I am out of the mining game :(

[Don007]

well we are getting to the realising that mining on cloud or harware as its bounces dwon im a lot of loss sometimes becuase of time and cost of watts i mean i quitted usb blades pens asic and gpu and cpu and even HDD burst coin is simple the diff growing and btc going down makes you just realize that the news on mining herdawre are not too goood maybe for a investment on sha256 bitcoin just in 1000 dollars miners not much more

Please add some punctuation to make your message easier to read.

- -

Yes, PoS does encourage holding. However, isn't that the same with dollars / euro's etcetera? Sure, the interest you get at a bank is really low at this moment. But look about 5 years ago. It was actually worth it saving money on the bank because you get a nice interest in return. In that situation, you spend the amount of dollars / euro's you have to (on food, clothing, your house etc etc) and the spare money you might have left, was put into a bank account.

[monsterdoge]

my question is, is still profitable to mining bitcoin with low hasrate?

[Amph]

my question is, is still profitable to mining bitcoin with low hasrate?

the answer is no, it is worse than the hardest lottery, you can only do it for supporting the network or for fun, surely not for profit

[monsterdoge]

my question is, is still profitable to mining bitcoin with low hasrate?

the answer is no, it is worse than the hardest lottery, you can only do it for supporting the network or for fun, surely not for profit

okay if not, what is the best way to mining bitcoin for profit?i have no idea

[Amph]

my question is, is still profitable to mining bitcoin with low hasrate?

the answer is no, it is worse than the hardest lottery, you can only do it for supporting the network or for fun, surely not for profit

okay if not, what is the best way to mining bitcoin for profit?i have no idea

there is no way right now, but you could try some cloud like bit-x, you can resell your contract, there, at least

or if you don't pay the bill you can buy an antminer s5 and wait 5 month for roi, then you would make profit

[guitarplinker]

there is no way right now, but you could try some cloud like bit-x, you can resell your contrast, there, at least

or if you don't pay the bill you can buy an antminer s5 and wait 5 month for roi, then you would make profit

Adding on to this, watch the classifieds section on this site. I see people listing S5's and other "current gen" miners fairly often. If you can get one for a good price, that'll lower your ROI time.

[Searing]

my question is, is still profitable to mining bitcoin with low hasrate?

the answer is no, it is worse than the hardest lottery, you can only do it for supporting the network or for fun, surely not for profit

okay if not, what is the best way to mining bitcoin for profit?i have no idea

there is no way right now, but you could try some cloud like bit-x, you can resell your contract, there, at least

or if you don't pay the bill you can buy an antminer s5 and wait 5 month for roi, then you would make profit

it is still possible if you are stupid lucky....i found a knc titan all working well for a very very very low price.....but even at that it will ROI in 4.5 months or so more or less
at current LTC prices with electric included...but 4.5 months is a long time in alt coin anyway.....so that is the only way I know of

and we are talking at LEAST 3/4 off any price you see miners at on Ebay imho at 15c kwh elec to even pull the above ...so to say the current prices of miners now is
completely out of control is still probably an understatement....

so used and dumb luck are the only way it works ....and in that it is 99% dumb luck ..kinda long odds... I am no where near finding anything close
to the above in any manner with any brand of miner...and i've been looking (mostly because I'm a silly primate and already found 1 cookie and figure there
has be more)

but hey it keeps me out of trouble and buying lottery tickets where the odds are probably the same of the above happening again

anyway ....if you want something to shoot for miner wise or something to do that is what i would keep in mind if it can't ROI with elec costs in less then 5 months or
so ...even just from a hobby mode way of looking at it ...it an't worth doing..you may not find anything ..but it should keep you from buying a miner at a really stupid
inflated price that will never ROI

(dare to dream)

[mrhelpful]

there is no way right now, but you could try some cloud like bit-x, you can resell your contrast, there, at least

or if you don't pay the bill you can buy an antminer s5 and wait 5 month for roi, then you would make profit

Adding on to this, watch the classifieds section on this site. I see people listing S5's and other "current gen" miners fairly often. If you can get one for a good price, that'll lower your ROI time.

Yeah but that all falls on consistent price.

Which most people to fail to notice. IF the price is constant at $200 or whatever, but lately the price has been dropping like crazy so your ROI is going to take way longer.

Unless you are willing to make up the price difference by more months, but thats dumb.

[techgeek]

Why not just pivot and get into the legit cloud mining scene with those asic providers.

Yeah, cloudmining has a bad name of its own, but theres ones that been around for awhile one of them being hashnest. The very antminers that you buy from?

Or better options like genesis-mining which allows credit card transaction, and supported with spoondoolies which also most trust as well.

[Don007]

Why not just pivot and get into the legit cloud mining scene with those asic providers.

Yeah, cloudmining has a bad name of its own, but theres ones that been around for awhile one of them being hashnest. The very antminers that you buy from?

