I am out of the mining game :(

[lphelps]

If I was a rich man and could put a decent wager behind a bet I have, I probably would rake in a nice profit..

I've started to believe the whole BitCoin world was taken over by Central Bankers long ago when they thought it might disrupt their banking cartel.

I seriously doubt that there's that much mining hardware coming online every 12 days that the difficulty jumps up anywhere from 7% to 20%.

That's bullshit!!

How's that happening?? NSA super computers being used to pump up the mining threshold??

I'm mining at 1.5THS and barely making $13 a day... 8 months ago I would have been making over $100 at that hashing power.. Talk about diminishing returns..

If I wanted to make $100 a day today, I'd have to be over 10THS, which I'd have to throw in another $20K in mining contracts. And that would only get up to $100 a day
for about 2 weeks before the fucking difficulty jumped up again..

And since BitCoin is tied to fiat currency, I'm guessing the reason it's down to $480 is because the fucking US dollar has somehow gained in value?!?!? Not in my opinion.. Try going to the grocery store and getting out of the store with 1/5th filled basket without blowing $100.

What happened to the idea that the more BitCoin was accepted by retailers that it would gain in value?? Not from what I'm seeing.. It should be up over $2000 a BTC..

And those of us who have invested tens of thousands in mining would actually be making some good money in return...

[promojo]

If I was a rich man and could put a decent wager behind a bet I have, I probably would rake in a nice profit..

I've started to believe the whole BitCoin world was taken over by Central Bankers long ago when they thought it might disrupt their banking cartel.

I seriously doubt that there's that much mining hardware coming online every 12 days that the difficulty jumps up anywhere from 7% to 20%.

That's bullshit!!

How's that happening?? NSA super computers being used to pump up the mining threshold??

I'm mining at 1.5THS and barely making $13 a day... 8 months ago I would have been making over $100 at that hashing power.. Talk about diminishing returns..

If I wanted to make $100 a day today, I'd have to be over 10THS, which I'd have to throw in another $20K in mining contracts. And that would only get up to $100 a day
for about 2 weeks before the fucking difficulty jumped up again..

And since BitCoin is tied to fiat currency, I'm guessing the reason it's down to $480 is because the fucking US dollar has somehow gained in value?!?!? Not in my opinion.. Try going to the grocery store and getting out of the store with 1/5th filled basket without blowing $100.

What happened to the idea that the more BitCoin was accepted by retailers that it would gain in value?? Not from what I'm seeing.. It should be up over $2000 a BTC..

And those of us who have invested tens of thousands in mining would actually be making some good money in return...

I have to agree with you on the retailers part....  So much speculation was going around on the troll box. 

As for difficulty - people are saying it is these mega data centers that are lighting gear up.   I saw that with litecoin when the ASIC manufacturers were rolling their stuff into testing but nothing of this speed and size.  It has to plateau at some point.  Don't you think?

[X7]

If I was a rich man and could put a decent wager behind a bet I have, I probably would rake in a nice profit..

I've started to believe the whole BitCoin world was taken over by Central Bankers long ago when they thought it might disrupt their banking cartel.

I seriously doubt that there's that much mining hardware coming online every 12 days that the difficulty jumps up anywhere from 7% to 20%.

That's bullshit!!

How's that happening?? NSA super computers being used to pump up the mining threshold??

I'm mining at 1.5THS and barely making $13 a day... 8 months ago I would have been making over $100 at that hashing power.. Talk about diminishing returns..

If I wanted to make $100 a day today, I'd have to be over 10THS, which I'd have to throw in another $20K in mining contracts. And that would only get up to $100 a day
for about 2 weeks before the fucking difficulty jumped up again..

And since BitCoin is tied to fiat currency, I'm guessing the reason it's down to $480 is because the fucking US dollar has somehow gained in value?!?!? Not in my opinion.. Try going to the grocery store and getting out of the store with 1/5th filled basket without blowing $100.

What happened to the idea that the more BitCoin was accepted by retailers that it would gain in value?? Not from what I'm seeing.. It should be up over $2000 a BTC..

And those of us who have invested tens of thousands in mining would actually be making some good money in return...

Though this is just an opinion, I think maybe we could shed a little light on some of your questions:

1) Honestly have no clue if central bankers are some how trying to undermine BTC but given the attacks and continuous FUD there is a very real possibility you are correct as this competes directly with the people who basically own the planet.

