I am out of the mining game :(

[Corsa1r]

I was in the same situation and then I joined cloud mining services!! And now I am happy!

What Cloud mining site are you? and there is a risk of fraud in cloud mining and do you profit with just that?
and there are Contractual warnings that mining operations may cease depending on the price of bitcoin,
why are you happy with lower profits? you are the on e to cover for the cost aster all?

Can't take that message seriously. Either he is fishing for naive fools to scam, or he actually has not tried to withdraw from his "profitable" service yet

[YuginKadoya]

Can't take that message seriously. Either he is fishing for naive fools to scam, or he actually has not tried to withdraw from his "profitable" service yet

Whoa! then it really is a scam? haha well I am just asking him so he would show his true colors if it is a scam or not, and I am not considering cloud mining as that profitable I had many doubts about it being fraud or not!

[Pyr3x]

I was in the same situation and then I joined cloud mining services!! And now I am happy!

What Cloud mining site are you? and there is a risk of fraud in cloud mining and do you profit with just that?
and there are Contractual warnings that mining operations may cease depending on the price of bitcoin,
why are you happy with lower profits? you are the on e to cover for the cost aster all?

Can't take that message seriously. Either he is fishing for naive fools to scam, or he actually has not tried to withdraw from his "profitable" service yet

Sounds more like a well placed AD.

[YuginKadoya]

Sounds more like a well placed AD.

yup! he is like advertising more that suggesting on the given topic, hehe
Cloud mining is not advisable for me because of the low profit and a lot of cost.

[Betwrong]

Sounds more like a well placed AD.

yup! he is like advertising more that suggesting on the given topic, hehe
Cloud mining is not advisable for me because of the low profit and a lot of cost.

Above all, most of the Cloud mining sites are scummers. So even if you are ok with low profit you should think twice before joining them.

[Pyr3x]

Sounds more like a well placed AD.

yup! he is like advertising more that suggesting on the given topic, hehe
Cloud mining is not advisable for me because of the low profit and a lot of cost.

Above all, most of the Cloud mining sites are scummers. So even if you are ok with low profit you should think twice before joining them.

They basically mine with your money.

[Amph]

Sounds more like a well placed AD.

yup! he is like advertising more that suggesting on the given topic, hehe
Cloud mining is not advisable for me because of the low profit and a lot of cost.

it's the stupid high maintanance fee that kill it, because if they really have 0.05 cost for electricity and nothing added, it would be fabulous you can actually roi pretty fast

but they milk the shit out of your investment

[YuginKadoya]

it's the stupid high maintanance fee that kill it, because if they really have 0.05 cost for electricity and nothing added, it would be fabulous you can actually roi pretty fast

but they milk the shit out of your investment

Yup! your right, and electricity cost is way more in my country, but cloud mining can be more dangerous to try because of unreliability of it. 

[Travelinglurker33]

I am out of mining too. Switched to minting with Mintcoin and so far it is working out better. At least the coins don't wear out and depreciate like mining gear does.


After next year, MINT will return 5% per year via minting new coins.

https://i.imgur.com/5ORlk56.jpg

Here is a pretty good post on reddit about it.
https://pay.reddit.com/r/MintCoin/comments/3puymw/consider_holding_at_least_a_small_portion_of_your/

[OrientA]

I look forward to seeing more ideas for PoW algorithms that do not so heavily favor those with free or cheap electricity

it won't change anything, because the diff will simply raise too much until the ratio between the earning and electricity would be barely profitable

it was the case for every new proclaimed new coins with cool and fresh algo, that make your mahcien consume lower, like fresh-coin

It is difficult to home mine in European countries due to the high electricity price. The difficulty has risen and will rise 2% every 14 days due to the more efficient miner coming to market and low electricity price in some other countries.

[winspiral]

I mine with a U2 for the fun.
If someone will co-mine with me to reach the minimum payout without fees he is welcome.

[adaseb]

So who is "back" into the mining game since the price is back up and the difficulty is still low?

[YuginKadoya]

So who is "back" into the mining game since the price is back up and the difficulty is still low?

That is good to hear, I am still preparing to mine and planning in what will I am going to need for cooling a room because I am in a tropical country but that is not an issue right?

[Searing]

So who is "back" into the mining game since the price is back up and the difficulty is still low?

Sorry at 13c kwh I'm still out. Also in case you were not around in the past (2013 and 2014) when BTC price for spikes up in price....it really won't work (home mining) in that when the BTC price spikes and stays there the asic mnfg types (either scrypt or btc) simply raise the price in USD to reflect the price in BTC...so ROI (or lack there of) will stay the same

(amazing how that works huh?)

