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Author Topic: I want to know about BTC mining  (Read 2219 times)
notlist3d
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August 14, 2014, 01:42:36 PM
 #41

There is no trick.  Mining can be profitable and ROI.  Just make sure to do math.

A lot will have to do with your electricity price and space you have.  If you are lucky to have extra space and cheap electricity you can still make a profit on Asics.  (This is from personal experience GPU/CPU is dead as far as profit for me but Asics are very much alive.)

Yeah sure, but you have to have the access to cheap electricity. It is not as if you can easily gain access. It most often depends on where you live and which company sells you your electricity!

Some places have a outrageous price for electricity. That is why there is hosting.  Electricity unfortunately your right you cant switch around in most cases.  Electricity is always dependent on location of miner and company.

Yeah, but which hosting company would sell their hash rate at a rate that is better than actually using it to hash for yourself? Why would they sell their stuff if mining for themselves was more profitable? I think many people also want to run their own gear because they like mining, man Smiley Good guys, protecting the network!!!

You are thinking of cloud/renting these are good options for temporary needed hash rates.

Hosting companies you send your miner there or buy a miner there and it is a good option for some.  It all depends on you location.  Hosting company can save those with VAT and high electricity rates quite a bit, and they own the mining gear. 
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lynn_402
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August 14, 2014, 02:19:45 PM
 #42

There is no trick.  Mining can be profitable and ROI.  Just make sure to do math.

A lot will have to do with your electricity price and space you have.  If you are lucky to have extra space and cheap electricity you can still make a profit on Asics.  (This is from personal experience GPU/CPU is dead as far as profit for me but Asics are very much alive.)

Yeah sure, but you have to have the access to cheap electricity. It is not as if you can easily gain access. It most often depends on where you live and which company sells you your electricity!

Some places have a outrageous price for electricity. That is why there is hosting.  Electricity unfortunately your right you cant switch around in most cases.  Electricity is always dependent on location of miner and company.

Yeah, but which hosting company would sell their hash rate at a rate that is better than actually using it to hash for yourself? Why would they sell their stuff if mining for themselves was more profitable? I think many people also want to run their own gear because they like mining, man Smiley Good guys, protecting the network!!!

You are thinking of cloud/renting these are good options for temporary needed hash rates.

Hosting companies you send your miner there or buy a miner there and it is a good option for some.  It all depends on you location.  Hosting company can save those with VAT and high electricity rates quite a bit, and they own the mining gear. 

Hosted mining is very bad for decentralization though. The purpose of mining should be to allow users from all over the world to individually protect the network, and not give that power to some shady ASIC company.

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August 14, 2014, 02:28:30 PM
 #43

I am a new comer. I am here to learn about BTC. Specially BTC mining. I hope everyone will help me. I have heard that altcoin mining is much more profitable than BTC mining. So what should i do? Go for altcoin mining or start with BTC mining?

In your situation I would take an alternative to mining. Mining is almost a non winner non loser game. It always have been, what i read. Just in the past by not selling the mined coins, you could make a win. But the price explosion of btc, already happened and will probably not repeat again so fast. Instead of starting getting all the stuff to know about mining, babysitting the miner, babysitting the btc price, because you want to make a gain too, start getting interested in programming. so you can code your own coins or write contracts for ethereum etc. Thats wise, but the most people are not doing the wise things, they are going for the stupid one.
MilesJohan
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August 14, 2014, 03:06:09 PM
 #44

BTC mining is actually the worst form of investment, buying BTC is a good investment... end of story...

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August 15, 2014, 02:20:29 PM
 #45

BTC mining is actually the worst form of investment, buying BTC is a good investment... end of story...

Very much agree.
But for investing in btc, please don't invest more than you can lose.
Also, please don't panic buy (like in late 2013) or panic sell (like after mtgox bankrupted).
Instead, hold it for a longer period of time. Smiley

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August 15, 2014, 02:37:21 PM
 #46

BTC mining is actually the worst form of investment, buying BTC is a good investment... end of story...

