Topic: Does mining require a professional - page 3. (Read 5420 times)

There is no ROI guarantee, doesn't matter how long the time frame, the cost of running equipment will rapidly outpace anything it can earn in btc. Reward will drop by half approx. every four years, next due around Aug/Oct 2016, hash rate will sky rocket, electricity costs will rise significantly. You'll be trapped in a loop of pouring more and more fiat or earned btc money into ever more efficient miners just to stand still. Anyone not upgrading in line with the increases will just end up being squeezed out of the process.

If you're going to start mining for profit now you're insane, for a hobby fine - no problem, otherwise just buy btc. All the benefits of increasing btc "value" with none of the overheads, stress and hassle.

You dont need to be a proffesional, you just need to spend a couple of days on this forum and read the topics

What you trying to say is wrong, the earning would go so low that it would not ROI for the lifetime... Do some calculation please

Well now with the speed the difficulty is increasing, hardly worth it.

For me, its quite actually quite hard to setup. You also have to understsnd more about overclock, heat management and pool.

You forget about electricity charges....

I don't really agree with all the naysayers, as long as your hardware doesn't die you will get a ROI someday.  It may not be today, or tomorrow, or this year, but eventually you will break even and if the price of BTC keeps going up you might even profit a bit.  You won't be the next 'Bitcoin Millionaire' such as the people who started in its infancy, but you can have fun and break even or even profit a small bit(also save on heating bills).

There are plenty of guides around to make mining btc very easy, there's no need to be an expert.  make sure you have a wallet, join a pool like btcguild, etc. and you should be good to go.

Mining has become very hard lately so make sure your aware of electric costs if you pay for your own electricity and factor that in.  It's a very fun hobby but one that is increasingly hard to see an ROI on.

There is much truth in the sentiment that it's now far better for an individual to buy btc with their money rather than mining equipment.

If you end up getting heavily into BTC remember that security is your friend.  Always use 2 factor authentication for everything related to bitcoin and preferably don't keep your wallet on the same computer you do all your daily web browsing on.

keep in mind...everyone in here has a common interest to deter you away from mining.  You are literally taking away from the pie by entering into the bitcoin game.  This is the way it works with all hardware and cryptocurrency mining.  As far as time to get it up and running, these guys are right.  Its an upfront investment of maybe 5 hours tops if you are using an asic (a little longer if you were stupid and went the gpu route (gpu requires you to test settings and find an ideal middleground setting that won't crash the pc) not stupid totally if you decided to mine alt-coins, but absolutely dumb if you thought you would buy gpus to mine for btc)

I think we've all found out the hard way here, that by attacking the same pie....no matter how much money you throw onto an asic - you're likely to lose btc if you plan to only mine btc with it.  I spent an hour getting my knc miner configured and only because I did a lot of checking here and there I could have just simply entered in my pool credentials (join a pool like btcguild or eligus)  and it began hashing away.  Make sure you have a wallet on your phone or on a secure pc and point your account on the pool to the wallet. 

If you used something outdated like bitcoinx.com/profit, then stop, goto a place like mining.thegenesisblock.com and see where you stand for at least the next 90 days.  ignore anything beyond that as there is no way to have the system double upon double upon double every month like their calculator is expecting. 

In short, you don't need to be good at PC cause instruction is all over the internet. But you need to spend some time if you have never done it before. 1-20 hours depending on the problem you face..

You can also consider the big ASIC miners...such as cointerra for 2TH for 6k... or you can try could mining at cex.io... it's my signature if you're interested.

If you are interested in it as hobby is fine and not too difficult to do but you will never get a ROI.
If you have a financial background you should do trading or invest in shares of Bitcoin related companies.

Another possibility is to work part time for a company who pays in Bitcoin.

If you want to spend some you can buy hi-tech and gadgets from our website www.bitroad.co.uk

Hope you will find the best solution to fit your needs.

Regards

Please don't buy any ASIC, you will regret like I do. The difficulty is increasing at 40% per 10 days, since your a banker you should be really good at calculating it.

Easy to mine after you setup it correctly, you can just leave it for months. The main problem is you will never ROI. Buying stocks or btc directly is better.

Exactly...so get into it if you want to do it as a hobby.  If you take a look at ebay and do some hashrate per dollar calculations, it's quickly evident that there are no returns... get into it for fun!  Or unless you believe bitcoin will hit 1,000,000 dollars someday.

Before you buy any miner, invest some time how difficulty works, what difficulty might be in near future and play with mining profitability calculators. If you do all right you will find out mining is not golden mine, in fact it is unprofitable now

It is very unlikely you will make ROI with mining at the moment, better to buy BTC low and sell high.

Generally you could be looking at 5% a day over the last couple of weeks, good luck with even getting near that with mining hardware.

Mining is easy; making ROI is not. There is lots of easy-to-use mining software out there. I recommend MinePeon, a Linux mining distribution for Raspberry Pi. You certainly don't need a degree in computer science, but some configuration is necessary.

I just want you to understand that you won't make a profit doing this -- especially if you are mining on a desktop, which consumes more power. Treat it as an educational hobby

I am thinking of buying an ASIC and start mining BTC. I just have 1 question to miners. Is it difficult to mine? I mean should I be a PC professional or have a computer science background to mine? Few people told me that I shouldn't mine because it is not something easy, and if i don't know what I'm doing, it might cause me trouble in terms of ROI.

I work at a bank from 8 to 6 everyday, so I won't have time to sit on the PC, but in order to make money, I should keep my PC running at least 20 hours a day. Is mining just plugging the hardware and letting the PC run alone to mine BTC?

I appreciate your help with this matter.

Thank you