My Thoughts. Is Bitcoin mining just another money pit?

[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.

[cd74reg]

I think the smart guys who were fortunate enough to have heard about bitcoin before 2016 will be selling their equipment towards the end of this year to get out at the highs. We wont see how right they were until mid-2018 when newbies (like me) are posting about the horrible investment they made in equipment and begin practically giving it away to recover costs. Those who think they are more dedicated will stick it out but finally give in when their electric bills are starting to eat into other savings accounts and coins amount to just bits again. Plus hosting companies will advise that pricing is doubling or tripling. You will see Antminer L3s on ebay for $100 because people will start to wonder about the significance of a Litecoin? Bitmain will be replaced as the equipment market leader after all of the games they have played during this cycle.

[OROBTC]

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.

OK, I'll take a shot at this one.  No, IMO it is not worthwhile to try and mine BTC.  Let the experts do it.  You would need enormous capital and very cheap electricity (China lets their miners have very, very cheap electricity).  You would need to get great deals on the mining equipment, that might be very hard...

If BTC prices were to go to $3000 or even $9000, so many more would get into mining that any profits would be "arbitraged away" by the pros.  

Of course if your electricity is very cheap, you could mine as a hobby and join one of the mining pools.  But, don't count on that BTC for your retirement planning...

[HabBear]

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.

There never were options to get rich quick in Bitcoin. The first adopters got involved in 2009, so their wait for that "get rich" moment has taken 7-8 years! You're new to this forum and it seems like you are new to Bitcoin, so you're just starting your journey to "get rich" that by all previous accounts will take at least 7-8 years!

You should be asking yourself what you can do to get involved today and be involved regularly, such that you can develop a base of ownership upon which to develop and generate value and wealth over the next decade.

And if you want that time frame to be shortened you have to be willing to invest more money today. The rules are simple, especially those that exist between risk and reward.

Good luck to you.

[Love!]

This is the issue with a lot of new people I think. They want a quick profit. Chances are VERY slim that that is going to happen. But that's fine with me. I'm a patient man

[Tyrantt]

Well if fees remain high for even smaller transactions, as it is now, bitcoin will remain being what it's partially now an investment asset and less of a currency.

[ktabb]

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.

IMO you are better off making money by investing in bitcoin directly rather than investing in mining equipment. Mining gets harder and harder, bitcoin value seems to go higher and higher so far.

[BitcoinNewsMagazine]

Just buy bitcoin and hold. There was a window where it was profitable to mine Ether at home using GPUs but that is closing.

[DOGE12321]

Yeah, I think mining is a money pit. It is an extremely hard venture that requires a very high energy (electricity) input from your side. The actual chance of you attaining the block reward is also very slim. The large corporations like those in China are some of the few that actually earn any profit through mining. You will be dependent on transaction fees. At the moment, transaction fees seem to be rising. Bitcoin price is on an upward trend too. Maybe in the future, there will be a time where miners can actually attain profit through the transaction fees. But if you want a method to earn money fast and is not illegal, try trading altcoins.

[neon_colors01]

Bitcoin is not a quick rich scheme
Even the pioneers took 8 years just to get rich.
Well they didn't expect that they'd get rich back then.
I guess not?
But well they did.

Though it would be much harder to achieve nowadays.
Takes a lot more of dedication..

[pooya87]

i really don't think you have ever mined bitcoin! and if you did you probably had some old equipment with very low hashrate and now are complaining about your electricity bill!
the bitcoin miners are making shitloads of money now and will continue doing for the foreseeable future. right now mining a block will give them roughly $35000 and in comparison their costs are nothing.

next time when you wanted to enter some new fields do some research, you could have made a lot of money with the same amount you invested for mining bitcoin.

[satoshforever]

Mining sounds cool because it's supposedly creating money from thin air but actually only pros earn real money from mining

[freedomno1]

Bitcoin mining is ideally in a cold climate in the middle of winter to heat the house instead, ideally with a low electrical cost ^^.
Otherwise if the electricity cost is high and the temperature is hot you spend more keeping the system cool.