2) Mining difficulty going up is directly due to Big companies who sell us the hardware while they also roll out 11+Megawatt facilities which they use to mine on their next gen equipment (Until they sell it to us once they are done squeezing it) then they use our money to fund R&D and keep it moving off our tears, not very classy AT ALL.

3)I am also an industrial miner who has sunk a good chunk of money into the game while it was at around 8 Billion difficulty (Also saw ridiculously lower returns) which force you to re-invest most of the profit just to stay relevant.

4) The BTC value is due to whales dumping and re-buying to make a profit and acquire more BTC / merchants immediately changing their BTC to fiat via coin base etc / bots and people who soak up all the FUD selling at losses and moving to alt coins in hopes of a brighter tomorrow.

Once the fiscal deficit of the fractional reserve banking system crashes due to hyper inflation we will see some transfer of wealth come to BTC and then my friend you will feel the benefits of being a part of the early wave of "Speculators"

For now don't get caught up in the FUD pricing spikes and focus on how amazing it is that we are actually able to circumvent the banking domination by trading in a peer to peer decentralized world.

In my book that's a fucking +1 win  

[madken7777]

Mining is no longer a game where small time miners can afford.

Most PoW coins may slowly go away and be replaced by PoS coins.

[notlist3d]

Mining is no longer a game where small time miners can afford.

Most PoW coins may slowly go away and be replaced by PoS coins.

I would not say small time can not mine.  I mean graphics cards were not  cheap when they were the hot item to mine with.  But with them you did have a "gamer" audience to sell cards to aswell at end.

[chassis]

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.

Mining game sucks, only manufacturer wins... No choice but to buy BTC since its cheap now... $540..

yeah, buying BTC is better, but i think if electricity is cheap, people can still make money from mining
It may take some time, though
It will take time to make money, isn't it?

[chassis]

Mining is no longer a game where small time miners can afford.

Most PoW coins may slowly go away and be replaced by PoS coins.

I would not say small time can not mine.  I mean graphics cards were not  cheap when they were the hot item to mine with.  But with them you did have a "gamer" audience to sell cards to aswell at end.

Agree!

[promojo]

If I was a rich man and could put a decent wager behind a bet I have, I probably would rake in a nice profit..

I've started to believe the whole BitCoin world was taken over by Central Bankers long ago when they thought it might disrupt their banking cartel.

I seriously doubt that there's that much mining hardware coming online every 12 days that the difficulty jumps up anywhere from 7% to 20%.

That's bullshit!!

How's that happening?? NSA super computers being used to pump up the mining threshold??

I'm mining at 1.5THS and barely making $13 a day... 8 months ago I would have been making over $100 at that hashing power.. Talk about diminishing returns..

If I wanted to make $100 a day today, I'd have to be over 10THS, which I'd have to throw in another $20K in mining contracts. And that would only get up to $100 a day
for about 2 weeks before the fucking difficulty jumped up again..

And since BitCoin is tied to fiat currency, I'm guessing the reason it's down to $480 is because the fucking US dollar has somehow gained in value?!?!? Not in my opinion.. Try going to the grocery store and getting out of the store with 1/5th filled basket without blowing $100.

What happened to the idea that the more BitCoin was accepted by retailers that it would gain in value?? Not from what I'm seeing.. It should be up over $2000 a BTC..

And those of us who have invested tens of thousands in mining would actually be making some good money in return...

First and foremore - WOW.  I agree.  Where is the PUMP PUMP.  SHIT.  retailers are all bitpay coinbase..  dragging it all down including modern miners like myself...  SICK

[petersiddle98]

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.

Mining game sucks, only manufacturer wins... No choice but to buy BTC since its cheap now... $540..

yeah, buying BTC is better, but i think if electricity is cheap, people can still make money from mining
It may take some time, though
It will take time to make money, isn't it?

How cheap of electricity is consider cheap? Most people consider $0.08/KWH cheap but look what happen. Its still unprofitable.

[zdaz14]

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.

Mining game sucks, only manufacturer wins... No choice but to buy BTC since its cheap now... $540..

yeah, buying BTC is better, but i think if electricity is cheap, people can still make money from mining
It may take some time, though
It will take time to make money, isn't it?

How cheap of electricity is consider cheap? Most people consider $0.08/KWH cheap but look what happen. Its still unprofitable.

Is that mining BTC directly or something like multipool and trading?

[bitcoinmining]

You make a good profit

[robstark]

everything before success will has a process. Keep it and never give up.

[MilesJohan]

everything before success will has a process. Keep it and never give up.

