Hello Beginner here - page 5. | Bitcointalksearch.org

rickdeed1956

newbie

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Quote from: Jackfruit2017 on January 27, 2018, 09:28:48 AM

Greetings everyone,

I am new to crypto currency and have been reading and learning about Bitcoin mining. I am curious if it is still profitable?

The first thing people need to do is check a few statistics. This includes the mining hardware’s hashrate execution, the Bitcoin network’s current difficulty, and the electrical costs associated with a mining device.

These steps are needed to assess the performance of a custom built or purchased a mining computer. Building custom mining rigs are slowly becoming a dying art as pre-assembled mining computers with Application-Specific Integrated Circuitry (ASIC) have become a dominant force within the industry.

crypto002

jr. member

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it depends whats your cost of hardware and most important what is the cost of electricity where u live

rapwindsoul

newbie

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For me, only those with high-powered and specialized large scale machinery are able to profitably extract bitcoins nowadays through mining. While mining is still technically possible for anyone, those with underpowered setups will find more money is spent on electricity than is generated through mining. Imagine you have larger scale competitors to extract crypto in the mining business, you'll be left out.

In other words, mining won’t be profitable at a small scale unless you have access to free or really cheap electriciy.

Rimcoin

newbie

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Hello I think that for one person it's not profitable mining bitcoin but maybe certains altcoins can be profitable

HabBear

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Quote from: Jackfruit2017 on January 27, 2018, 09:28:48 AM

Greetings everyone,

I am new to crypto currency and have been reading and learning about Bitcoin mining. I am curious if it is still profitable?

To the first time, casual miner? Only cloud mining but there are risks in those ventures (minimum payout thresholds) and the earnings will never make you wealthy.

To make real money at minig you need to deploy a large operation. In business they calm it economies of svale, meaning the larger the scale of your operations the better opportunity for profit. You’ll need 50, 100, 1,000 machines to make any serious, quick profit.

The best way to profit from Bitcoin is to buy some and hold on for dear life.

cry4crypto

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You're probably better off mining altcoins with a GPU rig (these are more versatile, as with GPUs you can mine multiple algorithms, whereas Antminers' focus is Bitcoin and these device only support the SHA-256 algorithm). An added bonus with a GPU mining rig is that you can resell graphic cards, whereas Antimners will eventually become expensive paperweights (check out the prices of older devices & their hashing power - pointless to run them currently). AdolfinWolf mentioned NiceHash, this is a good starting point for any beginner, since it allows you to sell your hashing power to mine altcoins (while automatically switching to the most profitable algorithm) and automatically pays you in Bitcoin.

amanmahajan12

brand new

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mining with bitcoin will somehow needs alot of money....and morover it will need a strong and powerful system to understand the algorthims and make them work!!!

AdolfinWolf

legendary

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Quote from: Jackfruit2017 on January 27, 2018, 09:28:48 AM

Greetings everyone,

I am new to crypto currency and have been reading and learning about Bitcoin mining. I am curious if it is still profitable?

That depends on a number of factors, including how much you're willing to invest, and what your electricity cost is.

It is no longer profitable to mine bitcoin itself with GPU/CPU's, you can however still mine altcoins with your GPU. See https://www.nicehash.com/profitability-calculator/

You'll need an ASIC to mine bitcoin. Like this one, https://shop.bitmain.com/antminer_s9_asic_bitcoin_miner.htm

Jackfruit2017

newbie

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Greetings everyone,

I am new to crypto currency and have been reading and learning about Bitcoin mining. I am curious if it is still profitable?

Topic: Hello Beginner here - page 5. (Read 931 times)