Bitcoin Is it still accesible to the common of mortal or too much expensive?

[alzakiel]

Hello Everyone im new around ... I didnt start mining it does 1 year i know about it, reading review/infos... Watching bitcoin wisdom a few times... And i'd like to know... Is it still possible for anyone to join the mining for a reasonable gain? Or is it now too expensive to buy a rigs/Asic miner/Block Erupter to make a decent income*Or stockpilling BTC and sell them for a good price* ? Im still quite confused about how it work, how much someone would need to invest to make any decent amount of BTC and im not talking about becoming rich with BTC but more doing a stable income over a long period of time *Im watchin bitcoin wisdom and if i write 1 in the TH/Sec the result are 1.443 BTC/months, 831,5$ USD/Months unless im wrong /Newb911... and when i watch butterfly labs ASIC miner 1TH/Sec miner cost 3k$ lol it is quite expensive and seeing how fast the difficulty seem to increase, i doubt it would be a good idea unless to manage to get 1 for really cheap*


Im really far from being rich, bitcoin mining look interesting.... But i barely know anything about it... And i would be even more scared to start it 24/7 and 1 day to see my computer component broken or i don't know what can happen ...


Someone could explain to me or link to a complete and detailed guide/info about bitcoin mining ? Im so confused i don't really know what i should ask.. I saw some people talking about energy consumption + gain*That's side i pretty much understand it, but seeing i don't really have to care about electricity bills because it is already included to what i must pay every months to the one who rent me my chamber*

So any infos/How it work/What anyone should know and ect is welcome. I'd really want to see if it is worth it at long term of if i would only be loosing my time.... Must likely if it's a total gamble i won't be interested ... If it is only a question to buy faster Hashrate every X amount of time it could be interesting if it is possible to buy them somewhere for cheap and end up making some profit.

And actually i can't mine even tough i'd like trying because i doubt to what i seen my GTX 760 with 167 kh/s will get me anywhere..

Sorry for my english i know it isnt the best ... I do hope you guys will understand >.<... Thanks for the help


-Someone interested by mining, but who don't know if it's just too late to get into it.

[vm1990]

Sadly the days of anyone jumping into the bitcoin mining game have passed you need dedicated hardware or free electric to be competative, if you want to make any serious money then realistily you need to invest a serious chunck of cash

For new people the best bets are see if you can sell any of your skills for bitcoin or if you have a lot of time you could trade on the exchanges

If your interested in mining I'd go down the alt coin path, litecoin and most scrypte coins are about to be hit with mass of hardware but pick coins using sha 512 or scrypte Jane as these are pretty easy to mine and asics arnt on them yet

[Soappa]

If you want to mine for fun, you could buy a cheap USB ASIC to mine bitcoin or use your GPU to mine scrypt altcoins.
But if you want to mine for profits, I am afraid that the best day has already passed and it is very hard now just to break even.

[DolanDuck]

It's too late to start mining bitcoins for our common mortals, but you can set up a scrypt mining rig with few hundred dollars and make profit with that.

[odolvlobo]

First, you have to figure out why you want to mine.

If your goal is fun, then you can get an inexpensive ASIC miner, or mine alt coins with your GPU.

If your goal is to obtain bitcoins at a discount, then you will need to find equipment that costs less than the amount of BTC that it will mine, and that is not easy to do. You can also mine alt coins and trade for bitcoins.

[Skele]

What i better recommend you is to just buy some btcs with cash rather than triying to mine them, at this point it can be very difficult to mine for the mortals.. hehe.
Just buy some bitcoins and hold them until 2015. 

[Gimmelfarb]

i agree that at this point, it is very difficult for a casual user (i.e. not a business backed by millions of dollars) to get into the mining game. i personally feel like i got in too late, and just resorted to buying what i could and then trading to increase my stash.

[galbros]

I agree that it is too late for the casual user to get into bitcoin mining.  However, there are still a lot of alt coins, it seems like there is one new one a day, that you can mine and then trade for bitcoin if you want.  Also, the signature campaigns that pay for posts on this forum are a great source of some bitcoin to play around with.  There are also still faucets who will give you a microscopic amount of bitcoins, such as freebitco.in.

Good Luck!

[Gimmelfarb]

I agree that it is too late for the casual user to get into bitcoin mining.  However, there are still a lot of alt coins, it seems like there is one new one a day, that you can mine and then trade for bitcoin if you want. 
Good Luck!

that's just the thing -- there is new one every day! do you think every one of them will survive and retain value, or gain in value? i don't! it's a real toss-up, so while there is a lot of money to be made by mining altcoins with low difficulty, it is all speculation, and you could end up bagholding a lot of worthless coins.

[notlist3d]

To expensive is hard to gauge with price of bitcoin always changing.  Most on here would probley believe it will go up.

Sadly the day's of GPU mining are not what they were a year ago even.  And with summer here heat on GPU's can make it hard.   Easiest way to just get in is buy BTC, or a few alt coins you believe will go up and try it.

But many like myself find mining fun, try to make sure to run calculations on ROI always.

[deepestfear]

You can always buy fractions of bitcoin to get started

[ranochigo]

Its really too late to join in. The difficulty is far too high, electrical and hardware cost have to be included. A lot of ASIC companies take a long time to ship, by the time the hardware is shipped, you can't even ROI.
-ranochigo

[marky89]

i am a common mortal and i have to say, it feels pretty expensive.

