I hear often that mining is not worth it anymore for newcomers, is this true?

[JessicaSe]

I just discovered Bitcoins a short while ago, and I would like to able to mine a little too.

I am not thinking about farms, just to upgrade my PC and mine, and try to earn back the money from my investment and maybe get a little profit. Is this realistic right now, or truly I am too late to start mining?

Dont do it, it will never ROI. The best way is really to buy BTC...

[1715197211]

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[Gator-hex]

Just realized after typing this how old the thread is.

Sometimes it's cheaper to buy the BTC, rather than the mining equipment, BTC price 4th July 2011 was just $12.80!!!

When we were mining on GPUs it was easy to make a profit but with ASIC it took me nearly a year to reach ROI, and you need to ask yourself, "is it worth the hassle of keeping it all running?"

I made about 10% on my ASIC investment so I'd have to say playing the rise and fall in BTC price is way easier than mining, these days, we just need the Fed to announce QE4 to see BTC rise again!

[GigaBit]

There is still money to be made in mining, not only in Bitcoin mining, there's AltCoins too if you want to test your luck.

New miners need to realize that they have to make their hardware profit other ways than just mining.

They also have to realize that they will have to have a regular income.

Don't get into mining then sell all you coin to pay bills; that's the problem with the industry forcing a constant selling pressure.

Miners who leave the game are players who give up on pretty much any game they can't easily win at or whine themselves to victory. #MMOG's

It's no longer an easy game for most since the price and rewards are so low, it's a smart player's game.

Those who do good have free power, very close to or pay the power out of their own pocket and save the coin for future interest.

I got in mining a few months before Mt. Gox crashed and still mine profitably but I have a mining plan.

I also come from Gold mining so my experience on the field serves me well virtually.

For most new miners, I don't recommend it because they have zero relatable experience then complain when price tanks or hardware fails.

Experienced miners can adapt easily because they know what can happen and made provisions for such disasters.

(Look at the person's who's entire mine went up in smoke, he'll keep mining)

Smart miners see it coming and adapt before it does; you have to be at the helm daily and be don't waste time.

If you want to mine for fun then that's the way to look at it... if you're looking for profit, anything above $0.05 power is not really profitable with today's price; well, not by my standards.

I started with $2,500 about 2 years ago and my mine now makes BTC0.5 per week, growing monthly...

Pretty good ROI, all my hardware re-investment now pays for itself.

However, I don't just sit on my ass either, I work hard and constantly look for new opportunities; that's what mining is

The best recommendation I can give you is learn about Gold mining, look at the first season of Gold Rush: Alaska - You can expect similar problems.

It's that Gold Miner life experiences that serves me best in Bitcoin mining.

As long as you realize how much of an asset a Bitcoin miner is, an asset YOU control, you'll do fine...

After all, not many devices you can buy that you can plug in the wall and it starts making money for you 

[Basket Case]

There is still money to be made in mining, not only in Bitcoin mining, there's AltCoins too if you want to test your luck.

But the AltCoins mining uses a different miner than Bitcoin mining. Are you speaking about online mining?

[xstr8guy]

There is still money to be made in mining, not only in Bitcoin mining, there's AltCoins too if you want to test your luck.

But the AltCoins mining uses a different miner than Bitcoin mining. Are you speaking about online mining?

There is no such thing as "online mining". Do you mean to say cloudmining?

There are several different algorithms for altcoins. Some altcoins (PPC, TRC, UNO, MZC, TIT) use SHA-256 just like bitcoin and are compatible with bitcoin mining ASICs.

Scrypt is the second most common algorithm used (Litecoin, Doge and many others). There are also ASICs for Scrypt mining but some (KNC Titan) are troublesome with fast coins. The other algorithms don't yet have ASIC mining but the KNC Titan is supposed to be able to mine ScryptN if they ever release the updated firmware.

And the other altcoin algos; Scrypt Jane, X11, X13, X15, etc., are mineable with CPUs and/or GPUs.

AND then you have your PoS (proof-of-stake) coins that aren't actually mineable although they may have been originally when they were in their PoW (proof-of-work) phase. The most common PoS coins are PRC, NXT and BC.

[BTCish]

There is still money to be made in mining, not only in Bitcoin mining, there's AltCoins too if you want to test your luck.

But the AltCoins mining uses a different miner than Bitcoin mining. Are you speaking about online mining?

There is no such thing as "online mining". Do you mean to say cloudmining?

There are several different algorithms for altcoins. Some altcoins (PPC, TRC, UNO, MZC, TIT) use SHA-256 just like bitcoin and are compatible with bitcoin mining ASICs.

Scrypt is the second most common algorithm used (Litecoin, Doge and many others). There are also ASICs for Scrypt mining but some (KNC Titan) are troublesome with fast coins. The other algorithms don't yet have ASIC mining but the KNC Titan is supposed to be able to mine ScryptN if they ever release the updated firmware.

