Topic: Is Mining profitable? (Read 6201 times)

I used to be a miner. But it became not profitable for me. I switched to the minting Mintcoin method and it works well for me. You may want to consider it. $500 investment will get you about 15,000,000 MINT coins. These will mint and produce a dividend of 750,000 MINT coins per year, which you could keep saving to reinvest, or you could sell them and buy BTC with it. At current exchange rates, from $500 you'd make about 0.023 BTC per year. Not bad for a $500 investment, and then you could always sell your 15,000,000 MINT coins back if you want too. I use Mintcoin as a miner; it is a good method, you just have to be quite calculating on the exchange rates conversions, because there can sometimes be a lot of volatility.

you don't use cloud to mien you buy your own s9 antminer and mine with it currently, it would give you $324 per month

even assuming your electricity is 25 cent you are still making a profit, but roi will be almost two years in that case

In the end I think bitcoin will always be profitable to mine, because if it's not, miner will stop and the difficulty will drop so that it'll be more profitable again. Ofcourse you still need cheap electricity. 

Despite popular belief, BTC has a bright future so mining is always proftable holding it over time.

There are large mining farms in Asian countries drilling all sorts of cryptocurrencies, but the numbers come when the price of them increases.

It takes awhile longer every time the nodes half, but may still be worth the extra effort playing the market exchanges until more investment opportunities become available.

Where do you life?

there is a course in coursera about cryptocurrency where they explain a lot of things, mining among them and differents generations for bitcoin mining, it is a good course

I think mining is not profitable becoz most of mining site don't pay anything.

Solar panel still unavailable in my country. S7 is very expensive. But with this price that could make mining profitable, I've long turn off 5 units S5, I will start mining on Sunday or last year, estimates could profit and generate about 1.2 BTC with 5 unit S5.

Setting up solar panels would really do but the price would really make roi too longer and as you said electricity would really be a big factor if we tend to mine bitcoin $500 would be enough to buy an s7 asic miner but i think profits would be hard and difficulty is rising and we should think that even mining on s9 miners could still hardly gain profits how about more on s7.

 Nope.

 UK is pulling OUT of the Euro, and reverting to the Pound (which I don't think entirely went away anyway).

 Completely different concept from a fork.

If you can just hold your bitcoin it can be profitable if you sell your bitcoin for the better price increase for the future if you are just mine bitcoin and pay for the bills for electricity it is hard to save a large amount of bitcoin.. better to find a way to get more budget or earn bitcoins.. like here in my  country we have free electricity that i think it is good to mine and earn good amount of bitcoin without deducted electricity bill..

Yes of course it is still profitable, the price of the bitcoin continues to rise. This is one of the factors that is most flattering if we are mining. Electricity cost is the biggest problem for me, but we can use alternative energy such as solar energy. I try use solar energy, but the price is too expensive. Only hope the price reach $800 and now $790, and I will start for mining with S7.

It can be, if you know what coin to mine. Mining bitcoin directly gives a low reward, but finding the good altcoins can be very profitable!

i suggest

you have to look rotation digital coin, 

There is gonna be a Euro fork 31.12.2016

Of course mining is still profitable, but the important thing that we have to consider the factor is electricity. If your electricity prices 10 cents or less, or you use solar energy definitely profitable.

in anything that one does in this life what matter most in life is understanding so most people does people does mining for mining sake why some  other people does it for the profit of making more money because with time it will be one currency which people will be using in the future so mining is profitable. 

The truth is that is no guide how to have a $ or € profit on mining forks.

There are sold out on bitmain i think

i was thinking about getting 3 antminer s9 and dont pay any electricity how much profit i'm i looking at with these 3 antminer s9

Can't waiting for bitcoin price reach $900 and I will start mining again. Now I have 5 units S7 and still turn off after halving day and cost for electricity in my country too high. About a month ago, I was tried for mining with 2 units on 3 weeks but the result is loss.

Mining would  be  profitable  if you have  cheap electricity   cost on your country. Latest   miners   do  cost $2k  usd  as  of now on the latest  ant miner s9 . If you  do  have  only  $500 then better to   mine  on  some good  Altcoins  as of now   like ETH and XMR  its somehow  ideal compare on  bitcoin. If you do have  exact amount ot invest on an asic miner then go  for it, just remember  the important thing to run a  mining rigs.

It depends on electricity costs, on some countries mining at home its impossible for its electricity price, but on other electricity prices are very low and you could make some profit. Also electricity prices on big company normaly are better.
If bitcoin price continues to increase i expect that winning difficult will increase too and you will have problems also with bitcoin at 850$.

Sorry, are You blind?
People is reporting about profitable mining, just in this topic.

that's right the cost is more higher than the amount that you will able to collect and the possibility of burning your
device is at risk so better to buy and invest for much profitable and effective way to have btc.

Mining is not profitable for now, my power cost is too big with the result. After I calculation, I must waiting bitcoin price reach $850 to get profit.

