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Author Topic: Is Bitcoin Mining still profitable?  (Read 4190 times)
maydna
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March 11, 2017, 03:24:40 AM
 #41

there will be too many calculation for starting bitcoin mining and you will need big budget to start because as the difficulty of bitcoin is increased, we should thinking about the electricity that we should pay in monthly, what hardware we want to use, how much hardware we can buy with our money, how long we can get ROI, is it worth for us to starting bitcoin mining and else.
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IRF2017
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March 11, 2017, 09:00:48 AM
 #42

yeah Alot of Profit

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March 12, 2017, 04:18:05 AM
 #43



to do this they need to know how much the thing is worth, i don't think thye have any clue about its real value, you can even put $20 and they would pass it

despite this it's all tracked with UPS, if the package stop at the customs they cannot simply say that it was lost....

well,once again it depends on the country you live in
I know for sure that my friends had lots of headache and yes,the customs just lose it or say they have lost
and then they make you write a ton of documents and in the end you get the value of the parcel i.e. 45 euros in your case
maybe it is different at where you live,but be warned that this shit happens and happens too often
I know in some countries this takes place. Even in the Eurozone. UPS, FedEx, DHL, Mail... all are targets by shady customs agents. It doesn't matter the value on the package. I used to ship worldwide until I had a package show up in Italy that was opened and empty when the mail carrier delivered it. He made her sign for the empty box and reported it as delivered. Fortunately I had purchased insurance on it. Packages to Brazil, Chile, Peru, and Mexico are routinely "Lost" in customs. We send gifts to my wife's family in Ukraine from time to time, about half arrive to the destination. The others are mysteriously lost.

If it's going to Joe Blow End User and not someone with connections or power. It's fair game in lots of countries.

I finally quit shipping product internationally because of all the theft.
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March 12, 2017, 11:36:04 AM
 #44

there will be too many calculation for starting bitcoin mining and you will need big budget to start because as the difficulty of bitcoin is increased, we should thinking about the electricity that we should pay in monthly, what hardware we want to use, how much hardware we can buy with our money, how long we can get ROI, is it worth for us to starting bitcoin mining and else.
Yep.  You need to think a lot about how long it will be until you can get ROI and how long you can continue to get ROI.  Going as we are, the next halving in a few years might stop you making profits anymore, so you need to be a bit self-aware because this will not just constantly make you money for a long time.
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March 12, 2017, 08:02:22 PM
 #45

not worth the investment unless you can go very  big, it's centralized as it get and not casual anymore

for example 1 single s9 net you less than 0.01 per day with 1.4kw/h of consumption, and the diff keep increase, which mean this amount is decreasing over time

we are already approaching the day where you need the whole resitendial power(usually here 3kw/h) to run a miner...

Just plug the numbers into a mining calculator, you'll find that unless you have ridiculous electricity rates, you can make profit. Electricity is 0.10 $/kWh where i live and I could easily turn a nice profit off 5-10 S9's.  

as i said in that post you need to invest big to make somethign significant, 10 s9 is $20k, not everyone has 20k ready to throw at crypto

and with 10 of them you are only generating 0.08 a day, minus electricity, it's not that much....

I plan on starting with four S9s which with a 10c power rate will net me about $700 per month after power costs. Factoring in the resale value of the miners, that's extremely profitable. In the real world of investing with stocks and real estate, you couldn't even dream of returns like those.

it's not about how much it net you, it's about roi , those thing will recover their initial investment? with the diff that keep increase? also isn't more wise to invest in x11 asic they consume 1/7 cost the same and earn you a bit more
Well the net profit and return on investment are pretty directly linked - you can't just invest next to nothing and expect to get a decent ROI.

I'd say that the key factors of whether mining is profitable or not are:

1. Your electricity costs.  Unfortunately, if you only have a small amount of money and are looking for 1-3 miners, you probably won't make any profit unless you are lucky enough to live in an area with cheap electricity.  Sometimes electricity costs can even exceed the revenue from your miners.  The only solution to this, if you're in it for the long run, is solar power but this will add a new level of risk to your mining.

2. Where you get your miners.  Bitmain is capable of being so profitable because not only do they sell miners, they own thousands of them and mine themselves.  Obviously you can't do this, but you can buy second hand and use other ways of attempting to get cheap miners.

3. Future difficulty.  In this case, you're at a fairly good point because you know that your profits will remain not consistent but nearly consistent for the next four years until the next halving.

In any case, mining is a risky venture and doing it on too small a budget, especially in an area with high electricity costs, is probably not a good idea.
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March 16, 2017, 02:58:41 AM
 #46

not worth the investment unless you can go very  big, it's centralized as it get and not casual anymore

for example 1 single s9 net you less than 0.01 per day with 1.4kw/h of consumption, and the diff keep increase, which mean this amount is decreasing over time

we are already approaching the day where you need the whole resitendial power(usually here 3kw/h) to run a miner...

Just plug the numbers into a mining calculator, you'll find that unless you have ridiculous electricity rates, you can make profit. Electricity is 0.10 $/kWh where i live and I could easily turn a nice profit off 5-10 S9's.  

as i said in that post you need to invest big to make somethign significant, 10 s9 is $20k, not everyone has 20k ready to throw at crypto

and with 10 of them you are only generating 0.08 a day, minus electricity, it's not that much....

I plan on starting with four S9s which with a 10c power rate will net me about $700 per month after power costs. Factoring in the resale value of the miners, that's extremely profitable. In the real world of investing with stocks and real estate, you couldn't even dream of returns like those.

it's not about how much it net you, it's about roi , those thing will recover their initial investment? with the diff that keep increase? also isn't more wise to invest in x11 asic they consume 1/7 cost the same and earn you a bit more
Well the net profit and return on investment are pretty directly linked - you can't just invest next to nothing and expect to get a decent ROI.

I'd say that the key factors of whether mining is profitable or not are:

1. Your electricity costs.  Unfortunately, if you only have a small amount of money and are looking for 1-3 miners, you probably won't make any profit unless you are lucky enough to live in an area with cheap electricity.  Sometimes electricity costs can even exceed the revenue from your miners.  The only solution to this, if you're in it for the long run, is solar power but this will add a new level of risk to your mining.

2. Where you get your miners.  Bitmain is capable of being so profitable because not only do they sell miners, they own thousands of them and mine themselves.  Obviously you can't do this, but you can buy second hand and use other ways of attempting to get cheap miners.

3. Future difficulty.  In this case, you're at a fairly good point because you know that your profits will remain not consistent but nearly consistent for the next four years until the next halving.

In any case, mining is a risky venture and doing it on too small a budget, especially in an area with high electricity costs, is probably not a good idea.
I think the things that make mining unprofitable is the level of difficulty, when the price reaches $900, I'm very optimistic for continued mining with S5, but I tried about 2 months and stopped because I lost. You are right, a lot of things and considerations that must be prepared before to mining.
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March 17, 2017, 05:46:11 PM
 #47

The things that makes bitcoin mining unprofitable is also how much it will take for you to stay profitable, I mean you can make $700 per month with it but for how long? It will keep decreasing every single day and one day it will hit zero.

Will you be able to recover your investment until than? Will you make enough to say it was a good investment? That is the hard question that no one knows.


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