And the other altcoin algos; Scrypt Jane, X11, X13, X15, etc., are mineable with CPUs and/or GPUs.

AND then you have your PoS (proof-of-stake) coins that aren't actually mineable although they may have been originally when they were in their PoW (proof-of-work) phase. The most common PoS coins are PRC, NXT and BC.

This should answer it all, i could not say better.

[moiraine]

BTC mining is basically dead for small ops, scrypt cloud is ok for now but risky. Honestly just buy, or mine random alt coins and hope you get lucky(x11-x43423423).
(im basically saying just buy)

[vm_mpn]

I rather enjoyed little historical perspective here - it appears folks struggled for efficiency and ROI back in the early years. Somehow I have always though that back then miners got it easy mining hundred of coins a day on their personal computers. In reality mining a quarter BTC a day (under $5 / day back in 2011) on $350 AMD HD 6950 pretty much similar to mining with $400 1TH ASIC now days. 

Thanks for resurrecting this old topic - it's educational to say the least :-)

[philipma1957]

I rather enjoyed little historical perspective here - it appears folks struggled for efficiency and ROI back in the early years. Somehow I have always though that back then miners got it easy mining hundred of coins a day on their personal computers. In reality mining a quarter BTC a day (under $5 / day back in 2011) on $350 AMD HD 6950 pretty much similar to mining with $400 1TH ASIC now days. 

Thanks for resurrecting this old topic - it's educational to say the least :-)

the only time miners did well were during large price runups.  spring 2013  I earned more money in 60 days then the previous 9 months.


Same was true in nov- dec price jump of 2013  those 90 days were very good.

[Argwai96]

I rather enjoyed little historical perspective here - it appears folks struggled for efficiency and ROI back in the early years. Somehow I have always though that back then miners got it easy mining hundred of coins a day on their personal computers. In reality mining a quarter BTC a day (under $5 / day back in 2011) on $350 AMD HD 6950 pretty much similar to mining with $400 1TH ASIC now days. 

Thanks for resurrecting this old topic - it's educational to say the least :-)

the only time miners did well were during large price runups.  spring 2013  I earned more money in 60 days then the previous 9 months.


Same was true in nov- dec price jump of 2013  those 90 days were very good.

These figures are in terms of dollars not in terms of bitcoin. In order to make an accurate representation of your ROI you must calculate how you did in terms of bitcoin

[darkmind]

More profitable spending my time trading at the moment than mining, prove it yourself

[Btcvilla]

bumpy vump

[philipma1957]

I rather enjoyed little historical perspective here - it appears folks struggled for efficiency and ROI back in the early years. Somehow I have always though that back then miners got it easy mining hundred of coins a day on their personal computers. In reality mining a quarter BTC a day (under $5 / day back in 2011) on $350 AMD HD 6950 pretty much similar to mining with $400 1TH ASIC now days. 

Thanks for resurrecting this old topic - it's educational to say the least :-)

the only time miners did well were during large price runups.  spring 2013  I earned more money in 60 days then the previous 9 months.


Same was true in nov- dec price jump of 2013  those 90 days were very good.

These figures are in terms of dollars not in terms of bitcoin. In order to make an accurate representation of your ROI you must calculate how you did in terms of bitcoin

this is  silly.  I have 2 s-3's mining at 2.4 cents a kwatt.  I paid 1.35 btc for them they have earned 2.66 btc.

so according to you I made roi.  well btc was 600usd so 600 x 1.35 = 810 usd  now btc is 240  so 240 x 2.66 = 638.40

so according to you I made roi as I am 1.31btc better off then when I started.

[alh]

I rather enjoyed little historical perspective here - it appears folks struggled for efficiency and ROI back in the early years. Somehow I have always though that back then miners got it easy mining hundred of coins a day on their personal computers. In reality mining a quarter BTC a day (under $5 / day back in 2011) on $350 AMD HD 6950 pretty much similar to mining with $400 1TH ASIC now days. 

Thanks for resurrecting this old topic - it's educational to say the least :-)

the only time miners did well were during large price runups.  spring 2013  I earned more money in 60 days then the previous 9 months.


Same was true in nov- dec price jump of 2013  those 90 days were very good.

These figures are in terms of dollars not in terms of bitcoin. In order to make an accurate representation of your ROI you must calculate how you did in terms of bitcoin

this is  silly.  I have 2 s-3's mining at 2.4 cents a kwatt.  I paid 1.35 btc for them they have earned 2.66 btc.

so according to you I made roi.  well btc was 600usd so 600 x 1.35 = 810 usd  now btc is 240  so 240 x 2.66 = 638.40

so according to you I made roi as I am 1.31btc better off then when I started.

This is the classic "It isn't ROI unless it's ROI in Bitcoin". Since Bitcoin price has floundered in the last 6 months then the whole argument dissolves. Personally I calculate based on fiat. I don't see a resolution to the different views of ROI anytime soon, and the volatile Bitcoin price won't help.