Is it too late to start mining? | Bitcointalksearch.org

kingcolex

sr. member

Activity: 254

Merit: 1258

Quote from: GigaBit on February 25, 2015, 03:57:06 PM

I will give you the same advice I tell every greenhorn who's asked me this in Gold Mining...

"If you need to ask those types of questions, go on vacation instead, at least it if you're not satisfied, you can get a refund from the travel agency"

In crypto mining at home and be profitably successful you need:

-Good chunk of initial investment change
-Cheap/free power
-Knowledge of the IRL mining industry
-Above average computer knowledge
-Lack of a family
-Lots of other hardware
-Cool temps
-A keen understanding of the crypto market as a whole
-Back up money - Deep credit line.

Then you might have a chance at turning a profit. To answer your question, no, it's not too late to start mining but realize you have a huge hill to climb and a shitload of work to do. Oh and if you can get any profit and if you need to sell more than 75% to pay bills, you shouldn't mine anyways.

Best advice I can give to treasure hunters and compulsive Gold Rush lazy-ass losers, buy a miner, point it to an Altcoin and pray it gains a great value. Bitcoin's a waste of time now, only 25% of my hashing power is on Bitcoin and use most my Bitcoin to buy Alts.

To be a real & successful miner you have to be a crazy-ass risk taker; the I'll get rich or die trying mantra.

I would say more than that you need to know the buying market, I have seen plenty buy miners and resale them after mining for a while on ebay for a profit because eBay has lots of new buyers.

Icardi09

sr. member

Activity: 476

Merit: 250

not too late if you have a cheap (or even free) electricity
but if your electric price is high, i wouldn't recommend you to do mining
some people said home scale mining is end after difficulty rising so fast

sidehack

legendary

Activity: 3374

Merit: 1859

Curmudgeonly hardware guy

Mine altcoins only if you have no scruples. There are very few winners in altcoins, and a whole lot of losers. The only real reason there are any winners at all is because they timed it just right to fleece the losers and walk away clean. Basically a microcosm version of stock market behavior in the late 1920's. So if you are okay with screwing people over for immediate profits and potentially harming the reputation of a worthwhile concept, rather than taking your time to support the actual core system of bitcoin, go for it.

And yes, I am well aware that discussing ethics in a speculation forum for unregulated currency is like discussing cultural sensetivity at a Klan rally. I don't really care. Screw pump-and-dump.

neegeeboo

newbie

Activity: 56

Merit: 0

I like to use this site to calculate the cost. It also gives you an idea how BTC compares to Altcoins.

http://www.coinwarz.com/cryptocurrency

CrackedLogic

legendary

Activity: 1050

Merit: 1000

You'd have to invest a sum >$200 000 . Industrial mining firms are the only ones who profit from this game now. At a mining point of view, It isn't very decentralized. Especially when looking at cex.io and the 45% stake like a year ago.

Look at https://megabigpower.com/aboutus and https://megabigpower.com/signup if interested.

Hamuki

legendary

Activity: 1022

Merit: 1000

Depends on your bills and what equiptment you have.

Maybe look around more and learn as much as you can

Good luck!

GigaBit

hero member

Activity: 1666

Merit: 513

Leading Crypto Sports Betting & Casino Platform

I will give you the same advice I tell every greenhorn who's asked me this in Gold Mining...

"If you need to ask those types of questions, go on vacation instead, at least it if you're not satisfied, you can get a refund from the travel agency"

In crypto mining at home and be profitably successful you need:

-Good chunk of initial investment change
-Cheap/free power
-Knowledge of the IRL mining industry
-Above average computer knowledge
-Lack of a family
-Lots of other hardware
-Cool temps
-A keen understanding of the crypto market as a whole
-Back up money - Deep credit line.

Then you might have a chance at turning a profit. To answer your question, no, it's not too late to start mining but realize you have a huge hill to climb and a shitload of work to do. Oh and if you can get any profit and if you need to sell more than 75% to pay bills, you shouldn't mine anyways.

