Topic: Is mining still a good idea? (Read 4920 times)

I think is not a good idea, because if you like the investment you are doing (as money and time) and how much you get...
I think is so risky not a good point to start to earn btc.
There are other method more easy... also develop a new application or a new site is more plausible.
Probably I am wrong, but from my experience I think is not a good solution for earn btc.

from the last few months i am with cloudmining.. it is paying regularly ....

Mining is a great idea- but here's the catch- for people like me who just like seeing those "share accepted" messages on bfgminer or cgminer. Unless you have electricity that is 1. nearly free (0.05$ kwh or less) or 2. mine in an "industrial" area (cheaper elec), no, not even the most efficient miner as of now will not be profitable. Occasionally a coin will be pumped and its price will go high enough for you to "profit," but generally this pump will not last long enough for you to mine and sell it for bitcoin on exchanges. Essentially, bitcoin mining is not a great idea for 85% of the world.

Yeah, that's the enthusiasm. Everyone should at least put a 15% increase scheme of the difficulty each month to be sure that what is shown on their screen is what they are sure to get, and the rest (because a 15% difficulty increase is too huge to be always true) will only be happy surprises !

The main problem is that the buyer do not set high enough difficulty rise figures, so it seems profitable for them.

I knew it when I bought my U2
But i have done this choice because I wanted try mining with a new first hand miner.
No need to be Einstein to understand that mining 500 satoshi or so per day is not profitable...
But I can say...I am a miner (lol)

By the way...
if someone is a micro miner like me...
I propose him to mine in my team and so he has less withdrawal fees or perhaps it allows him to get satoshi quicker than alone.

No, mining is absolutely unprofitable. The reason is, most people who buy mining equipment are unable to make basic arithmetical calculations, and buy miners at over-inflated prices, so all of them will lose money. The profitability calculators available on the net are mostly put up by miner manufacturers to mislead the public.

$10 is an example...
Yes it is split with other people...over 100 people so far.
The U2 is only a part of the system.
The system is the U2,but over all of course the site with its outcomes and incomes.
Each time you claim shares for free or buy them,you are a little more shareholder of the system.
My system does not exist otherwhere.
Nothing is promised in advance i can not hold.
Yes,if you invest to much,it is possible that you will never see back your investment,but you know it before you invest.
it is why I advice to claim first for free and to see how it works.
Then you can risk 0.001BTC or more or less.
if you invest less you have fix fees...1000 satoshi i believe...if my memory is good (lol)

people here are "horibilized" about my systems...
I do not understand why...they are so clear as possible to keep a "game part"
Yes it is uncommon...but why should i programme what already exist 1000 times and better?
I prefer programme new things where people can go in or not go in...for free or not for free.
People who buy shares take risk...ok
But the risk is perhaps profitable.
Some people have so far claimed for free shares worth 50000 satoshi.
They have spent time...like on other faucets...but the 50000 satoshi invested will just make more or less profit.
I believe my share system is funnier than classic faucets.
And it is fun for me to manage it.

I don't see you having a cloud of U2's  though.  I thought on one point of the forum you said you have 1 only, but I could be mistaken.   

How many people have you sold the 10 dollar pitch to?  Are you saying they split a U2 with other people?  That is such a tiny amount of hash for amount paid.

I have never said that my U2 is my U2cloudmining system
The U2 is only  my miner.

My U2cloudmining system is the system to make profit arounf the U2 miner.
it is like if you programme a site about goldmining in ALASKA and the system is about the "profit from the site about goldmining in ALASKA"

So far the system has made nice profit...but the miner not yet...even if in the future it will make few satoshi(it made over 30000 satoshi but it has not yet reached the minimum payout)(lol)
But it does not matter because the mining production is only a little little part of income.

if people ask me about an U2...
I tell them that they have $10 to invest,
It is better to invest in my U2cloudmining system that in an U2 and mine.

One U2 is not a cloud mining system I think most would argue.  But even if someone said it is a cloud system I don't see the profit.

How many are you saying are paying I did not understand your chart.  Also what did the ones who paid pay?