Better to just sell the mining gear then to never give up...

[notbatman]

everything before success will has a process. Keep it and never give up.

Better to just sell the mining gear then to never give up...

The strategy of my ASIC manufacturer so far has been:

1. Take customers money.
2. Buy Bitfury chips.
3. Mine Bitfury until power cost too much.
4. Outsource the creation of an ASIC the Minion.
5. Sell used Bitfury for a discount as in-hand product.
6. Mine Minion until power cost too much.
7. Ask customers for more money by telling them to buy proprietary PSUs for the extra miners they promise as compensation for not delivering fuck all.
8. Ship a few of the units to customers and have them go off as incendiary bombs then claim they need to delay their obsolete and worthless miner a bit longer because it explodes and bursts into flames. Good excuse really, I mean after 6 months of "next week" one really needs something extreme like this as an excuse to rob me of my money and still not deliver fuck all.
9. Ask customers for several million dollars to fund the development of a 28nm Scrypt and a 14nm Bitcoin ASICs.

[X7]

lol - this is so true it hurts.. you missed out the part when they expand to work with data center companies.. welcome to the Arctic circle son

[cryptomad]

Look all around to find a Place closer to you to buy miners? Or Sell ur old miners for bitcoin and Wait until you can get me

[Marvell1]

If I was a rich man and could put a decent wager behind a bet I have, I probably would rake in a nice profit..

I've started to believe the whole BitCoin world was taken over by Central Bankers long ago when they thought it might disrupt their banking cartel.

I seriously doubt that there's that much mining hardware coming online every 12 days that the difficulty jumps up anywhere from 7% to 20%.

That's bullshit!!

How's that happening?? NSA super computers being used to pump up the mining threshold??

I'm mining at 1.5THS and barely making $13 a day... 8 months ago I would have been making over $100 at that hashing power.. Talk about diminishing returns..

If I wanted to make $100 a day today, I'd have to be over 10THS, which I'd have to throw in another $20K in mining contracts. And that would only get up to $100 a day
for about 2 weeks before the fucking difficulty jumped up again..

And since BitCoin is tied to fiat currency, I'm guessing the reason it's down to $480 is because the fucking US dollar has somehow gained in value?!?!? Not in my opinion.. Try going to the grocery store and getting out of the store with 1/5th filled basket without blowing $100.

What happened to the idea that the more BitCoin was accepted by retailers that it would gain in value?? Not from what I'm seeing.. It should be up over $2000 a BTC..

And those of us who have invested tens of thousands in mining would actually be making some good money in return...

Lol you have just answered your question, those who raked in larg profits from mining ealy in the game i.e the BTC millionares , the KNC,s BITMAINs basically the whales instead of investing in the BTC ecosystem I.e creating stores and retail opportuninites centered around bitcoins choose to just dump more and more fiat into hardware for mining.

then they turn around and dump those BTC they mine on the fiat market by the 100s a day why the hell would BTC rise ?   Eventually if things don't change BTC could go to a point where no one can afford to mine anymore and either these whales will do the right thing and invest in the eco system or BTC will die.

It could be that there are whales in the background working on some services and things like I have discussed in the background and release them in the next few months similar to what GAW did with hashlet.

[homm88]

You should not be losing your patient so soon. I would better suggest you to go with some quality and well established miner, It all depends on which mining pool and which currency are you are trying to use. You may go and buy some hash power as well and then can mine some good amount with a better speed. Buck up!

[muhrohmat]

in my opinion mining btc can be a bit difficult you need to make the investment in a asic see the price calculate the degradation price for selling in 6 months to 1 year be aware of diff rising calculate the watts costs and see the benefics in for instances 1TH of a ant miner tht costes like 1500 dollars and in one year sold buy 600 you need to make a revenue more than 1100 dollars in btc in 6 months to 1 year and that is like 3.5 BTC divided by 350 days you need 0.01 BTC per day in a 1TH that is precisely what may happends soo people do some calcs and if you buy a  miner for instances gaw miner do take a good look at the risk and ROI.

[hedgy73]

Just buy the coin directly - it is valued at 480$ USD right now - Calculate what it would cost to earn yourself a BTC (NET) through mining either physical/cloud and quickly understanding that greed has ushered in the era of industrial mining, either we adapt and go with the flow of the ocean... Or we swim into the riptide and drown.

Wow look at this post at the top of the page $480 4 months ago now $240 nearly down 50%. It was hardly worth mining then it definitely isn't now.