Debating on getting into mining

[JLynn171]

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

Yes the day he told you about it 2 years ago drop everything you were doing and invest invest ivnest and save.... and btw if you time machine is up and running can i ride with ya?

[MacAndSwiss]

If you were to start before, like a few years ago, then you would profit.

Now, the difficulty is so high its not possible in a short term hobby.

[odolvlobo]

If you were to start before, like a few years ago, then you would profit.

Now, the difficulty is so high its not possible in a short term hobby.

It has never been easy for miners to make a profit. Many people believe that early miners used to rake in the dough, but that is a myth. Even back when the difficulty was 20, miners couldn't make much of a profit (if any) because the 50 BTC reward was worth only $0.20.

[MacAndSwiss]

If you were to start before, like a few years ago, then you would profit.

Now, the difficulty is so high its not possible in a short term hobby.

It has never been easy for miners to make a profit. Many people believe that early miners used to rake in the dough, but that is a myth. Even back when the difficulty was 20, miners couldn't make much of a profit (if any) because the 50 BTC reward was worth only $0.20.

I meant that some people used to mine bitcoin when the difficulty was low enough for it to just work (BTC in wholes, not insane decimals)

and the held on to it until today, when it is worth something.

[Hope78]

GPU mining is a thing of the past. With several companies releasing devices specifically engineered to mine bitcoins, the difficulty has increased so much that it is impossible to turn a profit with a regular computer setup.

Bitcoin investment is a great opportunity. There is no minimum amount to buy and right now they are in their infancy. Because of the increasing demand for Bitcoins is increasing they have increased in value exponentially. There is also a possibility of them dropping. It’s speculation, but the base is getting bigger, and because bitcoin has no central authority to issue them any faster, supply cannot keep up with demand, causing them to rise in value.

[fenghush]

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

Wrong, due to the drop of bitcoin price, the difficulty will decrease on the next retarget http://www.bitcoinwatch.com/ as miners can't afford to cover their costs let alone ROI. It's still pretty silly to invest in ASIC.

[MacAndSwiss]

If you want to do GPU mining, you might wanna go for altcoins, maybe even litecoin.

[pooya87]

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

this is exactly the story of my life.
my friend told me about bitcoin and bitcoin mining as he was doing it easily and earning good money from it but i was lazy to listen to him.
now (IMO) it is not worth it to get into mining since the high difficulty and low price