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dk-one
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May 09, 2017, 06:06:32 AM
 #1

Hello,
I am new in crypto coins.
What is the best way to mine bitcoin today?
Is it always profitable?
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May 09, 2017, 06:45:23 AM
 #2

What is the best way to mine bitcoin today?
By having "ASIC" mining rigs (lots of it).

Is it always profitable?
No, it's not. A lot come into factor when profit is the target, like electricity rate, having a miner that functions normally, the difficulty factor (that mostly goes up) and the possible repair fees that add up along the process.

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May 09, 2017, 07:07:07 AM
 #3

Since a few years back its been very competitive in the bitcoin race and it´s nowadays very hard to ROI unless BTC price really takes off. A big gamble of course..

And IF you get hardware you need good cooling, and somewhere to place it. Most miners are far from silent. And of course check your electricity price Tongue
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May 09, 2017, 06:54:24 PM
 #4

What is the best way to mine bitcoin today?
By having "ASIC" mining rigs (lots of it).

Is it always profitable?
No, it's not. A lot come into factor when profit is the target, like electricity rate, having a miner that functions normally, the difficulty factor (that mostly goes up) and the possible repair fees that add up along the process.
You forgot about the possibility of a fire, theft, miners breaking due to surges, lightning strikes, or just component failure.
There's also an issue with transport, fees, the possibility of equipment being lost, stolen or damaged in transport.
There are also losses coming from downtime due to from network failure, so it's needed to monitor the miners 24/7. The Chinese, who are really serious about this business,  basically live in their mines.


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QuintLeo
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May 09, 2017, 07:50:44 PM
 #5

Cost of electric is the BIG factor on bitcoin profitability, if you are using current-generation ASIC equipment.

 It's a LOT easier to be profitable for a year or two on a rig when your electric costs 3c/kwh than it is when you are paying 12+
 (I believe the "national average" last year was a bit over 12c/kwh for the US).


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May 09, 2017, 07:59:59 PM
 #6

Cost of electric is the BIG factor on bitcoin profitability, if you are using current-generation ASIC equipment.

 It's a LOT easier to be profitable for a year or two on a rig when your electric costs 3c/kwh than it is when you are paying 12+
 (I believe the "national average" last year was a bit over 12c/kwh for the US).



A big factor


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dk-one
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May 10, 2017, 04:17:26 AM
 #7

Many thanks everyone, I think it's simpler to just earn money in an other way  Cheesy
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May 10, 2017, 04:23:02 AM
 #8

I think there are other option than mining bitcoin because the difficulty right now is too high since the price of bitcoin is increasing i think mining bitcoin is a good idea but depends in your electricity consumption.
My other opinion is to mine altcoin instead build your own rig high gpu and high cpu specs and mine altcoin like monero..

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May 10, 2017, 04:32:39 AM
 #9

Hello,
I am new in crypto coins.
What is the best way to mine bitcoin today?
Is it always profitable?
You can think about the profitability in two ways .
You can make mining with your PC system for the altcoins but probably most of the altcoins got dead after long times , so you need to make mining of the better altcoin .
Second thing if you have your PC system open for long time then Ofcourse you can mine free of cost because your are not spending your electricity specially for the mining .
Overall here I will say Mining is not profitable , if you are doing Mining specially Because you will get only 10-15$ per month but spent of the electricity will be Mich more for the system .
If you have cheap electricity then Ofcourse you should buy bitcoin miner from the bit main site , probably will you will got success to make big earning .


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May 10, 2017, 07:30:36 AM
 #10

I think there are other option than mining bitcoin because the difficulty right now is too high since the price of bitcoin is increasing i think mining bitcoin is a good idea but depends in your electricity consumption.
My other opinion is to mine altcoin instead build your own rig high gpu and high cpu specs and mine altcoin like monero..

the problem with altcoin mining is that while 'tis more profitable it does not support the bitcoin network make it more resilient to various attack

if oyu have 5 cent electricity you can mine bitcoin, chinese mega farm can mine with that electricity and have their profit

another bad part abot altcoin, if you want to go big, is that you would increase the diff and compete against yourself, there is not this problem with bitcoin, unless you want to invest billions and billions which i doubt everyoen here have...
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May 10, 2017, 08:11:07 AM
 #11

I have multiple PCs, the bigger have an AMD buldozer @ 4.7ghz 8 cores and a 1060GTX

If i mine Monero in example, is it a good setup? What can I expect as income?
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May 10, 2017, 02:57:43 PM
 #12

Mining calculator:
https://www.nicehash.com/?p=calc
It includes Bitcoin and many well established altcoins.

I use cryptocurrency and solar power to help my best friend Naomi Wu... And I'm proud of it!
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May 11, 2017, 08:04:22 AM
 #13

Okay! Many thanks
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