You can believe me or not:
I mine with an U2...
and my U2cloudmining system makes profit.

it is astonish...but it is true.
Do not think  that the satoshi i offer are taken from the air...
ok...bad people say I take them from the "paying investors"...
Each one can believe what he does want...

yes mining is funny...even if it is not profitable...but this unprofitable doing can make profit and so far it does.

And it is not only funny for me...I hope...


And it will be more and more funny...
I remember that you can co-mine with me...
this is interesting if you want save pool fees or if you do not reach the minimum payout alone.
Think about...

I compare my U2 mining with mushrooms search...
when I do to "mushroom hunting" it cost me time...petrol for my car and often I find only one or two mushroom...(with the risk they are poisoned)(lol)

Have fun...And think about before you mine...

Bumping quite a old thread.   Not sure it's worthy if it.

I do it for fun and profit.  I enjoy mining and like messing around with different miners.   But yes I like not to lose money so I keep economics in mind aswell.  So I think best is if you do for fun and profit.  If just of them  your missing out.

I do not do it for fun. I would like to earn some thing from the mining, in the mean time, I support the network.

I have mined and yes it was a great experience, having 10 S3 miners mining money for me .
The poolswithing, coin switching etc.

But let's be fair too, I did not do it for the money, since there is no money to be made in bitcoin mining.

Good idea or not good idea...I can a say:I have mined...and perhaps the satoshi you see...are from me (lol)

Until you haven't some miners & great electricity price, i think is not convenient to buy some hardware, but at least would be very fun.
When i could, i will buy 1 miner for sure and start trying to mine by myself

Do you really think people buying outdated miners with like 100 GH are doing it for the big bucks?

No man, they want to try it and in fact mining or having miners is actually fun to do.

Sorry hurting you...i mine for fun...
why should I not?
i have fun doing "things" for fun...it is so fun (lol)
But i'm used too...
i give away satoshi for the fun...it is so strange that people take me for a scammer (lol)

No one does it for fun, this is a serious thing...
Mining involves many serious factors such as the ability to run the network smoothly, and if someone does it for fun, then they are just making a fool of themselves...
Even an S7 today would let you profit in a few months before halving, and you can even get much more if the price spikes...

Unless you have some sort of privilege like cheap electricity and discounted mining rigs, then not really. Some people do it for fun still though.

not to mention that even big farm are paying their bills, so why someone should mine only with free electricity? no-sense

you can mine if your roi is fast that's it, you can make it faster by selling your asic

If you live in a place where electricity is really cheap or free and if you can buy a second hand ASIC it may be profitable, at least until the halving but you should have reimbursed your purchase at this time.

I don't know that I agree.  Are  you taking about electricity bills?  I have a sizable one every month that I need to pay or I need to get rid of old gear if it's no longer profitable.

I love mining and playing with the machines.  It's almost an addiction to me I just have to try out a lot of miners as it's so much fun.  But I also want a ROI long term.  So far I have been able to keep it going.   Hopefully that continues.

If I did it just for love I would need to scale down a lot if I was losing money compared to electricity bill.

Don't mine if you need to pay bills with BTC

Mine if you love tech and speculate that your positioning in the ledger will result in portfolio diversification and long term financial stability

In the end its your time and money so just try to enjoy the ride, absord the good and reject the bad (know it all's)

After some time most home miners won't be making a profit on their mining hardware and they might switch to hobby mining or quite the mining game altogether.

Hobby miners do have the advantage though over home.  Able to do larger amount of watts, and also most hobby use 220/240 so that is a decent advantage when getting new gear and PSU's.   A good server PSU is less then a nice ATX almost always.

Home miners do have the advantage during winter of using them to heat a house, but some miners are loud so just varies.  I think we will see more go to hobby size or very little at home.  Not sure 100 percent which way the market will go.

There are plenty of home miners mining now. Sure larger farms are slowly taking control with a diversity of proucts.
But since mining (when you have a low electricty fee) is still profitable, there is enough incentive for miners to keep on mining.

It should be a hobby and stay a hobby. There is no way you will get your money out of it.
The miners market is run by big time bitcoin farms now.

