Topic: Is getting into mining now a bad time? (Read 845 times)

I second the previous comments.  Mining is just a way for me to keep interested in bitcoin.  It also prevents me from "cashing out" and squandering the money elsewhere.

Aint that the truth!

Just say no!  

Once you start mining you can't stop.  

You keep telling yourself ROI is right around the corner, then difficulty goes up, and you invest in another miner.  You finally get some regular BTC coming in, then it slows down again in a couple weeks.  NEED MORE HASHPOWER!

It's a disease.  If you're just in it to hobby and speculate, go ahead (that's what I told myself too).

But be very careful...once you see that Bitcoin Core wallet popup saying you have an incoming payment, it's over...

If you have free electricity then mining might be profitable for you,But my advise will be hold on your btc once they go up in value you can buy the mining gear for less price 

Mining is fine, just don't expect to cash out anytime soon to pay for the electric bills and such.

Thanks. Exactly the response I was looking for. Yeah, profit isn't the main reason I am interested although it would be a nice bonus.

To be clear, when I say profit I literally mean $5/day at best. I just don't want it to be an eternal money pit.

Almost all equipment is priced with a break-even 3-4 months based on current value. Forecasting ROI is pointless because BTC has too much variation in pricing. The bulls and bears will dictate your profit or loss more than pricing of equipment. However, skip the pain of getting screwed, go buy some BTC and hit the group buys on the forums we've got some excellent sellers here.

I'd advise forget about profit as a motivation because it's not guaranteed, talent doesn't even matter when you mine something and demand dries up or government actions attack it. Are you interested in economics? Technology? Innovation? Speculative investing? If any of those apply then go for it, just don't rip your credit card to do it. Start small and work your way in. Everyone will talk you out of it and they will promise the next big thing is a week away. People have been preaching about "Black Arrow" miners since November of last year, and while my gear has been mining they still wait. Opportunity cost comes in the form of waiting. Profit or loss doesn't matter so much if you do it for the right reasons; profit is a desirable outcome, not a reason. I'm kinda an Econ nerd, and I like speculative investing, messing with hardware scares me but I've learned a lot. Bitcoin mining was also massively helpful during my economics and supply chain classes, scored some good points on essays about mining and Bitcoin technology. It's almost like the ultimate simulation of running a major operation, but now that the IRS wants a piece of the action the simulation became much more real. With that said, if you think you might eventually go big you should keep detailed records from the start.

I just invested into a few gridseeds. The only problem is that they are around $300 each (Unless you got BTC with you). So 1 GDS will break even in like 3-4 months. BTC is all over the place but I think for the price you're gonna be paying for the gridseeds, I would recommend getting a Antminer S1. Just my 2 cents.

Mining has piqued my interest over these last few days and I would like to do it for a profit and for fun as a hobby but from what I understand this is becoming increasingly difficult. I figure Bitcoin mining is too competitive to bother so I mainly have my eyes on Scrypt coins but I am afraid to invest in these GridSeed devices with all the supposed Scrypt ASICs right around the corner.

What do you guys think? Waste of time/money/resources?