Mining in 2017?

[btcbrother]

Earlier I read that Satoshi's vision for Bitcoin mining was that eventually it would be done in large mining datacenters. I guess it is already happening, a lot sooner than we expected!

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[jackhdt]

if you have this idea a few years ago, it was a great profit, but this time is very difficult Bitcoin mining. to gain significant profits you need to have a huge capital. that is the cost of installing a large system, electricity bills, tax expenses charged to the State, charges, maintenance of machinery. to earn significant profits to put money out the extraction system installation you are large mining. I found the majority they exploit a altcoin would rather mining Bitcoin

[loragean03]

Hi guys. Newbie here.

Just want to hear your ideas if mining in 2017 is still as lucrative as the previous years?

especially with the upcoming halving.

Thanks for the insight!!!

first at all. welcome to the bitcoin world, if you preferred to choose mining as a newbie, mining are always profitable with a good specs of mining rigs. profitable but very expensive to provide, but as I can see your question is direct to the point, I think your not a newbie in the field of mining, you are a experienced person who have a lot of experience on mining before.

[Svetlows]

You can earn money, but with a competent approach.

[geyayy]

You can still try to push your luck in mining, but I think, as long as it goes longer, you cannot have much profit to it. Your investment and effort will not pay off that big. There are lots of things to do in bitcoin, you just need to research about it.

[karmamiu]

                 Indeed it is profitable, while some have also said that it has high maintaining power, and in short its costly, but all in all it is good it is just that you need a high capital capable in doing your work or should we say mining. By the way just choose high end specs for your mining so it should be more worth it.

[dale1075]

Thanks for the insights guys. Based on your inputs one should really have to think many times before investing in mining.

[wilhb81]

the "upcoming" halving is not for a couple of years. 2020 to be exact.

and mining bitcoin is always something that will be profitable. most of the time profitable by a lot for example if you can find away to buy latest ASIC miners cheaper (eg be in China), or find a way to have cheaper electricity (some countries have much cheaper electricity cost).
and with bitcoin price rising it remains the most profitable thing to do. and with the way difficulty works it will remain profitable because for example if it stops being profitable, miners will leave and difficulty will come down and it becomes profitable again.

Exactly, 2020 would be the halving for BTC...

A question here: Do you mine your own BTC, or you just buy on dips?

[bitcoinmining]

Earlier I read that Satoshi's vision for Bitcoin mining was that eventually it would be done in large mining datacenters. I guess it is already happening, a lot sooner than we expected!

Yeah that's right, so it's time for other altcoins. I think for small miners altcoins like DASH, Monero, BCC and Litecoin are still profitable... Just one thing to say about cloud mining; stay away!

[dale1075]

Earlier I read that Satoshi's vision for Bitcoin mining was that eventually it would be done in large mining datacenters. I guess it is already happening, a lot sooner than we expected!

Yeah that's right, so it's time for other altcoins. I think for small miners altcoins like DASH, Monero, BCC and Litecoin are still profitable... Just one thing to say about cloud mining; stay away!

If I were to mine altcoins, which do you think would give the best returns? thanks!

[sangtuosimino]

I think 2017 will be a difficult year in mining industry. Because the wave is too big and too much. Of course。 There are many opportunities in 2017, if you sell BTC in the first half of the year to buy ore machines, you make money

[thehero]

mining in this year is very good as last year.

[btcprospecter]

Mining bitcoin is becoming more and more expensive. If you have the money to invest in your mining setup you will have to consider the cost of upgrading everything sooner rather than later. If you are to mine alt coins and then convert to bitcoin it can be your cheapest option.

[Bonsaiav]

I think not, investment is better when compared to mining, that's a good idea for 2017, because among them (the miners) many have experienced disappointment, I know of some of their posted threads.

[tahady]

Gpu mining is profitable if you are living in a low cost electricity country like here in the Middle East.

[dale1075]

Gpu mining is profitable if you are living in a low cost electricity country like here in the Middle East.

a bit newbie. Which is more practical now fo bitcoin mining, GPU or ASICs hardware? Thanks!

[BTCLovingDude]

mining is always the battle of what you earn versus what you spend.
the costs are the initial investment to buy equipment (in this case ASICs) and then the constant cost of electricity. and in case you are thinking big like a farm, then the cost of space.
the income is based on price of bitcoin and how much bitcoin you will get from your hashrate.

obviously the income is huge and growing now. but the issue is always going to be the growing difficulty and the fact that you will earn less bitcoin because with rise of hashrate you will have a smaller share. so you have to still have a cheaper "costs" in total.

[super5star]

Thanks for the insights guys. Based on your inputs one should really have to think many times before investing in mining.

Yes of course as much as you will invest you will get the output from the bitcoin mining. It is up to the person who is investing and this will help the people to buy more bitcoin and will mine more and more, the future of the bitcoin user is very high and all the people are now using the multi process for the bitcoin user to earn more and more, I hope the future will be more than this but the capital is needed to invest.

[hynext]

Bitcoin mining is a huge investment. Maybe next year more of us can go to asic mining because of a value of bitcoin. But is more difficulties if many of us are going to asic. Asic mining is good if you have huge money and you will see the income if you're electricity bill is not too expensive.

[dale1075]

Bitcoin mining is a huge investment. Maybe next year more of us can go to asic mining because of a value of bitcoin. But is more difficulties if many of us are going to asic. Asic mining is good if you have huge money and you will see the income if you're electricity bill is not too expensive.

I have also read from the web of the high expense of using Asic mines. What do you think is an alternative mining setup that is cheaper but still produce good returns?