[Kakmakr]

You can still switch and mine other ShitCoins and then sell them to buy bitcoins. You do not have to mine bitcoin or Ethereum or LiteCoin. Last I checked there were over 700+ crypto currencies out there, so just switch over to some other coin.

https://www.lifewire.com/cryptocoin-mining-for-beginners-2483064

https://www.coinwarz.com/cryptocurrency

Good luck and forget about the Get rich quick schemes, they will just cost you a bunch of money. ^grrrrrrrr^

[tippytoes]

Bitcoin mining is ideally in a cold climate in the middle of winter to heat the house instead, ideally with a low electrical cost ^^.
Otherwise if the electricity cost is high and the temperature is hot you spend more keeping the system cool.

i really don't think you have ever mined bitcoin! and if you did you probably had some old equipment with very low hashrate and now are complaining about your electricity bill!
the bitcoin miners are making shitloads of money now and will continue doing for the foreseeable future. right now mining a block will give them roughly $35000 and in comparison their costs are nothing.

next time when you wanted to enter some new fields do some research, you could have made a lot of money with the same amount you invested for mining bitcoin.

I agree with the above posts. And also, if you can afford to invest in some solar panels, you just have to shell out initially but it's a long-term investment. If your area is ok for the solar energy, it would be a great investment if you're into mining.
And Kakmakr is right, switch to other altcoins then just exchange it to btc.

[AlexBessonov]

Bitcoin is not a quick rich scheme
Even the pioneers took 8 years just to get rich.
Well they didn't expect that they'd get rich back then.
I guess not?
But well they did.

Though it would be much harder to achieve nowadays.
Takes a lot more of dedication..

Not that it takes dedication, just have to HODL. It seemed to be much more volatile in the early days, but now it takes time to hit new highs and new lows. Definitely still possible for it to sky-rocket though (down or up )

[cd74reg]

i really don't think you have ever mined bitcoin! and if you did you probably had some old equipment with very low hashrate and now are complaining about your electricity bill!
the bitcoin miners are making shitloads of money now and will continue doing for the foreseeable future. right now mining a block will give them roughly $35000 and in comparison their costs are nothing.

next time when you wanted to enter some new fields do some research, you could have made a lot of money with the same amount you invested for mining bitcoin.

My electricity is nearly 30 cents per KwH in Peru - so definitely complaining here. Still making more than I am losing but it seems that even if I was scaling it would have to remain a hobby. I was listening to the "outcasts" who were wasting their time back in 2011 but life got busy for me and I stopped trolling at those usual p2p sites. 6 years later I am thinking of all the stuff I just gave away or had access to for next to nothing that I could have been mining with. Just a couple of months work back then and you could have owned a warehouse of equipment.

[LilibethSantos]

i really don't think you have ever mined bitcoin! and if you did you probably had some old equipment with very low hashrate and now are complaining about your electricity bill!
the bitcoin miners are making shitloads of money now and will continue doing for the foreseeable future. right now mining a block will give them roughly $35000 and in comparison their costs are nothing.

next time when you wanted to enter some new fields do some research, you could have made a lot of money with the same amount you invested for mining bitcoin.

My electricity is nearly 30 cents per KwH in Peru - so definitely complaining here. Still making more than I am losing but it seems that even if I was scaling it would have to remain a hobby. I was listening to the "outcasts" who were wasting their time back in 2011 but life got busy for me and I stopped trolling at those usual p2p sites. 6 years later I am thinking of all the stuff I just gave away or had access to for next to nothing that I could have been mining with. Just a couple of months work back then and you could have owned a warehouse of equipment.

At 30 cents per KWH, I wouldn't even bother with mining at those rates. Here in Panama, I currently have 18 cent per KWH electricity and that is enough to deter me from mining. It's a drag that Chinese miners have access to 4 cents per KWH electricity and cheap hardware.

[Yakamoto]

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.

[cpfreeplz]

You think that there were a lot of hobby miners that were profitable in 2016? I highly doubt that. Only if you had brand new equipment, which only comes from China. They mine for months before selling it to western/European people I'm sure.