Is bitcoin mining worth it?

[Shameless]

Hi I am new to the bitcoin community. I heard about it for the first time a few months ago and have been very interested in it since. I believe this is the next generation. I have done tons of research and have learned both positive and negative opinions on mining bitcoin today. The question I really want answered is I have some money put back that I want to invest in something and was thinking of buying one or two of the Neptune rigs from knc miner. Do you think this is a good idea?  Is bitcoin worth mining anymore. Should I take a different route to mining bitcoin that would work better and what would u suggest.  Thanks!

[meccaflare0]

Some may disagree but continue to save your money, or buy some BTC while it's around $400 a piece. Then wait till the next gen ASICs are announced and be one of the early adopters of those. Current miner are over priced and their isn't much return on investment with current projections.

[roslinpl]

sure it is worth mining if you have >5000$ to invest into a nice rig!

why wouldn't it be profitable?

Sure it is!
...

[cloverme]

Hi I am new to the bitcoin community. I heard about it for the first time a few months ago and have been very interested in it since. I believe this is the next generation. I have done tons of research and have learned both positive and negative opinions on mining bitcoin today. The question I really want answered is I have some money put back that I want to invest in something and was thinking of buying one or two of the Neptune rigs from knc miner. Do you think this is a good idea?  Is bitcoin worth mining anymore. Should I take a different route to mining bitcoin that would work better and what would u suggest.  Thanks!

It is, I sold out of mining contracts this week, I'm adding more hardware now. 

Here's what I've noticed:
-People are going to tell you it's not worth it because the difficulty keeps rising.  Difficulty will rise, but don't panic over it...
-You're going to hear to just buy BTC and don't bother mining... do both. The old advice still holds true, buy low and sell high.
-You are going to have to "buy in" now, expect to spend a several thousand dollars now (upwards of 5k) to mine for profit. If you just want to have fun and mine, just get a used 5 or 10 gh/s asic from ebay. The days of starting with a bunch of computers with GPU's and making a few thousand a week are long gone. 
-Don't ignore the other alternative cryptocurrency, remember though that they all trade in for BTC at some point.

I had a 12000% profit in mining, so don't let people scare you out of the mine.  Grab your asic and jump in...

[joethejudge77]

There are two opposite view on it but still people continue to mine coins. Actually I think it depends on your hardware's and software's capabilities.

[hostmaster]

sure it is worth mining if you have >5000$ to invest into a nice rig!

why wouldn't it be profitable?

Sure it is!
...

i no reocmmend investing directly 5k dollars to a newbie. But watch and observe. Start small grow or take position later.

[gogodr]

It's worth it if you jump first on the new asics.

[ChuckBuck]

Depends.

If you're looking to get the cash ROI back, probably not at this point, because of BTC's low price.

Now is more of a great buy and hold opportunity because Bitcoin is so cheap.

The amount you mine back won't equal the Bitcoins or cash you put in.  Only hope is Bitcoin makes a major spike up in price to make mining worth it.  At least for 2014.

[Shameless]

As I said I'm looking to buy 1or 2 of the new Neptune machines from kncminer. I've done tons of research and have a friend real knowledgeable in bitcoin mining/ buying selling. I just wanted some other input. So you think if I buy the new 3th/s machines I will be able to profit?

[Bobsurplus]

Nope, 100's of thousands of people are buying high cost miners daily because there is no money in it!
 

[Shameless]

Lol thanks!  I think what I'm going to do is buy 1 rig at this point and see how it goes and from there I will decide on buying another. I don't want to invest 20k and it be a total lose

[DrG]

Nope, 100's of thousands of people are buying high cost miners daily because there is no money in it!
 

There's barely even 100k ASICs out there and that's counting USB devices.  The total number of 300GH/s+ devices is probably under 15k.

People are buying because they are new to mining and don't understand trends, can't read graphs, and see people who started mining in 2010 and 2011 with thousands of coins.  The truth is at present no miner appears to be profitable compared to buying coins directly.  It's possible a company can ship something really early and you come out ahead (BTC profit, not fiat). Possible, but unlikely.

The only reasons to be mining BTC are:
1) you like mining and don't care about profit/loss
2) you want to help keep the network decentralized
3) you think you can earn more coins by purchasing a miner and running on cheap electricity than if you had just spent the miner money on an exchange and bought the coins directly.
4) you want to solo mine to get coins with no history or taint

[serje]

Also keep in mind if you are after a profit it is better to keep the coins until the price is high!

If you sell every few days you won't make much profit!

[GraySocks]

Great advice. I didn't know if it was worth it too. Glad to see the community is still for it. I'm starting out too and want to do a combination of both buying and mining. USB ASICs look like a good starting point, at least for me.

[sqabeloth]

As I have read noone exactly can answer this question as there are 2 opposite opinions on it. Btw I think the opinion that mining is worthless is more popular than the opposite opinion.

[ChuckBuck]

As I have read noone exactly can answer this question as there are 2 opposite opinions on it. Btw I think the opinion that mining is worthless is more popular than the opposite opinion.

Mining is not worthless, it supports the blockchain and secures the network.  Without mining, there is no Bitcoin.

The correct question is "Is mining worthless for the home user to ROI?"

If you only have a few hundred or a grand or so to spend, yes it's worthless.

It's an arms race right now, and many of the home miners are exhausting getting new circuits installed, and you're slowly seeing a shift to the datacenter for cooling and electrical needs.

It's like the old saying "Don't bring a knife to a gun fight".  Biggest and most power efficient Asics win.  Unfortunately, it costs significant amounts to keep up.

[Entropy-uc]

As I have read noone exactly can answer this question as there are 2 opposite opinions on it. Btw I think the opinion that mining is worthless is more popular than the opposite opinion.

Mining is not worthless, it supports the blockchain and secures the network.  Without mining, there is no Bitcoin.

The correct question is "Is mining worthless for the home user to ROI?"

If you only have a few hundred or a grand or so to spend, yes it's worthless.

It's an arms race right now, and many of the home miners are exhausting getting new circuits installed, and you're slowly seeing a shift to the datacenter for cooling and electrical needs.

It's like the old saying "Don't bring a knife to a gun fight".  Biggest and most power efficient Asics win.  Unfortunately, it costs significant amounts to keep up.

Data center hosting fees are going to eat profits very shortly.  They are already over 10% of miner earnings and the growth of difficulty will bring it over 100% by the end of summer.  The smart folks are offering hosting contracts.  Once the rent exceeds earnings, they will get free miners.  Even if the only value is as scrap, they win.

It used to be easy to calculate the days to break even on a miner and make a decision to buy or not.  But now, power, network and labor are significant chunks of earnings and dramatically extend the time to break even.  Another down leg in the BTC exchange rate will ruin many people if it comes.

[crocko]

Better buy BTC or other coins.

[jimmothy]

It used to be easy to calculate the days to break even on a miner and make a decision to buy or not.

False. We only thought our calculations were more accurate. Now we know that calculations are just about guaranteed to be way off.

[roslinpl]

It used to be easy to calculate the days to break even on a miner and make a decision to buy or not.

False. We only thought our calculations were more accurate. Now we know that calculations are just about guaranteed to be way off.

Were not accurate because it was hard to say what is going to happen with a difficult - hardware and other stuffs


anyway bitcoin mining is still profitable and miners cant say that it is not (if they got nice rigs)