PerrythePlatypus
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May 23, 2014, 01:26:59 PM |
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no and yes. If you don't care about electric than yes, if you do care about electric, possibly yes still.
More than likely no.
Even with no electricity fees, you still have to buy the hardware, buy cooling equipments and time taken to manage it. It would be highly unlikely to ROI. |
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ChuckBuck
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May 23, 2014, 01:30:24 PM |
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no and yes. If you don't care about electric than yes, if you do care about electric, possibly yes still.
More than likely no.
Even with no electricity fees, you still have to buy the hardware, buy cooling equipments and time taken to manage it. It would be highly unlikely to ROI. When you're taking it to HVAC level then you're in the bloody red, forget unlikely to ROI. |
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Sonny
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May 23, 2014, 04:16:14 PM |
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no and yes. If you don't care about electric than yes, if you do care about electric, possibly yes still.
More than likely no.
Even with no electricity fees, you still have to buy the hardware, buy cooling equipments and time taken to manage it. It would be highly unlikely to ROI. +1. If difficulty is going to keep on increasing at current rate, I don't think any bitcoin ASICs could bring you profit even with free electricity. |
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Yogen
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May 23, 2014, 04:30:52 PM |
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I am new to BTCforum but my bro is hero member here.. He said BTC mining is always profitable if you own a Petahash ASIC farms  |
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HashBTC
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May 23, 2014, 06:48:23 PM |
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Profit completely depends on GH/S / $ - electricity consumption
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fatguyyyyy
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May 23, 2014, 06:58:42 PM |
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Profit completely depends on GH/S / $ - electricity consumption
Most are leaving the mining game due to those reasons. So if you have dirt cheap or practically free electricity, rock on. But if your in a position like me in california, its very hard to do this, and the only options is to assume the btc will sky rocket like we saw $1,000. And make up the difference in the electricity used to mine. |
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kuroman
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May 23, 2014, 09:09:46 PM |
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if you have the latest and greatest mining hardware, sure it can be still profitable, but other than that, don't even consider it
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Skele
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May 24, 2014, 07:04:02 AM |
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So realistically if you want to be able to mine for large amounts of bitcoin you both have a ton of cash to drop on mining gear, and you REALLY believe that they're going to take off - otherwise you are NEVER getting a ROI. (BTC current value is hovering under $1000 for any that are curious...and here are some miners at current cost, granted you can do a bit better off amazon more than likely:
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bryant.coleman
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May 24, 2014, 07:24:05 AM |
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The only people who are profitably mining coins right now are the BFL guys. They are using the customer mining rigs to mine the coins. Everyone else is mining at a loss. |
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WheresWaldo
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May 24, 2014, 10:05:47 AM |
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no and yes. If you don't care about electric than yes, if you do care about electric, possibly yes still.
More than likely no.
pretty much this and whether if you have a lot of money to invest. |
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bitsmichel
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May 24, 2014, 12:00:55 PM |
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you could invest in mining alt coins and then trade for bitcoins. I think this is still profitable. To mine bitcoins directly is very challenging, you need a lot of investment.
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galbros
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May 25, 2014, 12:12:57 AM |
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IMO profitability is quite misleading, because it's connected to actual price. So it's helpful for miners who promptly sell everything, but useless for those who want to keep their BTC.
imagine: btc price skyrockets again, but now to 30 000 USD ... so was my mining profitable then? I think ye it was.
but it works also opp way.
So depends on you. Do you believe that price go up? Then buy mining rig. Otherwise don't.
This is good advice in the sense that mining is just another way to speculate on bitcoin's price. At the then current price bitcoin mining was almost never profitable, it was only in time as the coin increased in value that it turned out to be. So a good way to think about it is do you want to speculate by mining or just by buying bitcoins? You can always use something like Bitminter to goof around with mining and see how it works. Mining altcoins can also be fun. Good Luck! |
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hulk
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May 25, 2014, 01:32:45 AM |
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Go for GPU and ASIC resistance Alt coins. They can make more profit, do be careful as there are some which are pump and dump coin.
The problem with cpu coins are that they are mostly botnet. So your profit is only for the first few weeks or days... |
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ranlo
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May 25, 2014, 01:35:27 AM |
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Go for GPU and ASIC resistance Alt coins. They can make more profit, do be careful as there are some which are pump and dump coin.
The problem with cpu coins are that they are mostly botnet. So your profit is only for the first few weeks or days... We could say the same thing about others. As soon as a GPU coin comes out and hits a decent profit, tens of thousands of GPUs swap over and kill it. The only way to make money on a new release is to be one of the first to mine it and know when to let it go. |
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ShameOnYou
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May 25, 2014, 02:24:51 AM |
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For casual miners? Pretty marginal at best. Unless you want to put in lots of money and run a big farm of rigs, I wouldn't get into mining at this point. But if you think you can succeed at speculation, Im sure there are good opportunities to mine new coins and unload them for BTC at very good profit (vs electricity for mining). But I dont know too much about it and am not a miner.
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agoraadnim
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May 25, 2014, 02:52:44 AM |
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I would not invest in it. Its a dying market and dying VERY fast. The difficulty is skyrocketing currently, with cloud mining alone the price of GH/s on PBmining has almost halved since I bought mine a month ago. Surprisingly, Cex.io's prices have gone up since then..
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ranlo
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May 25, 2014, 02:57:11 AM |
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I would not invest in it. Its a dying market and dying VERY fast. The difficulty is skyrocketing currently, with cloud mining alone the price of GH/s on PBmining has almost halved since I bought mine a month ago. Surprisingly, Cex.io's prices have gone up since then..
cex.io has always been a bit odd. When they first came out, I watched the prices of the contracts go up even though difficulty jumped 3x and they already weren't ever going to reach ROI. It's like a site for people who have no idea what they are doing or something. |
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WheresWaldo
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May 25, 2014, 07:35:13 AM |
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it really depends on your electricity costs, the taxes on getting hardware, and other fixed costs
in long run, depends too how popular btc will get, because bitcoin reward per clock will be halved from time to time(you will get less btc with same computational efford)
won't matter at all. the increased difficulty will not allow you to ROI on a small time investment any time soon large investments only allow for re-investing. If you make $40 per day and 5 days later you make $28 per day, you are going to be looking at a long road for ROI. The difference with large investments is they make enough to add to the overall hash and continue to earn an ~averaged~ same profit at the expense of more power. If they don't reinvest then their overall ROI will take very long too It's not really profitable unless you invest a helluva lot of money on equipment, so it's generally considered out of reach for newbs. If you want to try mining try out a new altcoin to get a understanding of the whole process.
agreed! |
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