Is Cheap Bitcoin Mining Still Possible?

Amph

legendary

Activity: 3248

Merit: 1070

At a $250 price point the only mining you could try to have is GPU altcoin mining on nicehash and have it payout Bitcoin. Going to be difficult to get a rig built at that price though.

with an amount so low it's impossible to build a gpu rig, you can't even afford the components part with $250 let alone the gpu itself

the onyl way for the OP is to go with second hand cheap antminer s5 or s7 and have a very low electricity, maybe below 5 cent

Shady

full member

Activity: 294

Merit: 100

Life is a game, you either play it or get played.

For the most part BTC became more profitable since the price jump came, but to be honest it's something that got replaced by web services + investment applications.

No matter what path you pick, mining alts is less competitive right now and can easily convert over to BTC.

DRaGoN RaNTaRo

sr. member

Activity: 319

Merit: 250

Quote from: Advanced_Slayer8 on February 08, 2017, 01:14:31 PM

I found an antminer s5 at 1200 GH/s for $150. Is that a good deal? and my electricity is 0$.08.8 cents where I live. Is there any way I could make any profit what so ever with this miner and a power supply? Huh

If you want to know how it feels to be a miner then you could purchase it,if you are looking about making a profit ,it is not the best deal at the moment.

Quote from: philipma1957 on February 08, 2017, 04:46:52 PM

You might be able to build a rig for 300-400 usd mine a coin like xmr and make a profit,. would be hard. but may it could be done. a plus about this is your rig is a pc that can do other stuff.

Is it still profitable to invest in alt coin mining and with the difficulty increasing on a faster rate will it be a profitable venture when you calculate the expense we have to encounter while running a miner.If you are having any experience with it i would like to know about it.

philipma1957

legendary

Activity: 4326

Merit: 8950

'The right to privacy matters'

Quote from: Advanced_Slayer8 on February 08, 2017, 03:52:16 PM

I know I was just wondering if I could have made profit in over 3 years or what the cheapest miners were

okay here is the deal you have 8.8 cent power that means profit is possible not certain possible.

under 5 cents and the right gear you make will money.

5 to 7 cents should make money

7 to 9 is the world of maybe.

the most efficient gear is from bitmain it breaks and breaks and breaks and breaks it also cost too much for you budget. 1000 to 1600

you next chance is avalon 721 or 741 it is reliable but cost about 880 usd for one.

no other gear is efficient enough to make money on btc at 8.8 cents.

so you are at the world of alt coins.

You might be able to build a rig for 300-400 usd mine a coin like xmr and make a profit,. would be hard. but may it could be done. a plus about this is your rig is a pc that can do other stuff.

Advanced_Slayer8

newbie

Activity: 5

Merit: 0

I know I was just wondering if I could have made profit in over 3 years or what the cheapest miners were

fanatic26

hero member

Activity: 756

Merit: 560

Not with that miner.

Honestly you will not make a profit unless you invest well over $1000 and are willing to wait 9 months to make your money back. This is not a get rich quick industry anymore, you are about 4 years too late to make an easy profit

Advanced_Slayer8

newbie

Activity: 5

Merit: 0

I found an antminer s5 at 1200 GH/s for $150. Is that a good deal? and my electricity is 0$.08.8 cents where I live. Is there any way I could make any profit what so ever with this miner and a power supply? Huh

erk

hero member

Activity: 826

Merit: 500

The variety of Bitcoin mining hardware is not what it use to be. If you want efficiency you have to spend a lot of money on a many TH/s device, even then they are hard to get hold of.

It's a real flaw in the Bitcoin design that an ever increasing amount of electricity is required just to get less and less BTC.

What's worse is that each time a smaller fab ASIC comes out, the hardware seems to consume more electricity. eg. The current Bitmain offerings compared to the original S1. Reducing overall power consumption doesn't seem to be a goal, you now need 1200W supplies etc. for a single miner. it's incredibly bad for the environment. The hardware manufactures seem to take priority in building up their own mining farms first, then the rest of the public gets the scraps after the difficulty has risen a few times.

There is not much point mining below 1TH/s, even then you want to be sure it's really efficient or it won't pay for itself ever.

snook

member

Activity: 77

Merit: 10

Google "bitcoin mining calculator"

You will make almost nothing with an usb miner. It's best for teaching you how to mine and connecting to a pool. If you buy a used asic miner check that it doesn't cost more in electricity than you receive in bitcoin.

Just keep reading. That's the best advice anyone can tell you.

Also google best bitcoin mining pools.

Advanced_Slayer8

newbie

Activity: 5

Merit: 0

what is the recomended amount of gh or th to balance out how much money I make?i am on a budget and what are the best pools for beginner miners?

sidehack

legendary

Activity: 3416

Merit: 1865

Curmudgeonly hardware guy

I don't think he was recommending you start your own pool. There's a bunch already operating.

Advanced_Slayer8

newbie

Activity: 5

Merit: 0

who will join my pool though? how would i get it popular? are pools more profitable if i ave more people? and do you have skype? we can chat faster there because i have a lot of questions. Huh

snook

member

Activity: 77

Merit: 10

Unfortunately the mining farms all over the world have pretty much put the home miner out of business. If you want to buy a couple usb miners or maybe something larger go right ahead. It's a great hobby to get into. Don't get into Bitcoin thinking about profit though. That's where most go wrong.

I just got back in from taking 2 years off. Big scams back in the day took every ounce of fun out of mining.

If I were you I'd buy a small miner just to learn how to setup to a pool. (if you really care about learning) and the rest maybe buy some bitcoin and hope it goes up.

Advanced_Slayer8

newbie

Activity: 5

Merit: 0

Is cheap bitcoin mining still possible? Hi I am kind of new to bitcoin mining and I am on a budget. Is it still possible to profit from the low price range miners? I have a budget of $250 and I will be using a raspberry pi 3 to control how ever many I buy. I can afford usb mining erupters and power outlets but I just need to know if I can buy anything that could be profitable. And my friend might help me out with $150 so maybe take that into consideration? But any help would be nice! Thanks!

-Alex Grin

Topic: Is Cheap Bitcoin Mining Still Possible? (Read 17800 times)