Buying an ASIC for mining

[No Skill]

So after having some looks at bitcoin mining and setting up nicehash on my pc (single gtx 970) to have a look at how it works (ofcourse I won't be able to make any profit because of power consumption), I wondered if buying an Antminer S9 and starting to mine at home with a powercost of 0,26$/KwH would be profitable or will I just lose my investment.

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[allthingsluxury]

Its really hard to compete with the big dogs these days. Once upon a time, in the early days, I remember when anyone could partake. But now it is very hard to turn a profit.

[No Skill]

Its really hard to compete with the big dogs these days. Once upon a time, in the early days, I remember when anyone could partake. But now it is very hard to turn a profit.

So even when u use nicehash or a mining pool, it's very hard to get your money back?

[Florindvt]

Its really hard to compete with the big dogs these days. Once upon a time, in the early days, I remember when anyone could partake. But now it is very hard to turn a profit.

So even when u use nicehash or a mining pool, it's very hard to get your money back?

using a mining pool or nicehash doesnt matter, you cant expect a %30-40 percent return if bitcoin prices dont change. If you think the prices will increase so you will make money from mining by that than go buy bitcoin instead of mining equipment.
Also I dont believe that you are using 0.26cent/kwh electricity that is extremely expensive. You are calculating something wrong or you are getting robbed.

[lighpulsar07]

Nowadays gpu mining in bitcoin is pretty obselete since the ASICS shown up with your gpu you can't gain a profit with that you are just wasting your time and electricity and the ASICS are pretty expensive. I suggest that you should move to mining altcoins because the difficulty is lower and some coins except bitcoin cash is asic free so you can earn a lot in altcoin mining than bitcoin mining with only gpu.

[Wonza99]

Over time, I learned a little that there is no recipe for investment techniques and capital recovery. I think you can start doing this as a hobby and then if you turn it into something serious... I would advise you to go on the side of the altcoins and then buy bitcoins than trying to play in the big leagues as a first step ...

[BCEmporium]

Its really hard to compete with the big dogs these days. Once upon a time, in the early days, I remember when anyone could partake. But now it is very hard to turn a profit.

So even when u use nicehash or a mining pool, it's very hard to get your money back?

It's not very hard, if your electricity is very cheap. But it's not very economical unless you plan on building up a massive mining farm.

[Rinder]

Well if you able to survive with the earnings from one single asic, s9 sure go ahead, but the thing is you need cheap electricity and ROI period is about 10-11 months, atleast this were the last reports i had from people wich had invested with bitcoin at 1200 dollars. Since the price has raised a lot and difficult as well it may be lower months, but the most people does do trading wich is a bit more risky but wont need months to recover the investment. I had considered invest a bit into the bitcoin mining, but the thing is the cost to handle and get a decent income into Europe is an expensive investment due to energy.

[BCEmporium]

Well if you able to survive with the earnings from one single asic, s9 sure go ahead, but the thing is you need cheap electricity and ROI period is about 10-11 months, atleast this were the last reports i had from people wich had invested with bitcoin at 1200 dollars. Since the price has raised a lot and difficult as well it may be lower months, but the most people does do trading wich is a bit more risky but wont need months to recover the investment. I had considered invest a bit into the bitcoin mining, but the thing is the cost to handle and get a decent income into Europe is an expensive investment due to energy.

You can't even compete in most of Europe since the prices are often upward of 20 cents per kilowatt hour.

[ralle14]

So after having some looks at bitcoin mining and setting up nicehash on my pc (single gtx 970) to have a look at how it works (ofcourse I won't be able to make any profit because of power consumption), I wondered if buying an Antminer S9 and starting to mine at home with a powercost of 0,26$/KwH would be profitable or will I just lose my investment.

It'll be more profitable if you move to mining altcoins instead of bitcoins because of the current difficulty with bitcoin mining is very high compared to altcoins like ethereum, litecoin, bch, etc. Use a calculator for mining (you can search it on google) to see the estimwted amount that you could get with an Antminer.

[AT101ET]

There are numerous online mining probability calculators that you can use.
Say you buy one of the latest batches of the A9 = 14TH.
14TH at current difficulty combined with 1372W at a rate of $0.26kW/h would result in daily profits of about 0.0258BTC per day. You also have to consider the initial cost of the miner and therefore it would take a while before you actually start turning a profit. If difficulty increases and new hardware is released you could expect this timeframe to increase.
The only way it would be viable is if the price of BTC were to keep increasing.
It may just be better to spend what you'd be prepared to spend on the hardware on a cloud mining alternative.

[Maveth13]

A single antminer S9 would take you a lot of time to reach ROI and actually have a profit. Especially with that power cost you indicated which is expensive already. Alternative coins are called alternative for a reason, so why not try mining altcoins.

[salihno71]

Uh, i'm not sure this will reach ROI. Check a bit how the difficulty is moving upwards https://www.coinwarz.com/difficulty-charts/bitcoin-difficulty-chart It is a risk for the small players. Better check altcoin mining.

[innocent93]

So after having some looks at bitcoin mining and setting up nicehash on my pc (single gtx 970) to have a look at how it works (ofcourse I won't be able to make any profit because of power consumption), I wondered if buying an Antminer S9 and starting to mine at home with a powercost of 0,26$/KwH would be profitable or will I just lose my investment.

The Asic technology help a lot in mining but, if there is the possibility you should try with some free green energy, then the profits will be bigger.

[bear100]

It is not necessary to mine bitcoin only. There are some cryptos, that can be mined either. Try litecoin or ethereum.
Maybe this makes sense.

[BCEmporium]

So after having some looks at bitcoin mining and setting up nicehash on my pc (single gtx 970) to have a look at how it works (ofcourse I won't be able to make any profit because of power consumption), I wondered if buying an Antminer S9 and starting to mine at home with a powercost of 0,26$/KwH would be profitable or will I just lose my investment.

The Asic technology help a lot in mining but, if there is the possibility you should try with some free green energy, then the profits will be bigger.

How are you going to get "free" energy? If you're referring to solar, that's quite a pricey investment that doesn't break even for years.

[DannaWonder]

So after having some looks at bitcoin mining and setting up nicehash on my pc (single gtx 970) to have a look at how it works (ofcourse I won't be able to make any profit because of power consumption), I wondered if buying an Antminer S9 and starting to mine at home with a powercost of 0,26$/KwH would be profitable or will I just lose my investment.

As long as your mining device can pay for the electricity cost and have a little profit then you can continue mining. Think of it as getting a bitcoin from nowhere. even if you are just getting a little fraction of the coin every month if the price goes high after several years you can compute your earning by that time.

[KSCTeam]

Its really hard to compete with the big dogs these days. Once upon a time, in the early days, I remember when anyone could partake. But now it is very hard to turn a profit.

I have the same opinion with you, it is difficult to compete with whales when they have great economic potential. It is very difficult for us to make a profit if we do not have a sufficiently large economic resources.

[AmXProX]

Try using mining pool calculators. Always consider your electricity cost because your earning will depend on the cost of your operations. I believe mining pols are paying you for the hashes that you can provide them.

[zombie6]

Understand, the largest mining pools and production of asik are connected. All the items that you can buy in public are obsolete equipment, their price is high enough! I see that mining is more complex and risky than trading.