Really Profiting?

[ImHash]

Is it really profitable to mine bitcoin and alt coins? if so then why alt coins have small hash rates? either you can make money by mining
or not if you can make money then how come most powerful countries are not just putting tons of hash powers in bitcoin and alt coins
And just take them all for themselves?
Does any one even know which country you could mine and profit the most?
Is there any trusted bitcoin forum member who has established any mining service and accepts out side investors so we know at least
There is one legit person in this virtual world that we can trust and same time earn something?

[gbBit]

 

Of course they're people profiting by mining, but it's not you first must recognize the pyramid scheme that it is.  In a simple form this is how it works and it's quite simple their concept.  The companies that develop the miners start mining for themselves as long as possible until they see the FV=NPV of the miners or they see one of their competitors might be coming out with a new system that might catch up with them.  At this point they begin selling their new technology to the general public advertising on forums like this.  Then we go out and buy these miners and run them for a while until we see there's a new miner that comes out.  At this point we list those miners on eBay and prepare to buy the new miner.  The guy who buys the miner on eBay over pays and never turns a profit since they fail to take into account factors such as difficultly, electricity cost, power supplies, halving, other accessories and time needed to operate when investing in a miner.

So to turn a profit in mining you shouldn't be the guy at the bottom of the pyramid.  To actually make a lot you need to be a developer, to turn a small profit you can be the guys in the middle and, pay attention to new releases and resale in time.

But I think as anyone would tell you if you want to make money in bitcoin, mining isn't the place to be as a layman.  Leave this to industry.  It's better to get a normal job and buy bitcoins as an investment.

[aliashraf]

... mining isn't the place to be as a layman.  Leave this to industry.  It's better to get a normal job and buy bitcoins as an investment.

mmm ... Objection! Industry means corporates and corporates ruin every single thing. Although bitcoin is an exceptional die hard innovative phenomenon it can not resist against ruining instincts of centralized, blind giants. We better to remain in the game and seek for ways to make mining more profitable and more popular. AND stop saying : "buy bitcoins as an investment" a monopolized bitcoin mining 'industry' leaves no future for bitcoin as an investment. I think this paradox is to be resolved and it will be eventually (I hope/try for it) but for the time being better not to leave the scene.

[mindrust]

Is it really profitable to mine bitcoin and alt coins?

Yes it is profitable. But only if you got free or very cheap electricity.

if so then why alt coins have small hash rates?

Most of the altcoins are dead. Only a few of them worth to mine.

Does any one even know which country you could mine and profit the most?

Some third world countries which you can get electricty for free without paying for it. (stealing)

Is there any trusted bitcoin forum member who has established any mining service and accepts out side investors so we know at least
There is one legit person in this virtual world that we can trust and same time earn something?

There was a guy from Venezuela looking for investors but i wouldn't trust anybody overseas in this matter. I don't even trust cloud minng companies. So, to answer your qusetion: Theorically yes, practically no.

[notlist3d]

Is it really profitable to mine bitcoin and alt coins? if so then why alt coins have small hash rates? either you can make money by mining
or not if you can make money then how come most powerful countries are not just putting tons of hash powers in bitcoin and alt coins
And just take them all for themselves?

Mining alt coins and BTC are very different as far as mining. With BTC mining your talking about asics which beat the heck out of GPU's and with S9 are getting very efficient (amazing jump into this generation).

On altcoins really only one worth mining for most is Ehter, and it is done with GPU.   So I consider it kinda apples and orages as far as mining Ether or BTC.  But both do come down to electricity price honestly on amount of profit.

[techgeek]

Is it really profitable to mine bitcoin and alt coins?

Yes it is profitable. But only if you got free or very cheap electricity.

if so then why alt coins have small hash rates?

Most of the altcoins are dead. Only a few of them worth to mine.

Does any one even know which country you could mine and profit the most?

Some third world countries which you can get electricty for free without paying for it. (stealing)

Is there any trusted bitcoin forum member who has established any mining service and accepts out side investors so we know at least
There is one legit person in this virtual world that we can trust and same time earn something?

There was a guy from Venezuela looking for investors but i wouldn't trust anybody overseas in this matter. I don't even trust cloud minng companies. So, to answer your qusetion: Theorically yes, practically no.

Some of these points are valid.

But when you mention the altcoin part, its more likely 1 coin stays worthy to mine at this moment. Which is ETH due to the volume and other exchanges promoting it on their bitcoin channels unlike any other alt coin.

Every other altcoin is not being marketed the same way to increase buying behavior.

[Amph]

i think you guy are joking or don't know about ethereum profit at all, because ethereum is profitable even with 0.3 electricty, let alone with free electricity

[Cuidler]

... mining isn't the place to be as a layman.  Leave this to industry.  It's better to get a normal job and buy bitcoins as an investment.

mmm ... Objection! Industry means corporates and corporates ruin every single thing. Although bitcoin is an exceptional die hard innovative phenomenon it can not resist against ruining instincts of centralized, blind giants. We better to remain in the game and seek for ways to make mining more profitable and more popular. AND stop saying : "buy bitcoins as an investment" a monopolized bitcoin mining 'industry' leaves no future for bitcoin as an investment. I think this paradox is to be resolved and it will be eventually (I hope/try for it) but for the time being better not to leave the scene.

Industrial mining is mean to be cost effective mining - farms mine with cheap electricity most home miners dont have (unless you have some free electricity).

With GPUs industrial mining might be harder as I sometimes need to restart computer when it freeze while mining with GPU, but maybe there is solution to this problem.

[notlist3d]

... mining isn't the place to be as a layman.  Leave this to industry.  It's better to get a normal job and buy bitcoins as an investment.

mmm ... Objection! Industry means corporates and corporates ruin every single thing. Although bitcoin is an exceptional die hard innovative phenomenon it can not resist against ruining instincts of centralized, blind giants. We better to remain in the game and seek for ways to make mining more profitable and more popular. AND stop saying : "buy bitcoins as an investment" a monopolized bitcoin mining 'industry' leaves no future for bitcoin as an investment. I think this paradox is to be resolved and it will be eventually (I hope/try for it) but for the time being better not to leave the scene.

Industrial mining is mean to be cost effective mining - farms mine with cheap electricity most home miners dont have (unless you have some free electricity).

With GPUs industrial mining might be harder as I sometimes need to restart computer when it freeze while mining with GPU, but maybe there is solution to this problem.

The solution is either software monitoring PC's and hashrates.  Or some pools you could use names to indicate PC's.   With ether I really have not had to much freezing, if you are chances are something is wrong with your setup.

And I'm not saying these GPU mines will become as big as industry as BTC mining asics.  But I still think there are some commercial mines happening, looking at Ether I don't think the difficulty is all hobby farmers.  But then again that is speculation on my part.

[QuintLeo]

Is it really profitable to mine bitcoin and alt coins? if so then why alt coins have small hash rates?

 A large factor is that the algorythms used by altcoins were deliberately made TOUGHER as a way to make it more difficult for someone to create an ASIC for those coins.

 Look at the hashrate out of an Innosilicon A1 vs an Innosilicon A2 for a good comparison - SAME technology used on both chips, essencially identical board-level design, essencially same SIZE chips (identical chip package but the internal chips might vary a hair on area), yet the A1 hashrate is a TON higher 'cause SHA256 is much easier to compute than Scrypt.