Minning is wasting money, why still minners?

[sc426]

I'm a home miner with 3th. Not really making money but getting some BTC. I do it for interest in the whole process of digital currency. Also I try to buy as much BTC as I mine. Mine a coin... buy a coin. I think both ways make for a fulfilling hobby and support of community. I try not to think about the farms and PH/s that are being mined. It its what it is.
Have fun and remember to spend some BTC. That is the Purpose. Don't hoard it.

[HeroCat]

You are right for 100%
Home/garage mining is finishing right now

[bitcoinbelieve]

I think we are early stage of price explosion.

[ScryptAsic]

Well mining is for hobby now and not for profit...

[Paladin45]

I'm a home miner with 3th. Not really making money but getting some BTC. I do it for interest in the whole process of digital currency. Also I try to buy as much BTC as I mine. Mine a coin... buy a coin. I think both ways make for a fulfilling hobby and support of community. I try not to think about the farms and PH/s that are being mined. It its what it is.
Have fun and remember to spend some BTC. That is the Purpose. Don't hoard it.

I'm with you. I've run bitcoind nodes on my computers for years. I've only recently bought my first coins, and have begun trading. I also have a couple of small Hashlets from GAW.

I just ordered a miner. Not much, a BTC Garden AM-V2 (610gh). I've configured a P2Pool node on my Linux server. I think those of us who value decentralization have to take some responsibility for the infrastructure, even if it's not "profitable." Hobby, experimentation, principles -- it's all good!

[allcoinminer]

I'm a home miner with 3th. Not really making money but getting some BTC. I do it for interest in the whole process of digital currency. Also I try to buy as much BTC as I mine. Mine a coin... buy a coin. I think both ways make for a fulfilling hobby and support of community. I try not to think about the farms and PH/s that are being mined. It its what it is.
Have fun and remember to spend some BTC. That is the Purpose. Don't hoard it.

I'm with you. I've run bitcoind nodes on my computers for years. I've only recently bought my first coins, and have begun trading. I also have a couple of small Hashlets from GAW.

I just ordered a miner. Not much, a BTC Garden AM-V2 (610gh). I've configured a P2Pool node on my Linux server. I think those of us who value decentralization have to take some responsibility for the infrastructure, even if it's not "profitable." Hobby, experimentation, principles -- it's all good!

What were your achievements in running a bitcoind  these long years?

[Paladin45]

I'm a home miner with 3th. Not really making money but getting some BTC. I do it for interest in the whole process of digital currency. Also I try to buy as much BTC as I mine. Mine a coin... buy a coin. I think both ways make for a fulfilling hobby and support of community. I try not to think about the farms and PH/s that are being mined. It its what it is.
Have fun and remember to spend some BTC. That is the Purpose. Don't hoard it.

I'm with you. I've run bitcoind nodes on my computers for years. I've only recently bought my first coins, and have begun trading. I also have a couple of small Hashlets from GAW.

I just ordered a miner. Not much, a BTC Garden AM-V2 (610gh). I've configured a P2Pool node on my Linux server. I think those of us who value decentralization have to take some responsibility for the infrastructure, even if it's not "profitable." Hobby, experimentation, principles -- it's all good!

What were your achievements in running a bitcoind  these long years?

Just helping to maintain the blockchain. My PC's on 24/7 anyway, so no big deal. Running Bitcoin-Qt (and now Armory) doesn't tax my system to the detriment of my normal web surfing/streaming media/photo editing/office work. I tried CPU mining on Slush's Pool, but it bogged my system down too much for ordinary work. GPUs already had taken over by that time. I got some tiny, unpayable fraction there before I abandoned the idea.

[Paladin45]

I am not worried about if I am losing/ wasting money "Now".   The point of mining to me is to keep generating btc while I hold. I have made some ROI on my miners and also just broken even on some. At the end of the day I am mining for what btc is in 10 years not what it is now

+1.

If btc were only an improved currency and remittances system, that would be awesome enough. But there's so much more potential in the blockchain.

[OZmaster]

just try out cloudmining instead, gaw, ltcgear, genesis mining, LTCGear got an promo going on for ~5.5$ per 1MH/s in a pack of 160MH/s ~850$(all discount applyed), u use the cupon "anniversary1yr" and get 50% discount from it and another 8% from purchesing with bitcoin
pm me for my refferal link, ill give some extra mhs if you buy over my refferal

[Sunderland]

- Electricity Bill for every country in the world is different ,and in some country you can get cheap electricity with bribe someone who has authority to do that.

- Maybe miner still hope that BTC price or other coins will raise someday.

So now with btc below $400 we can say yes mining is wasting money ,but we don't know what happen next.