Just saying how it has 'pop'd' in the past on rallies (and of course assuming you can find scrypt or btc equip that even CAN ROI in less then 11 months at a FLAT difficulty rate..I myself have not seen one of them 'unicorns' ugly as it may be for ROI in a year or more)..at least for 'new' equip (and those were pre-orders that did not arrive anywhere near on time (or not at all)

So good luck..you may have a shot if your electric costs are under 5c kwh ..but expect the equipment to arrive late by a month or more...that seems to be best case...best calcs I've seen still put you at ROI around 10 or 11 months....if you take as a GIVEN that IF your pre-order ships (iffy?) It will likely be at least (imho) 3 months or more LATE.

So be careful!

(or was historically imho)

[Bitcoininspace]

I think you're one of the many miners that quit. That's why the ASIC devices are getting cheaper and cheaper. This has happend for GPU's too, you can buy some used GPU's for great prices nowadays.

However, it might still be profitable in the long run to mine now. You might not make profit now, but what if the Bitcoin is worth, for example, $5000 next year? It might have been profitable then to keep on mining now.

This is the proof of thought I have had in the back of my head too lately.

People complain signature campaigns pay too low or faucets are giving too little, they forget that 5 years ago when people were getting 1 btc faucets it was still worth nothing to what it is today. It's like people forget about the future and only think of the next couple of months. Imagine if bitcoin keeps adoption at the same rate it is now, with an accelerating rate in humans coming into the world and becoming adults, there are just more and more people going to be interested in cryptocurrencies. Even if bitcoin won't be the leading coin out there, I am sure many will have high values later like different fiat currencies do too.

[Tstar]

One should consider mining as a long term investment. If the price skyrockets again then mining will be really good.
But since there are too many big players out there, right now it is very expensive to mine and get a decent profit.

[Betwrong]

Sounds more like a well placed AD.

yup! he is like advertising more that suggesting on the given topic, hehe
Cloud mining is not advisable for me because of the low profit and a lot of cost.

Above all, most of the Cloud mining sites are scummers. So even if you are ok with low profit you should think twice before joining them.

They basically mine with your money.

Some of them or even most of them do not mine at all. They show you pictures with gigantic mining facilities so that you might think how serious they are, but in fact most them just use the Pyramid scheme. STAY AWAY is the best advice I can give.

[YuginKadoya]

This is the proof of thought I have had in the back of my head too lately.

People complain signature campaigns pay too low or faucets are giving too little, they forget that 5 years ago when people were getting 1 btc faucets it was still worth nothing to what it is today. It's like people forget about the future and only think of the next couple of months. Imagine if bitcoin keeps adoption at the same rate it is now, with an accelerating rate in humans coming into the world and becoming adults, there are just more and more people going to be interested in cryptocurrencies. Even if bitcoin won't be the leading coin out there, I am sure many will have high values later like different fiat currencies do too.

yup! your right too much complaining and they didn't know that bitcoin back then has no value, and we are very lucky to have faucets and campaign to get free satoshi's than mining it and investing too much that it will only go to waste because it is not gonna ROI,

[makcik]

Mining is an effective way of earning bitcoins. But people have quit it because of following reasons
(1)Low acceptance-- Unless you’re planning on exchanging your bitcoins into other currency, you’ll need to look for shops which accept bitcoins for currency. All of the shops or other places which do accept bitcoins will be online I have yet to hear of a brick-and-mortar store which accepted  them. While online commerce isn’t the issue, the relative number of bitcoin-friendly stores is very small.
There are only a few credible online stores, and then sites like Reddit and WordPress that accept them for payment. Otherwise, you’ll have to switch it to traditional currency, which sort of defeats the purpose of bitcoins.
(2) Unstable value-- Another one of the biggest disadvantages of bitcoin mining is the fact that the value of bitcoins can fluctuate. While it’s true that all currencies fluctuate in value, bitcoins appear to be a lot more unstable compared to trusted currencies like the US Dollar or INR. In fact, bitcoins can deflate in value whenever people seem to put less trust in it or if a technical glitch occurs with the system or bitcoin exchange markets.
It can range anywhere from less than $5 per bitcoin to its current high value to far beyond. The value should stabilize if more people use the currency, but that trend is going very slow.
(3) Lack of Protection-- Since there is no central organization which controls bitcoins, there’s also no form of protection when dealing with bitcoin transactions. If you want buyer protection, you won’t have any with bitcoins. If you want your bitcoins to be insured like money is in banks, that doesn’t exist.
If you happen to lose your bitcoin wallet by accidentally deleting it, wiping your hard drive, etc., and have no backups, then your bitcoins are gone. Stuff happens, so while the chances of actually losing your bitcoins is rather low with regular backups, technology can still break.

[CoinThug]

Yeah I was wondering it too if I begin mining wont be that smart for me at least. But that was a fun road than dude. Good luck in the future if you come back in the mining games.