Should I join to miners ?

[_Kaari_]

Hi guys,

I'm relatively new there and tried to figure out if I could make some profit with mining.
I have a lot of question, I'd be very pleased if you could help me

If I understood well, if I want to make profit by mining bitcoins, the difficulty increases overtime (exponentially) as the common calculation speed increases, which means that the benefits I will make with the hardware I will use will decrease overtime, ie, if I buy a antminer s7 right now, when do you think it will be outdated ? .

Btw, the €/kwh in my country is pretty high actually, like .15€/kwh.
If I want to go for it, my initial investment could reach 5k€.
I have 10Mb/s internet connexion.

With these facts, do you have any advice about what solution I should consider (or none) ?

Regarding hardware, I like open-source and reusable components, is there any other profitable solutions than bitmain antminers / PSU ? Any (relatively) custom/diy based on asic chips ?

Thanks you really much for your help.

_Kaari_

[Raimonn]

My opinion is that the price of electricity on your country is very high to have profit of minning. You can try renting minners on minning centers (but be sure that are real, not loose your money on false minning ponzis).

[Amph]

with that amount you can buy 4 s7, that can produce $1400 a month minus electricity which in your case would be around $135 x 4 =540

so yes there is profit to be made, even with the diff increase of 20% per month, you have a good margin

your earning in 3 months would be 1400, 1111, 750, then you sell everything and you have your roi

[extrabyte]

The internet connection is more than enough for mining but the electricity cost will be high and i doubt you will earn anything in short term.

[notlist3d]

The internet connection is more than enough for mining but the electricity cost will be high and i doubt you will earn anything in short term.

Only chance I see is buying and trying to resell.  I don't agree long term that much electricity price will not work. If lucky can mine for a bit and sell off after for a profit.

If bitmain lowers prices multiple times it could kill this idea.  And you might have a machine and have no ROI.  I think you will be a lot better off at a hosting center somewhere.  You stand a much better chance at ROI if good one with decent rates in your case.

[extrabyte]

The internet connection is more than enough for mining but the electricity cost will be high and i doubt you will earn anything in short term.

Only chance I see is buying and trying to resell.  I don't agree long term that much electricity price will not work. If lucky can mine for a bit and sell off after for a profit.

If bitmain lowers prices multiple times it could kill this idea.  And you might have a machine and have no ROI.  I think you will be a lot better off at a hosting center somewhere.  You stand a much better chance at ROI if good one with decent rates in your case.

Well using the mining rig for a while and sell them still is a good idea if you can find a buyer, but mining itself does require lots of time and at the end it does not worth even that little profit.

[notlist3d]

The internet connection is more than enough for mining but the electricity cost will be high and i doubt you will earn anything in short term.

Only chance I see is buying and trying to resell.  I don't agree long term that much electricity price will not work. If lucky can mine for a bit and sell off after for a profit.

If bitmain lowers prices multiple times it could kill this idea.  And you might have a machine and have no ROI.  I think you will be a lot better off at a hosting center somewhere.  You stand a much better chance at ROI if good one with decent rates in your case.

Well using the mining rig for a while and sell them still is a good idea if you can find a buyer, but mining itself does require lots of time and at the end it does not worth even that little profit.

I have not kept a miner for a while and mined it to point it's not worth while.  I have been in a pattern run it at my normal rate, and watch it.  One day when I feel it's to small of profit vs sell price I sell it and invest that into more money.

For me personally I have made quite a bit more selling gear then going to no profit and sit in corner. 

[extrabyte]

The internet connection is more than enough for mining but the electricity cost will be high and i doubt you will earn anything in short term.

Only chance I see is buying and trying to resell.  I don't agree long term that much electricity price will not work. If lucky can mine for a bit and sell off after for a profit.

If bitmain lowers prices multiple times it could kill this idea.  And you might have a machine and have no ROI.  I think you will be a lot better off at a hosting center somewhere.  You stand a much better chance at ROI if good one with decent rates in your case.

Well using the mining rig for a while and sell them still is a good idea if you can find a buyer, but mining itself does require lots of time and at the end it does not worth even that little profit.

I have not kept a miner for a while and mined it to point it's not worth while.  I have been in a pattern run it at my normal rate, and watch it.  One day when I feel it's to small of profit vs sell price I sell it and invest that into more money.

For me personally I have made quite a bit more selling gear then going to no profit and sit in corner. 

Well good move from your side and we need to learn from thee experiences from Legendaries.

[crazyivan]

Power is too high for classic PoW mining. However, you can mine using PoS system, it requires no electricity or hardware. I personally love DMD Diamond coin, CLAM and Flycoin. Let me know if you need help about this, always glad to help new guys.

