So is mining really not worth it anymore?

[acs267]

Speaking of mining, I seen mining contracts... like pbmining.

Are they worth it? I`m in california, so electricity cost is high, it seems like this would be the only route for me.

Or is there other options..

It depends if they're for altcoins, or Bitcoins. I'm guessing Piggy does fees, (I've only been on their thread one time.) and other things come to mind. Like their electricity costs, and a availability of miners. If it's for a altcoin, it's more profitable because there's not many Altcoins that are scarce.

[Zebra]

Speaking of mining, I seen mining contracts... like pbmining.

Friendly reminder: Many people believe pbmining is a big ponzi.
Refer to this thread for the discussion. https://bitcointalk.org/index.php?topic=484355.new

[ranochigo]

You cannot mine Bitcoins on any VPS because the VPS provider would be terminating your VPS if you are occupying your CPU at 100%. You cannot use any normal computer to mine bitcoin since the difficulty is too high. You will need an ASIC, however some ASIC takes a long time to ship and you may never make ROI depending on your hardware cost and electrical cost.
-ranochigo

[androz]

Noob here, so i created a thread asking a question about returning to bitcoin and i got some comments saying that mining is really not worth it anymore unless you spend tons and tons of money.

So is it really not worth it?

this


if u r not persuaded and u want to try, buy some gh on cex io, just for fun, and look the gains after one month 

[FattyMcButterpants]

uhh, actually, i highly advise not investing in mining on cex.io. the only reason that place still exists is because newbies are so gullible and incapable of doing basic math to figure out that it is a horrible waste of time and money.

[oureptsC]

uhh, actually, i highly advise not investing in mining on cex.io. the only reason that place still exists is because newbies are so gullible and incapable of doing basic math to figure out that it is a horrible waste of time and money.

Never tried myself but one friend which was mining with about 60000GH/S or 60TH/s  about $130k worth made about 6% profit In few minutes trading His hash and mining at the same time. But Myself I didn't try It. Now when bitcoin Is going up so fast It was very smart to buy a lot of bitcoins in 1 week back It will be up $200 up soon and that's mad profit.

[wasserman99]

I think there is better money by simply buying/investing for most people -- the people that would be "casual" miners (as opposed to the big mining farms and what not). But I haven't crunched the numbers, either.

[androz]

uhh, actually, i highly advise not investing in mining on cex.io. the only reason that place still exists is because newbies are so gullible and incapable of doing basic math to figure out that it is a horrible waste of time and money.

i told him to try, buy a couple of cheap gh and see what happens, just for scratch the mining itch (and realize that btc mining is not a good choice).

i know a lot of newb with mining fever that don't listen anyone and lose money in buying expensive asic

[snaildvorak]

for me the answer is YES.
First time I started mining in January 2014 the profit was around $10/day, but now only 1-2$/day
Now I need a miracle to become rich with that little hash speed  

[ranochigo]

for me the answer is YES.
First time I started mining in January 2014 the profit was around $10/day, but now only 1-2$/day
Now I need a miracle to become rich with that little hash speed  

  What ASIC are you using? What is your electrical cost? Have you ROI yet?

[Acidyo]

Mining is always worth it.
It's just not about making some quick money any more. Those good ole days are long gone.
Keep your machine running, and aim for a long term.

Indeed, I've been mining myriad coins for a couple of weeks now cause I really think they will explode any time soon.

[ashe]

Mining is always worth it.
It's just not about making some quick money any more. Those good ole days are long gone.
Keep your machine running, and aim for a long term.

Indeed, I've been mining myriad coins for a couple of weeks now cause I really think they will explode any time soon.

What are myriad coins? can you link the thread for this new coin?

[bryant.coleman]

I wouldn't recommend mining to anyone, unless they get the ASICs for free. I know that it will not even cover the electricity costs, but hopefully in the future the exchange rates might increase. Another option is to mine for altcoins such as Litecoins and Terracoins, and to convert them to Bitcoin using exchanges such as BTC-E or Vircurex. Slightly more profitable. 

[eid]

Mining is always worth it.
It's just not about making some quick money any more. Those good ole days are long gone.
Keep your machine running, and aim for a long term.

Indeed, I've been mining myriad coins for a couple of weeks now cause I really think they will explode any time soon.

What are myriad coins? can you link the thread for this new coin?

 

[ranochigo]

I wouldn't recommend mining to anyone, unless they get the ASICs for free. I know that it will not even cover the electricity costs, but hopefully in the future the exchange rates might increase. Another option is to mine for altcoins such as Litecoins and Terracoins, and to convert them to Bitcoin using exchanges such as BTC-E or Vircurex. Slightly more profitable. 

Not much profit for most alt coins, ASICs are coming out for Scrypt already.

[tomtom123]

I wouldn't recommend mining to anyone, unless they get the ASICs for free. I know that it will not even cover the electricity costs, but hopefully in the future the exchange rates might increase. Another option is to mine for altcoins such as Litecoins and Terracoins, and to convert them to Bitcoin using exchanges such as BTC-E or Vircurex. Slightly more profitable. 

how much more money can i make mining litecoin with a 5GHs making vs mining bitcoin in  week or month?

[ranochigo]

I wouldn't recommend mining to anyone, unless they get the ASICs for free. I know that it will not even cover the electricity costs, but hopefully in the future the exchange rates might increase. Another option is to mine for altcoins such as Litecoins and Terracoins, and to convert them to Bitcoin using exchanges such as BTC-E or Vircurex. Slightly more profitable. 

how much more money can i make mining litecoin with a 5GHs making vs mining bitcoin in  week or month?

5GH/S Litecoin? No its impossible to have 5GH/s Scrypt miner. Litecoin is less profitable nowadays, you need high-end ASICs to mine Bitcoin and litecoin. Litecoin uses Scrypt while Bitcoin uses SHA256. Scrypt is slower than Bitcoin by around 100 times. GPU mining scrypt typically have hashrates in Kh while Scrypt ASICs have hashrates in MH.

[silvestar]

Mining is always worth it.
It's just not about making some quick money any more. Those good ole days are long gone.
Keep your machine running, and aim for a long term.

Indeed, I've been mining myriad coins for a couple of weeks now cause I really think they will explode any time soon.

What are myriad coins? can you link the thread for this new coin?

It should be this one. https://bitcointalk.org/index.php?topic=483515.0
For the price movement, you can check https://coinmarketcap.com/myr_90.html.

[boraf]

Depend, if you are mining new coin and it went up like darkcoin, you will make a lot of money.

[icezer0z]

For your setup check out the x11 or x13 coins to mine, especially the ones that launch (like the OPEC coin in a few hours)  You could make a few off of CPU mining to get an idea of how it actually works