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Topic: Is mining still profitable? - page 2. (Read 5956 times)

legendary
Activity: 2478
Merit: 1020
Be A Digital Miner
October 01, 2014, 06:07:53 PM
#32
I have ~10THs mining at home which is about $1700 per month in BTC income at the current difficulty. Everything I have running is at 1w/GHs or less.
My last 3 electric bills have been an average of about $1700 per month. Of course my electric bill isn't from mining alone but I would estimate that 70-80% is from my mining gear. It's still summer in the desert where I live so my A/C still runs most of the day.
So I have another month or two (max) before I'm mining at a loss. Although I might run some of the most efficient miners (S3's and Monarchs) for auxiliary heat in the winter even though I have a gas furnace.
This should be your answer.. Granted, bitcoins could shoot up at any time but could go down too.. Id steer clear of mining.. not profitable.

If you weren't mining anything ever before. The only reason to start mining now is to feel how it is. You would later can tell some of your children or grandchildren that at some point you were bitcoin miner in the past. Other that that standard mining is not that good for individuals.

Absolutely! An individual trying to start mining BTC now is a guaranteed losing venture.
In my case, I was lucky and timed my first miner purchases well... paid fiat for early mining gear when BTC was very cheap. And I reinvested my BTC earnings in more mining gear when BTC was very high. I've had a positive ROI (bitcoin and fiat) for many months now. I had zero bitcoin when I started and now hold some in my wallet. And I earned back my fiat investment by selling some used gear on eBay early on.
I was extremely lucky, there was absolutely no skill involved, lol. But those days have long passed and anyone hoping to duplicate a similar situation is going to be very, very disappointed.
The ONLY way that you can mine starting now and recoup the amount you have to pay for the miner is IF bitcoin rises.   And if bitcoin rises, you would have been better off just holding your bitcoin or using the FIAT that you have to purchase the miner to buy the bitcoin.

Mining is basically buying bitcoins for future delivery (with a lot of volatility on the quantity of each future delivery).   At prices below $500-600 and this current difficulty, you receive far more coins TODAY by just buying the bitcoin vs. buying a miner (and the coins from the miner will not be delivered at once).
hero member
Activity: 784
Merit: 1004
Glow Stick Dance!
October 01, 2014, 05:58:33 PM
#31
I have ~10THs mining at home which is about $1700 per month in BTC income at the current difficulty. Everything I have running is at 1w/GHs or less.

My last 3 electric bills have been an average of about $1700 per month. Of course my electric bill isn't from mining alone but I would estimate that 70-80% is from my mining gear. It's still summer in the desert where I live so my A/C still runs most of the day.

So I have another month or two (max) before I'm mining at a loss. Although I might run some of the most efficient miners (S3's and Monarchs) for auxiliary heat in the winter even though I have a gas furnace.


This should be your answer.. Granted, bitcoins could shoot up at any time but could go down too.. Id steer clear of mining.. not profitable.

If you weren't mining anything ever before. The only reason to start mining now is to feel how it is. You would later can tell some of your children or grandchildren that at some point you were bitcoin miner in the past. Other that that standard mining is not that good for individuals.



Absolutely! An individual trying to start mining BTC now is a guaranteed losing venture.

In my case, I was lucky and timed my first miner purchases well... paid fiat for early mining gear when BTC was very cheap. And I reinvested my BTC earnings in more mining gear when BTC was very high. I've had a positive ROI (bitcoin and fiat) for many months now. I had zero bitcoin when I started and now hold some in my wallet. And I earned back my fiat investment by selling some used gear on eBay early on.

I was extremely lucky, there was absolutely no skill involved, lol. But those days have long passed and anyone hoping to duplicate a similar situation is going to be very, very disappointed.
legendary
Activity: 1400
Merit: 1001
October 01, 2014, 05:09:51 PM
#30
I have ~10THs mining at home which is about $1700 per month in BTC income at the current difficulty. Everything I have running is at 1w/GHs or less.

My last 3 electric bills have been an average of about $1700 per month. Of course my electric bill isn't from mining alone but I would estimate that 70-80% is from my mining gear. It's still summer in the desert where I live so my A/C still runs most of the day.

