Best way to join the bitcoin mining game?

[orcanice]

So whats the best way to join the mining game.. what to invest in?





After what i have been reading the best way will be to but some asic miners, and after that build a time machine and then go back to 2009 when it all started.







What do you think?

[brand_new]

build a time machine and then go back to 2009 when it all started.

Pretty much that. As far as I understand it, trying to mine while expecting a profit or to break even if you purchased a miner fairly recently- is near impossible, if not impossible. Supposedly things will be better when the next generation ASIC miners come around- but expect the cost to be substantial, and the timespan you have to break even/profit be fairly short.

[ninjatflex]

Love the twist ending. Buying Bitcoins with the money you're prepared to spend on mining seems like the better option. Negligible risk when compared to mining.

[marcovaldo]

You can try to mine with your own computer / laptop but only for fun. You won't get any profits now without ASIC stuff.

[puze]

I asked a similar question on IRC 24 hours ago.

With the huge rises in difficulty from now on, the consensus was that unless you have a bucket load of cash to spend on mining equipment, your best bet is to buy shares in an existing operation or just bypass mining and buy coins directly from sellers.

This wasn't what I was wanting to hear as I was quite keen to get into mining. Still, have a look here...

http://mining.thegenesisblock.com/

[marcovaldo]

But buying shares is risky, and you can just invest somewhere else (coinlenders, just-dice, and so on).

[puze]

But buying shares is risky, and you can just invest somewhere else (coinlenders, just-dice, and so on).

How so? Can you elaborate on the dangers of buying shares in mining and advantages of investing in BTC lenders or gambling sites?

(Not trolling - genuinely want to know).

Thanks.

[MAbtc]

Train is long gone on bitcoin mining, unless you are a huge whale. Even then it is a huge risk.

[po1992one]

But buying shares is risky, and you can just invest somewhere else (coinlenders, just-dice, and so on).

How so? Can you elaborate on the dangers of buying shares in mining

It is dangerous, to mine the same amount of BTC daily, you must add +30% hashing power every 2 weeks. This is how steady difficulty increases last few months 

[uk1]

have a look at https://cex.io/r/0/uk1/0/

[puze]

But buying shares is risky, and you can just invest somewhere else (coinlenders, just-dice, and so on).

How so? Can you elaborate on the dangers of buying shares in mining

It is dangerous, to mine the same amount of BTC daily, you must add +30% hashing power every 2 weeks. This is how steady difficulty increases last few months  

30% seems a lot. But if the price were to increase steadily as time goes on, surely with one producing less coins, the value of these coins would go up and things would even out.

Or am I missing something?

[nahtnam]

I would say....DONT. Unless you have $3000 to invest, you will not get ROI. Maybe when the next gen asic comes out, people can start to invest. Maybe you can try CEX.io and sell it once the price increases...

[balanghai]

Cex is the best way to do it. You can sell the share afterwards and add that up to your mining profit. You can check my sig if you like.

[SquallLeonhart]

So whats the best way to join the mining game.. what to invest in?





After what i have been reading the best way will be to but some asic miners, and after that build a time machine and then go back to 2009 when it all started.







What do you think?

Time machine is the best out of all the option if you can make it. Otherwise working would be a better investment.

[Kenshin]

Don't invest bitcoin to just-dice. I invested 2 BTC to them, within a few days I only got 1.3 BTC left.

[johncarpe64]

Don't invest bitcoin to just-dice. I invested 2 BTC to them, within a few days I only got 1.3 BTC left.

You must be pretty unlucky, banker should win in the long run...

[SquallLeonhart]

Don't invest bitcoin to just-dice. I invested 2 BTC to them, within a few days I only got 1.3 BTC left.

You mean you gambled them instead of invest? Based on just-dice website the investor are having 0.146546% profit.