Is it still profitable it to mine? | Bitcointalksearch.org

precrime3

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Quote from: Shogen on April 19, 2014, 08:05:25 AM

Quote from: gallery2000 on April 11, 2014, 08:52:12 AM

Is it still profitable to mine bitcoin?

You will be better off with buying bitcoin directly.

IMO if your looking for more potential, Litecoin and other scrypt coins. As scrypt ASICS hit the market, I'm banking on the fact that bitcoin prices went up as ASICS were introduced to bitcoins network; assuming that Litecoin will do the same. Right now it seems leasing the rig or getting on a multipool is most profitable way to mine currently. But as mentioned before, its better to buy the coins.

Shogen

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Quote from: gallery2000 on April 11, 2014, 08:52:12 AM

Is it still profitable to mine bitcoin?

You will be better off with buying bitcoin directly.

Operatr

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At this point mining is just an expensive hobby unless you have millions of dollars and ASIC manufacturing access.

The difficulty is rising so quickly, and the miners retail price so expensive, profit is all but guaranteed impossible for small timers.

Since Bitcoins are valuated in Dollars primarily, you have to think of buying a miner as an investment. Lets say a 1 Th unit for a $3000 price, which would be about 6.5 BTC bought outright on an exchange. Buying a miner is a bet that the machine will generate more BTC than was invested in its operational lifetime. This lifetime is dependent on the difficulty and hardware life. As it stands, mining profits would be quickly mining at a loss against the energy consumed, only producing say, 3 BTC before profits are minuscule. Assuming BTC doubles in price for this example, you would break even on your fiat investment, but lose out on the value increase overall as you would have had 6.5 BTC instead valued at $6000. In this case just buying and holding BTC at the current market price when the BTC was purchased would have been a much better investment.

Until the difficulty flattens and/or equipment becomes much cheaper, profitability in mining will be mighty difficult.

cowandtea

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no..

ProtoAES256

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I think it will become more and more pricey on mining

ChuckBuck

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It is only profitable if you have low or free electrical costs.

nostradamus

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ivankoh

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official news from china bank no ban on bitcoin. Price is going to recover if you ask me...yes about time. Lets mine

Newmine

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Quote from: gallery2000 on April 11, 2014, 08:52:12 AM

Two weeks ago 7 TH/s would give me 1 btc. Now you need 12 TH/s to obtain 1 btc.
Two weeks ago the price was in the 500 USD per btc coin. Now it is in the 400 USD per btc
Mining equipment decrease by $500 in those two weeks.

Is it still profitable to mine bitcoin?

No. It has not been profitable for a long time. You have to depend on price increase more so than buying coins to make money. Your mining equipment will depreciate in value as difficulty increases and electric costs need to be made up in the price increases.

gallery2000

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Two weeks ago 7 TH/s would give me 1 btc. Now you need 12 TH/s to obtain 1 btc.
Two weeks ago the price was in the 500 USD per btc coin. Now it is in the 400 USD per btc
Mining equipment decrease by $500 in those two weeks.

Is it still profitable to mine bitcoin?

Topic: Is it still profitable it to mine? (Read 1439 times)