Topic: Is btc mining still profitable or is it just a big cover-up scam? - page 2. (Read 11815 times)
September 18, 2017, 05:20:30 AM
mining still profitable if you live in the country with low electricity cost, or if you use other fuel that can convert to electricity. BTC mining is still profitable just need to know the right equipment. Knowledge about mining is one advantage, do the math and wait, it is a trial and error, understand the difficulty, block generation time , pool fee and up-time. It takes a months or a year to see the progress just take a note in every step you make. Big time minging company do they research and trials until they found the formula on it. GOOD LUCK
September 18, 2017, 05:19:12 AM
Well you can't really say it is a scam when you get something in return by mining. But for that you need to invest also a lot, unless you have super computing power and also free electricity. So you should first and ultimately think about what profit would you make, and how much you would have invested in. For me mining is not an option because where I am electricity is high in price, so not worth it mining, because I wouldn't profit anyhow.
September 18, 2017, 04:36:58 AM
Mining is something _you_ do, it can never be a scam. Due diligence, as with any operation, makes the difference. That, and a profound understanding of the undertaking.
If you are not capable of explaining hash power, difficult, difficulty increase, average block generation time, different pool types, pool fees, uptime, etc. to a 12 year old then you shouldn't touch mining with a footpole. It's complicated, but a little maths can tell you what you need to break even. Electricity cost has a huge impact on your ability to make a profit.
keep in mind no mining breaks even in less than many months to a year, so be very careful how thin you stretch.
If you are not capable of explaining hash power, difficult, difficulty increase, average block generation time, different pool types, pool fees, uptime, etc. to a 12 year old then you shouldn't touch mining with a footpole. It's complicated, but a little maths can tell you what you need to break even. Electricity cost has a huge impact on your ability to make a profit.
keep in mind no mining breaks even in less than many months to a year, so be very careful how thin you stretch.
September 18, 2017, 03:07:04 AM
talked to a guy who bought 25 antminers and lost all in 6 months. He said he did calculation and analysis when decided to do this, but all his calculation is purely theoretical. But it is nearly impossible to reach an ideal state in reality. Plus, as mining difficulty increases as time progresses, it takes about 2 months for a miner to be outdated. So he suggests just buy bitcoin and give up mining. He even mentioned that btc price on exchanges is manipulated as a way to stimulate the sale of miners...
You cannot mine Bitcoin without near-free electricity. This is why most use hydro stations; because they always produce "excess" that can be subsidized for almost nothing. September 18, 2017, 02:55:58 AM
talked to a guy who bought 25 antminers and lost all in 6 months. He said he did calculation and analysis when decided to do this, but all his calculation is purely theoretical. But it is nearly impossible to reach an ideal state in reality. Plus, as mining difficulty increases as time progresses, it takes about 2 months for a miner to be outdated. So he suggests just buy bitcoin and give up mining. He even mentioned that btc price on exchanges is manipulated as a way to stimulate the sale of miners...
Yes mining is profitable and mining gives you much better profit and so very fast. But many mining now are scam becuase many people have evil plan to create a scam mining so be carefull. 
August 03, 2017, 09:56:52 AM
talked to a guy who bought 25 antminers and lost all in 6 months. He said he did calculation and analysis when decided to do this, but all his calculation is purely theoretical. But it is nearly impossible to reach an ideal state in reality. Plus, as mining difficulty increases as time progresses, it takes about 2 months for a miner to be outdated. So he suggests just buy bitcoin and give up mining. He even mentioned that btc price on exchanges is manipulated as a way to stimulate the sale of miners...
it's profitable because now the diff is lower, because of the miners switching to bitcoin cash, so the profit is a higher on the main chain, or mine bitcoin cash which is also very profitable
August 03, 2017, 09:51:35 AM
It may still be profitable depending on the cost of your electricity. This is a key factor, because it makes or breaks the whole equation.
If your friend's miners are already paid for, he probably should still keep mining as long as the total cost to generate a coin (electricity, space rental, etc.) is less than the value of the actual coin.
By the way the Antminer S9 has been around for almost a year and it still is not outdated. The days when a 65nm miner is obsolete before it is even released is over. 16nm is still viable and not too far away from the bleeding edge.
If your friend's miners are already paid for, he probably should still keep mining as long as the total cost to generate a coin (electricity, space rental, etc.) is less than the value of the actual coin.
By the way the Antminer S9 has been around for almost a year and it still is not outdated. The days when a 65nm miner is obsolete before it is even released is over. 16nm is still viable and not too far away from the bleeding edge.
August 03, 2017, 09:46:41 AM
Yes bitcoin mining is STILL profitable until now. Just been on a seminar last month and he is a miner since 2014. He told us about the equipments you need to use in order for you to profit very well. And he estimated that he is mining at least .24 bitcoin per month. The electricity bill is included on that earning. So if you add the bill it would be .26-.3 bitcoin, all in all. This is the greatest thing about mining. Leave it there and you will earn but it requires a lot of money to invest. But if you found out that bitcoin is no longer profitable then mine alts. Try eth I think it is a good alternative.
August 03, 2017, 09:43:41 AM
talked to a guy who bought 25 antminers and lost all in 6 months. He said he did calculation and analysis when decided to do this, but all his calculation is purely theoretical. But it is nearly impossible to reach an ideal state in reality. Plus, as mining difficulty increases as time progresses, it takes about 2 months for a miner to be outdated. So he suggests just buy bitcoin and give up mining. He even mentioned that btc price on exchanges is manipulated as a way to stimulate the sale of miners...
Bitcoin mining was easy as well as profitable when it was mined with even a cpu system.Then it needed GPU system to mine and now.poerful ASICs are needed to mine bitcoins.Also,electricity charges should be checked since profit could be only made if cheap electricity is available. August 03, 2017, 09:31:57 AM
If you could make magical machines that would just give you money, would you ever sell them? If so , why?
August 03, 2017, 09:00:31 AM
If you have the right equipment, it is still profitable. It also depends on electricity price. But I think altcoin mining is much profitable now.
August 03, 2017, 08:51:20 AM
When doing mining calculations you MUST take into account the difficulty increases. Use a difficulty calculator like this http://www.vnbitcoin.org/bitcoincalculator.php
Mining is still profitable/at least break even if you live somewhere with very low electricity costs and don't overpay for the mining equipment
Mining is still profitable/at least break even if you live somewhere with very low electricity costs and don't overpay for the mining equipment
August 03, 2017, 08:46:35 AM
talked to a guy who bought 25 antminers and lost all in 6 months. He said he did calculation and analysis when decided to do this, but all his calculation is purely theoretical. But it is nearly impossible to reach an ideal state in reality. Plus, as mining difficulty increases as time progresses, it takes about 2 months for a miner to be outdated. So he suggests just buy bitcoin and give up mining. He even mentioned that btc price on exchanges is manipulated as a way to stimulate the sale of miners...
Jump to: