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Author Topic: Worth it to start mining?  (Read 643 times)
slybootz
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May 08, 2012, 09:48:30 PM
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So, I am fairly new to the BTC system, and kind of sad that I didn't find out about it sooner.  At this point, is it worth it to start mining BTC or join a mining team/consortium/guild?  Or is the time investment vs. payout too small to cover hardware costs/electricity?
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tosku
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May 08, 2012, 09:56:53 PM
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I wouldn't put any money into mining hardware if I were you. However, it's quite easy to make your own calculations. There are online "mining calculators" you can use if you want to. Also, keep in mind that people who are miners themselves are interested in keeping other people away from mining, since the mining difficulty (and thus, the mining profit) increases when more power is put into mining.

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slybootz
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May 08, 2012, 10:00:41 PM
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I wouldn't put any money into mining hardware if I were you. However, it's quite easy to make your own calculations. There are online "mining calculators" you can use if you want to. Also, keep in mind that people who are miners themselves are interested in keeping other people away from mining, since the mining difficulty (and thus, the mining profit) increases when more power is put into mining.

That's what I figured.  I wish I had gotten on the mining bandwagon back when the system was new, and the profitability was higher.  Based on some of the calculators I've toyed with, it would take me way too long to break even after buying new hardware, and I don't feel like blowing out my current rig for very little profit.  Sad
dree12
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May 08, 2012, 10:24:25 PM
 #4

By 2012-12-09, mining rewards will likely rapidly fall (along with a less rapid fall in difficulty), making mining even less profitable.
LOLdidntwork
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May 09, 2012, 04:11:19 AM
 #5

It's definitely not worth it to start mining.
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May 09, 2012, 04:53:58 AM
 #6

I beg to differ with those who say its not.

I am just starting and feel good about it.  I am at least staying in this game until the price drops to 12.5 

I believe it will be fine at 25 per block.  If BTC was gonna die, it would of already.

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May 09, 2012, 05:07:02 AM
 #7

I personally still think that it's OK to start mining, and the sooner the better.

While it's true nobody really knows what will happen when the reward halves late this year, the great thing about mining is that you still have the value of your hardware to act as a hedge on your investment.  That is, instead of buying Bitcoins outright, you are essentially indirectly buying them over time while retaining a tangible asset (i.e. your hardware).

Lets say you spend $2000 on mining equipment.  Then, let's also say that the value of Bitcoin drops to zero tomorrow.  Well, then you'd still be able to resell your equipment for at least $1500 ($500 loss, might be able to do better).  But, as long as Bitcoin retains value for at least a year, you're likely to be in the green if you take into account the value of your hardware.

I actually spent $3000 in December on a very inefficient  desktop computer that acts as a mining rig.  It's so powerful that I can mine with it and still do all the other stuff that I would normally use my computer for simultaneously.  Since then, I've already recouped about $700 and I could easily turn around and sell my computer tomorrow for $2500+.

It really comes down to how much you pay for electricity.  I'm very fortunate that electricity is included in my rental agreement and my landlord has not once complained about the electric bill.  For me it was a very easy decision and if I still had the capital to invest at the moment, I would scale up my mining operation as much as I could.

So, when it comes down to it, if you have cheap electricity, I'd say go for it.  The best part about mining is getting Bitcoins daily without needing to go through the hassle and fees associated with obtaining them through an exchange.

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May 09, 2012, 07:33:04 PM
 #8

You could also invest in mining company's on the GLBSE if setting up a large profitable FPGA farm is too expensive for you.

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