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Author Topic: Newbie - Is it too late to start mining?  (Read 1253 times)
nbtcminer
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October 30, 2013, 06:45:33 PM
 #21

Here's some friendly advice from someone who's been mining, involved with mining and mining projects; don't buy any mining hardware for the next several months. While others may argue that you will make back your money if you "spend" enough wisely, it is quite honestly a gamble in which the odds against you (Insane rising difficulty / more competition than ever). You would basically be praying that the exchange rate for BTC rises beyond what is currently is to break even and that some competing hardware manufacturers fail at delivering their hardware.

You are better off buying BTC and sitting on it rather than getting into the mining game.
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin-Qt, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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poewerden
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October 30, 2013, 06:53:44 PM
 #22

It's not too late! To mine bitcoins now you'll need more investment!


And you will need more and more as time goes.

I believe it is too late, and waiting where the difficulty stabilizes is better option now
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October 30, 2013, 07:10:33 PM
 #23

If people stopped paying absurd money-losing prices for mining equipment, two things would happen:

1. The price of the equipment would fall.
2. The difficulty would not rise as quickly.

Both of these effects would quickly restore profitability to mining, but a long as people continue to pay stupid prices for the privilege of mining, it will never be profitable.

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