Bitcoin Price 1200 USD Means - Bitcoin Mining Is Profitable, Even For Beginners - page 2.

Stedsm

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Quote from: christie on April 20, 2017, 07:27:14 AM

i think it's too hard for amateurs to earn profit from mining bitcoins. the ASIC equipments are so expensive and obsolete too soon to get your investment back.

Not just amateurs, but most miners may not receive their expected shares because the difficulty is also increasing at a consistent pace with the increase in number of users joining the bitcoin movement daily. But still, those who were in before and made much coins would definitely buy back through their profits to run the network and turn that mining into profits too because they must be having a planned mindset for the same.

christie

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i think it's too hard for amateurs to earn profit from mining bitcoins. the ASIC equipments are so expensive and obsolete too soon to get your investment back.

squatz1

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Quote from: odolvlobo on April 10, 2017, 11:10:09 AM

The opportunity will be short-lived. The difficulty will continue to rise quickly, returning mining to normal profitability. It is risky for a person without cheap electricity to spend the money on an ASIC miner..

This right here, I want this post and my post to serve as a PSA that just because it looks profitable does not mean that this whole mining then won't become saturated very soon based on the amount of money there is to be made. People are going to have to understand that it's only going to last a short while until some fat cat buys ass loads of ASIC's and sets up his new farm.

Also, the price does nothing with profitability minus the exchange part of it. Difficulty determines all of this.

If I was new, I'd get into altcoin mining, seems to be much more worth it and more profitable as I do it with my 1080 graphics card on my gaming rig when I'm not using it and make about $3 a day when I'm not using the computer. Passive income which is instantly converted to BTC through nicehash.

molsewid

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Even if the bitcoin price will decrease into 1000 or maybe 900 dollars those beginner who are willing to buy bitcoin and then stock on there bitcoin wallet / blockchain account they can still make profit there if bitcoin price start increasing.

jorneyflair

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Quote from: Red Fish on April 10, 2017, 10:44:21 AM

Bitcoin have price over 1000 USD for some time, so BTC current price around 1200 USD means, it is good time for Bitcoin mining. Either through own hardware mining ASIC equipment or cloud mining. See latest BTC price here http://preev.com/.

The increase of the bitcoin price doesnt means it is a better time for mining, because the difficulty of mining blocks is rising constantly.
Newbies and un-experienced cryptocurrency investors might think like that, but it will be helpful for a short amount of time, but it isn't worth it to build bitcoin mine just because you may get bigger profits from that, but during short period of time.

As odolvlobo has already said, it is better to go with altcoins mining, because there is always a chance that you will be into the correct cryptocurrency when its price will increase in the same time when you already had some of this altcoin.

Maheshkumar_Hrangkhawl

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Quote from: p3ppymon on April 18, 2017, 03:13:31 AM

Is it worthy to invest into a USB miner at the moment?

I have the same question. They are inexpensive, and easily available when compared to the mining rigs. But are they worth the money and effort?

p3ppymon

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Is it worthy to invest into a USB miner at the moment?

Lizzie_Girl

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Quote from: Red Fish on April 10, 2017, 10:44:21 AM

Bitcoin have price over 1000 USD for some time, so BTC current price around 1200 USD means, it is good time for Bitcoin mining. Either through own hardware mining ASIC equipment or cloud mining. See latest BTC price here http://preev.com/.

No just because the price went up doesn't mean the difficulty will stay the same. The ratio will be similar. It is not that easy to say. There are lots of other factors to consider as well.

Wayan_Pedjeng

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Quote from: terrate on April 14, 2017, 04:39:52 PM

No . it is difficult to profitable.
Altcoin mining better than bitcoin mining.

bitcoin difficulties and some increased fees will eat u.

I agree with you. But which altcoin should we mine? These altcoins are even more unstable than Bitcoin. They can increase in exchange rate by 1,000% in the span of 24 hours, and later in almost no time the rates can crash to the previous levels.

terrate

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No . it is difficult to profitable.
Altcoin mining better than bitcoin mining.

bitcoin difficulties and some increased fees will eat u.

Indrawan77

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The price is up but the difficulty also rise, its not that profitable now, and cloud mining is not recommended to try,mining profit is little you better find other to invest

odolvlobo

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Quote from: linyhan on April 13, 2017, 04:07:14 AM

If your electricity is free then bitcoin mining is so profitable and can make you a millionaire someday,and if not then bitcoin mining is a waste of time.

Well, becoming a millionaire from mining is not easy. If you spend $150000, you can buy 100 AntMiner S9s that will get you about 0.04% of the total hash power. 0.04% of the total hash power mines about 277 BTC (currently worth about $330000) per year. You will mine your $1 million in about 3 years.

