Would this be my best bet?

[qelroy]

Hello everyone!

I have been searching around the forums for a while now, to figure out what's best for me in terms of Bitcoin mining.

I have one of those small Antminer USB's, but let's face it.... it will take me a year, and i'm up to 50 cents or MAYBE 1$

There is no way, at this current time i will have the space, nor the equipment to set up my own bitcoin farm, so...

I had a look at Genesis Mining, I have been a customer there before, and everything was running smoothly, now my contract ran out, i'd have to buy myself another contract with them.

But is this my solution, perhaps buying 1 TH/s from Genesis Mining, or can someone recommend a company that does sorta the same?

Thanks!

Alex.

[qelroy]

Thank you for your answer.

So there is literally no point in Bitcoin mining anymore?

Because i'm just wondering why everyone else on the forums are building new mining rigs if it's pointless :-/

[LuanX3]

Thank you for your answer.

So there is literally no point in Bitcoin mining anymore?

Because i'm just wondering why everyone else on the forums are building new mining rigs if it's pointless :-/

Don't invest on those cloud mining. Most of them are just ponzis waiting to collapse. Genesis mining indeed has been here for quite sometime. But I think when they are no long profitable they will just run. It's better to just invest whatever you have elsewhere and not to mine bitcoins. Unless you have the money to invest into those bigger mining rigs than USB ones and have really cheap electricity in your place, then go for it. But if you don't have those, then you are better off investing on something else.

Good luck my friend.

[Hellacopter]

Its better to keep your coins away from the so called cloud mining sites, most of them are just ponzi schemes and will close their doors sooner or later. Try trading altcoins if you have good knowledge about it

[socks435]

Thank you for your answer.

So there is literally no point in Bitcoin mining anymore?

Because i'm just wondering why everyone else on the forums are building new mining rigs if it's pointless :-/

For now it is hard to mine bitcoin right now even you have a good hardware but there is some alternative ways to mine but in different coin like altcoin.
You can check this section https://bitcointalk.org/index.php?board=160.0
And maybe it can help you to mine some altcoin instead of investing your money in cloud mining site that we do not now if it is legit or not provably almost cloud mining site are not paying anymore and turn into scam best alternative to mine is to build a mining rig and mine altcoin...

[leex1528]

I don't think there is a real reasonable way to make money mining for most people.  Unfortunately due to electricity costs the market is sort of cornered to people who can have a large farm of mining equipment.  It might change in the future depending on what happens here but in the mean time I would stop your mining, as others have said on this thread it will end up costing you money in the long run.  Cloud mining seems to be a scam so far.  The best way to make Bitcoins is to purchase them unfortunately, you can get small amounts from faucets and stuff like that.  Wish you luck on your adventures!

[mexxer-2]

Because i'm just wondering why everyone else on the forums are building new mining rigs if it's pointless :-/

Most of them can scrape by some profit because they either have a large set-up of mining rigs , their electricity is cheap or they are getting the more efficient newer rigs.

Well anyway, newcomers to mining will find almost no profit(and might even encounter losses) from mining

[Velkro]

STOP IT NOW, it's not profitable anymore.

Agree, stop this madness. It sounds fun, its fun, but you WILL loose money.
So continue only if u want to loose money.

[LuanX3]

STOP IT NOW, it's not profitable anymore.

Agree, stop this madness. It sounds fun, its fun, but you WILL loose money.
So continue only if u want to loose money.

Loose is not equal to lose. Just to correct some errors here.

It's not actually not profitable or is madness. If you can invest a substantial amount of money to buy a lot of miners and have cheap electricity in your country, you can go for it. Without those requisites you probably will lose than gain anything. However, if it's just for purposes of entertainment, go for it. If it makes you happy, why not.

[deadsilent]

Thank you for your answer.

So there is literally no point in Bitcoin mining anymore?

Because i'm just wondering why everyone else on the forums are building new mining rigs if it's pointless :-/

Try it if you want. But dont invest big amount just for experience. Many investors lose and many people were scammed by cloud mining sites. Believe me, it will not give you a decent profit. Its just a waste of time and money. If the cloud.mining site where you invested your money and earn back your investments in the end of the contract, you are lucky.

