How is mining successful nowadays

[Bingooop]

Since I am having no experience in mining so please tell how mining can help newcomers like me

[Thetaj]

It isn't, We're about to be hit by a 25% diff increase next week. which means all BTC miners are fucked if the price doesn't increase another 25%
'

[Salmen]

For newcomers, it is preferable to mine different altcoins and not only Bitcoin, or sell their hash power to NiceHash or MiningRigRentals. According to WhatToMine is DEM the best profitable coin to mine while Bitcoin is behind Bitcoin Cash and Nicehash.

[hammo]

bitcoin is not profitable anymore. you should try altcoins. but if you will keep your bitcoins you can mine.

[NotFuzzyWarm]

bitcoin is not profitable anymore. you should try altcoins. but if you will keep your bitcoins you can mine.

Bullsh**
For both BTC or altcoin mining only 2 things matter:
Cost of your electric
Being able to deal with the heat and noise produced

Cover those 2 things and you are Golden. The >US$8k/mo in gross revenue my 240THs farm makes is hardly chicken feed.

[youngagethinker]

bitcoin is not profitable anymore. you should try altcoins. but if you will keep your bitcoins you can mine.

This is true. To a commercial grade mining altcoins will be the best choice, billionaires companies like McFee supports Bitcoin because they can support the necessary hardwares, maintenance and operations. It would be bad for them if the price will be below 3000$. They are one of the reasons why bitcoins system is running, and it would be bad if China will raid BTC mining farms there.
On the other hand I think Zcash is a good altcoin to mine.
Monero is also reaching hardfork.

[btcdevil]

bitcoin is not profitable anymore. you should try altcoins. but if you will keep your bitcoins you can mine.

Bullsh**
For both BTC or altcoin mining only 2 things matter:
Cost of your electric
Being able to deal with the heat and noise produced

Cover those 2 things and you are Golden. The >US$8k/mo in gross revenue my 240THs farm makes is hardly chicken feed.

What you said is correct that electricity cost and dealing with heat and noise produced should be handled first, then only you mining will be profitable. Instead of mining bitcoin you can min altcoins which are giving good returns in both mining and when mined the price should be good to exchange to btc.

[bamboylee]

bitcoin is not profitable anymore. you should try altcoins. but if you will keep your bitcoins you can mine.

Bullsh**
For both BTC or altcoin mining only 2 things matter:
Cost of your electric
Being able to deal with the heat and noise produced

Cover those 2 things and you are Golden. The >US$8k/mo in gross revenue my 240THs farm makes is hardly chicken feed.

POS or proof of stakes coin does not require any of those. You can mine even if your pc is turned off but it needs to have some capital because you have to buy some coins that needs to age in your wallet before it can start mining. You just need to join supernodes and you are good. You check see NEM so you can find out how to mine by pos.

[margana]

bitcoin is not profitable anymore. you should try altcoins. but if you will keep your bitcoins you can mine.

Bullsh**
For both BTC or altcoin mining only 2 things matter:
Cost of your electric
Being able to deal with the heat and noise produced

Cover those 2 things and you are Golden. The >US$8k/mo in gross revenue my 240THs farm makes is hardly chicken feed.

Is $0.09 per KWH workable? If so what mining hardware do you recommend?

Also do you know any good calculator (or how tos for a spreadsheet) to take into account changing difficulty over time? 

[QuintLeo]

bitcoin is not profitable anymore. you should try altcoins. but if you will keep your bitcoins you can mine.

Bullsh**
For both BTC or altcoin mining only 2 things matter:
Cost of your electric
Being able to deal with the heat and noise produced

Cover those 2 things and you are Golden. The >US$8k/mo in gross revenue my 240THs farm makes is hardly chicken feed.

Is $0.09 per KWH workable? If so what mining hardware do you recommend?

Also do you know any good calculator (or how tos for a spreadsheet) to take into account changing difficulty over time? 

 0.09 is marginal for long-term mining. It's been viable since about Febuary this year due to a massive price jump on almost all cryptocoins, but profitability has been dropping a LOT the last couple months as the price rise leveled out and more and more rigs got online to raise the difficulty - and that trend will probably continue for a while since most of the BIG farms are in places with very cheap electric (under 5c/kwh and often more like 3).

 Bitcoinwisdom calculator has a "diff increase percentage" field in the calculator, which is a lot better than the "nothing" most other calculators offer.

[margana]

 0.09 is marginal for long-term mining. It's been viable since about Febuary this year due to a massive price jump on almost all cryptocoins, but profitability has been dropping a LOT the last couple months as the price rise leveled out and more and more rigs got online to raise the difficulty - and that trend will probably continue for a while since most of the BIG farms are in places with very cheap electric (under 5c/kwh and often more like 3).

 Bitcoinwisdom calculator has a "diff increase percentage" field in the calculator, which is a lot better than the "nothing" most other calculators offer.