Best advice I can give to treasure hunters and compulsive Gold Rush lazy-ass losers, buy a miner, point it to an Altcoin and pray it gains a great value. Bitcoin's a waste of time now, only 25% of my hashing power is on Bitcoin and use most my Bitcoin to buy Alts.

To be a real & successful miner you have to be a crazy-ass risk taker; the I'll get rich or die trying mantra.

arieq

sr. member

Activity: 364

Merit: 256

The fact that mining equipments can't be run profitably means that there are too many machines and too few people transferring money, the system has more power than it needs, so it scales to make mining unprofitable

Bitsaurus

hero member

Activity: 873

Merit: 1007

Quote from: cyberpinoy on February 24, 2015, 12:35:56 PM

Quote from: ?? on ??

Quote from: NeuroticFish on February 24, 2015, 09:28:19 AM

It's too late. Really.
Big miners were already shutting down operations.

If you really want to mine, I'd try to look around in the altcoin scene. You could have a chance there (whether you keep the alt or trade it for BTC)

No way, altmining is where you lose your ass, a decent miner with decent electric price should hold it's own and especially if you undervolt it as it gets less profitable.

wI love inexperienced low knowledge miners

I paid my big miners off in 3 months and I was not mining bitcoins with them

can you get a 3 month ROI on miners mining bitcoins NOPE YOU CANT

you have a lot to learn, undervolting give you high hardware errors and some pools punish your reward for that and others will lower your hashrate, or submitted shares that you see, pools do a lot of different things when a members efficiency is lower than average. plus the OP made it perfectly clear this was new to him explaining overclocking and undervolting to him at this stage could confuse him and cause him to ruin his new euipment.

If your an intelligent miner you NEVER base your income solely on bitcopin mining. Altcoins are the way to do it, mining a brand new altcoin is yuour best bet, get in on the release and mine the living crap out of it and dump it as you mine it so you get a nice high price for it.

Why even bother doing the monkey work of mining in that case? Buy cheap new coin, speculate, and hope you get rich on the turn over. As noted above that's not really support any serious network.

KaChingCoinDev

sr. member

Activity: 364

Merit: 250

Quote from: ChuckBuck on February 24, 2015, 05:48:25 PM

Quote from: Harrythemidd on February 24, 2015, 03:20:26 PM

apart from ebay are there any other good vendors of the antminer s3/s5

Check the Goods/Computer Hardware section of the Marketplace sub forum here in Bitcointalk:

https://bitcointalk.org/index.php?board=75.0

Make sure you thoroughly check Trust history and make sure to use escrow for any deals.

I just want to stress the IMPORTANCE of using ESCROW

ChuckBuck

hero member

Activity: 1372

Merit: 783

better everyday ♥

Quote from: Harrythemidd on February 24, 2015, 03:20:26 PM

apart from ebay are there any other good vendors of the antminer s3/s5

Check the Goods/Computer Hardware section of the Marketplace sub forum here in Bitcointalk:

https://bitcointalk.org/index.php?board=75.0

Make sure you thoroughly check Trust history and make sure to use escrow for any deals.

Harrythemidd

newbie

Activity: 3

Merit: 0

apart from ebay are there any other good vendors of the antminer s3/s5

NoahWL1

full member

Activity: 173

Merit: 101

Quote from: Harrythemidd on February 24, 2015, 03:05:04 PM

Thanks for all the responses

Is this worth a buy?

http://www.ebay.co.uk/itm/131431524452?_trksid=p2055119.m1438.l2649&ssPageName=STRK%3AMEBIDX%3AIT

It was at the time it came out, but not anymore. That S2 is going to suck up way more energy than you can make back. You'll lose money running it. However, if you get lucky and the price of BTC jumps up, you might make a bit. If you really want to get into mining right now, and not even for a whole lot of profit, you should check out the Antminer S5. It's efficient and fairly easy to use for newcomers. If you just want the experience and to not make much back, grab a used Antminer S3 off eBay.

