is it profitable to start mining today?? - page 2.

ranochigo

legendary

Activity: 3038

Merit: 4418

Crypto Swap Exchange

Quote from: oceans on July 14, 2014, 08:44:19 PM

I bought a few cheap USB miners at the hopes of getting lucky.
Maybe one of these days I will wake up and have 25 BTC sitting in my wallet.(One can only hope) lol
It is like a lottery ticket, I dont expect to get anything out of it, but it could happen.

It is however, very impossible since the difficulty is so high. You will need extreme luck to even get a block. IMO, you are wasting a portion of your electricity.

oceans

sr. member

Activity: 406

Merit: 250

I bought a few cheap USB miners at the hopes of getting lucky.
Maybe one of these days I will wake up and have 25 BTC sitting in my wallet.(One can only hope) lol
It is like a lottery ticket, I dont expect to get anything out of it, but it could happen.

ranochigo

legendary

Activity: 3038

Merit: 4418

Crypto Swap Exchange

Quote from: R4v37 on July 13, 2014, 02:40:00 AM

no one will know for sure
for example, u solo mine, then in a few days, u got 25btc
its like winning a lottery Cheesy

but its not like that if u play in pool...

However, for most hardware, it would be a miracle for them to even block unless you invest hundreds of thousands of dollars in it.

R4v37

sr. member

Activity: 266

Merit: 250

no one will know for sure
for example, u solo mine, then in a few days, u got 25btc
its like winning a lottery Cheesy

but its not like that if u play in pool...

wunkbone

sr. member

Activity: 420

Merit: 250

Yes if the difficulty stay the same for the coming months. But the chances is really slim..

Bitsaurus

hero member

Activity: 873

Merit: 1007

Quote from: philipma1957 on July 10, 2014, 09:13:33 AM

Quote from: ALToids on July 10, 2014, 02:18:08 AM

Quote from: philipma1957 on July 09, 2014, 10:38:38 PM

Quote from: aak.wd on July 09, 2014, 02:07:33 PM

its been last 5 days watching over this bitcoin thing and i have some extra cash so i just wanted a suggestion that if i start mining today by buying the hardware would i be in much profit or its just a decent profit??
and i dont have hell of cash its just my pocket money which i would be investing.
so finally is it profitable for a beginner to start mining today?
and i see the difficulty rate increasing like anything day by day..
if yes plez just suggest some hardware which is ecnomic and will pay back in few months.

No miner pays off in a few months.

Exceptions are:

your power is really cheap and or free.

You run a business that uses electrical power to dehydrate food.

You use electrical kilns to dry lumber.

You buy today and coins go up like mad.-------------mining in this case makes usd / fiat profit. not btc profit. say 1 coin at 620 usd or .5 coin at 2000 usd. buying and hold a coin may do better but faces different tax law then mining for a coin.

Oh I don't think you could use miners for food dessication. The mines emit too many VOCs and they're not certified food handling equipment, so at least in the US it would be a no no to do it for sale. Could you dry your own beef jerky at home, yeah, but just don't sell any food because the fines are insane.

you would need to use the hot air from the miners to heat a coil. then use a fan to blow on the coil.

thus the air used to cool the miners never touches the food. I have penciled a few designs that use this approved rack

http://www.lemproducts.com/product/stainless-steel-dehydrator/jerky-food-dehydrators

this is an 800 watt rack .

if you do no use the heating element and use 3 s-3's the key would be to transfer the heat and not the air. I have a few ideas on how to do it.

This is an invention waiting for this industry here is an item that burns 800 watts of power for heat.

Combine the s-3 with this and make a safe dehydrator.

That's asking for 2 points of heat transference which is not particularly efficient. Heat is most easily transferred through solids or liquids.

A better solution would be to liquid cool the miners and use the heat given off by the radiator to dry the food. As long as the radiator has no reactive paints or chemicals on it's surface it should be certifiable.

philipma1957

legendary

Activity: 4326

Merit: 8950

'The right to privacy matters'

Quote from: ALToids on July 10, 2014, 02:18:08 AM

Quote from: philipma1957 on July 09, 2014, 10:38:38 PM

Quote from: aak.wd on July 09, 2014, 02:07:33 PM

its been last 5 days watching over this bitcoin thing and i have some extra cash so i just wanted a suggestion that if i start mining today by buying the hardware would i be in much profit or its just a decent profit??
and i dont have hell of cash its just my pocket money which i would be investing.
so finally is it profitable for a beginner to start mining today?
and i see the difficulty rate increasing like anything day by day..
if yes plez just suggest some hardware which is ecnomic and will pay back in few months.

No miner pays off in a few months.

Exceptions are:

your power is really cheap and or free.

You run a business that uses electrical power to dehydrate food.

You use electrical kilns to dry lumber.

You buy today and coins go up like mad.-------------mining in this case makes usd / fiat profit. not btc profit. say 1 coin at 620 usd or .5 coin at 2000 usd. buying and hold a coin may do better but faces different tax law then mining for a coin.

Oh I don't think you could use miners for food dessication. The mines emit too many VOCs and they're not certified food handling equipment, so at least in the US it would be a no no to do it for sale. Could you dry your own beef jerky at home, yeah, but just don't sell any food because the fines are insane.

you would need to use the hot air from the miners to heat a coil. then use a fan to blow on the coil.

thus the air used to cool the miners never touches the food. I have penciled a few designs that use this approved rack

http://www.lemproducts.com/product/stainless-steel-dehydrator/jerky-food-dehydrators

this is an 800 watt rack .

if you do no use the heating element and use 3 s-3's the key would be to transfer the heat and not the air. I have a few ideas on how to do it.