Many people confuse money made by mining bitcoins with money made from holding bitcoins. Very few people have earned a $1 million from mining, but many miners have held onto their bitcoins, and they are now worth more than $1 million.

linyhan

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If your electricity is free then bitcoin mining is so profitable and can make you a millionaire someday,and if not then bitcoin mining is a waste of time.

odolvlobo

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Quote from: Ctstrphy on April 12, 2017, 04:15:08 PM

May I ask how mining works? What is the minimum capital requirement for mining. I can have access to cheap electricity but I would want to know how much is needed to start a mining pool that would be profitable. I have read that mining alone is not really worth it these days as the difficulty is rising and cloud mining is the easiest way to get scammed.

Profitability varies greatly. It is mostly determined by the cost of electricity. There are major factors other than profitability, such as heat and noise and your time. If you are in a situation where you can mine profitably, then you will need one of these at a minimum: https://shop.bitmain.com/market.htm?name=antminer_s9_asic_bitcoin_miner

Ctstrphy

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May I ask how mining works? What is the minimum capital requirement for mining. I can have access to cheap electricity but I would want to know how much is needed to start a mining pool that would be profitable. I have read that mining alone is not really worth it these days as the difficulty is rising and cloud mining is the easiest way to get scammed.

kolloh

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Quote from: Idrisu on April 12, 2017, 06:42:32 AM

Quote from: Red Fish on April 10, 2017, 10:44:21 AM

Bitcoin have price over 1000 USD for some time, so BTC current price around 1200 USD means, it is good time for Bitcoin mining. Either through own hardware mining ASIC equipment or cloud mining. See latest BTC price here http://preev.com/.

If you can get low electricity price probably solar power and nice coolers for your Asic equipment? I think now should be the best time to mining bitcoin profitably. Though you may not be able to mining bitcoin profitable without cloud mining because of the current demands for bitcoin you can mining altcoins for more return.

Cheap or free electricity certainly makes mining look attractive, but if you don't have access to cheap electricity, it will still likely be hard to turn a profit via mining bitcoin.

Idrisu

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Quote from: Red Fish on April 10, 2017, 10:44:21 AM

Bitcoin have price over 1000 USD for some time, so BTC current price around 1200 USD means, it is good time for Bitcoin mining. Either through own hardware mining ASIC equipment or cloud mining. See latest BTC price here http://preev.com/.

If you can get low electricity price probably solar power and nice coolers for your Asic equipment? I think now should be the best time to mining bitcoin profitably. Though you may not be able to mining bitcoin profitable without cloud mining because of the current demands for bitcoin you can mining altcoins for more return.

zend7

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Although this will be short lived due to difficulty increase this still remains a golden opportunity even for a beginner who wants to mine. A beginner can opt to build a PC-mining rig with at least 3 GPU cards and mine altcoins. Then he will immediately convert his daily profit from mining into bitcoin and take profit of the actual bitcoin price. Best would be to save these mining profits in bitcoin and wait a few years, I am 100% sure this will be the best investment someone has made in his entire life. At least that's what I do, opened a specific wallet only for mining and named it MINING. I suggest this to everyone who have financial possibility to do it, it's now or never.

This will be very much emphasized in poor countries, like India,Bangladesh and alike countries. Their energy cost is very cheap so they should take advantage of bitcoin price.

iamTom123

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Quote from: Ryland R. Taylor-Almanza on April 10, 2017, 06:12:57 PM

Just reading about a user asking about mining and if it is efficient to take part in it and he was shot down for even thinking about starting to at this time.
https://bitcointalksearch.org/topic/it-is-good-to-invest-in-mining-hardware-or-in-btc-stocks-1862894

But now another new one saying it is the right time with the rise in price. Undecided

No wonder new members are confused of what to think at times.

It can indeed be so confusing as there are people with different views and varying experiences. Anyway, the most important thing is to filter information and decide which can be real or not. In case there can be doubt on anything, the best thing to do is hold on first and decide later though if a person has guts and can be listening to his/her hunch telling the person to go for it then jump with both eyes open. This forum can be presenting us with many ideas, opinions, views and even data so it is our own responsibility to select which can more likely be telling the truth.

Stedsm

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Quote from: Ryland R. Taylor-Almanza on April 10, 2017, 06:12:57 PM

Just reading about a user asking about mining and if it is efficient to take part in it and he was shot down for even thinking about starting to at this time.
https://bitcointalksearch.org/topic/it-is-good-to-invest-in-mining-hardware-or-in-btc-stocks-1862894

But now another new one saying it is the right time with the rise in price. Undecided

No wonder new members are confused of what to think at times.

I think that no one should be left behind by criticizing them for their questions, but instead, we should help them take their decisions as they ask us with a hope of getting correct answers. OP is somehow correct with his statement that with the increased price of Bitcoins, the probability of profits has also been increased. But what these guys need to know is that, they need to throw away some real hard cash in order to purchase those mining hardwares that they need to pour in the profits that we are talking here about.

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