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Author Topic: build mining is not profitable, really?  (Read 3182 times)
Ghani
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September 17, 2017, 02:07:23 PM
 #1

I once asked my friend who was first in this field and he said "for now mining is no longer profitable" from that statement I want to ask you guys, is that right, so what does that mean for new miners can not feel it ?

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September 17, 2017, 02:16:19 PM
 #2

I once asked my friend who was first in this field and he said "for now mining is no longer profitable" from that statement I want to ask you guys, is that right, so what does that mean for new miners can not feel it ?
well based from what i've read previously mining business will always be depend from where you are or from where you will set up your rigs, i guess if you have low electric bill you can still proceed and mine some other crypto, bitcoin itself got a huge difficulties to be mined, it will take some time to get some roi but if you have a nerved its still can bring something.

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September 17, 2017, 09:17:34 PM
 #3

If you get the hardware for free / or it already ROI'ed and have 0 electricity costs then mining is still profitable. Wink It's better to buy coins.

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September 17, 2017, 09:34:04 PM
 #4

Mining is not nearly as profitable as before especially with a slow drop in prices for currencies like Ethereum and the difficulty bomb and difficulty rising on Ethereum, as well as difficulty jumping on BTC and price going lower temporarily, but by no means is mining not profitable anymore. It still is, but generally speaking, the time to ROI has been extended to ~10 months or more on some AMD cards.














 

 

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QuintLeo
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September 17, 2017, 09:48:54 PM
 #5

Odd, I'm making quite a bit more money via mining today than I was a year ago - though part of that is due to reinvestment of a large part of my mining profits during the "profitability bubble" of the last few months, I WAS able to do some reinvestment even a year ago when my profits were a lot lower.

 I do grant that I was making a LOT more money 2 months ago than today.

 A lot of it is about keeping electric cost down (which is WHY I moved out of Iowa last summer) and keeping the overhead costs (like rent) down.


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September 18, 2017, 04:16:08 AM
 #6

Odd, I'm making quite a bit more money via mining today than I was a year ago - though part of that is due to reinvestment of a large part of my mining profits during the "profitability bubble" of the last few months, I WAS able to do some reinvestment even a year ago when my profits were a lot lower.

 I do grant that I was making a LOT more money 2 months ago than today.

 A lot of it is about keeping electric cost down (which is WHY I moved out of Iowa last summer) and keeping the overhead costs (like rent) down.




Still at it i see, QuintLeo. I grew my GPU farm and been making a living for a while now. With profitability in the last 2 years, even with high electric costs... it's a good game. Funny to see so many people online, especially gamer, all repeating to each other how bad and horrible profits are, to justify avoiding looking into it.

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cerad
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September 18, 2017, 04:33:35 AM
 #7

lol so ~10 months ROI is not good  Huh

I think 10 months is great. Anything above 30% a year is actually great.
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September 18, 2017, 07:07:20 PM
 #8

Odd, I'm making quite a bit more money via mining today than I was a year ago - though part of that is due to reinvestment of a large part of my mining profits during the "profitability bubble" of the last few months, I WAS able to do some reinvestment even a year ago when my profits were a lot lower.

 I do grant that I was making a LOT more money 2 months ago than today.

 A lot of it is about keeping electric cost down (which is WHY I moved out of Iowa last summer) and keeping the overhead costs (like rent) down.




Still at it i see, QuintLeo. I grew my GPU farm and been making a living for a while now. With profitability in the last 2 years, even with high electric costs... it's a good game. Funny to see so many people online, especially gamer, all repeating to each other how bad and horrible profits are, to justify avoiding looking into it.

 It's more about the newbies that got SPOILED by the crazy-high profits in March-April timeframe not realising that was abnormal and believing the "ROI in 2-3 months" mantra means anything worse is "not profitable".

 They should check out the stock market sometime - 100% ROI in anything less than a DECADE there is abnormally high on average.

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September 19, 2017, 12:16:44 AM
 #9

Yes it is NOT PROFITABLE for ME....IF YOU MINE.

Reminds me of the Rolling Stones oldie..
HEY... YOU.... get off of my COINS...I said.....HEY..... YOU....get off of my coins.....

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September 19, 2017, 08:26:12 PM
 #10

Yes it is NOT PROFITABLE for ME....IF YOU MINE.

Reminds me of the Rolling Stones oldie..
HEY... YOU.... get off of my COINS...I said.....HEY..... YOU....get off of my coins.....