This is an invention waiting for this industry here is an item that burns 800 watts of power for heat.

Combine the s-3 with this and make a safe dehydrator.

ranochigo

legendary

Activity: 3038

Merit: 4418

Crypto Swap Exchange

Not much or even none hardware can reach ROI. Difficulty increases very fast. Some of those companies manufacture bad quality products and some charge too high. Some do not even deliver their products.

Loophole

hero member

Activity: 619

Merit: 500

Quote from: aak.wd on July 09, 2014, 02:07:33 PM

its been last 5 days watching over this bitcoin thing and i have some extra cash so i just wanted a suggestion that if i start mining today by buying the hardware would i be in much profit or its just a decent profit??
and i dont have hell of cash its just my pocket money which i would be investing.
so finally is it profitable for a beginner to start mining today?
and i see the difficulty rate increasing like anything day by day..
if yes plez just suggest some hardware which is ecnomic and will pay back in few months.

Short answer: Nope.
You can check the expected profitability yourself for whatever ASICs or cloudmining contracts you can find on https://bitcoinwisdom.com/bitcoin/calculator.

Bitsaurus

hero member

Activity: 873

Merit: 1007

Even if it is unprofitable to mine at home people may still do so if they have a sizable investment in BTC and would like to help keep it decentralized. I'm losing money mining but I still do it since I have a heavy BTC investment.

ALToids

hero member

Activity: 519

Merit: 500

Quote from: philipma1957 on July 09, 2014, 10:38:38 PM

Quote from: aak.wd on July 09, 2014, 02:07:33 PM

its been last 5 days watching over this bitcoin thing and i have some extra cash so i just wanted a suggestion that if i start mining today by buying the hardware would i be in much profit or its just a decent profit??
and i dont have hell of cash its just my pocket money which i would be investing.
so finally is it profitable for a beginner to start mining today?
and i see the difficulty rate increasing like anything day by day..
if yes plez just suggest some hardware which is ecnomic and will pay back in few months.

No miner pays off in a few months.

Exceptions are:

your power is really cheap and or free.

You run a business that uses electrical power to dehydrate food.

You use electrical kilns to dry lumber.

You buy today and coins go up like mad.-------------mining in this case makes usd / fiat profit. not btc profit. say 1 coin at 620 usd or .5 coin at 2000 usd. buying and hold a coin may do better but faces different tax law then mining for a coin.

Oh I don't think you could use miners for food dessication. The mines emit too many VOCs and they're not certified food handling equipment, so at least in the US it would be a no no to do it for sale. Could you dry your own beef jerky at home, yeah, but just don't sell any food because the fines are insane.

philipma1957

legendary

Activity: 4326

Merit: 8950

'The right to privacy matters'

Quote from: aak.wd on July 09, 2014, 02:07:33 PM

its been last 5 days watching over this bitcoin thing and i have some extra cash so i just wanted a suggestion that if i start mining today by buying the hardware would i be in much profit or its just a decent profit??
and i dont have hell of cash its just my pocket money which i would be investing.
so finally is it profitable for a beginner to start mining today?
and i see the difficulty rate increasing like anything day by day..
if yes plez just suggest some hardware which is ecnomic and will pay back in few months.

No miner pays off in a few months.

Exceptions are:

your power is really cheap and or free.

You run a business that uses electrical power to dehydrate food.

You use electrical kilns to dry lumber.

You buy today and coins go up like mad.-------------mining in this case makes usd / fiat profit. not btc profit. say 1 coin at 620 usd or .5 coin at 2000 usd. buying and hold a coin may do better but faces different tax law then mining for a coin.

xstr8guy

hero member

Activity: 784

Merit: 1004

Glow Stick Dance!

This is probably just another drive-by noob post.

mwizard

full member

Activity: 203

Merit: 100

Bitcoin mining is now generally only profitable if you have very cheap electricity ($0.1 per kWh or less) or can use the miner as a space heater.

It is an interesting hobby if you just want to explore mining. I would suggest buying a small miner, maybe even a USB miner, and trying mining. It you can afford a larger miner I would suggest something like the Bitmain Antminer S3 for about $450. The S3 also requires a suitable power supply.

There were periods in 2012 and 2013 when domestic mining was very profitable but those days have long gone for most people. You now need cheap electricity to make money from mining.

Put it this way - if bitcoin mining at home was still an easy way to make money everyone in the world would be doing it. For most people bitcoin mining at home has been uneconomic since late 2013.

Someone else may like to comment on the profitability of altcoin mining - Litecoin, Dogecoin etc.

aak.wd

newbie

Activity: 1

Merit: 0

its been last 5 days watching over this bitcoin thing and i have some extra cash so i just wanted a suggestion that if i start mining today by buying the hardware would i be in much profit or its just a decent profit??
and i dont have hell of cash its just my pocket money which i would be investing.
so finally is it profitable for a beginner to start mining today?
and i see the difficulty rate increasing like anything day by day..
if yes plez just suggest some hardware which is ecnomic and will pay back in few months.

Topic: is it profitable to start mining today?? - page 2. (Read 3217 times)