So I have another month or two (max) before I'm mining at a loss. Although I might run some of the most efficient miners (S3's and Monarchs) for auxiliary heat in the winter even though I have a gas furnace.


This should be your answer.. Granted, bitcoins could shoot up at any time but could go down too.. Id steer clear of mining.. not profitable.

If you weren't mining anything ever before. The only reason to start mining now is to feel how it is. You would later can tell some of your children or grandchildren that at some point you were bitcoin miner in the past. Other that that standard mining is not that good for individuals.
hero member
Activity: 924
Merit: 1000
October 01, 2014, 04:01:23 PM
#29
I have ~10THs mining at home which is about $1700 per month in BTC income at the current difficulty. Everything I have running is at 1w/GHs or less.

My last 3 electric bills have been an average of about $1700 per month. Of course my electric bill isn't from mining alone but I would estimate that 70-80% is from my mining gear. It's still summer in the desert where I live so my A/C still runs most of the day.

So I have another month or two (max) before I'm mining at a loss. Although I might run some of the most efficient miners (S3's and Monarchs) for auxiliary heat in the winter even though I have a gas furnace.


This should be your answer.. Granted, bitcoins could shoot up at any time but could go down too.. Id steer clear of mining.. not profitable.
sr. member
Activity: 336
Merit: 250
October 01, 2014, 04:00:05 PM
#28
yes yes, ROI is impossible. sell me your antminer s1s for $20 a piece i'll use them as decorations
hero member
Activity: 924
Merit: 1000
October 01, 2014, 03:58:30 PM
#27
It all depends on the cost that you purchase at and your cost for electricity. So there is no easy answer. For the most part, the answer is no. If you had a couple million and cheap electricity, you might have a chance at roi, but since coins are so cheap right now, Its better to buy the coins with your investment. I wish I would have done that...
sr. member
Activity: 336
Merit: 250
October 01, 2014, 03:57:37 PM
#26
yes it is, depends on electricity costs and how much you pay for machines

buy used machines as cheap as possible

I have 5.4TH in undervolted s1s and one s2 and pay 0.064 and my entire house including mining elec cost is about $350-$400

0.1 - 0.14 BTC a day
hero member
Activity: 784
Merit: 1004
Glow Stick Dance!
October 01, 2014, 03:53:00 PM
#25
I have ~10THs mining at home which is about $1700 per month in BTC income at the current difficulty. Everything I have running is at 1w/GHs or less.

My last 3 electric bills have been an average of about $1700 per month. Of course my electric bill isn't from mining alone but I would estimate that 70-80% is from my mining gear. It's still summer in the desert where I live so my A/C still runs most of the day.

So I have another month or two (max) before I'm mining at a loss. Although I might run some of the most efficient miners (S3's and Monarchs) for auxiliary heat in the winter even though I have a gas furnace.
legendary
Activity: 1400
Merit: 1001
October 01, 2014, 03:46:12 PM
#24
I make $5 a day and its falling and falling everyday!

It is up for you op to decide. People will be telling you different things. If you are interested, you may always try some cloud mining. It is not expensive at all. Just test the water. But remember to buy from some reputable company. Don't trust some random small companies which will probably scam you.
legendary
Activity: 3808
Merit: 1723
October 01, 2014, 01:46:47 PM
#23
I make $5 a day and its falling and falling everyday!
hero member
Activity: 693
Merit: 500
October 01, 2014, 04:21:25 AM
#22
Scrypt mining is still profitable if you find the right deal (LTCgear)  Cheesy
hero member
Activity: 764
Merit: 500
I'm a cynic, I'm a quaint
October 01, 2014, 03:25:27 AM
#21
Yes, it is.

How else do you explain 220+ Phash/s running?
sr. member
Activity: 378
Merit: 250
October 01, 2014, 03:05:53 AM
#20
No, not even for manufacturer now...
hero member
Activity: 873
Merit: 1007
September 30, 2014, 11:05:16 PM
#19
No
legendary
Activity: 1456
Merit: 1000
September 30, 2014, 12:56:46 PM
#18
I can't find any hardware currently available that has a good chance to ROI. Any bitcoin miners that approach 1J/GH are already dead. Even the ones that are decent (e.g. Antminers) are way overpriced.