No it isn't, stop and dont do it!

As many have said... Keep it as a hobby first and keep profit the very last thing in mind.

With the right equipment bought at the right price, and paying energy at a low price, you can earn some bucks.

Yes bucks, the time where you could make a small fortune with mining is long gone.

It can still be profitable if you mine altcoins and exchange to bitcoins.
'm still considering getting into mining and one benefit I can say is simply gaining knowledge and experience about these stuff. This is one of the direction to go push after all you are already into bitcoin.

I think if you buy one bitcoin now and wait till the halving i think you could make more profits, but the market is unpredecible so dont trust me

it will not work for long time frame, you must resell in 6 months, or at least some months before new asic ome out, in this way it will retain more its value

The life span of a miner is not that much, they might be the best ones, but you really don't know that till when the miners will work...
Even we need to look for many factors like AC or DC, the stability of electricity, fluctuations, etc., and then too it's a machine in the end...

It's important to understand the "functional lifespan" of a piece of hardware compared to it's "economic lifespan". ASIC mining hardware does NOT have a long "economic lifespan" (i.e the point at which it's not longer viable to run). The usual answer is to sell it off to somebody with a lower operating cost.

I would also suggest that in some, possibly many, cases you'll sell your miner to somebody that doesn't truly understand the economics of Bitcoin mining. I am 90% certain I have never "broken even" (aka ROI) until I sell the hardware. The less kind way to put that is "The greater fool strategy". Works best when BTC price is high, assuming you do your ROI calculations in fiat currency (as I do). Mining hardware seems to have a greater value on the used market when BTC price is high.

Miners we are not talking about years.... a miner's life is much shorter then this.  He was talking 7 months which is fair amount of time in mining world.

You mine till profit is not to high, and sell to "free" or very cheap electricity.  They get it and you get a little more money to add on to ROI, or for some might make them ROI.  But no miner is year's as far as realistic life.

Is that true what u saying about reselling? I am not sure because after several years, won't it get vroken or something? Also second hand is much cheaper then brand new.

Prety smart actually if it is true what u are saying.

well halving is not tomorrow, plenty of room for profit, 7 months, plus you can always resell, s7 can be sold again at the same price at whch you bought it, unless the price of bitcoin skyrocket too much and you payed in bitcoin

but this is another story, better to pay in fiat your asic

But difficulty jump ain't just one thing, halving is another and the price is the most considerable topic to be focused when it comes to mining, as buying for least BTC at higher prices might look good, but even if you get that ROI in BTC in 6 months and the price is slashed 50% down, then I guess it's double your wait to just gain your ROI in full, I mean the one will need to wait a year instead of the mentioned 6 months...

An antimer s7 cost like 3.5 bitcoins so there never will be an ROI within 120 days because you also need to pay the electricity.
If u can get free electricity, then u spent much money on mining, or mayby buy solar panels for the electricity.

After 120 days, you still haven't paid off your S7, unless you got it for less than $600, or unless difficulty starts to fall off below 5% every two weeks. I have no idea what assumptions you made to get a payoff off of 120 days.

Maybe you expect the price of BTC to increase faster than difficulty, and you got the S7 for "half price" maybe you can make it work out.

I think that a 120 day payoff for an S7 require an incredible number of unlikely assumptions.

Firstly it depends on how much budget do you have to spent, to start with you need the latest mining hardware which i would suggest the S7, another factor is having free electricity to get the most profit of this mining rig.

he forget diff, but right now a s7 can earn you a nice profit, and consumption is around $45 per month with 0.05, with 0.1 is double that

earning is $360, but the next diff jump will put us on another +10% or so, still plenty of room for profit

Honestly I think you have some more research to do.   Cloud mining for example on hashnest is not all that different then regular mining if at 10 cents or close.  We need to know if you have cheap electricity, then yes it changes.

And keep in mind the goal is BTC to go up.  So when I made a profit at 230 and stored it all in BTC... all of that I stored is not 430+ in value.  So by holding onto profits can make a HUGE difference, but you can also lose money this way.

It depends in you.
If you have the money to start mining then go for it.