 I keep waiting for a Wierd Al version of that song.

o/" Hey! McCloud! Get offa my ewe! "o/
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September 20, 2017, 06:52:43 AM
 #11

It depends on your electricity, hardware available... If you have very low electricity cost (or even free) then mining could be profitable. Again, do the math and see, numbers don't lie Smiley

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September 21, 2017, 06:05:00 PM
 #12

With newer miners coming out so fast and the difficulty rising at the same rate, its beginning to reach a point where if you want to make serious money doing this then you need a very large initial investment and a very clear plan for how you are going to make your money back before your miners are obsolete. "Anything above 30% is great"; that's true, but that's hard to deal with considering the difficulty raises everyday

Contact me at Jacob@miningstore.co for questions
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September 21, 2017, 06:20:48 PM
 #13

I once asked my friend who was first in this field and he said "for now mining is no longer profitable" from that statement I want to ask you guys, is that right, so what does that mean for new miners can not feel it ?

If we are talking about mining with GPUs then I would say that the profit has decreased and it's no longer worth it to spend your time on it. If you want to invest in mining then I would order some ASIC miners from Bitmain. They are power hungry and require air conditioning but they are really profitable, especially if you are going to hold your earnings.
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October 08, 2017, 02:20:56 PM
 #14

I once asked my friend who was first in this field and he said "for now mining is no longer profitable" from that statement I want to ask you guys, is that right, so what does that mean for new miners can not feel it ?

If we are talking about mining with GPUs then I would say that the profit has decreased and it's no longer worth it to spend your time on it. If you want to invest in mining then I would order some ASIC miners from Bitmain. They are power hungry and require air conditioning but they are really profitable, especially if you are going to hold your earnings.
The problem is that Bitmain always do back-order: you pay now but they only deliver after 3-4 months, for example. By that time many things have changed and profitability has gone way down. This is not to mention the risks of delivery, custom...  You should be very careful in your calculations.

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October 08, 2017, 02:26:01 PM
 #15

I once asked my friend who was first in this field and he said "for now mining is no longer profitable" from that statement I want to ask you guys, is that right, so what does that mean for new miners can not feel it ?

if the electricity fee is really cheap in your country then you can trying to build mining and started it because mining its depend with the electricity. and as long as is cheap then mining will be profitable and its depend again with the coins you mining. if you decide to mining bitcoin without having high-end hardware or high-end gpu then you can not reach profit even for a day.

new miners can feel how the feeling about mining crypto currency but you need to calculate electricity fee, what type of hardware you use and how much hardware you want to mining.

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October 08, 2017, 04:41:06 PM
 #16

If you get the hardware for free / or it already ROI'ed and have 0 electricity costs then mining is still profitable. Wink It's better to buy coins.
Exactly, I would double this. Sometime you can get free or very low cost hardware or free electricity then you can still make some thing, thought now much as before Cheesy

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October 11, 2017, 05:17:55 AM
 #17

If you get the hardware for free / or it already ROI'ed and have 0 electricity costs then mining is still profitable. Wink It's better to buy coins.
Exactly, I would double this. Sometime you can get free or very low cost hardware or free electricity then you can still make some thing, thought now much as before Cheesy
That will be your lucky day I must say. Actually the only think that restricts a huge user list to get into mining is only high capital required as electricity is expensive. Being technical is not an issue with newcomers because they can learn but this electricity price and affording gets some over them and they just get away from it. So free electricity is bonus.

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October 11, 2017, 03:39:46 PM
 #18

People have been calling for the "death of mining" every day for since mining was around. Miners are still around therefore those people are wrong. Cryptocurrencies (and therefore mining) seems to go through crazy gold rush periods and then dark times. I have a feeling mining is a great idea just because you can be "in the game" so to speak for the next gold rush period, even if the profits aren't super high at any exact moment. If you get in right now and have power, cooling, hvac, cheap power figured out there will be another period like the last few months in the future and you'll be ready and have an operation and maybe some profits to throw into the new cool thing.
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October 11, 2017, 04:42:32 PM
 #19

lol so ~10 months ROI is not good  Huh

I think 10 months is great. Anything above 30% a year is actually great.

No  quality bond or  insured cd anywhere in the world offers 30%  or even 20%

If you understand mining holding and selling both your coins and gear.  30%  is possible.

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I mine alt coins with https://simplemining.net I see BTC as the super highway and alt coins as taxis and trucks needed to move transactions.
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October 11, 2017, 06:44:49 PM
 #20

Is mining profitable? If you got cheap electricity and ain't dumb when it comes to managing your business. Otherwise, I'd suggest to 95% of the people who ask me similar questions. Put money into the coins, buy low sell high. $30 turns into $250 around a year later for example. Buying 3,000 at $30 turns into $750,000.

Buying coins, I have't lost one penny. So do that Smiley
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