Time to get back into mining?

[Kvalentine]

Since all this while that mining altcoins have not been profitable like before i don't bother to keep mining coins so i just lock my mining rig in a room and now that bitcoin halving is knocking on the door i think its a good time to start mining even if its not profitable? i believe if bitcoin surge over 30k altcoins will take the ride we've been waiting for, anyways, what do you guys think? good idea or bad ?

[btcdie]

in my opinion it is very difficult to mine like bitcoin, because the supply is decreasing every day and mining results are also decreasing. only large mining companies are able to generate profits from mining. maybe if in 2013 it was very profitable to mine bitcoin, even though it only had 6 GPUs. for now I think altcoin mining is more profitable for small mining, choose altcoin which has the potential for the future and produce it later in my opinion.

[barnes13]

I think that's a pretty good idea to start mining again. But you have to prepare funds to pay electricity bills as long as it's not profitable. After getting a coin through mining, I suggest not to sell it at this time because BTC has the potential to touch even higher prices and alt will follow it. You just need to hold it until the right time comes or exchange it for BTC and hold it until we reach the top. To calculate costs and see the profitability of good coins to be mined, you can check them here https://whattomine.com/ and for further discussion about mining altcoin, you can join here https://bitcointalk.org/index.php?board=160.0

[Pearls Before Swine]

in my opinion it is very difficult to mine like bitcoin, because the supply is decreasing every day and mining results are also decreasing.

He's not talking about mining bitcoin, but altcoins.  And I agree with him that if bitcoin were to hit a level as high as $30,000 that altcoins would increase massively as a result.  I don't know if it's actually going to get there soon, but I think it will eventually.

If you can find an altcoin you have the equipment to mine, I would do it...but only if you have cheap electricity, and that's an obvious point.  You don't want to be losing money mining a crappy altcoin that you're *hoping* will go up if bitcoin does.

A better idea would be to find a good proof of stake coin and earn that way.  At the very least it doesn't have as high an electricity cost, and it's also a lot simpler to do it.  But I do think now is as good a time as any to do either one.  Best of luck to you, op.

[Red-Apple]

mining altcoins in general is only profitable if you are a big miner and have super cheap electricity. in other cases for small time miners and with medium electricity cost you can only make profit mining during the large scale altcoin pumps and they are not starting any time soon. and if bitcoin starts rallying up like what you said to $30k the altcoins will have a lot of dumps and lost a lot of value which makes mining that much harder.

[NathanJB]

Since all this while that mining altcoins have not been profitable like before i don't bother to keep mining coins so i just lock my mining rig in a room and now that bitcoin halving is knocking on the door i think its a good time to start mining even if its not profitable? i believe if bitcoin surge over 30k altcoins will take the ride we've been waiting for, anyways, what do you guys think? good idea or bad ?

It depends on the condition of your place. If your place has a high price for electricity, and you need to install some more appliances such as air condition for it, and the reward that you get from your mining is still much lower than the cost, I think it is better for you to wait for the much better altcoin days. It is not far from happening anyway. But if you can still make a little profit from it, not bad to get back to mining right now.

[o48o]

Since all this while that mining altcoins have not been profitable like before i don't bother to keep mining coins so i just lock my mining rig in a room and now that bitcoin halving is knocking on the door i think its a good time to start mining even if its not profitable? i believe if bitcoin surge over 30k altcoins will take the ride we've been waiting for, anyways, what do you guys think? good idea or bad ?

I agree on that the bitcoin halving affects the difficulty on altcoin mining if the altcoin bullrun comes with it. So this would be definitely the right time to run your gear when the difficulty is low and if you are not planning to pay the electric bills with cryptos right away. Are you planning to mine new microcaps or older ones? Because i would think that this is the time for mature projects.

[CryptoBry]

Since all this while that mining altcoins have not been profitable like before i don't bother to keep mining coins so i just lock my mining rig in a room and now that bitcoin halving is knocking on the door i think its a good time to start mining even if its not profitable? i believe if bitcoin surge over 30k altcoins will take the ride we've been waiting for, anyways, what do you guys think? good idea or bad ?

You know that even with the recent rise of Bitcoin, mining is a loss of money maybe due to high cost of power but if Bitcoin can be reaching more than $30K then it can be churning out some profits. That can be a gamble already and no more an investment because even if we are all awaiting the possible bull run there remains no guarantee that this time it can go higher than the previous almost $20K run. Now, it might be a little different story if you gonna be mining altcoins. But tell us what specific coin you are planning to mine again. I am sure you can now determine if there can really be a good profit to be made here or is the profitability really hinges on Bitcoin doing a big bull run?

