Has Anyone Been Successful Mining BitCoins? If So, What Have You Done?

[hero.miles]

Has Anyone Been Successful Mining BitCoins? If So, What Have You Done?

P.S. If you have not been successful with bitcoin mining, please resist the urge to reply. If you have been successful, please feel free to offer any helpful advice, tips, tricks, pitfalls to avoid.

A consistent consensus from other bitcoin users based on my observations and research  seems to suggest things such as bitcoin mining isn't profitable or that companies who make mining devices can't be trusted, or that by the time the average citizen receives such a device, it is useless. I've also heard statements that seem to suggest that companies are not benign or trustworthy and that they use such devices themselves until they are no longer useful before selling them to the public. But I get the feeling that bitcoin mining has to be successful to some degree besides with large companies/corporations or rich people, otherwise average users would have abandoned this concept years ago. There's no point in investing in something that isn't profitable, so the feedback I receive from other miners will be critical in my decision of whether or not to invest in bitcoin mining. I'm particularly interested in understanding what successful miners have done to benefit from this endeavor. I'm not really interested in hearing from users who have not been successful with it because such information isn't very useful for me at the moment.  I interested in receiving feedback from a specific targeted audience: successful bitcoiners (I optimistically assume such people exist). I'm interested in learning exactly what it takes to be successful with this if possible. I would like a no-nonsense, no-bs, straight-to-the-point detailed explanation of what to do and how to do it. At the very least, I would like to be pointed in the right direction. I want to avoid being the person who ends up regretting that they ever decided to make an investment in bitcoin so if I receive no reply from successful bitcoin miners, then I will assume that bitcoin mining is an unprofitable endeavor that's not worth anyone's time. Nevertheless,  Hopefully I hear from the right person soon. I appreciate your contribution in advance.

Respectfully,
Hero

[RoadStress]

Bought an SP10 miner, plugged in PSU and LAN cable and I started mining bitcoins.

[Bitsaurus]

Has Anyone Been Successful Mining BitCoins? If So, What Have You Done?

P.S. If you have not been successful with bitcoin mining, please resist the urge to reply. If you have been successful, please feel free to offer any helpful advice, tips, tricks, pitfalls to avoid.

A consistent consensus from other bitcoin users based on my observations and research  seems to suggest things such as bitcoin mining isn't profitable or that companies who make mining devices can't be trusted, or that by the time the average citizen receives such a device, it is useless. I've also heard statements that seem to suggest that companies are not benign or trustworthy and that they use such devices themselves until they are no longer useful before selling them to the public. But I get the feeling that bitcoin mining has to be successful to some degree besides with large companies/corporations or rich people, otherwise average users would have abandoned this concept years ago. There's no point in investing in something that isn't profitable, so the feedback I receive from other miners will be critical in my decision of whether or not to invest in bitcoin mining. I'm particularly interested in understanding what successful miners have done to benefit from this endeavor. I'm not really interested in hearing from users who have not been successful with it because such information isn't very useful for me at the moment.  I interested in receiving feedback from a specific targeted audience: successful bitcoiners (I optimistically assume such people exist). I'm interested in learning exactly what it takes to be successful with this if possible. I would like a no-nonsense, no-bs, straight-to-the-point detailed explanation of what to do and how to do it. At the very least, I would like to be pointed in the right direction. I want to avoid being the person who ends up regretting that they ever decided to make an investment in bitcoin so if I receive no reply from successful bitcoin miners, then I will assume that bitcoin mining is an unprofitable endeavor that's not worth anyone's time. Nevertheless,  Hopefully I hear from the right person soon. I appreciate your contribution in advance.

Respectfully,
Hero

If you want to be successful you need to do a lot more reading
-Life in Bitcoin world moves 10x the speed of other worlds.  For miners to abandon mining years ago would be like for people to stop using banks for decades. Only in the last 5 years have people really voiced hatred over the central banking system
-Hearing what to do is helpful if you are able to repeat it.  This most goes towards setting up your mining environment and plan
-Hearing from failures is actually more important. You made a conflicting statement saying you don't want to regret entering - then you need to hear about the failures.