Wow.  Where do they have electricity at 0.03-0.05 per Kwh?

[NotFuzzyWarm]

POS or proof of stakes coin does not require any of those.

Then again POS is also the acronym for Piece Of Shi** which many of those coins are. I'm sure that certainly occurred to whoever 1st came up with the name.

[leowonderful]

POS is hardly worth using as it generates tiny profits and uses up a whole lot of time. Example is PPC which gives 1% annually. Better off just mining straight up.

[aquapanic]

Mining is all about whether you can scale fast enough to build a farm. Rigs or ASICs might be profitable now, but as profitability drops due to difficulty all but those with the cheapest power will start to fall into unprofitability long term. The question is can you return the capital you spent on ASICs or rigs before that happens, or have enough revenue coming in/a big enough operation to move to greener pastures.

[Philopolymath]

    CDN $0.065 / Kwh 

[margana]

  CDN $0.065 / Kwh 

Why is electricity so cheap in a developed, socialist, high tax country like Canada?

[QuintLeo]

 0.09 is marginal for long-term mining. It's been viable since about Febuary this year due to a massive price jump on almost all cryptocoins, but profitability has been dropping a LOT the last couple months as the price rise leveled out and more and more rigs got online to raise the difficulty - and that trend will probably continue for a while since most of the BIG farms are in places with very cheap electric (under 5c/kwh and often more like 3).

 Bitcoinwisdom calculator has a "diff increase percentage" field in the calculator, which is a lot better than the "nothing" most other calculators offer.

Wow.  Where do they have electricity at 0.03-0.05 per Kwh?

 There are 3 counties in the USA that have 3 cent (or a little less on BIG operations) electric.
 Chelan, Douglas, and Grant counties in Washington state.
 Chelan and Douglas have that rate on RESIDENTIAL, Grant you have to get to the 200kw consumption level or more to get that low while residential and SMALL business rates are close to 4.5 cents/kwh

 All 3 have large hydropower dam(s) they OWN on the Columbia river, with lots of excess to local needs power they sell off at a profit and roll the profits back into subsidizing local rates somewhat.

 Alcoa used to have one of it's BIG Aluminum smelters in Chelan country (currently inoperative but they've been talking about PERHAPS bringing it back online), Quincy in Grant county has some fame for being the home of some GIANT server farms (Microsoft, Yahoo, Dell, and some smaller folks).

 Then there are places like near the Three Rivers Dam in China that don't have enough demand (lack of infrastructure to SHIP all that electric output where it's really needed) so they sell off electric super cheap to what locals DO exist.

 A few of the Middle East oil powers subsidize local electric rates too, though I dunno if they do that for non-citizens.


 There are parts of Labrador, most or all of Quebec, and part of British Columbia that also have a lot of cheap hydropower available though I'm not sure if they quite make it down to 5 cents (US) per kwh at less than industrial scale rates.

[aquapanic]

You don't need 200kw or more in Grant county to get sub .03 rates. Even as far west as Tacoma you can find .04. That said, I am trying to build an operation that warrants moving out there.

[QuintLeo]

You don't need 200kw or more in Grant county to get sub .03 rates. Even as far west as Tacoma you can find .04. That said, I am trying to build an operation that warrants moving out there.

 Grant County Schedule 7 specifies "AVAILABLE: To accounts with loads not less than 200 kW or more than 5,000 kW" - that schedule is where you START get to under 3c/kwh all up in Grant Country.

 Lower power consumption than that puts you on Schedule 1 (residential) or Schedule 2 (small business) that work out to about 4.5 all up.

 DO kindly explain how to get to 3 in Grant County with less power consumption for a mining operation, I'm ALL ears - rents are a lot lower in Grant than Chelan and viable building availability is a lot better in Grant than Douglas....


 Also, how the heck or where do you get to 4 AT ALL anywhere near Tacoma on less than INDUSTRIAL scale on an ALL UP pricing?
 Let's be sure we're comparing apples to apples here, not JUST base rates that in many cases have massive surcharges (like Alliant Energy in Iowa where the majority of the bill EXCEPT in the summer was the surcharges)....

[philipma1957]

bitcoin is not profitable anymore. you should try altcoins. but if you will keep your bitcoins you can mine.

Bullsh**
For both BTC or altcoin mining only 2 things matter:
Cost of your electric
Being able to deal with the heat and noise produced

Cover those 2 things and you are Golden. The >US$8k/mo in gross revenue my 240THs farm makes is hardly chicken feed.

POS or proof of stakes coin does not require any of those. You can mine even if your pc is turned off but it needs to have some capital because you have to buy some coins that needs to age in your wallet before it can start mining. You just need to join supernodes and you are good. You check see NEM so you can find out how to mine by pos.

POS = piece of $hit  coin

the business model simply does not work for them.


Show me I POS coin paying 15% per year the last 3 years.