Coin Mining Business?

[godlike1120]

Hi everyone,

I was wondering if setting up a Mining Business will be profitable with the right amount of investment, currently i did some research about Coin mining but i don't have full understanding of it.

So here is what i knew:

ZeusMiner THUNDER X3 28-30Mh/s. PSU included
http://zoomhash.com/collections/asics/products/zeusminer-thunder-x3-28-30mh-s-psu-included

And this machine cost about 789.99$, which is capable of generating 30Mh/s at 920w of power usage

30Mh/s = 30000Kh/s

If we look at this Dogecoin calculator here:

http://s28.postimg.org/k48hk41nx/doge.png


Is it really possible to break even in about 90 days? and with income of about 200usd each month. If i had 10 of this machine then i will be able to generate 2kusd+ each month? :huh:

Any tips, guide, suggestion, correction and confirmation will be much appreciated :victoire: Teach me senpaii!!

[frankenmint]

simple answer:  no


Electricity,difficulty changes, conversion fees, scaling up to account for difficulty changes,price of the coin itself going downward based on BTC price, press refresh repeatedly and you will see it fluxuate with the bitcoin price. Its not so much a business as it is an investment - you must believe the coins will have greater value in the future and that it will make you more to buy the hardware and pay the electricity cost than it does to just buy the coin and hold onto it - if you want you can take whatever you would have spent on the electricity and buy more coins - that way, you've minimized the headaches and the heat output - its very very hot once you start to scale up unless you spend extra money towards cooling - money that could have been spent to just buy more coin in the first place.

That's what I've learned - however I am still also very tempted to just drop a quick grand on yet more stuff.  You could do like I've told others - spend only 20 percent of your investment on hardware and the other 80 percent on just holding BTC (turn 10 percent of that btc into ltc and 10 percent of that ltc into other alts you may like)

edit:

mining makes sense when you and only you know of a great new cryptocurrency coming out and you mine it earlier on - however now there are so many outfits out there who will lease you their hardware and you can simply use their services if you do your research and you're willing to lease against market circumstances (cloud-mining on leased rigs has a prevailing market rate usually and will be higher if a big new coin hits the scene)  Its still a job at the end of the day if you want to be successful and even then, like everything, chance does play a big factor into your likelihood of success.

[Stinky_Pete]

No

Read what your post says under the heading "Estimated Expected Earnings". Then go and read about 'difficulty' and look up recent changes.

[Dread Pirate Roberts]

all i look onthere its just bullshit makes my expectation more and in the realize so far of my prediction
maybe you need try with lowest prod before do .
but all success miner need big capital . and beca millionare.

[gbooz]

Just find me the real miner (i.e. coal miner), but not the owner of mines, who became a millionaire. The same is with the BTC mining. I would wait until the BTC mining hardware will be combined with the BBQ grill - so, you will have at least one benefit.

[Muhammed Zakir]

You can see the difficulty is set to 716.97571225 . Change it to 717+ . You can see what your estimated expected earnings in upcoming difficulty. Difficulty will increase more, if mining DOGE continues. Check whether the profit is good or bad with increased difficulty before start mining.
Kindly,
      MZ

[Rub3n]

U can also use other crypto's tho. I am not really in the altcoin world anymore but I remember farming one at a real early state could get u a lot of profit!

[franky1]

so you want to invest 1.3btc (~$800)

at current difficulty it SAYS you break even at 89 days (3 months) yet the amount of difficulty jumps between now and then means it will take longer than 3 months just to get 1.3btc back

now in that .. well lets be honest, 6 months (if you include difficulty jumps) doge coin can move from 35sat to under 30sat.. thats a 10% drop. so that's even longer youwould have to mine for to break even..

now the power is nearly 1kw/h.
going by your screenshot. that is $2.40 a day
now lets bring back the 6 months of mining to break even (after including difficulty jumps)
lets call it $432 electric.

so now your cashing out your bitcoin to pay your electric.

hmmmmmmmmmmmmmmm sounds too risky

how about, buy 1.3btc. and put it on an exchange, there are many coins that have a low price. take dogecoin for instance. 35sat each.
if you bought at 35 and sold at 36. (2% change after fee's). and done this once a day. you would make more money faster. and your electric bill wont be $432 higher which means you dont have to cash out to FIAT.

dont aim to try getting massive 10% up/down on exchanges. just aim for small 1%-2% regular profits, which if you do just one trade of 35-36sat ach day (2%) after 6 months that is OVER 300%

put simply mining is for the fools that like to shoot themselves in the foot purely for a small fiat profit. you will be smarter to just make small profits daily by trading rather then risking it all through mining.

[Baitty]

Mining in alt coins which have just been released is a good chance that you could profit from it but there is a big risk in doing so too so you should evaluate again and see if you would like to take the risk in mining newly established coins and then trade them in for Bitcoin there are many pump and dump coins so it should be pretty easy for you with decent equipment.