Topic: Is Mining profitable? - page 4. (Read 6135 times)

However when we starting mining as a small scale one business we could make big profit from that because electricity is biggest issue for this. if you could able to get a free electricity or less charge for it means profitable.

The real question is "how to make money" with machine time (mining).
In the real word people have nothing to buy for BTC

And You give the right way to invest money and time.

Solo mining bitcoin is no longer profitable, you got your profits from mining ETH.

So I'd say to OP, if you want to buy an ASIC, mine a SHA 256 altcoin like Peercoin, Crowncoin, KOMODO etc, and exchange them for bitcoins. You stand a better chance of making profit as a solo miner.

I do mine ETH & BTC and I can say still profitable at all.

If you really want to mine the old fashioned way (with hardware NOT cloud mining), then mining for new alt-coins while the difficulty is low then trading for Bitcoin is the best way to go. Otherwise, you might as well take the money you want to invest on Mining hardware and buy Bitcoin. Because time and again that has shown to be the better route.

Good luck!

I'm not disputing that cloud mining can be profitable... If you read the rest of the cloud mining section i wrote you'll see that i mentioned that cloud mining providers either make more money selling their hashrate than mining themselfs OR sell their complete risk in return for a slice of the profits...
Both scenario's can be profitable for the client (altough in my experience, it usually isn't... maybe nicehash is one of the exeptions), as long as he realises he's the one running all the risks, or if he realises he pays more to the cloud mining company than he would have payed by buying his own ASIC and running it in the same facility as the cloud mining provider

Check better the numbers, here is reported, that NiceHash multipool is profitable.

To offer a different view as the ones that have already posted in this thread... You asked about mining and afterwards expanded your question into cloudmining.

Mining
Before you start mining, you have to make sure you do all your calculations, and make sure you're up to the task. You not only have to buy a miner, you also have to pay import taxes, shelves, cooling, PSU's, network, controllers (in some cases), cables (in some cases).
Also, some miners are relatively plug-and-play while others require a rather extensive technical knowledge.

If you have sufficient knowledge, write down these costs:
- your electricity rate
- the purchase cost of the miner
- the expected import taxes
- the shipping
- the PSU
- sturdy shelves
- cooling (unless you have natural cooling)
- dehumidifying (in case this is needed)
- controller (sometimes you need an raspberry or something to)
- cabling

Type them into a mining calculator, pooya87 already gave a good link.
When you see the output, realise following things:
- the difficulty will probably rise
- the block reward will halve in less than 4 years
- the bitcoin price isn't stable
- second hand ASIC's have no guarantee, new ones usually only have 90 days, so you can allways have HW failure

Cloud mining
IMHO always a bad idear... 99% of the cloudmining site you'll find turn out to be ponzi's or other kinds of scams...
In the odd chance you find a legit cloudminer, always remember that this is a company designed to make a profit. If they could make a higher profit mining themselfs than selling their hashrate to you, they wouldn't hesistate to do so. The only other reason for a legit company to sell cloud mining is to sell their complete risk to their users in return for a slice of the profits.

You could   actually mine  bitcoin  but  on the  amount  you would  spend  its  not  enough  if you  intend to  purchase  asic miners for bitcoin   like  s9 miners  it   still cost you  more than  on that amount. If you  buy   s7  ,  its  quiet  hard to achieve roi  because of  the difficulty.  Its better to  put  up your  money on   gpu  mining  because  its  a good alternative which  cost less.

this site can give you some estimate about how much you can earn based on the hash rate you get, difficulty, reward and also the electricity cost. just choose which coin you want to mine with your equipment.
http://www.coinwarz.com/calculators

When I hear the term cloud mining I think of buying a contract with a company and they do whatever mining they want and pay you a rate based on the contract size you bought. That payout rate goes down over time as the difiiculty goes up. Bad idea, don't so it.

Something like: https://www.genesis-mining.com/

But, since you are asking about NiceHash I assume you actually are referring to renting hashrate/miners and minging at the pool of your choice.
My rough numbers on that are this:

Current PPS right now = 0.00097265 BTC/TH/s/Day
Current Low rental rate on NiceHash = 0.0009393 BTC/TH/s/Day

That makes it look like you could make 0.00003335 BTC/TH/s/Day but you then need to figure in all the fees.
NiceHash charges a 0.0001 BTC fee plus 3% <- not even looking at the 3% the flat rate fee blew your profit away.
Plus there would also be a fee on the pool you use.

Now there is the possibilty of getting lucky with timing a luck streak on a PPLNS pool or solo mining and hitting a block, but those are not something that you can calculate, and really are a gamble.

Can You give some calcolations about NiceHash multipool cloud mining?

Yes, but cloud mining is very expensive to buy a contract and the returns are ever decreasing.
You will not make more than you invest.

On the cloud mining is no electricity costs.

Mining is not profitable. There are better investiments to do with your money than buying a ASIC miner. It can look nice because you will earn passive income without effort, but the electricity costs are high, the mining difficult is always increasing. In my opinion the profit is low and doesn't worth...

How profitable is the cloud mining at NiceHash multipool?

Already said by biffa,if you have low electricity cost or free electricity ,mining could be profitable but if not,mining is just a waste of time,your profit on mining is not enough to pay your electricity bill.

Only if you have very low electricity costs, or zero electricity costs.

Hello,

So I am currently very interested in Bitcoin or Litecoin mining.
I aleready read many articles and threads about this and I can´t decife whether or not i should buy an ASIC miner.
I was thinking about sartink glow with just a single miner. I would spent about 500$ for it but I don´t really know if I could make profit from it.

Could anybody give me advise about it, and maybe ell meIf and how its still possible to make profit with mining?