Worth mining?

[SparkedDev]

Well since BTC is being legal tender in california I'm looking into way to profit off this big move such as ideas/mining/owning my own currency exchange building mabe in sanfran.


Personally do you feel i should just stick to what i normally do, or should i put up some money i can spare into a bigger project?

[DrG]

I'm not sure why you posted this in mining speculation.

Nobody will utilize small players as an exchange.  Your neighbor Coinbase is a HUGE BTC company and a lot of Bitcoin users still don't like them or trust them.

I would develop services that use BTC as payment, avoid fiat altogether so you don't have to deal with the mountains of paperwork as a money exchanger.

[xstr8guy]

Absolutely the wrong forum. I will ask an admin to put it in the correct forum.

[Kprawn]

Well it seems as he is new to BTC and is asking help on how he can enter the BTC area. So he is at the right place.

His Subject question was ..." Worth Mining" --> By that I suppose, you asking if BTC mining is still profitable?

The short answer - No, if you solo.
The Long answer - No, if you cannot invest a lot in good hardware and have low electricity cost.

How much do you plan on investing? There are other coins to be mined, and traded for BTC if you only have little to invest.

[bomb177]

You should invest what you can afford to lose in bitcoins, but avoid mining since it isn't profitable anymore for most people.

[ranochigo]

Well since BTC is being legal tender in california I'm looking into way to profit off this big move such as ideas/mining/owning my own currency exchange building mabe in sanfran.


Personally do you feel i should just stick to what i normally do, or should i put up some money i can spare into a bigger project?

Owning an exchange requires you to go through legal procedures, build your own server and manage security. This isn't something that anyone can manage, if something gets stolen, you would be 100% responsible for the explaination and your reputation would be gone completely.

[iluvbitcoins]

Well since BTC is being legal tender in california I'm looking into way to profit off this big move such as ideas/mining/owning my own currency exchange building mabe in sanfran.


Personally do you feel i should just stick to what i normally do, or should i put up some money i can spare into a bigger project?

Owning an exchange requires you to go through legal procedures, build your own server and manage security. This isn't something that anyone can manage, if something gets stolen, you would be 100% responsible for the explaination and your reputation would be gone completely.

exactly, and building a reputation will take years, hundreds of bitcoins and quite a lot of advertising

there's plenty of competition out there, it's hard to make it

you should try to find a new idea and implement bitcoin in it instead of just creating an exchange

[HashFarmer]

Well since BTC is being legal tender in california I'm looking into way to profit off this big move such as ideas/mining/owning my own currency exchange building mabe in sanfran.


Personally do you feel i should just stick to what i normally do, or should i put up some money i can spare into a bigger project?

You need to know how to build your own mining gear to be profitable, otherwise none of the mining gear is profitable..

[2double0]

Yes if you trade on cex

No if you buy equipment

Good luck man

[Don007]

I don't think mining is currently profitable if you still have to buy all the equiptment yet.

However, that's with the current price. If you stash your mined BTC (which are now worth about, let's say $600), if might have been profitable in the long run (when the value might be about, for example $1500).  However, that's quite a gamble (in which you shouldn't be involved with money you can't afford to loose / money you lend).

Short term trading etc is still profitable (if you know how to, and got some luck).

[InwardContour]

Mining isn't profitable, if you want to have some experience with it just rent a mining rig
through a cloud service and try to mine an altcoin.
But to gain some real profit you should buy bitcoins and hold them for months or years.

[ranochigo]

I don't think mining is currently profitable if you still have to buy all the equiptment yet.

However, that's with the current price. If you stash your mined BTC (which are now worth about, let's say $600), if might have been profitable in the long run (when the value might be about, for example $1500).  However, that's quite a gamble (in which you shouldn't be involved with money you can't afford to loose / money you lend).

Short term trading etc is still profitable (if you know how to, and got some luck).

Why don't you just buy BTC? If you actually just stash mined BTC from bought machines, the profits would be way smaller, shipping fees, overpriced equipments. It is better to use that amount of money to buy BTC as the fees combined would still be smaller than the loss from mining.

[Don007]

I don't think mining is currently profitable if you still have to buy all the equiptment yet.

However, that's with the current price. If you stash your mined BTC (which are now worth about, let's say $600), if might have been profitable in the long run (when the value might be about, for example $1500).  However, that's quite a gamble (in which you shouldn't be involved with money you can't afford to loose / money you lend).

Short term trading etc is still profitable (if you know how to, and got some luck).

Why don't you just buy BTC? If you actually just stash mined BTC from bought machines, the profits would be way smaller, shipping fees, overpriced equipments. It is better to use that amount of money to buy BTC as the fees combined would still be smaller than the loss from mining.

I totally agree with you. That's also the way I roll. I quit mining since many months now.   But what I ment to say was that mining still might be profitable. So if the topicstarter is really into mining, he might ROI in the long run.

Directly buying BTC instead is a smarter step in my opinion too, but hey, that's his own decision.

[notlist3d]

I don't think mining is currently profitable if you still have to buy all the equiptment yet.

However, that's with the current price. If you stash your mined BTC (which are now worth about, let's say $600), if might have been profitable in the long run (when the value might be about, for example $1500).  However, that's quite a gamble (in which you shouldn't be involved with money you can't afford to loose / money you lend).

