Topic: Is it even worth it? (Read 2834 times)

if youre going to mine with some boxes like servers i suggest you wait for the http://www.cryptoindustries.com/?page_id=1450 in time it will be far more profitable than mining btcs.

That's an awesome resource, but I'm willing to except some blurred lines in order to simplify the query greatly.  Such levels of specificity would be alright if deciding whether to mine at 550 vs 575 dollar exchange rate, but probably not necessary if you expect current volatility to continue, if not accelerate.

Of course if one expects such a thing, they should maybe just a buy a coin anyways.  I'm not really interested in mining as I feel price is always going to keep the pool crowded, but I am interested in the price action and analyzing it technically and fundamentally.  For that I need more a feel of the average cost of miners than one specific mining rig.

Spend some time here:
http://mining.thegenesisblock.com/

I see a lot of people telling others, especially newbies, that it's not worth it to even try, and they have a vested interest in shoo'ing away people.

I'm going to give them the benefit of the doubt.

Here's what I'd like to know, is there a fairly simple calculation involving difficulty and price that can give a dynamic answer to whether it's 'worth it' (meaning if you spend an average amount per GH including power requirements)?

I would think those two numbers the most important, and we are at 800 dollars a bitcoin right now, which makes me think it's got to be worth it while at that price, until a certain difficulty.

It really depends what you are good at, if you are good at building computer you can try GPU mining... be sure to have at least 2000$ capital for buying 4 and above GPU.

It is worth it, cpu mining is currently the best...

Nothing untrue about what I said, and I was transparent that there is a kickback for signing up.  People need to do their own research, but I have found CEX.io to be a great way to get into bitcoin mining. 

It's called affiliate marketing. Why shouldn't the people be rewarded for their efforts to promote a company?

I bought some hashing power, because of a recommendation from someone on twitter. He didn't give me his link...

First, I ganna warn you of cex.io troll that is putting their referral link (they gain some hash if you buy hash directly under them). Next you can try CPU mining and choose any CPU coin you think is the most profitable...

And you are one of the cex.io troll that you mention. I would suggest doing more research yourself before you decide on anything...

As with anything there are benefits and risks.

If you want to get into mining, you need to ask yourself if it is a hobby or an investment and then take your approach. Buying hardware is hard to give a reliable roi, but it is a lot of fun.  The CEX.io 'trolls' are keen to promote cloud mining because there is a small kick-back if you register - but at the same time most of them have found cloud mining a good way to be both a bit of fun as a hobby as well as an investment.  It also provides a way out if things turn bad quickly.

Make your own choices is the answer - but make sure you have fun and don't waste your money. With any possible large gains, it normally comes with large risks.

You really need to be more specific of what you wanna mine and so on... But like the rest say stay out of ASIC and you should be fine...

Not worth it, but if you really wanna choose, CPU should be the best choice for now.. You can mine PTS and Primecoin or any other CPU coins...

It really depends on if you know what you are doing. Some people are mining cpu coins with CPU and they make decent income... So if you can get cheap server/mining machine why not?

That would be free.

I was thinking of putting them in a datacenter. But it's fine. I already have about 13 vps's world wide and make money pushing orders daily earning me $1000's per month with little work. I think I'll try to get as much as 50 vps's to expand my little project with profits daily.

This bitcoin all seems very complicated and what not. I was also thinking if a company makes machines to sell these for you to mine why not keep it all and do it for them and not sell these machines.

Thank you everyone. I guess this was good at the start, but later on get's harder and harder just like anything else in life with people who have access to it.

Not worth it, its getting harder and harder to make a return from mining...

You need to give more information then this like what is your electricity charges.....

Yeah, those CEX.io trolls are everywhere but it's worth mentioning that the "free Gh/s" only exists as long as the person retains some mining capacity on the CEX.io exchange, otherwise, it disappears.

 

no, and don't get scammed by cex.io trolls,they just wanth free Gh/s.

No

In general terms you can make a small profit by buying the fastest hashing equipment provided you get a first quarter 2014 or earlier delivery.

But much will depend on the Bitcoin price.  If we use Cointerra Terraminer IV as an example then assuming difficulty levels increase at a relatively constant rate based on the last ten increases, then if the Bitcoin price it remains at $450 you will make a small profit, like 5% to 10% on your investment.  If the Bitcoin price goes to $800 you will double your money.  If it falls to $100 you could lose your investment entirely.

For this reason I would say if you are bullish on long term outlook on Bitcoin, and you understand computers then research the hash rates, delivery rates, and then buy mining equipment.  

In mining the other consideration is the change in difficulty level which you should research and understand. The difficulty levels are dependent on the volume of new chips and units coming onto the market.  Unfortunately because newcomers are generally not doing enough research, and the online calculators tend to trick newcomers into a false sense of profitability, and newcomers fail to spot that difficulty levels keep rising each 2 weeks, and that like an aging actress, mining is a battle against time.

The delivery rate is extremely important because increasing difficulty levels over time make mining unprofitable if you receive equipment later than promised therefore don't buy anything from companies with track record of very late deliveries like Butterfly Labs (BFL) or other companies with scammer or warning tags.

Notice however that at present the profit from mining is not too dissimilar from investing in Bitcoins and so a simpler option if you are not so good with computers is just to buy Bitcoins and keep them in an encrypted wallet.

Finally do lots of reading on this forum and learn via other peoples experiences about mining. You will be surprised how often history repeats itself.

I was thinking of buying some server/mining machines to mine.

But is it worth it?

What's the price on one of these? And how long before it pays off? 

Is it steady or does it change daily to mine?