[mwizard]

with that amount you can buy 4 s/, that can produce $1400 a month minus electricity which in your case would be around $135 x 4 =540

so yes there is profit to be made, even with the diff increase of 20% per month, you have a good margin

your earning in 3 months would be 1400, 1111, 750, then you sell everything and you have your roi

To make any profit on the above figures you will need to resell your miners for at least 75% of what you paid for them.  That is a real gamble.

To take S7s as an example, four miners would cost about $6,000 with PSUs.  You earn about $1,600 over the 3 months based on the figures given above and assuming you start mining today. The approximate $1,600 of earnings are (1400-540) + (1111-540) + (750-540). By April you are not even covering the electrical cost.   So you would have to recover $4,400 from the sale of the miners. This is unlikely.

Fundamentally at 15€/kWh, mining becomes extremely risky and critically dependent on reselling your miners at close to purchase price.   Just buy some Bitcoins.

[gkv9]

If you have this much amount and you are so willing to invest, then you should go for cloud mining verified by a person based on his research...

Please visit here: https://bitcointalk.org/index.php?topic=878387 for more...

[Amph]

with that amount you can buy 4 s/, that can produce $1400 a month minus electricity which in your case would be around $135 x 4 =540

so yes there is profit to be made, even with the diff increase of 20% per month, you have a good margin

your earning in 3 months would be 1400, 1111, 750, then you sell everything and you have your roi

To make any profit on the above figures you will need to resell your miners for at least 75% of what you paid for them.  That is a real gamble.

To take S7s as an example, four miners would cost about $6,000 with PSUs.  You earn about $1,600 over the 3 months based on the figures given above and assuming you start mining today. The approximate $1,600 of earnings are (1400-540) + (1111-540) + (750-540). By April you are not even covering the electrical cost.   So you would have to recover $4,400 from the sale of the miners. This is unlikely.

Fundamentally at 15€/kWh, mining becomes extremely risky and critically dependent on reselling your miners at close to purchase price.   Just buy some Bitcoins.

it's not unlikely to sell them at let's say $1100 each, antminer s7 is very valuable, especially in a short time frame of only 3 months, they are the best miner out there, they will retain their value easily

i think you can easily sell them at $1200, with a net profit of around 1 btc in 3 months(+$100 x4, current rate $435), you can't expect more with only 4 asic

[notlist3d]

The internet connection is more than enough for mining but the electricity cost will be high and i doubt you will earn anything in short term.

Only chance I see is buying and trying to resell.  I don't agree long term that much electricity price will not work. If lucky can mine for a bit and sell off after for a profit.

If bitmain lowers prices multiple times it could kill this idea.  And you might have a machine and have no ROI.  I think you will be a lot better off at a hosting center somewhere.  You stand a much better chance at ROI if good one with decent rates in your case.

Well using the mining rig for a while and sell them still is a good idea if you can find a buyer, but mining itself does require lots of time and at the end it does not worth even that little profit.

I have not kept a miner for a while and mined it to point it's not worth while.  I have been in a pattern run it at my normal rate, and watch it.  One day when I feel it's to small of profit vs sell price I sell it and invest that into more money.

For me personally I have made quite a bit more selling gear then going to no profit and sit in corner. 

Well good move from your side and we need to learn from thee experiences from Legendaries.

I think it will catch on with most if not already.  Just so much extra money to sell vs running into ground and unplugging.  It is not full proof but better then most.

Only time I would have done better was I sold some S4's during 230 BTC value day's.  If I kept a month or so more would have been able to keep longer and sell for same.  But did not guess BTC was going to jump then.

[bitlancr]

I think it is too late to make mining profitable for yourself.
Even today the difficulty is going sky high, which makes it hard to earn any money.

[gkv9]

I think it is too late to make mining profitable for yourself.
Even today the difficulty is going sky high, which makes it hard to earn any money.

In few places, it is possible to earn profits, there are people saying that with an s7 which has been in markets for BTC3.5 can still give ROI in 5 - 6 months and they can sell their miners back at some decent rates to get some additional profits on their ROI...

[newcoins1978]

I wouldn't do it. It's risky and monitoring your miners takes time. Even more time if something is up and you need to 'debug'.
Buying and speculating on bitcoin is way more profitable.

If you really want to mine, then there is always cloud mining...

[notlist3d]

I wouldn't do it. It's risky and monitoring your miners takes time. Even more time if something is up and you need to 'debug'.
Buying and speculating on bitcoin is way more profitable.

If you really want to mine, then there is always cloud mining...

Most miner's are actually pretty easy to install at this point, and if trouble there is a entire forum here that help for free.   So I don't see that as biggest issue.

I think electricity cost is biggest thing.  Only hope is gear sells for more in EU.  But still with that electricity rate chances are he will lose.  He would be better off with a data center hosting it.  He could save at least 1/3 of running cost if not closer to half depending on center.