DO NOT BUY ANYTHING FROM BFL (one of my failures).

[hero.miles]

@Bitsaurus,

You mis-understood me. I do want to know about failures. I just wanted to limit the replies to those who have already been successful with bitcoin. Those who haven't been successful tend to promote a discouraging agenda that I'm not interested in. I appreciate your contribution. I need a bit of direction on the proper steps to take and if I'm communicating with successful bitcoiners, then I'd feel more comfortable with the information provided.

@RoadStress

I had been considering investing in the SP30 4.5 TH/s Miner. Interesting that you have an affiliate link to the same site I'd observed earlier. I was a bit discouraged by the fact that there was no one I could speak to over the phone about specific questions I had regarding this device. I have questions about how to properly setup the device, how powerful of a computer I will need, what mining software to download etc. I'm aware that the device comes out in September and I just wanted to be ready by then. I hope the device isn't useless by then. I have plenty of homework to do. I'm kind of nervous because this will be my first bitcoin investment.

[RoadStress]

@RoadStress

I had been considering investing in the SP30 4.5 TH/s Miner. Interesting that you have an affiliate link to the same site I'd observed earlier. I was a bit discouraged by the fact that there was no one I could speak to over the phone about specific questions I had regarding this device. I have questions about how to properly setup the device, how powerful of a computer I will need, what mining software to download etc. I'm aware that the device comes out in September and I just wanted to be ready by then. I hope the device isn't useless by then. I have plenty of homework to do. I'm kind of nervous because this will be my first bitcoin investment.

You have PM

[Dr Gero]

Dogie's SP30 Setup Guide https://bitcointalk.org/index.php?topic=725760.0    Good luck amigo!

[cloverme]

In short, I started mining in early 2013 and to date I've had well over a 25,000% gain in ROI. That's beat out any other investment I've ever made combined. Mining is a bit of a science, there are a lot of variables to watch and adjust as time goes on. The mining market is very dynamic with power costs, pool economics, and difficulty always changing the scenario. You also have a lot of risk involved when it comes to mining hardware, there are of devices out there to choose from and a lot of the manufacturers tank before ever releasing a miner. If you invest in a miner early on and they deliver ahead of the adoption curve fueling the difficulty rise, you can come out ahead. If they are late and you are on the other side of the release-bubble, you could end up loosing out and never get your investment back.

Here are my tips:
-Don't invest what you aren't willing to lose.
-Hold a percentage of what you mine for the long term
-Cash out what you need to cover your operating expenses in short periods
-Mine other crypto as well but exchange into bitcoin
-Don't get emotionally attached to a pool or way of mining, keep an open mind

[jonnybravo0311]

I think the best answer to your queries is to make sure you do your homework prior to purchasing any mining equipment.  While I have not been as successful as some of the previous posters (25000% ROI is pretty downright amazing), I have had positive ROI.  I suppose an answer also depends upon your definition of the word "success".  If that definition is strictly motivated by making money, then it means you need to make more coin by mining than you spent on the mining process.  If, however, that definition is based on supporting the idea of bitcoin and doing your part to ensure its long-term viability, then the act of mining itself means you've been successful.

Here are a few of the things I've employed along the way in my Bitcoin journey:

1) Do not pre-order hardware.  As tempting as that new and upcoming mega-miner might be, it is nothing but vaporware.  Even if the company manages to actually produce units, virtually all of them fall short of expectations in either performance or time to market.
2) Sell your older hardware.  Once you've actually decided to make the leap into a hardware purchase, don't keep it forever if newer technology does the job better and more efficiently.  For example, I sold my Antminer S1s and replaced them with S3s.  The S1s had already paid for themselves and then some.
3) Do not worry about BTC->fiat conversions on a daily basis.  You're mining to earn Bitcoins.  Stop thinking about today's drop of 1.85%, but rather think about your long-term goals.
4) Diversify.  This applies to the pools on which you mine as well as the way in which you earn your coin.  As the old adage goes, "don't put all of your eggs in one basket."
5) This is an investment, not a get-rich-quick scheme.  The days of leaving your computer on overnight and waking up to an extra $100 in your pocket are long since over.  You're not going to wake up tomorrow and be able to quit your job, marry a super model and take her to your mansion in the Hamptons.
6) Do not spend more than you can afford to lose.  If you've got $1000 that you were thinking of taking to the casino, then you can afford to blow $1000.  If you've got $1000 and can either pay your rent, or buy a miner, you can't afford the miner.
7) Skip cloud mining.  If legitimate, cloud mining companies exist to make cloud mining companies profit.  Most are nothing more than Ponzi schemes.  They don't exist to make profit for you.  The same applies to renting mining rigs.  Do the math.  If a company offers to rent you a 1TH/s rig for 0.2BTC a week, figure out if that miner will earn you 0.2BTC or more in that week.  If it won't, skip it.  Good luck finding anyone who will rent you a rig for less than what that rig will mine for you.

[JohanM]

CPU mining back in 2010: profitable (in retrospect), investments were zero and only cost was electricity
GPU mining in 2010/2011: hugely profitable in the beginning, was mining directly with 2 AMD gaming cards i had, so again no investments and only cost was electricity
ASIC mining in 2014: with Antminer S1: marginally profitable (0.5 BTC per miner after electricity costs)

So yes I made money, but only because I was lucky to stumble upon bitcoin in the very beginning and invested 2 months CPU and 3 months GPU time (instead of running BOINC).
At this date I do not see how you can make money mining unless you design/produce/sell a nextgen mining asic or scale up in size (>100k€ in mining equipment).

[jowaybea]

CPU mining back in 2010: profitable (in retrospect), investments were zero and only cost was electricity
GPU mining in 2010/2011: hugely profitable in the beginning, was mining directly with 2 AMD gaming cards i had, so again no investments and only cost was electricity
ASIC mining in 2014: with Antminer S1: marginally profitable (0.5 BTC per miner after electricity costs)

So yes I made money, but only because I was lucky to stumble upon bitcoin in the very beginning and invested 2 months CPU and 3 months GPU time (instead of running BOINC).
At this date I do not see how you can make money mining unless you design/produce/sell a nextgen mining asic or scale up in size (>100k€ in mining equipment).

I have almost the exact same story.  Interestingly enough, most likely the electricity cost of running those GPU's in 2010/2011 could have been better invested in buying and holding bitcoin.  You could buy a BTC for $6 pretty easy back then.  My huge profit from GPU mining is mostly just from holding the BTC for that long.  Of course half of my gains got goxxed, because I wasn't paying attention.     But at least it was only half 

[Tekknomon]

I run a small company doing mining and renting time on our rigs to other miners.

A couple of things to successful mine Bitcoin:

1. Get used to reading Bitcoin talk daily and other outlets, always keep your thumb on the market but realize Bitcoin is similar to other markets in that its best to ride out the minor fluxes in price.
2. Invest in the fastest miner you can afford, but do the projections for ROI, etc. no matter what you get it will be outdated in 3 months or less.
3. Research completely the miner you decide on before you buy and also research the company. Read reviews on this site of the miner and the company, etc. Do not buy anything thru skype and deal directly with the manufacture or trusted reseller.
4. Plan out all the details for your miner/mining rig. Where it will be located, its temperature needs, its electrical needs, its heat output, etc. Most likely you just brought a brand new heater for Winter (miners produce tons of heat in other words).
5. Any electrical work you have done make sure its by a licensed professional and that the final results are up to code.
6. Work on your computer(s) and network security. Every computer and device that connects to your network must be secured with strong passwords, antivirus, etc. It only takes one worm or virus to lose Bitcoins.
7. The accounts you do have on websites that store your Bitcoins always enable 2FA (Two factor authentication) if the website offers it, if it doesnt find a new site to store Bitcoins or trade on.