[Cereberus]

The only profitable way of mining right now is through a rig with 2,3 or more GPU-s. Best coins to mine even with expensive electricity which will give you profit for the moment are Zcash and Ethereum although not as much as they were in their beginning.

You maybe don't have money to build a bitcoin mining farm but maybe you have money to build an altcoin mining rig (great computer with 2,3 or more GPU-s).

[mrcash02]

Don't invest on Genesis Mining and in any other kind of cloud mining site. You won't get profit and you will just lose your money if you do this. Many people are complaining here on forum everyday about Genesis Mining and another cloud minings. Don't make the same mistake with your small amount of money that you spent a lot of time to get!

[AdolfinWolf]

Hello everyone!

I have been searching around the forums for a while now, to figure out what's best for me in terms of Bitcoin mining.

I have one of those small Antminer USB's, but let's face it.... it will take me a year, and i'm up to 50 cents or MAYBE 1$

There is no way, at this current time i will have the space, nor the equipment to set up my own bitcoin farm, so...

I had a look at Genesis Mining, I have been a customer there before, and everything was running smoothly, now my contract ran out, i'd have to buy myself another contract with them.

But is this my solution, perhaps buying 1 TH/s from Genesis Mining, or can someone recommend a company that does sorta the same?

Thanks!

Alex.

Instead of mining, start trading alts, if you don't have the money for a farm, don't bother trying to mine. It is going to use up alot of electricity, and when there are machines out there who do the same thing ten times faster, you're not going to have any change.

Also don't fall for the cloud mine companies, 90% of them end up scamming you. Watch out!

[machinek20]

Mining using usb is not profitable at all and putting your money into cloud mining is not a good idea, because you will be scammed by the owner, it is better you find another investment to put your money, or you can find another way of income like trading

[pealr12]

Nah!!! Mining is not profitable it will only give you headache because of the high electric bill. Better to stop it before its to late ,or dont start mining at all.  Your  only giving yourself  problems.

[mbpinewatch]

no save your bitcoins there many better ways to make some profit like loans or selling bitcoins

[LuanX3]

Nah!!! Mining is not profitable it will only give you headache because of the high electric bill. Better to stop it before its to late ,or dont start mining at all.  Your  only giving yourself  problems.

Electricity bills and the price of the mining rig will be the headache of miners. But if you can provide this at really cheap costs you can profit. You can check some online calculators regarding this, and check whether you could be profitable.

[wintermeasures]

Hello everyone!

I have been searching around the forums for a while now, to figure out what's best for me in terms of Bitcoin mining.

I have one of those small Antminer USB's, but let's face it.... it will take me a year, and i'm up to 50 cents or MAYBE 1$

There is no way, at this current time i will have the space, nor the equipment to set up my own bitcoin farm, so...

I had a look at Genesis Mining, I have been a customer there before, and everything was running smoothly, now my contract ran out, i'd have to buy myself another contract with them.

But is this my solution, perhaps buying 1 TH/s from Genesis Mining, or can someone recommend a company that does sorta the same?

Thanks!

Alex.

No Bro Don't Try this Now Because its Not Profitable Now Because Of the Halving Passed this Year....
As You Know that After the Halving the Reward For Solving a Bitcoin Block is Halved and Now Even it Doesnot Covers Your Expenses So How you think to Do Mining........

[Mastsetad]

Thank you for your answer.

So there is literally no point in Bitcoin mining anymore?

Because i'm just wondering why everyone else on the forums are building new mining rigs if it's pointless :-/

Mining can only be profitable for you if you have no electricity costs or the costs are cheap in your area, in that way the electricity your equipment costs wont take all the profit you earn from mining and you might get some profit, but if the electricity rates are normal around you then skip it.

[zend7]

Do your calculations in this website for mining altcoins, a few of them are still profitable as I am writing this reply.

https://www.cryptocompare.com/mining/calculator/eth

Start with Ethereum, you can build a cheap PC with only 1 GPU for example 1 RX 470 and get about 23-25 Mhs. Put the other details of yours in the calculator and check for yourself if it's profitable for your area to mine Ethereum.

If it is , even in small quantity like 1-1.5 USD profit per day by all means do so as you can convert it in Bitcoin and who knows how high the price of bitcoin can go. So that 45 USD per month profit now maybe 450 USD after 2 years, so it's really worth a try if the stats of the calculator are positive for your area.