[Shogen]

Is it still possible for anyone to join the mining for a reasonable gain? Or is it now too expensive to buy a rigs/Asic miner/Block Erupter to make a decent income*Or stockpilling BTC and sell them for a good price*

With the increasing difficulty, I don't see any "reasonable gain" for any existing ASIC.

For investing in BTC, you can start by buying a smaller quantity, like 0.1 btc. It is hard to predict the future btc price, but most of us here expect the price to go much higher.

[fdiini]

Is it still possible for anyone to join the mining for a reasonable gain? Or is it now too expensive to buy a rigs/Asic miner/Block Erupter to make a decent income*Or stockpilling BTC and sell them for a good price*

With the increasing difficulty, I don't see any "reasonable gain" for any existing ASIC.

For investing in BTC, you can start by buying a smaller quantity, like 0.1 btc. It is hard to predict the future btc price, but most of us here expect the price to go much higher.

Or do some work and get paid in btc.

[jonnybravo0311]

Really depends on what your definition of common mortal is.

Mining can be fun, but the upfront costs to purchase hardware can be expensive.  Sure, you can get an Antminer U2 for like $10, plug it into a USB port on your computer and mine away.  Are you going to earn anything significant?  Nope.  Will you earn something?  Sure.

Buying/selling can be fun as well.  Purchase some BTC and play the trading game.

Got some items/services you want to sell?  Check out the Marketplace forum - get paid in BTC.

Lots of options to get into the game are available to you.

[Gimmelfarb]

Is it still possible for anyone to join the mining for a reasonable gain? Or is it now too expensive to buy a rigs/Asic miner/Block Erupter to make a decent income*Or stockpilling BTC and sell them for a good price*

With the increasing difficulty, I don't see any "reasonable gain" for any existing ASIC.

For investing in BTC, you can start by buying a smaller quantity, like 0.1 btc. It is hard to predict the future btc price, but most of us here expect the price to go much higher.

Or do some work and get paid in btc.

that's nice in theory, but the fact is that there is very little work available for pay in BTC. hardly any employers -- and certainly no sizeable ones -- pay salary in BTC. and the marketplace here and elsewhere is tiny, and is mainly only for coding work (or slave wage internet tasks a la Mturk).

[ranlo]

Is it still possible for anyone to join the mining for a reasonable gain? Or is it now too expensive to buy a rigs/Asic miner/Block Erupter to make a decent income*Or stockpilling BTC and sell them for a good price*

With the increasing difficulty, I don't see any "reasonable gain" for any existing ASIC.

For investing in BTC, you can start by buying a smaller quantity, like 0.1 btc. It is hard to predict the future btc price, but most of us here expect the price to go much higher.

Or do some work and get paid in btc.

that's nice in theory, but the fact is that there is very little work available for pay in BTC. hardly any employers -- and certainly no sizeable ones -- pay salary in BTC. and the marketplace here and elsewhere is tiny, and is mainly only for coding work (or slave wage internet tasks a la Mturk).

As an alternative, take earnings and convert x% into BTC. Bam, now you work for BTC. It's not that hard of a concept, :p.

[FattyMcButterpants]

Is it still possible for anyone to join the mining for a reasonable gain? Or is it now too expensive to buy a rigs/Asic miner/Block Erupter to make a decent income*Or stockpilling BTC and sell them for a good price*

With the increasing difficulty, I don't see any "reasonable gain" for any existing ASIC.

For investing in BTC, you can start by buying a smaller quantity, like 0.1 btc. It is hard to predict the future btc price, but most of us here expect the price to go much higher.

Or do some work and get paid in btc.

that's nice in theory, but the fact is that there is very little work available for pay in BTC. hardly any employers -- and certainly no sizeable ones -- pay salary in BTC. and the marketplace here and elsewhere is tiny, and is mainly only for coding work (or slave wage internet tasks a la Mturk).

As an alternative, take earnings and convert x% into BTC. Bam, now you work for BTC. It's not that hard of a concept, :p.

is btc liquid enough to do it without taking a pay cut? like, say you wire fiat every paycheck or two to bitstamp. you get charged fees on both ends, i've been told it adds up to 4-6%. that's a 4-6% paycut. now, if you could do it over the counter for no vig, or better yet, for a little profit, now we're talking. but that may depend on where he/she lives

[ranlo]

Is it still possible for anyone to join the mining for a reasonable gain? Or is it now too expensive to buy a rigs/Asic miner/Block Erupter to make a decent income*Or stockpilling BTC and sell them for a good price*

With the increasing difficulty, I don't see any "reasonable gain" for any existing ASIC.

For investing in BTC, you can start by buying a smaller quantity, like 0.1 btc. It is hard to predict the future btc price, but most of us here expect the price to go much higher.

Or do some work and get paid in btc.

that's nice in theory, but the fact is that there is very little work available for pay in BTC. hardly any employers -- and certainly no sizeable ones -- pay salary in BTC. and the marketplace here and elsewhere is tiny, and is mainly only for coding work (or slave wage internet tasks a la Mturk).

As an alternative, take earnings and convert x% into BTC. Bam, now you work for BTC. It's not that hard of a concept, :p.

is btc liquid enough to do it without taking a pay cut? like, say you wire fiat every paycheck or two to bitstamp. you get charged fees on both ends, i've been told it adds up to 4-6%. that's a 4-6% paycut. now, if you could do it over the counter for no vig, or better yet, for a little profit, now we're talking. but that may depend on where he/she lives

That's a hard one. I think Coinbase takes like 1% each way and something like 30 cents (so 2%+30c). But if you consider the increase in value over time, the deflation should more than take up for that fee.