If whatever happens next, it only applies to already brought mining hardware.
For those who are going to get miners are 100% losers at this time.
They should wait for BTC value to appreciate before buying new hardware.
Otherwise, buy BTC directly is the best and less risky method.
If money is not a concern and hobby mentality cracking in your brain, buy a hardware now! 

Hahahaha agree with this ,good point.
All miners will take a deep breath after reading this 

[ARadzi]

is there anybody purchasing new hardware or cloud hasing contracts?

I haven't seen any cloud hashing contract profitable after doing 2-3 calculations.

Why invest money in ASIC cards or any other brand, when the bitcoin price is trending down?

I haven't seen any hardware that you can purchase now and get at least the money back even with free electricity

Am I missing something?

I'm using this calculator:

http://mining-profit.com/advanced-calculator

if anyone is making positive returns, can you show here with numbers?

I've been contemplating to go into mining but after what I have read in here, gotta think twice untill mining is profitable

[rhyso]

I have an avalon2 230 GH machine I got about 9 months ago... I turned it off about 3 months ago... It was good t first but I never got the ROI...

With so many new coins out there, surely these sub TH machines can be pointed at a different coin. I can't be bothered to do the research.

I just turned my machine on for a month as my wife is away and she hates the noise even if it is way in the background.

Anyone pointing their Bitcoin asics at another coin?

I wish I just spent the money on BTC at the time but was excited to mine... Even if I break even on just the electricity I am stoked to generate some BTC to invest in my favorite alts.

[asscoindigger]

Mining is not wasting money and still profitable in certain countries and can break even despite of the BTC slump.

But for us? Don't bother even thinking of mining unless you are one of 3rd nation citizen dude lol

Why would major corporates relocate their sweat shop factories to 3rd nations?

Apple Inc can’t make enough money if iPhone is manufactured in states. They develop Bitcoin-QT logic and cgminer etc and let the Chinese slaves to the labor because it’s feasible to maintain the network with little compensation to them.

You want to be naïve and join the slaves – maintain the network propaganda? Help yourself out.

Rather than thinking of mining and getting petty reward (but not that petty for slaves), we should build and preach the Bitcoin to neighbors, use it locally, adopt Bitcoin payment system if you have local legit business running etc.

Let the mining for the slaves so they can buy some meatbun for their reward.

[jsgayo]

Mining behavior objectively provide network security support, while obtaining benefits. But now the mining difficulty, has been making small miners can not survive.By mining, solve money generated fairness problem.

[MelodyRowell]

Not everyone is good at calculating the ASIC usage and many bills were paid by parents..

[achtung082]

My miners are now running as heaters.

Example: Two S1's under-volted work great for my home office. I don't need to run the oil fired single zone steam boiler when I work from home 2 days a week.
 

[MelodyRowell]

My miners are now running as heaters.

Example: Two S1's under-volted work great for my home office. I don't need to run the oil fired single zone steam boiler when I work from home 2 days a week.
 

But oil is much more cheaper as compare to heat my electricity right? Unless your s1 profit can really cover the electricity bill, if not then its still not worth it..

[SMB-2525]

Just to re-iterate, home miners who already have hardware can mine today in expectations of higher BTC prices in the future. They do not even have to break even today if they base their mining on a future BTC price of, sat, $900.

The prospective miner needs to balance the cost of the mining capacity against the cost of just buying the BTC. That is because mining capacity is a rapidly depreciating investment. In general, at BTC < $400 and 10% difficulty increases, you are better off buying the BTC.

This is in contrast to the situation for industrial miners who, at some level, must cash flow. So they have to sell their BTC.

[BitcoinHeroes]

Just to re-iterate, home miners who already have hardware can mine today in expectations of higher BTC prices in the future. They do not even have to break even today if they base their mining on a future BTC price of, sat, $900.

The prospective miner needs to balance the cost of the mining capacity against the cost of just buying the BTC. That is because mining capacity is a rapidly depreciating investment. In general, at BTC < $400 and 10% difficulty increases, you are better off buying the BTC.

This is in contrast to the situation for industrial miners who, at some level, must cash flow. So they have to sell their BTC.

Actually, it doesn't matter if BTC price is at $900 or $400, you will still not ROI your mining gear in term of BTC. If the price is $900, the difficulty would increase faster..... So you are still better of buying BTC directly..

[SMB-2525]

Actually, it doesn't matter if BTC price is at $900 or $400, you will still not ROI your mining gear in term of BTC. If the price is $900, the difficulty would increase faster..... So you are still better of buying BTC directly..

That's what I said. If you already have gear, keep mining. If not, buy BTC.