus you can always resell, s7 can be sold again at the same price at whch you bought it, unless the price of bitcoin skyrocket too much and you payed in bitcoin

but this is another story, better to pay in fiat your asic

The life span of a miner is not that much, they might be the best ones, but you really don't know that till when the miners will work...
Even we need to look for many factors like AC or DC, the stability of electricity, fluctuations, etc., and then too it's a machine in the end...

[Amph]

If you have free electricity and if the prices remain stable at where they are, I mean more than $450, then there's a chance you can get out with some nice profit in the next few months, but that too before halving, as nobody knows what will be the scenario after halving takes place...

There are chances that people might lose interest in Bitcoins, or might there happen something like a big pump that could take BTC to somewhere that will drag everyone's attention towards it again...

Well with the price 450 USD and having a Antminer S7 + a energy rate of like 10 cent / kW the ROI period is less then 120 days. It's a little bit high yes but 'doable' even more if you expect the price to rise even more.

But looking towards the difficulty that skyrocket big time see:
https://bitcoinwisdom.com/bitcoin/difficulty

It's very risky again. Therefore i wouldn't advice to buy mining gear right now.

Are you sure about those calculations?
Because if u are, then it will be profitable for me so then I am very interested.

he forget diff, but right now a s7 can earn you a nice profit, and consumption is around $45 per month with 0.05, with 0.1 is double that

earning is $360, but the next diff jump will put us on another +10% or so, still plenty of room for profit

But difficulty jump ain't just one thing, halving is another and the price is the most considerable topic to be focused when it comes to mining, as buying for least BTC at higher prices might look good, but even if you get that ROI in BTC in 6 months and the price is slashed 50% down, then I guess it's double your wait to just gain your ROI in full, I mean the one will need to wait a year instead of the mentioned 6 months...

well halving is not tomorrow, plenty of room for profit, 7 months, plus you can always resell, s7 can be sold again at the same price at whch you bought it, unless the price of bitcoin skyrocket too much and you payed in bitcoin

but this is another story, better to pay in fiat your asic

Is that true what u saying about reselling? I am not sure because after several years, won't it get vroken or something? Also second hand is much cheaper then brand new.

Prety smart actually if it is true what u are saying.

it will not work for long time frame, you must resell in 6 months, or at least some months before new asic ome out, in this way it will retain more its value

[hectordsd]

I think if you buy one bitcoin now and wait till the halving i think you could make more profits, but the market is unpredecible so dont trust me

[target]

It can still be profitable if you mine altcoins and exchange to bitcoins.
'm still considering getting into mining and one benefit I can say is simply gaining knowledge and experience about these stuff. This is one of the direction to go push after all you are already into bitcoin.

[wikenpp]

With the right equipment bought at the right price, and paying energy at a low price, you can earn some bucks.

Yes bucks, the time where you could make a small fortune with mining is long gone.

[djroadking]

As many have said... Keep it as a hobby first and keep profit the very last thing in mind.

[hedgy73]

No it isn't, stop and dont do it!

[praprata]

It should be a hobby and stay a hobby. There is no way you will get your money out of it.
The miners market is run by big time bitcoin farms now.

[Altynbekova]

It should be a hobby and stay a hobby. There is no way you will get your money out of it.
The miners market is run by big time bitcoin farms now.

There are plenty of home miners mining now. Sure larger farms are slowly taking control with a diversity of proucts.
But since mining (when you have a low electricty fee) is still profitable, there is enough incentive for miners to keep on mining.

[notlist3d]

It should be a hobby and stay a hobby. There is no way you will get your money out of it.
The miners market is run by big time bitcoin farms now.

There are plenty of home miners mining now. Sure larger farms are slowly taking control with a diversity of proucts.
But since mining (when you have a low electricty fee) is still profitable, there is enough incentive for miners to keep on mining.

Hobby miners do have the advantage though over home.  Able to do larger amount of watts, and also most hobby use 220/240 so that is a decent advantage when getting new gear and PSU's.   A good server PSU is less then a nice ATX almost always.

Home miners do have the advantage during winter of using them to heat a house, but some miners are loud so just varies.  I think we will see more go to hobby size or very little at home.  Not sure 100 percent which way the market will go.