Short term trading etc is still profitable (if you know how to, and got some luck).

Why don't you just buy BTC? If you actually just stash mined BTC from bought machines, the profits would be way smaller, shipping fees, overpriced equipments. It is better to use that amount of money to buy BTC as the fees combined would still be smaller than the loss from mining.

I totally agree with you. That's also the way I roll. I quit mining since many months now.   But what I ment to say was that mining still might be profitable. So if the topicstarter is really into mining, he might ROI in the long run.

Directly buying BTC instead is a smarter step in my opinion too, but hey, that's his own decision.

Mining can still be profitable.  There are so many variables.  Electricity and room is a lot of it.  With cheap electricty and lot's of extra room I am lucky.  I imagine in San Fransisco these are a premium so do ROI, also look at hosted if want to mine.  Again do ROI.

As far as "own currency exchange building". It is very hard to do legally and compete.  To get to where coinbase is you would have to most likely in spend hundreds of thousands to become a operating currency exchange in us.   Yes... you can do something like localbitcoin, but in US this is technically considered money laundering. 

So far no one I know of has been in trouble for just localbitcoin trading, there has always been something larger that caused it to be looked into. But look into money laundering before doing your own currency exchange. Or better yet talk to a lawyer who can help you on business idea who knows far more then me  

[ranochigo]

I don't think mining is currently profitable if you still have to buy all the equiptment yet.

However, that's with the current price. If you stash your mined BTC (which are now worth about, let's say $600), if might have been profitable in the long run (when the value might be about, for example $1500).  However, that's quite a gamble (in which you shouldn't be involved with money you can't afford to loose / money you lend).

Short term trading etc is still profitable (if you know how to, and got some luck).

Why don't you just buy BTC? If you actually just stash mined BTC from bought machines, the profits would be way smaller, shipping fees, overpriced equipments. It is better to use that amount of money to buy BTC as the fees combined would still be smaller than the loss from mining.

I totally agree with you. That's also the way I roll. I quit mining since many months now.   But what I ment to say was that mining still might be profitable. So if the topicstarter is really into mining, he might ROI in the long run.

Directly buying BTC instead is a smarter step in my opinion too, but hey, that's his own decision.

Mining can still be profitable.  There are so many variables.  Electricity and room is a lot of it.  With cheap electricty and lot's of extra room I am lucky.  I imagine in San Fransisco these are a premium so do ROI, also look at hosted if want to mine.  Again do ROI.

As far as "own currency exchange building". It is very hard to do legally and compete.  To get to where coinbase is you would have to most likely in spend hundreds of thousands to become a operating currency exchange in us.   Yes... you can do something like localbitcoin, but in US this is technically considered money laundering. 

So far no one I know of has been in trouble for just localbitcoin trading, there has always been something larger that caused it to be looked into. But look into money laundering before doing your own currency exchange. Or better yet talk to a lawyer who can help you on business idea who knows far more then me  

Mining equipments are very expensive in the first place. If people think like you, a lot of people would start mining and increase the difficulty, thus making mining very unprofitable. You still have some chance if you do have free electricity. I don't think one would like to run it near their house therefore they need to rent spaces, it requires alot of money to begin with.

[Yakamoto]

Not really worth mining, unless you have a lot of luck, space, and free electricity.

An ROI may occur if you buy really-high-power equipment soon, as it could help to skoot along the possibility of getting an ROI.

Make sure you have efficiency and speed. Those are the two necessary things to have.

[ranochigo]

Not really worth mining, unless you have a lot of luck, space, and free electricity.

An ROI may occur if you buy really-high-power equipment soon, as it could help to skoot along the possibility of getting an ROI.

Make sure you have efficiency and speed. Those are the two necessary things to have.

ROI is never guaranteed. To have more possibility, you need to be the first in the world to receive the most efficient ASIC. You can mine it before anyone else. Since it is sold in batches, difficulty will increase when everyone have receive their ASIC unless it is a limited edition super efficient one which does not exist.

[BunsenBurner]

Well since BTC is being legal tender in california I'm looking into way to profit off this big move such as ideas/mining/owning my own currency exchange building mabe in sanfran.


Personally do you feel i should just stick to what i normally do, or should i put up some money i can spare into a bigger project?

If you have the capital and ability to create and run a new exchange, you can do it but it will definitely be a huge, difficult, risky but possibly very rewarding project.

Bitcoin mining, on the other hand, isn't really profitable from my point of view.

[oceans]

Mining is not as profitable any more, investing what you know you can afford and do not mind losing is a better way than attempting to mine and possibly not gaining half as much as what you could have done investing instead.

[odolvlobo]

Well since BTC is being legal tender in california I'm looking into way to profit off this big move such as ideas/mining/owning my own currency exchange building mabe in sanfran.
Personally do you feel i should just stick to what i normally do, or should i put up some money i can spare into a bigger project?

First, bitcoin is not legal tender in California. The recent change just made it no longer illegal to use. Of course, this is not as big of a move as you might have thought.

Second, the hardest and most expensive part of setting up an exchange is complying with the regulations.

Finally, mining bitcoins is not for newbies. Mining can be profitable only if you can keep your costs down and you know what you are doing. Unfortunately, most people pay more for the mining equipment than they receive in revenue.