[foxincoin]

Mining this days not profit as before, i think go to mining for most of us not good, may for who the electricity is very low in his country.

[SamboNZ]

I really don't think that its a good idea to mine. Instead of paying high electricty bills, use the money to buy altcoins i think its even cheaper that way.
You don't even have to keep on checking your mining hardware for malfunctions and other stuffs.

[tiang_tower]

For those who already have a mining machine, it's better to continue mining, but those who don't have a mining machine would be a little overwhelmed too if they wanted to assemble it now, because the basic ingredients for making mining machines are obviously very expensive now.

[tsaroz]

Since all this while that mining altcoins have not been profitable like before i don't bother to keep mining coins so i just lock my mining rig in a room and now that bitcoin halving is knocking on the door i think its a good time to start mining even if its not profitable? i believe if bitcoin surge over 30k altcoins will take the ride we've been waiting for, anyways, what do you guys think? good idea or bad ?

Bitcoin would probably rise with halving but that would not make its mining profitable from unprofitable overnight. Upto 20K or 20% in April 2020 would be my safe prediction for the rise in price. So, it's much better idea to buy some and hold. The bitcoin and bitcoincash mining are still industrial effort as all of other popular coins move away from mining.

[cryptoangel]

Mining this days not profit as before, i think go to mining for most of us not good, may for who the electricity is very low in his country.

Mining is a profitable investment and it depends on electricity free country. So those are use solar panels for electricity it make good profit and majority of the peoples are concentrate the trading only so mining demand also increase upcoming days. Many new GPU mining rigs are enter into the market so old rigs are make low profit on current traffic.

[Tipstar]

People are now used to halving and it would not make a huge difference as people would prepare for it. You can aspect the price of bitcoin gradually rising afterwards, so would rise the difficulty. It would never again be profitable for individual miners to mine bitcoin. These farms would always steal away all the coins however small the amount.

[yurez]

It seems to me that mining at home through GPU has become no longer profitable. Payback term is too long. Therefore, it`s much easier to buy altcoin at ones and to hold it in the hope of growth.

[JCviggen]

I think that now and in 2020 there will be a big rush at POS Mining and therefore I do not understand why now you want to start mining on any equipment. mining is now profitable on an industrial scale but not at home

[zenhu]

First thing that you must prepare is your toolset for mining, beside that electrical is the most factor that you must cost. You have a lot of deficit before it started.
I think mining is not major solution to earn crypto, there are still many ways to get it with no money in it.

[Youghoor]

Since all this while that mining altcoins have not been profitable like before i don't bother to keep mining coins so i just lock my mining rig in a room and now that bitcoin halving is knocking on the door i think its a good time to start mining even if its not profitable? i believe if bitcoin surge over 30k altcoins will take the ride we've been waiting for, anyways, what do you guys think? good idea or bad ?

Mining has always been a long term investment something. You will not really see the profit of mining just within a few days of mining. Long term mining plan usually is not really affected by the market fluctuation of the prices of the particular coin you are mining. That is, you can still make some reasonable profit even if there is a drop in the market price of the coin you are mining so far as you are in a long term mining plan. But when there is a price increment, you either double or triple your calculated profits.

[AliMan]

Mining this days not profit as before, i think go to mining for most of us not good, may for who the electricity is very low in his country.

Mining is a profitable investment and it depends on electricity free country. So those are use solar panels for electricity it make good profit and majority of the peoples are concentrate the trading only so mining demand also increase upcoming days. Many new GPU mining rigs are enter into the market so old rigs are make low profit on current traffic.

If you're living on the tropical countries like USA, mining is somehow profitable because as you said that's dependent with the electricity costs. Since tropical places like Western countries, is not having expensive power generation, unlike most asian countries. If I was having enough capital to buy solar power generation equipments, I would invest on that just to cover the cost of mining electricity consumption; so I could do mining operation successfully without worrying for huge bill for electric charges. Profit gains would potentially gaining higher profit, once it stabilizes.

[Darooghe]

It depends on your method of producing electricity to run the computers and so if green energy is being used then costs will be lower. Also, a lot of power is consumed to keep everything running cool. In cold environments this isn’t so much of a problem as they can pull in cold air from outside. the cost of maintenance and the cost of the physical space the mining rigs use, should take into account.

There are also other factors such as lifespan. all mining gear becomes less effective over time due to the ever increasing difficulty of most blockchains. In other words, a mining rig that can mine 1 ETH per week now might only be able to mine 0.5 ETH a few weeks later. when we are in a bull market, even relatively slow equipment with expensive running costs can make a small profit, despite the current gloom (especially for alts), I think it is very likely that the market will start ticking up again eventually, so best time for mining again.