Debating on getting into mining

[Firefart7]

Hi all,

I became interested in bitcoin mining after my friend told me about it a few years back.  I did some research and found out that I'd have to invest quite a bit of money in order to make a profit on my investment.  I was wondering if you guys could give me some insight on how to get started, what I should buy (I found an antminer s4 2000 gh/s bitcoin miner for roughly $1000 and thought this might be good), how much, when, and if I would make a profit on my investment, the benefits of joining a pool and what I would need to do so, the cheapest option I can buy to still make a good profit on my investment, and if this is overall a good idea or not.
Thanks

[Mutley]

Mining might've been profitable or worthwhile for you back when your friend reccomended it to you, but it's not really profitable or worthwhile In my opinion. If you want to mine you could try an altcoin but I'd personally leave mining alone and look at earning bitcoins other ways. Up to you really.

[Firefart7]

Ok thanks for the input.  I just looked up the price history of bitcoin and saw that it was once over $1000 and now it seems to be the lowest it's been in a long time.  You mentioned earning bitcoins in other ways.  What other ways are there to earn bitcoins?  I didn't know that there were any ways other than mining.

[bitbaby]

Ok thanks for the input.  I just looked up the price history of bitcoin and saw that it was once over $1000 and now it seems to be the lowest it's been in a long time.  You mentioned earning bitcoins in other ways.  What other ways are there to earn bitcoins?  I didn't know that there were any ways other than mining.

If you're not looking to invest anymore in Mining, maybe it's best you buy some Bitcoins using that same money and then you can either, invest, lend, gamble, trade or hold according to your preference.

[Firefart7]

Ok thanks guys.  I'm glad I didn't invest all that money in something that might not be profitable. I'm going to take a look at litecoin for now and see if mining that holds any rewards.

[sifter]

Don't buy any hardware.

Now is the perfect time to buy lots of bitcoin.

Then you should be safe when you hold.

[fast2fix]

Ok thanks guys.  I'm glad I didn't invest all that money in something that might not be profitable. I'm going to take a look at litecoin for now and see if mining that holds any rewards.

stay away from litecoin it's dying lol. you should buy bitcoin(price is low) and hodl...

[sifter]

Ok thanks guys.  I'm glad I didn't invest all that money in something that might not be profitable. I'm going to take a look at litecoin for now and see if mining that holds any rewards.

And another reason would be that the block halves next year to 12.5btc

[ikydesu]

Ok thanks guys.  I'm glad I didn't invest all that money in something that might not be profitable. I'm going to take a look at litecoin for now and see if mining that holds any rewards.

Good, mining btc now not worth anymore.
If you have a lot of money buy bitcoin with half your money and buy half for hardware. Its time to buy btc.

[Bananana]

BTC price is 275 $ now and difficulty is increasing, so buying BTC is much better then buying hardware now.

[bitllionaire]

don't do it

invest in bitcoin and it will be more profitable if bitcoin grows up

[ChuckBuck]

Unless you're able to have this multi million dollar setup in Washington State, you shouldn't get into mining:



Ideal situations entail decent BTC price(NOPE), cheap electricity like $0.05 kW/HouR(NOPE for 99% of the country), cheap miners bought in bulk(NOPE if you don't have a few million to invest)...so yea, that should answer your question.

[sifter]

Unless you're able to have this multi million dollar setup in Washington State, you shouldn't get into mining:



Ideal situations entail decent BTC price(NOPE), cheap electricity like $0.05 kW/HouR(NOPE for 99% of the country), cheap miners bought in bulk(NOPE if you don't have a few million to invest)...so yea, that should answer your question.

Holy... Do you know who owns this?

[HeroCat]

Better would be invest BTC in BTC mining services - there are a lot of companies out there 

[sifter]

Better would be invest BTC in BTC mining services - there are a lot of companies out there 

Not all of them are legit.

Be careful.

[odolvlobo]

Better would be invest BTC in BTC mining services - there are a lot of companies out there 

Not all None of them are legit.

Be careful.

FTFY

Anyway, @Firefart7, don't invest any money into mining until you can answer all those questions yourself. At your level of mining knowledge and expertise, there is no way you will make a profit.

[ChuckBuck]

Unless you're able to have this multi million dollar setup in Washington State, you shouldn't get into mining:


Ideal situations entail decent BTC price(NOPE), cheap electricity like $0.05 kW/HouR(NOPE for 99% of the country), cheap miners bought in bulk(NOPE if you don't have a few million to invest)...so yea, that should answer your question.

Holy... Do you who owns this?

That's MegaBigPower out of Washington State:

http://www.logicoins.org/megabigpower-launches-global-franchisee-network-to-add-50phs-per-month-to-bitcoin-network/

Dave Carlson of MBP, the founder/operator, has all the checkboxes for profitable mining, but of course he invested quite a chunk to do so.

[sifter]

Better would be invest BTC in BTC mining services - there are a lot of companies out there 

Not all None of them are legit.

Be careful.

FTFY

Thanks  , what about cex.io ?

Unless you're able to have this multi million dollar setup in Washington State, you shouldn't get into mining:


Ideal situations entail decent BTC price(NOPE), cheap electricity like $0.05 kW/HouR(NOPE for 99% of the country), cheap miners bought in bulk(NOPE if you don't have a few million to invest)...so yea, that should answer your question.

Holy... Do you who owns this?

That's MegaBigPower out of Washington State:

http://www.logicoins.org/megabigpower-launches-global-franchisee-network-to-add-50phs-per-month-to-bitcoin-network/

Dave Carlson of MBP, the founder/operator, has all the checkboxes for profitable mining, but of course he invested quite a chunk to do so.

Wow, I wish I could open a franchise.

[BiTJack]

Unless you get couple terahashes off power and free electricity look into it or else i say forget it not worth it anymore.

[Amph]

mining was good until june-july, later it has died in a blow, the last good coin was cryptonite, for btc mining i never consider it, it's a big farm zone since 2013