Topic: I am out of the mining game :( - page 12. (Read 44712 times)

Agree!

yeah, buying BTC is better, but i think if electricity is cheap, people can still make money from mining
It may take some time, though
It will take time to make money, isn't it?

I would not say small time can not mine.  I mean graphics cards were not  cheap when they were the hot item to mine with.  But with them you did have a "gamer" audience to sell cards to aswell at end.

Mining is no longer a game where small time miners can afford.

Most PoW coins may slowly go away and be replaced by PoS coins.

Though this is just an opinion, I think maybe we could shed a little light on some of your questions:

1) Honestly have no clue if central bankers are some how trying to undermine BTC but given the attacks and continuous FUD there is a very real possibility you are correct as this competes directly with the people who basically own the planet.

2) Mining difficulty going up is directly due to Big companies who sell us the hardware while they also roll out 11+Megawatt facilities which they use to mine on their next gen equipment (Until they sell it to us once they are done squeezing it) then they use our money to fund R&D and keep it moving off our tears, not very classy AT ALL.

3)I am also an industrial miner who has sunk a good chunk of money into the game while it was at around 8 Billion difficulty (Also saw ridiculously lower returns) which force you to re-invest most of the profit just to stay relevant.

4) The BTC value is due to whales dumping and re-buying to make a profit and acquire more BTC / merchants immediately changing their BTC to fiat via coin base etc / bots and people who soak up all the FUD selling at losses and moving to alt coins in hopes of a brighter tomorrow.

Once the fiscal deficit of the fractional reserve banking system crashes due to hyper inflation we will see some transfer of wealth come to BTC and then my friend you will feel the benefits of being a part of the early wave of "Speculators"

For now don't get caught up in the FUD pricing spikes and focus on how amazing it is that we are actually able to circumvent the banking domination by trading in a peer to peer decentralized world.

In my book that's a fucking +1 win  

I have to agree with you on the retailers part....  So much speculation was going around on the troll box. 

As for difficulty - people are saying it is these mega data centers that are lighting gear up.   I saw that with litecoin when the ASIC manufacturers were rolling their stuff into testing but nothing of this speed and size.  It has to plateau at some point.  Don't you think?

If I was a rich man and could put a decent wager behind a bet I have, I probably would rake in a nice profit..

I've started to believe the whole BitCoin world was taken over by Central Bankers long ago when they thought it might disrupt their banking cartel.

I seriously doubt that there's that much mining hardware coming online every 12 days that the difficulty jumps up anywhere from 7% to 20%.

That's bullshit!!

How's that happening?? NSA super computers being used to pump up the mining threshold??

I'm mining at 1.5THS and barely making $13 a day... 8 months ago I would have been making over $100 at that hashing power.. Talk about diminishing returns..

If I wanted to make $100 a day today, I'd have to be over 10THS, which I'd have to throw in another $20K in mining contracts. And that would only get up to $100 a day
for about 2 weeks before the fucking difficulty jumped up again..

And since BitCoin is tied to fiat currency, I'm guessing the reason it's down to $480 is because the fucking US dollar has somehow gained in value?!?!? Not in my opinion.. Try going to the grocery store and getting out of the store with 1/5th filled basket without blowing $100.

What happened to the idea that the more BitCoin was accepted by retailers that it would gain in value?? Not from what I'm seeing.. It should be up over $2000 a BTC..

And those of us who have invested tens of thousands in mining would actually be making some good money in return...

Just buy the coin directly - it is valued at 480$ USD right now - Calculate what it would cost to earn yourself a BTC (NET) through mining either physical/cloud and quickly understanding that greed has ushered in the era of industrial mining, either we adapt and go with the flow of the ocean... Or we swim into the riptide and drown.

I just don't understand their business.  I thought hashlet was a nice idea at first.  But going from like 14.99 to 39.95 and call it prime seems insane.  I will personally be sticking with physical miners. 

We will see if hashlets prove me wrong and were a great investment.  I just don't see how they made money at 15 dollars one day then a few days later it went to 40 dollars.  I see their sales slowing.

As you can see these scammers are specifically targeting small miners "you don't have to be rich". Are we mining or playing the get rich quick you deserve to lose all your money game?

Fucking scumbags.

"Proof of dishonesty and lies from Gawminers.com Hashlet Ponzi Scheme Scam"
https://bitcointalksearch.org/topic/proof-of-dishonesty-and-lies-from-gawminerscom-hashlet-ponzi-scheme-scam-749980

Virtual mining, as you call it, is indeed quite profitable - for the company selling the hashes   Every contract allows them to expand their marketshare 

Maybe traditional mining is not longer profitable, but you can do it in a new way. There are ideas like virtual mining, purchasing remote mining rig or buying something like the new Hashlet from GAW miners for example. And you don't have to be rich to to do so...

yeah he really broke it down in a way everyone can understand. great educational tool!

Mike Maloney is a smart man. He, amongst others, got me involved in silver and gold.

http://thebitcoinmovement.com/bitcoin-peoples-bailout-currency-vs-money/

It is so much worse than that bud.. look at #4

More than two arms. There is a multibillion dollar company where I live that is an Octopus on steroids. They own an auto dealership to sell themselves fleet vehicles. They own a refinery to sell gas to fuel their operations. They own a property management company to look after their real estate transactions. They own a rail line to deliver their products to market. They own an insurance company to insure their operations and fleet vehicles. The government gives them grants to expand because they say that they will hire more workers. May be true but they put the competition out of business. They own their own private police force for security. They own a house building company to build homes with their products. They own a chain of hardware and building supply stores to sell their products.

It is quite a system. Write offs and profits in a convoluted business world.

Good ol' selling from the right hand to the left hand?

Another trick is to have 2 different companies set up where manufacturer sells the units to the mining company at the same price as they would to any other customer. The mining company can write off the cost of the miners against the returns. A loss will not matter because it is all on paper and the BTC does not change. This is a scam that is legal in the my neck of the woods.

Yeah for many people it's only a waste of time and money,Nowadays there is not much profit in the mining anymore unless done in large scale