My Thoughts. Is Bitcoin mining just another money pit?

[iluvpie60]

Bitcoin mining is yet another money pit.

You will always have to buy more mining equipment to keep up. Your electricity costs will not be as cheap as it is in China so they can always afford to buy more miners. Every day they buy more. They will have all the hash power basically.

[Scorpion]

For those know how to optimize every aspect of mining - it's a gold mine. Other who aren't as dedicated and innovative they will lose out and eventually their efforts are rendered obsolete.

[aso118]

For those know how to optimize every aspect of mining - it's a gold mine. Other who aren't as dedicated and innovative they will lose out and eventually their efforts are rendered obsolete.

I think even if you try hard and optimize, the mining game as over. For individuals, it doesn't make sense to try and mine bitcoins these days. You would be better off trying to mine some altcoin and selling it on exchanges.

[v0rtecxz]

If you've ever been or are in mining I think the problem is that electricity is used up quite a lot, not to mention the old equipment problem, it will only take time to wait from the mine where it becomes inefficient just to waste time on some bitcoin you collect but for Which has a large capital I think it can be profitable to buy equipment with large quantities, mine will be faster

[audaciousbeing]

In my opinion, aside those that have given in early, the issue of getting rich through bitcoin at this time is a procedural one and not just hitting it big because if you should buy and hold you are looking at maybe 2-3 years to get a sizeable margin to make a difference (if the outcome is favourable though). If you decide to start offering service you gather little by little not just once either way the only source is to exercise patience learn then hope it will happen one day.

[cd74reg]

Seems like the microwaves finally made their rounds into my brain and like many others I saw lots of $$$. With no available equipment and prices ratcheting up it feels like I have played this game before. There truly are no more options to get rich quick unless illegal.

I think BTC hit the $3000 mark and now it rests for a year or two before the next climb to $9000. I see $1200 before $9000. In my opinion much better opportunities later for this market. Then it will not cost the price of a home in Miami to build a small profitable farm.

Sounds like this is some speculation subforum-tier guesswork right now. I'm also pretty lost when it comes to what exactly you're trying to say, since it seems like your just saying numbers that are rounded out of $3,000; something we haven't hit yet (at least not steadily) and we've been having a hard time with the market right now, which is being kept under $2,500. Since we've been having a hard time cracking 5/6ths of that, I would be more conservative with my estimates and assuming something like that will not be happening anytime soon.

I went back and read the post and you are correct, it is all over the place. I think we were both wrong on this one. So much has changed over just the past 2 months. I still don't see how this train keeps chugging.