Scrypt mining is harder to predict given the less-than-predictable LTC difficulty increases...but I have to believe that with KNC shipping Titans now, that has to go up too, maybe even faster than BTC difficulty. And I can't find any Scrypt miners that are profitable either given 10% increases in difficulty. Some EBay auctions are absolutely ridiculous--thousands of dollars for 28 MHs miners. I wouldn't pay more than $10 per MH now, and there just isn't anything out there that is close to being able to ROI. Preorders (Volcano, etc.) are very risky.

TL;DR...no.

Why don't you try LTCgear which is $5.5/Mhash including a full year of free hosting? No hardware at home and still cheap hashrate with weekly payouts.

I like having the hardware in hand.  With renting out Scrypt i have been able to make more the regular payouts no secret there. With that free hosting o a year I don't think you own the hardware.  That is a huge con.  Selling hardware at end can add some extra profit.   With "cloud" you really do a long term lease, not buying hardware.

I have been able to successfully ROI each time i trade up.  This time will be harder if bitcoin does not go back up in price.   To do a ROI i really feel you need to buy a miner priced in BTC example is S3 compared to S4 priced in dollars with current exchange rate.
hero member
Activity: 693
Merit: 500
September 30, 2014, 12:16:49 PM
#17
I can't find any hardware currently available that has a good chance to ROI. Any bitcoin miners that approach 1J/GH are already dead. Even the ones that are decent (e.g. Antminers) are way overpriced.

Scrypt mining is harder to predict given the less-than-predictable LTC difficulty increases...but I have to believe that with KNC shipping Titans now, that has to go up too, maybe even faster than BTC difficulty. And I can't find any Scrypt miners that are profitable either given 10% increases in difficulty. Some EBay auctions are absolutely ridiculous--thousands of dollars for 28 MHs miners. I wouldn't pay more than $10 per MH now, and there just isn't anything out there that is close to being able to ROI. Preorders (Volcano, etc.) are very risky.

TL;DR...no.

Why don't you try LTCgear which is $5.5/Mhash including a full year of free hosting? No hardware at home and still cheap hashrate with weekly payouts.
hero member
Activity: 714
Merit: 500
Martijn Meijering
September 30, 2014, 12:04:00 PM
#16
I can't find any hardware currently available that has a good chance to ROI. Any bitcoin miners that approach 1J/GH are already dead. Even the ones that are decent (e.g. Antminers) are way overpriced.

If you want to break even, you'll probably have to produce your own ASICs, or buy in large volumes so you can get a significant discount.
full member
Activity: 260
Merit: 100
September 30, 2014, 11:28:49 AM
#15
I can't find any hardware currently available that has a good chance to ROI. Any bitcoin miners that approach 1J/GH are already dead. Even the ones that are decent (e.g. Antminers) are way overpriced.

Scrypt mining is harder to predict given the less-than-predictable LTC difficulty increases...but I have to believe that with KNC shipping Titans now, that has to go up too, maybe even faster than BTC difficulty. And I can't find any Scrypt miners that are profitable either given 10% increases in difficulty. Some EBay auctions are absolutely ridiculous--thousands of dollars for 28 MHs miners. I wouldn't pay more than $10 per MH now, and there just isn't anything out there that is close to being able to ROI. Preorders (Volcano, etc.) are very risky.

TL;DR...no.
hero member
Activity: 693
Merit: 500
September 30, 2014, 11:07:06 AM
#14
LTCgear still is amazingly profitable if you ask me, estimated ROI of 5-6 weeks if you pay in BTC and use the coupon code "anniversary1yr" even with the crash in Bitcoin value.

See my sig for their site  Smiley Could also sell you a smaller amount of shares for the same price per Mhash.
hero member
Activity: 714
Merit: 500
Martijn Meijering
September 30, 2014, 10:54:51 AM
#13
Or if you have the expertise that's necessary to run a large mining data center and live in a favourable location.
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