Or better options like genesis-mining which allows credit card transaction, and supported with spoondoolies which also most trust as well.

There definately are cloud mining services that are legit indeed. However, that's not only my concern. In my experience, it is really hard to ROI with these services. You have to invest a lot to get a decent hashrate, and with the current value of BTC it is hard to mine an amount of BTC worth of the same value as you invested.

However, I was lucky once with the ZenCloud (Scrypt) cloud mining service. I mined a small part of my investment over there, but I was able to sell the hashrate I bought for way more than it initial had cost me. Too bad I didn't bought way more hashrate in the early stage of that service .

[Amph]

my question is, is still profitable to mining bitcoin with low hasrate?

the answer is no, it is worse than the hardest lottery, you can only do it for supporting the network or for fun, surely not for profit

okay if not, what is the best way to mining bitcoin for profit?i have no idea

there is no way right now, but you could try some cloud like bit-x, you can resell your contract, there, at least

or if you don't pay the bill you can buy an antminer s5 and wait 5 month for roi, then you would make profit

it is still possible if you are stupid lucky....i found a knc titan all working well for a very very very low price.....but even at that it will ROI in 4.5 months or so more or less
at current LTC prices with electric included...but 4.5 months is a long time in alt coin anyway.....so that is the only way I know of

and we are talking at LEAST 3/4 off any price you see miners at on Ebay imho at 15c kwh elec to even pull the above ...so to say the current prices of miners now is
completely out of control is still probably an understatement....

so used and dumb luck are the only way it works ....and in that it is 99% dumb luck ..kinda long odds... I am no where near finding anything close
to the above in any manner with any brand of miner...and i've been looking (mostly because I'm a silly primate and already found 1 cookie and figure there
has be more)

but hey it keeps me out of trouble and buying lottery tickets where the odds are probably the same of the above happening again

anyway ....if you want something to shoot for miner wise or something to do that is what i would keep in mind if it can't ROI with elec costs in less then 5 months or
so ...even just from a hobby mode way of looking at it ...it an't worth doing..you may not find anything ..but it should keep you from buying a miner at a really stupid
inflated price that will never ROI

(dare to dream)

i think that for me, it's not even worth it at 5 months roi(too long for my taste), at best i could accept a 3 months roi, and would be already far-stretched

also with the bad electricity that i have here it would be impossible to roi right now, this is why i'm searching for alternative, like hosting or cloud, with those service electricity is out of the question

and you can worry only about your income, also less stressful

[hedgy73]

I've been out for a few weeks now .

I switched off the last of my miners after winter was over and the weather warmed up and the heat produced was no longer a viable excuse to off setting the running cost.

In my opinion and with bitcoin at its recent price mining directly hasn't been profitable for home miners in most of the developed world for months. Even with the latest 'efficient' hardware regular electricity prices kill it.

The only way it's still profitable is with the latest hardware and dirt cheap electricity which is only available in a few places on the planet and / or if you have commercial premises and work a deal with the electricity supplier.

Money can occasionally still be made if you've got time on your hands and mine newly released coins then dump them within minutes of them appearing on an exchange to convert to bitcoin. Been there, done that, got the t-shirt. However it seems that new coin releases are getting fewer and fewer especially half decent ones worth mining with any potential.

So unless you've got efficient hardware and dirt cheap electricity don't bother mining unless it's a hobby, you're better off just buying bitcoin.
 

[Nick Markus]

So im out of the mining game.

Getting asics importet from china is too expensive -.-
Electricity is too expensive in my country 0.14$/kwh -.-
and my block erupters isnt making me anything.

this game have only been a waste of money so far.


GL on your mining guys dont make the same mistakes as i did.

Sorry to hear that, man. Unfortunately, lately its not very profitable to mine bitcoins and have good winnings. 

[notlist3d]

So im out of the mining game.

Getting asics importet from china is too expensive -.-
Electricity is too expensive in my country 0.14$/kwh -.-
and my block erupters isnt making me anything.

this game have only been a waste of money so far.


GL on your mining guys dont make the same mistakes as i did.

Sorry to hear that, man. Unfortunately, lately its not very profitable to mine bitcoins and have good winnings. 

Do you realize you quoted someone from a year ago?  We are talking block erupter days... misquote?

[Xialla]

So unless you've got efficient hardware and dirt cheap electricity don't bother mining unless it's a hobby, you're better off just buying bitcoin.

+100 - THIS^^ should be written in every thread on this forum..I can't express is better by myself.

[scryptasicminer]

So unless you've got efficient hardware and dirt cheap electricity don't bother mining unless it's a hobby, you're better off just buying bitcoin.

+100 - THIS^^ should be written in every thread on this forum..I can't express is better by myself.

Don't forget the risk of bitcoin price also. A 10-20% drop means you will be mining at a loss.

