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Nathan101 (OP)
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May 17, 2014, 04:08:37 AM |
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I am new to BTC. I have heard that BTC mining is not profitable. I like to know more about BTC mining from experienced member.
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d2dtk
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May 17, 2014, 04:35:19 AM |
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I am new to BTC. I have heard that BTC mining is not profitable. I like to know more about BTC mining from experienced member.
It's almost not worth mining btc anymore unless you have terrahashing equipment. You should buy in to BTC hold some of it, wait for it to rise, and buy whatever you desire. Without transactions and sales bitcoin would just sit and possibly loose value, but you don't have to spend all that you buy. |
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vipgelsi
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Activity: 1736
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May 17, 2014, 04:37:16 AM |
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Think of it as a type of lottery play to mine it
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dumbdragon
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May 17, 2014, 06:11:02 AM |
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A lottery pretty much sums it up.
1 block you actually solve and get = 25 bitcoins. But those odds are highly unlikely so, most will see however much effort in speed will return appropriate rate.
This also excludes on work being rejected, since someone already turned it in to solve.
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Yakamoto
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May 17, 2014, 06:11:40 AM |
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I am new to BTC. I have heard that BTC mining is not profitable. I like to know more about BTC mining from experienced member.
It's almost not worth mining btc anymore unless you have terrahashing equipment. You should buy in to BTC hold some of it, wait for it to rise, and buy whatever you desire. Without transactions and sales bitcoin would just sit and possibly loose value, but you don't have to spend all that you buy. Does a 12-Terrahash prototype count? |
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shorena
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No I dont escrow anymore.
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May 17, 2014, 06:32:39 AM |
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I am new to BTC. I have heard that BTC mining is not profitable. I like to know more about BTC mining from experienced member.
It's almost not worth mining btc anymore unless you have terrahashing equipment. You should buy in to BTC hold some of it, wait for it to rise, and buy whatever you desire. Without transactions and sales bitcoin would just sit and possibly loose value, but you don't have to spend all that you buy. Does a 12-Terrahash prototype count? Lets say developing that thing cost you only 10,000 USD, you pay 0.1 USD per kW/H and your 12 TH/s prototype eats 6KW Youd break even after ~51 days assuming 20% rise in difficulty. Regarding OP. If you want to know whether mining is profiltable or not, do the calculation with one of the many calculators (e.g. https://bitcoinwisdom.com/bitcoin/calculator ) It greatly depends on your electricity cost. Some people claim they get free electricity (which I doubt is true), so any hardware can be profitable if you buy it cheap enough. |
Im not really here, its just your imagination.
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Bitbirdhunt
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May 17, 2014, 09:09:59 AM |
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Mining bitcoins Is not worth your time and effort, It's hard to make profit from mining now days. Better buy bitcoins for those money that you had for mining rig, that's my advice.
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ejinte
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May 17, 2014, 09:21:32 AM |
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I'm predicting now that you will need a price of less that 1$/Ghz to be mining with profit this days. If you're new to bitcoins and not holding thousands of USD you want to invest, I would rather recommend you to buy and hold bitcoins instead. That will probably give you a better profit.
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shorena
Copper Member
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No I dont escrow anymore.
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May 17, 2014, 09:33:44 AM |
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less that 1$/Ghz
That makes no sense. Even if you are talking about 1$/G HASH/s. 1$ for what? Electricity? Hardwarecosts? Shipping? |
Im not really here, its just your imagination.
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Nathan101 (OP)
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May 17, 2014, 10:47:57 AM |
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I am new to BTC. I have heard that BTC mining is not profitable. I like to know more about BTC mining from experienced member.
It's almost not worth mining btc anymore unless you have terrahashing equipment. You should buy in to BTC hold some of it, wait for it to rise, and buy whatever you desire. Without transactions and sales bitcoin would just sit and possibly loose value, but you don't have to spend all that you buy. Thanks for your help. What about other major Cryptocurrency? Are they still profitable? |
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desired_username
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May 17, 2014, 11:06:41 AM |
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I am new to BTC. I have heard that BTC mining is not profitable. I like to know more about BTC mining from experienced member.