Those are the rules that have helped me make about 1.5 BTC a month so far. Hoping for an equipment upgrade soon.
Hope this helps.

[cisahasa]

no single coin yet.. solo

[philipma1957]

Has Anyone Been Successful Mining BitCoins? If So, What Have You Done?

P.S. If you have not been successful with bitcoin mining, please resist the urge to reply. If you have been successful, please feel free to offer any helpful advice, tips, tricks, pitfalls to avoid.

A consistent consensus from other bitcoin users based on my observations and research  seems to suggest things such as bitcoin mining isn't profitable or that companies who make mining devices can't be trusted, or that by the time the average citizen receives such a device, it is useless. I've also heard statements that seem to suggest that companies are not benign or trustworthy and that they use such devices themselves until they are no longer useful before selling them to the public. But I get the feeling that bitcoin mining has to be successful to some degree besides with large companies/corporations or rich people, otherwise average users would have abandoned this concept years ago. There's no point in investing in something that isn't profitable, so the feedback I receive from other miners will be critical in my decision of whether or not to invest in bitcoin mining. I'm particularly interested in understanding what successful miners have done to benefit from this endeavor. I'm not really interested in hearing from users who have not been successful with it because such information isn't very useful for me at the moment.  I interested in receiving feedback from a specific targeted audience: successful bitcoiners (I optimistically assume such people exist). I'm interested in learning exactly what it takes to be successful with this if possible. I would like a no-nonsense, no-bs, straight-to-the-point detailed explanation of what to do and how to do it. At the very least, I would like to be pointed in the right direction. I want to avoid being the person who ends up regretting that they ever decided to make an investment in bitcoin so if I receive no reply from successful bitcoin miners, then I will assume that bitcoin mining is an unprofitable endeavor that's not worth anyone's time. Nevertheless,  Hopefully I hear from the right person soon. I appreciate your contribution in advance.

Respectfully,
Hero

First off.  Pick what you are willing to turn into 0 dollars. say 100 say 500 say 1000 say 2000 usd whatever that number is pick it.

Second get a company that buys and sells btc .

  I will mention www.coinbase.com  I will use no referral link

Third  make sure you join 3 pools at a minimum

Fourth   get a wallet from a place like https://blockchain.info/  no referral

  So back to one  say you picked 3 or 4 k  and I see roadstress contacted you since he sells sp30's

read about the sp 30's

https://bitcointalk.org/index.php?topic=521520.0   long thread read it.

then make up your mind if you want to send them the money.

feel free to pm me with questions.

For myself I earned some money with btc.

[pumawolf]

its a speculation game, u need to be able to sell and buy hardware in between diff changes, and be somewhat decent at predicting the next diff change. a poster above mention u gotta be at bitcoin talk or what not, and follow everything about bitcoins and btc mining industry everyday, well maybe u can take holidays off. i was not good at buying and selling hardware. so i  day trade ghs instead, the price  of doin bussinesses  when trading ghs is usally very high compare to buyin the machine, but  being able to buy and sell ghs fast is were i squeeze out the profit. just buyin the machine  and treating it like a money printing machine, the probability of coming out with more btc than u put in is   not very good.

[notlist3d]

Have cheap electricity and space, honestly part of that is luck right there.  And having no vat.  There is hosting for ones with high electricity.  

I like miners where I have a piece of hardware at the end long term.  I don't use cloud for long term.  I see it more as renting.   Keep in mind VAT for some places i read about people paying a good amount on that.  I would suggest if you are paying VAT have it hosted somewhere, and you can sell it at the end or ship it.

Also don't put more then your willing to lose.  I think i have a good long term investment, but as any investment you could be wrong. 

And if your like me you do it because you enjoy it.  Yes profit is nice but you have to enjoy it.  Find out if you like mining, or trading.  Or even both.   Do what makes you happy.

[pjviitas]

I quit

[Katarina]

I have successfully mine and get bitcoin by using x11 wafflepool. Not really mining bitcoin as you need asic for that..