LOL, you need a therapy

it's time to best mining, because the price increase, after mining please hold our bitcoin until the price more than $1000

I think mission possible with build communication station

This guy is still mining whit Block Erupters 
https://www.youtube.com/watch?v=6A7nVC1WSgE

For sure. And they give for free a hectar of land in the Pacific Area of the country.
Enough for the living and mining.
What is about Internet in Komsomolsk-na-Amure?

One of the most cheep electricity is at Russia.
For usually users(not for the company), about 36$ for 1kW per month.

No not it is not profitable anymore i think that it will even never be anymore because everything lke electricy,water gas and other important things are more and more expensive.

In my opinion it will be hard to earn good profit from btc mining. The mining diff is really high. But you will have competitive advantages if you live in a country with very low electricity costs.

perfect

About altcoin mining:

I have any rigs with 6 rx 480, today i mining zcash. It's around 735 H/s per one. Profit at day ~ 10$. Power is 1100W/h.

About the bitcoin and litecoin mining - it's is really profitably if u have free electricity or pay around 5-10$ for 1 kW per month.

In my country mining not yet profitable, if the price reach $800 mining will profitable, i hope 3 units s7 from bitmain and still off after halving day or 4 more ago

It is not easy, but it's possible. I think altcoins mining is a good alternative, especially if you have gpus available. Depending on your location, it may be much more difficult to mine bitcoins, especially if you consider the shipping costs of the mining equipment.

Mining is working out just fine here 

Note, i do mine altcoins and sell them each 2 day`s to Bitcoins, exept my ethereum rig, i keep my ether.

Mining is profitable only if you have very cheap electricity in your country . Otherwise its not profitable method nowadays because you will need to spend a lot of money.

mijing can only be profitable if we invest a greater amount i mean to get bigger hash power we need expensive mining ridges and a good maintaining system for it like an airconditner or something. we already know chaina is the largest mining place for bitcoin so better take notes from their videos

This is a wrong idea.
Mining is OK for Non-Bitcoin mining.

Is mining still profitable?

Thats right,so what country have a low cost of electricity? Here in our country electricity is our no.1 demand ,thats why electricity  here is so expensive.

I think mining is only profitable for countries with low electricity cost

Are You sure?
Listen, please better this topic.
People give the options, when mining is profitable.
Here are 2 options, or they are trying to lie or You have not correct vision of profitable mining.

You should rather invest that $500 somewhere else than just wasting it on mining, because as everyone said already if your electricity is not free or is not of low cost then mining would give nothing to you as whatever you will earn it will go in electricity costs.
Invest that money in trading that can generate some profits to you with the time, try to learn some articles about it and go for it.

I can tell you about my own experience. I invested on cloud mining many months ago (a reputable one). They have FB page, they show proof of real mining equipments, they show their face to investors. So I thought it was a good investiment to make.

Unfortunelly, it wasn't! I bought some mining power on lifetime contract hoping to make some easy money, but my income was lower each new day. I wasn't earning money with my investiment. After some weeks, I concluded it was not a good investiment and reading reviews of other members I had sure. If you want to make profit and don't lose your money, don't invest on this kind of service.

If you have the right equpment YES
If you think you will have a low electrical bill YES
If you study a lot about mining and be patient  YES

If you have no electricity costs it will be profitable. Also for cloud mining you won't earn much more than you invested, it's caused by difficulty increasing.

bitcoin mining is profitable you just have to be patient and read alot of article on the web and also learn from others who have been in the business

now days it's just waste of time.
even if u have low electricity cost,i take so much time to recover investment.

That's the best way to start mining again. ETH and Ethereum Classic can make you profit if you have cheap electricity and start mining with good GPU with low voltage like the RX 460 , can make you 30 USD profit or even more if you really have cheap or free electricity. Beside that there are coins that can be mined via the CPU like the Bytecoin (BCN) and MONERO (XMR) although not that much profitable nowadays.

If you wanna mine with hardware , mining with GPU-s is the most profitable way at the moment.

Mining is profitable again. I stopped mining 2 years ago, but I am thinking to start mining again using graphic cards (alternative cryptos).

invest some money in buying the latest hardware to mine the coins and make sure you will be in profit with the machine you have purchased.Investment is needed to start mining at this stage and even that does not guarantee that you will be in profit ,you could still mine Zcash,XMR or ETh

There is no "price". Only the exchange rate. In the day, when no one will buy BTC the echange rate become $0

Mining isn't profitable for BTC unless you sell over with price increases.

In all honesty your best bet might be with alternative cryptocurrencies... There's nothing better than finding multiple sources on how to gain from Bitcoin investments with web services rather due to new era opportunities replacing the last.

You need to have pretty low electricity costs. And, anyways, mining is too hard nowadays to cover the cost of the ASIC mining hardware. Dont try to mine using your desktop/laptop, you wont get anything other than ruining your PC.

It still can be profitable if your electricity is cheap, but it is not too profitable anymore after the halving event, so if you want to get rich with mining it will be quite difficult

This one, only electricity thiefs make some $ or its quite impossible. U would need to develop ur own mining chips which is also impossible if u are outside of chip production.

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?