Why are you mining BTC?

[wingding]

I am not a miner myself. However, as far as I understand from the charts, mining BTC has not been profitable the last months. Actuall the profit margin is abt -500%! This means the cost is 5 times the profit. I have previously believed that the mining cost would align itself close to the bitcoin price, due to people start mining when profit is good, and leaving it when its negative. Apparently this is not the case - or? Would like to be enlightened on this matter (I find it very interesting).

[Keldel]

Mine to protect the decentralized network! You get the emotional value of improving the world. The BTC reward is just a nice bonus

[fattypig]

I am not a miner myself. However, as far as I understand from the charts, mining BTC has not been profitable the last months. Actuall the profit margin is abt -500%! This means the cost is 5 times the profit. I have previously believed that the mining cost would align itself close to the bitcoin price, due to people start mining when profit is good, and leaving it when its negative. Apparently this is not the case - or? Would like to be enlightened on this matter (I find it very interesting).

Well, don't mine it with GPU as its too energy consuming, mine it with ASIC

[wingding]

Well, don't mine it with GPU as its too energy consuming, mine it with ASIC
[/quote]

How much more profitable is the ASIC? Any references on this?

[fattypig]

Well, don't mine it with GPU as its too energy consuming, mine it with ASIC

How much more profitable is the ASIC? Any references on this?
[/quote]

Well, profitable wise, ASIC is 100x much better then GPU (Just google bitcoin ASIC and you will get all the information you want)

But I still suggesting not buying ASIC cause the difficulty rises too fast and you won't ROI.

[polarhei]

Simply as thinking the selling cost is higher than mining cost. I personally think the selling prince is 35% higher than searching cost. However, according to the hashmining.com's speeches, 200% (120USD/ 60USD) at least. Which makes me to mine  in order to reduce the problem.

[cowandtea]

I am not a miner myself. However, as far as I understand from the charts, mining BTC has not been profitable the last months. Actuall the profit margin is abt -500%! This means the cost is 5 times the profit. I have previously believed that the mining cost would align itself close to the bitcoin price, due to people start mining when profit is good, and leaving it when its negative. Apparently this is not the case - or? Would like to be enlightened on this matter (I find it very interesting).

Even a USB eruptor will be better off. Just stop wasting your electricity please

[wingding]

5 million dollars are wasted each day in electricity

[cowandtea]

5 million dollars are wasted each day in electricity

Well, that's your choice. You must be a rich kid or something.

[hulk]

To earn profit, I mined using middlecoin so my profit is higher then you mine BTC directly

[pengcqu]

Make contributions for the development of BTC.

[pletharoe]

I received my Jupiter on the 10th October.  If difficulty increases by 35% each time then:

If $ / BTC = 130 I will break even on 18th January (3 months).  Last profitable day 12th May.  Net ROI $661.
If $ / BTC = 150 I will break even on 15th December (2 months).  Last profitable day 12th May.  Net ROI $1,928.
If $ / BTC = 180 I will break even on 25th November (1.5 months).  Last profitable day 26th May.  Net ROI $3,832.

If difficulty increases by 45% each time then:

If $ / BTC = 130 I will make a loss of $450.
If $ / BTC = 150 I will break even on 1st January (2.75 months).  Last profitable day 1st April.  Net ROI $649.
If $ / BTC = 180 I will break even on 29th November (1.5 months).  Last profitable day 14th April.  Net ROI $2,284.

Net figures include cost of hardware, shipping and electricity.

Why am in mining?  It looks like it'll be profitable, even if it's not, it's an interesting project.

[crumbs]

I am not a miner myself. However, as far as I understand from the charts, mining BTC has not been profitable the last months. Actuall the profit margin is abt -500%! This means the cost is 5 times the profit. I have previously believed that the mining cost would align itself close to the bitcoin price, due to people start mining when profit is good, and leaving it when its negative. Apparently this is not the case - or? Would like to be enlightened on this matter (I find it very interesting).

The TL;DR is pre-order.  The feedback loop you've described depends on miners being able to calculate overall profitability.  With exponential difficulty rise, combined with having to order your gear at least three months in advance, it's virtually impossible.  For KNC, a company that delivered gear above spec hashrate-wise, and (for my example) within weeks of their stated deadline, this goofy gif  explains it quicker than i could :



The miners were pre-ordered *all the way at the left side of the gif*, at ~200 network speed.
They started hashing *all the way at the right side of the gif*, when network speed was over 2,000,00.  Exactly three months.  Ouch.

[danyy]

I mine because the value can exponentially growth

[Zeek_W]

[frankenmint]

I am not a miner myself. However, as far as I understand from the charts, mining BTC has not been profitable the last months. Actuall the profit margin is abt -500%! This means the cost is 5 times the profit. I have previously believed that the mining cost would align itself close to the bitcoin price, due to people start mining when profit is good, and leaving it when its negative. Apparently this is not the case - or? Would like to be enlightened on this matter (I find it very interesting).

blockchains stats work out to to posit each gigahash is approximately 600W well we all know that lately asic vendors push <1 watt per gigahash.  Your figure is incorrect.

[fattypig]

Please don't take into consideration of future BTC price. You might as well just buy BTC if you are using that as a base..

[Xian01]

 It's a hobby that helps keeps my technical skills sharp. That, and I love the concept of Bitcoin.

[ineedit]

No gold or silver seams where I live so I have to mine something

[JohnCoins]

Mining helps me keep the voices in my head to a minimum.  As long as I mine, THEY will leave me alone.