Very much agree.
But for investing in btc, please don't invest more than you can lose.
Also, please don't panic buy (like in late 2013) or panic sell (like after mtgox bankrupted).
Instead, hold it for a longer period of time. Smiley

And don't buy it all at once too, or else you'll be too tempted to buy again if it goes down, and you might go broke that way Cheesy

The best strategy, imho, is to separate your crypto-budget in at least 5 parts, and buy at different moments when you think your coin is undervalued.

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August 15, 2014, 04:13:13 PM
 #47

I am a new comer. I am here to learn about BTC. Specially BTC mining. I hope everyone will help me. I have heard that altcoin mining is much more profitable than BTC mining. So what should i do? Go for altcoin mining or start with BTC mining?

yes true altcoin mining more profitable because in terms of fees and terms of current income and a lot easier to mine, but still depends on the market price of the coin and the coin Difficult when the mine.

yes but a lot of risk as well altcoin die coin and sometimes we lose.
so it must be clever clever in buying a coin where the coin is good again what ugly: D

Yup the altcoin price can go up and down crazily in just a day.
You can see on http://www.cryptocoincharts.info/v2/ that a coin has its price going up 1150% in the past 24 hours while another coin has its price going down for 73%. Smiley

yes I know that, but I am not smart in taking the coin which is good in the trade.

I sometimes even great loss: /
I'm learning the trade, because the incoming trade coin sometimes just ride through and eventually the coin die quickly
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August 15, 2014, 11:16:05 PM
 #48

If you're unskilled with understanding which coins will do well and which will fail, then your best bet would be to join a multi-pool. (multi-pool.us, CleverMining.com, etc.) Mine with a Scrypt ASIC and you'll make some profit. If you couple it with holding onto the amount of Bitcoin you trade your coins for, you could do quite well in the long run.

If you can tell which coins will be worth holding onto, or you just want to wait for that initial value jump that most coins have, you can use IPOMiner.com or if you're really sure of yourself, a dedicated pool for that coin. IPOMiner specializes in mining coins that have launched recently and look promising. If you sell at the peak in the value jump for that coin, you can make more money than mining with multi-pools that select coins that have already been around and just look for the lowest difficulty. Waiting for that initial value jump (the "pumped" value) requires constantly looking at charts every day to find out when to "dump" your coins to BTC. That's actually why some coins are even created in the first place.

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August 16, 2014, 12:02:11 AM
 #49

Altcoins are mostly scammy and designed to make the devs rich, I would mine Bitcoin and ignore the people telling you otherwise.  I think the key things is to get *new* equipment, as most people selling are looking for someone to pawn their obsolete equipment on you.   What you pay per kWh matters a lot too.
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August 16, 2014, 03:15:34 PM
 #50

Altcoins are mostly scammy and designed to make the devs rich, I would mine Bitcoin and ignore the people telling you otherwise.  I think the key things is to get *new* equipment, as most people selling are looking for someone to pawn their obsolete equipment on you.   What you pay per kWh matters a lot too.


Even if you buy the newest ASIC, it is not a easy task to make profit from bitcoin mining.
Make sure you do some calculation on how much bitcoin you can mine with increasing difficulty and how much you have to pay for electricity beforehand.

MichaelBliss
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August 16, 2014, 03:19:05 PM
 #51

Whatever you do: don't pre-order!  You'll likely end up waiting and waiting while the difficulty sky rockets.  And in that case, making ROI back in BTC terms will be impossible!   BTW, calulate ROI in BTC terms, don't fool yourself into thinking your making a profit otherwise!  (You might as well just buy bitcoins and hold if you don't make roi back in btc terms) 
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August 16, 2014, 06:25:00 PM
 #52

Whatever you do: don't pre-order!  You'll likely end up waiting and waiting while the difficulty sky rockets.  And in that case, making ROI back in BTC terms will be impossible!   BTW, calulate ROI in BTC terms, don't fool yourself into thinking your making a profit otherwise!  (You might as well just buy bitcoins and hold if you don't make roi back in btc terms) 

Very true.
You may get your pre-ordered miners on schedule, a few weeks late, a few months late, or over a year late if you buy from BFL.
The risk is just too huge.


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