You must decide. Calculate how much you will gain in having the BTC and how much you can gain from mining.

Use the calculator:
https://bitcoinwisdom.com/bitcoin/calculator

You can simulate the difficulty, block reward and many different data.

Are you sure about those calculations?
Because if u are, then it will be profitable for me so then I am very interested.

Well with the price 450 USD and having a Antminer S7 + a energy rate of like 10 cent / kW the ROI period is less then 120 days. It's a little bit high yes but 'doable' even more if you expect the price to rise even more.

But looking towards the difficulty that skyrocket big time see:
https://bitcoinwisdom.com/bitcoin/difficulty

It's very risky again. Therefore i wouldn't advice to buy mining gear right now.

If you have free electricity and if the prices remain stable at where they are, I mean more than $450, then there's a chance you can get out with some nice profit in the next few months, but that too before halving, as nobody knows what will be the scenario after halving takes place...

There are chances that people might lose interest in Bitcoins, or might there happen something like a big pump that could take BTC to somewhere that will drag everyone's attention towards it again...

So because there will be an difficulty increase, u suggest to not start mining if u have no setup?
But what if the price goes to 1000$ per btc, will mining be profitable with the block halving and new difficulties?

In my point of view, the BTC/USD is in upward trend. All the time growing difficulty. The difficulty of course is derived from the BTC/USD and the installation of new equipment. Old equipment is also working due to an increase BTC/USD. Accordingly, the difficulty will continue to grow.
This means that in my opinion at the moment the best is to buy BTC. Those who possess miners, when the difficulty was relatively stable already earned and have a different position than those who are just starting in this business. For the purchase of miners it is worth to wait for difficulty stabilization.

I get the point now, but that must be difficult to setup that all the air goes the way u want it to.

If u keep the miners at your basement and make an airway to your house to heat it up, that won't cause any trouble. So it is possible without any hick ups.

That is a cool idea, mining bitcoins to earn btc and also warm up your house.
Is that even possible, would it not be too much loud? Or a weird smelling air?

Yes. The electricity price is too much for home mining. We can only mine during winter times. That is because we can get free heat out of it.

I don't think this is a good time to start mining because if the difficulty continues to rise at this rate you will need very cheap electricity to make a profit.

Its depends on the cost of your electricity and how much you can spend on your mining project

another two years and probably no casual miner can get in, because the mining to have a decent profit would be 50 tera or even more, which mean a big electricity is needed

and only few people have that at their disposal, until then i thinkyou can still try to get 1 s7, it's cheaper now, and try to roi, at worst you sell it before the halving

Mining is good so long as you can get equipment at a good price and also that you have very cheap kwh prices, or free energy and no cost to other than buying equipment. If your costs are too expensive on power than I would forget it as your not going to even get close to braking even.

It depends, if you have a big amount of money to buy the latest minner, and you live in a country with electricity low prices. Could be a good idea, but you need to know that difficulty is increasing very fast. If difficulty grows fast (and you don't have a good electricity low price), it could change to a bad idea in few months.

If you know the miner you want to buy and the electricy rate you can calculate directly, check this site out:
http://www.coinwarz.com/calculators/bitcoin-mining-calculator

Honestly I think it is not going to be worth your while. since the difficulty is sky rocketting.

Hi, take a look here https://bitcointalksearch.org/topic/21-cents-per-kw-any-way-to-mine-1279779
You will find useful links to estimate your earning and you can get more ideas before jumping in solo mining
Good luck 

Not unless you have a lot of money to begin with for start up, and a free/renewable source of energy. You're worse off if you live in a warmer region as opposed to a cold one, in that aspect. There are quite a few cost analysis charts you can find online if you do a quick search.

I was wondering about mining profitability and i think it's not worth it to get in. I mean you must get asic miners and the minimum to mine with is i think at least 10 TH/s. Even if you make enough money to pay electricity and still get some $ you have to get back the amount of the machines. I know there is cloud mining but that doesn't make that much and not stable. The blockchain is heavy and there are just too many people already mining who are your "concurrency".
So what do you think?