KaChingCoinDev

sr. member

Activity: 364

Merit: 250

Quote from: Harrythemidd on February 24, 2015, 03:05:04 PM

Thanks for all the responses

Is this worth a buy?

http://www.ebay.co.uk/itm/131431524452?_trksid=p2055119.m1438.l2649&ssPageName=STRK%3AMEBIDX%3AIT

You can use a calculator like http://www.coinwarz.com. I just plugged it in for you, and at a rate of 0.1000 $/kWh, you are losing $0.05 a day.

Harrythemidd

newbie

Activity: 3

Merit: 0

Thanks for all the responses

Is this worth a buy?

http://www.ebay.co.uk/itm/131431524452?_trksid=p2055119.m1438.l2649&ssPageName=STRK%3AMEBIDX%3AIT

KaChingCoinDev

sr. member

Activity: 364

Merit: 250

You can always pick up a little asicminer usb or something to mine for fun, but definitely not profit...

cyberpinoy

hero member

Activity: 1008

Merit: 502

Quote from: ?? on ??

Quote from: NeuroticFish on February 24, 2015, 09:28:19 AM

It's too late. Really.
Big miners were already shutting down operations.

If you really want to mine, I'd try to look around in the altcoin scene. You could have a chance there (whether you keep the alt or trade it for BTC)

No way, altmining is where you lose your ass, a decent miner with decent electric price should hold it's own and especially if you undervolt it as it gets less profitable.

wI love inexperienced low knowledge miners

I paid my big miners off in 3 months and I was not mining bitcoins with them

can you get a 3 month ROI on miners mining bitcoins NOPE YOU CANT

you have a lot to learn, undervolting give you high hardware errors and some pools punish your reward for that and others will lower your hashrate, or submitted shares that you see, pools do a lot of different things when a members efficiency is lower than average. plus the OP made it perfectly clear this was new to him explaining overclocking and undervolting to him at this stage could confuse him and cause him to ruin his new euipment.

If your an intelligent miner you NEVER base your income solely on bitcopin mining. Altcoins are the way to do it, mining a brand new altcoin is yuour best bet, get in on the release and mine the living crap out of it and dump it as you mine it so you get a nice high price for it.

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

It's too late. Really.
Big miners were already shutting down operations.

If you really want to mine, I'd try to look around in the altcoin scene. You could have a chance there (whether you keep the alt or trade it for BTC)

picolo

hero member

Activity: 1022

Merit: 500

Quote from: Harrythemidd on February 24, 2015, 08:39:31 AM

Hey all, im new to the forums but really interested in Bitcoin and was just looking to hear your opinions as to whether you think it is too late to start mining profitably in a pool. And if not what is the best gear to be buying atm?

You could make a small profit by mining now if you do it right and you are not unlucky.

cyberpinoy

hero member

Activity: 1008

Merit: 502

I started out pool mining for bitcoins, but its way more profitable to use a place like coinwarz and find a coin you can solomine with a low difficulty and high reward and trade them for Bitcoins. if you have a few thousand dollars laying aroud you cna mine anything you want. But to be honest I would not even go with a SHA coin at this time I would go scrypt, or even go a step farther and spend the money on a good Staking coin that doesnt use big time machinery. I stake coins now instead of mining them since the electric costs can sometimes consume a lot of your income. stake mining is a lot like a savings account with interest basically. you put a butt ton of coins in a wallet connect as a server and they just5 earn coins while connected, simple as that.

so for me I would would forget all about mining you cna spewnd 1/4 of what you would invest in machines and just find a nice coin like Netcoin and stake the hell out of them

heck for 1/2 the cost you could make a great earning staking a few different coins and still have less overhead costs involved.

Topic: Is it too late to start mining? (Read 3001 times)