1. do not use nicehash
2. build your rig and mine yourself
3. just buy alt coins directly on exchange
4. or use nicehash very wisely
Topic: is mining even worth it now? what if Bitcoin is WAY higher when you start out? (Read 183 times)
November 16, 2017, 02:04:14 AM
or there is a better options
1. do not use nicehash
2. build your rig and mine yourself
3. just buy alt coins directly on exchange
4. or use nicehash very wisely
1. do not use nicehash
2. build your rig and mine yourself
3. just buy alt coins directly on exchange
4. or use nicehash very wisely
November 16, 2017, 01:24:11 AM
here's my thought process.
let's say you spend 1 BTC to mine coins with nicehash and get payouts converted to BTC.
you receive your mining units two months later, and the price of Bitcoin is $12K. You start mining, you're earning around $1300 a month (estimate, based on upcoming difficulty adjustments). It's now going to take you at least 10 months to earn back your original return on investment. Not to mention during those 10 months, Bitcoin could easily be tripling in price, putting it at nearly $40K, or who knows where. So in reality, you've lost money, because you could have just held the 1 Bitcoin rather than using the 1 Bitcoin to buy mining rigs. Am I understanding that correctly? I feel like I'm making a mistake trying to get into mining. Anyone have any input on this?
let's say you spend 1 BTC to mine coins with nicehash and get payouts converted to BTC.
you receive your mining units two months later, and the price of Bitcoin is $12K. You start mining, you're earning around $1300 a month (estimate, based on upcoming difficulty adjustments). It's now going to take you at least 10 months to earn back your original return on investment. Not to mention during those 10 months, Bitcoin could easily be tripling in price, putting it at nearly $40K, or who knows where. So in reality, you've lost money, because you could have just held the 1 Bitcoin rather than using the 1 Bitcoin to buy mining rigs. Am I understanding that correctly? I feel like I'm making a mistake trying to get into mining. Anyone have any input on this?
No, you've missed the point, I usually held mining profits in BTC as long as I can. so if it triples the price, it only means my ROI is also faster.
good point. so holding rather than selling out of the profits earned from mining.
November 16, 2017, 01:21:56 AM
here's my thought process.
let's say you spend 1 BTC to mine coins with nicehash and get payouts converted to BTC.
you receive your mining units two months later, and the price of Bitcoin is $12K. You start mining, you're earning around $1300 a month (estimate, based on upcoming difficulty adjustments). It's now going to take you at least 10 months to earn back your original return on investment. Not to mention during those 10 months, Bitcoin could easily be tripling in price, putting it at nearly $40K, or who knows where. So in reality, you've lost money, because you could have just held the 1 Bitcoin rather than using the 1 Bitcoin to buy mining rigs. Am I understanding that correctly? I feel like I'm making a mistake trying to get into mining. Anyone have any input on this?
let's say you spend 1 BTC to mine coins with nicehash and get payouts converted to BTC.
you receive your mining units two months later, and the price of Bitcoin is $12K. You start mining, you're earning around $1300 a month (estimate, based on upcoming difficulty adjustments). It's now going to take you at least 10 months to earn back your original return on investment. Not to mention during those 10 months, Bitcoin could easily be tripling in price, putting it at nearly $40K, or who knows where. So in reality, you've lost money, because you could have just held the 1 Bitcoin rather than using the 1 Bitcoin to buy mining rigs. Am I understanding that correctly? I feel like I'm making a mistake trying to get into mining. Anyone have any input on this?
Buy n hold Vs mine n hold or mine n hold plus sell gear.
A lot depends on the laws of your country.
USA tax law would call buy n hold passive investment.
The tax law would call mining a small business .
Huge tax differences .
Either way can make money or lose money.
November 16, 2017, 01:15:18 AM
here's my thought process.
let's say you spend 1 BTC to mine coins with nicehash and get payouts converted to BTC.
you receive your mining units two months later, and the price of Bitcoin is $12K. You start mining, you're earning around $1300 a month (estimate, based on upcoming difficulty adjustments). It's now going to take you at least 10 months to earn back your original return on investment. Not to mention during those 10 months, Bitcoin could easily be tripling in price, putting it at nearly $40K, or who knows where. So in reality, you've lost money, because you could have just held the 1 Bitcoin rather than using the 1 Bitcoin to buy mining rigs. Am I understanding that correctly? I feel like I'm making a mistake trying to get into mining. Anyone have any input on this?
let's say you spend 1 BTC to mine coins with nicehash and get payouts converted to BTC.
you receive your mining units two months later, and the price of Bitcoin is $12K. You start mining, you're earning around $1300 a month (estimate, based on upcoming difficulty adjustments). It's now going to take you at least 10 months to earn back your original return on investment. Not to mention during those 10 months, Bitcoin could easily be tripling in price, putting it at nearly $40K, or who knows where. So in reality, you've lost money, because you could have just held the 1 Bitcoin rather than using the 1 Bitcoin to buy mining rigs. Am I understanding that correctly? I feel like I'm making a mistake trying to get into mining. Anyone have any input on this?
No, you've missed the point, I usually held mining profits in BTC as long as I can. so if it triples the price, it only means my ROI is also faster.
November 16, 2017, 12:27:17 AM
here's my thought process.
let's say you spend 1 BTC to mine coins with nicehash and get payouts converted to BTC.
you receive your mining units two months later, and the price of Bitcoin is $12K. You start mining, you're earning around $1300 a month (estimate, based on upcoming difficulty adjustments). It's now going to take you at least 10 months to earn back your original return on investment. Not to mention during those 10 months, Bitcoin could easily be tripling in price, putting it at nearly $40K, or who knows where. So in reality, you've lost money, because you could have just held the 1 Bitcoin rather than using the 1 Bitcoin to buy mining rigs. Am I understanding that correctly? I feel like I'm making a mistake trying to get into mining. Anyone have any input on this?
let's say you spend 1 BTC to mine coins with nicehash and get payouts converted to BTC.
you receive your mining units two months later, and the price of Bitcoin is $12K. You start mining, you're earning around $1300 a month (estimate, based on upcoming difficulty adjustments). It's now going to take you at least 10 months to earn back your original return on investment. Not to mention during those 10 months, Bitcoin could easily be tripling in price, putting it at nearly $40K, or who knows where. So in reality, you've lost money, because you could have just held the 1 Bitcoin rather than using the 1 Bitcoin to buy mining rigs. Am I understanding that correctly? I feel like I'm making a mistake trying to get into mining. Anyone have any input on this?
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