[Searing]

So unless you've got efficient hardware and dirt cheap electricity don't bother mining unless it's a hobby, you're better off just buying bitcoin.

+100 - THIS^^ should be written in every thread on this forum..I can't express is better by myself.

yeah due to bank error i had to go legal miner route (2013 virtual currency biz IRS rules) in that SEC was involved and it was fixed in 1/2 hour had no choice with
the legit biz stuff done before hand saved my bacon from further issues..so going with the hand i was dealt below it has worked out well due to my equip overload
that just happens to be right on the money so i've paid no taxes on mining as the IRS wants as a result...(dumb lucky also works i drank the knc kool aid)

It has worked out well because 2014 sucked so bad and the price i made on mining did not rate any taxes yet i got the equip depreciation benefits

(i don't recommend this to others just saying if i had to do this starting to mine at end of 2013 and 2014 with major equip at the end of those years did work in my favor
got the equip depreciation in full but did not have the problem with mining a lot before the year is done) and of course this year...not mining as much...etc so golden
likely for 2015 too.

so IN MY CASE I may get a BABY miner used or otherwise just to show revenue for next year or two to show my bona fides to the IRS as a biz (5 yrs at least my cpa says
I'm a farmer and laughs)..again 5 yrs 3 out of 5 years showing SOME modest profit over equip etc..so as not for the IRS to say it was a HOBBY....shudder

so a 400 buck unit to me if i was to run it out as a biz for 5 years is 300 bucks after equip depr as applied to real money towards taxes.....also showing revenue

ie ...hey IRS i made 40 bucks mining this month here is your 25% of what I made 10 bucks....ie I'm showing revenue for my biz (hey the crops suck don't look at me IRS)

but so far looks like I never will pay any real taxes on mining due to 2013 (too much equip) and 2014 and now 2015...it will wash out with a brief profit maybe I will
pay for as extra income but as to that 25% on mining  er not really......only if we get to 1000 usd BTC  here in 2015 in which i will be very very glad to pay the IRS its share

so anyway ...miners may work for some folk in MY situation or BIG miners etc or say you are next to a hydro dam in WA states at 4c kwh or something

whole industry has moved on to large DATA halls ..

anyway but baby miners is probably as good as it is gonna get for home miner profits for fun only.......unless price was to break up to 1000 usd

which means at 12c kwh I could get my 2013 Jupiter 567gh fired back up and make 2x what I spent in electric again .....YEA!.......that would be cool!

anyway just saying odd ball situation that I am in ...and I'm pretty sure virtual cloud mining as far as the IRS is concerned just does not cut it.....

SO GO BIG GO HOME ..BE IN MY SITUATION (banker in 2013 said bitcoin was evil was fixed bank error but still) or get free elec in the dorms....thats about it

hell of a thing as to everyone else I would think in USA say maybe this summer? The congress will get involved to fix/clarify some of this stuff
that the IRS got wrong...at that point you all go hey..gee......2015 was a very good year.....(esp if they don't have the tax on mining) and declare
your income then (no taxes if you don't spend it likely 20% on capital gains again if you did) that is what i WOULDA waited for w/o the bank issue
but be aware..hopefully something more sensible will come out of all this and such hoops I have had to jump thru being legal you can simply find amusing
in 20/20 hindsight (my wish sheesh)

so yeah even some sorta kinda baby miners kinda sorta profit would be worthwhile in my case say this fall ...for anyone else..er not so much

[trexon50]

I wish I picked up on mining BTC when I had the chance several years ago. I was going to buy a bunch but shrugged it off lol, my mistake. Now its not worth attempting to mine would not make any money solo mining it seems.

[Xialla]

So unless you've got efficient hardware and dirt cheap electricity don't bother mining unless it's a hobby, you're better off just buying bitcoin.

+100 - THIS^^ should be written in every thread on this forum..I can't express is better by myself.

Don't forget the risk of bitcoin price also. A 10-20% drop means you will be mining at a loss.

yes. it is super risky stuff:), just because by buing mining gear, you are betting on price of BTC and for difficulty predictions. not even talking about fire hazard, robbery, noise, heat...and 34 other annoying things related.

[PremiumCodeX]

Solo mining is dying and unless you are a necromancer you are not advised to play it. BTC mining is very alive and in evolution, though. Methods are fading away but new methods are being born. It is the nature of BTC we must adapt to. Although I read alot of people here have doubts about cloud mining, my acquaintance has made a nice amount of money from it already. No, it wasn't problemless but he hasn't given up, become more experienced and now he has significant success in it. I too am willing to try it very soon.

I wish I picked up on mining BTC when I had the chance several years ago. I was going to buy a bunch but shrugged it off lol, my mistake. Now its not worth attempting to mine would not make any money solo mining it seems.

What was the reason behind your deed that you shrugged it off?