It's almost not worth mining btc anymore unless you have terrahashing equipment. You should buy in to BTC hold some of it, wait for it to rise, and buy whatever you desire. Without transactions and sales bitcoin would just sit and possibly loose value, but you don't have to spend all that you buy. Thanks for your help. What about other major Cryptocurrency? Are they still profitable? Mining altcoins is pretty much a full time activity now with little to no rewards. People usually check coinwarz for the most profitable coin, but by the time they mine and would like to sell their coins usually it's already crashed/died. btw, (bitcoin) mining never was a surely profitable endeavour. When GPU rigs generated a lot of coins their value was only a fraction of todays rate, it never was a get rich quick scheme. I would advise that you only invest the money you can afford to lose and If you want to support the network consider mining with a cheap USB miner or run a full node. |
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Nathan101 (OP)
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May 17, 2014, 11:33:18 AM |
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Mining bitcoins Is not worth your time and effort, It's hard to make profit from mining now days. Better buy bitcoins for those money that you had for mining rig, that's my advice.
From where i can buy Bitcoin? Do you have a recommendation? |
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KIRAZ
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May 17, 2014, 11:34:48 AM |
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Mining bitcoins Is not worth your time and effort, It's hard to make profit from mining now days. Better buy bitcoins for those money that you had for mining rig, that's my advice.
From where i can buy Bitcoin? Do you have a recommendation? Depends on your country search it up here : howtobuybitcoins.info |
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Yakamoto
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May 17, 2014, 01:46:11 PM |
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Dude, buy as many BTC ASICs as you want, but I recommend mining other coins that use the SHA256D style, so you can continuously use them to made a nice ROI.
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Nathan101 (OP)
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May 17, 2014, 02:44:45 PM |
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Dude, buy as many BTC ASICs as you want, but I recommend mining other coins that use the SHA256D style, so you can continuously use them to made a nice ROI.
I read a article on Bitcoin mining. That article is showing mining coin that use Scrypt style is more profitable. |
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Yakamoto
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May 17, 2014, 04:36:17 PM |
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Dude, buy as many BTC ASICs as you want, but I recommend mining other coins that use the SHA256D style, so you can continuously use them to made a nice ROI.
I read a article on Bitcoin mining. That article is showing mining coin that use Scrypt style is more profitable. Multiple Algorithm currency. Invalid. |
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Kprawn
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May 17, 2014, 05:46:19 PM |
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Most of the replies on the forum on this subject, points to "No"
Have you ever wondered what someone would saym if you walked into the "Klondike" years ago, and you wanted to go stake your claim to get gold.
They would all tell you, it's not worth it.
Consider that "mining" any currency, comes with some competition, like in real world.
If the money is good, and there is limited amounts, you would lie, would you not?
But this is just my opinion, and I might be wrong.
I just do'nt believe anything I hear, when money is involved.
Proof is in the Bitcoins ;->
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fatguyyyyy
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May 17, 2014, 05:55:13 PM |
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Theres a difference within mining, if you mine directly its not profitable. But, if you mine with alt rigs is the best way for small time miners.
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BitcoinTraders
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May 17, 2014, 10:28:56 PM |
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I don't recommend bitcoin mining!
Only because you need to invest a lot to earn well and the difficulty is increasing too quickly!
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Zebra
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May 18, 2014, 12:56:02 AM |
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Most of the replies on the forum on this subject, points to "No"
Have you ever wondered what someone would saym if you walked into the "Klondike" years ago, and you wanted to go stake your claim to get gold.
They would all tell you, it's not worth it.
Consider that "mining" any currency, comes with some competition, like in real world.
If the money is good, and there is limited amounts, you would lie, would you not?
But this is just my opinion, and I might be wrong.
I just do'nt believe anything I hear, when money is involved.
Proof is in the Bitcoins ;->
True, you shouldn't follow others' advice blindly. You could use any mining profit calculators out there to check the profitability yourself. Or, you could check the bitcoin wiki to understand how difficulty works and check the mining speculation section here to build your own profit calculator (could be done easily in Excel). I am pretty sure all these will also point you to "No"  |
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