Is mining that profitable? | Bitcointalksearch.org

grn

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Quote from: xstr8guy on December 30, 2014, 08:11:45 PM

Quote from: ChuckBuck on December 30, 2014, 03:59:52 PM

Quote from: Moh$en on December 17, 2014, 01:53:18 AM

Hi I'm Mohsen from Iran, I found mining quite interesting and profitable and I have some doubt about it then I join this forum and I want to ask some question before investing.
I did mining with my personal computer with several pools and I noticed that I can invest in antminer s4 and that is quite interesting when I calculated the profit here : https://alloscomp.com/bitcoin/calculator
So my research says if I invest any amount in mining devices, I can return my investment in just 4 months. Am I calculating right? Is it that accurate?
I'm Planning to invest on antminer s4, Is there any better option, because right now bitmaintech guys selling 16 units for $14K and I can get 32TH/s with those. also I'm in Iran andd the electricity price is so cheap here, I can register a production company to cut half my electricity price even. But I dont know if they ship units to Iran and the weight is so high its about 250KG.
So what do you think about my plan?

Thank you

Don't use that mining calculator, it's shit, use this one instead:

https://bitcoinwisdom.com/bitcoin/calculator

Best option for mining right now is the Antminer S5

https://www.bitmaintech.com/productDetail.htm?pid=00020141223145144203LHv1Ae820632

or the Spondoolies-Tech SP20

http://www.spondoolies-tech.com/products/holiday-special-sp20-jackson-shipping-from-stock

You can't go wrong with either. You won't necessarily ROI, but at least you're picking the right miners.

Um, you do know that there is no chance in hell that Spondoolies will ship to Iran, right?

I can get it to Iran if needed

Bananana

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Quote from: cheekychap on January 01, 2015, 07:05:47 AM

Quote from: Zawamiya on December 31, 2014, 04:33:18 PM

Quote from: stonerider on December 31, 2014, 11:54:40 AM

Yes, its very profitable, after mining for only a month, I was able to buy a bridge and a castle in New York!!! If you want to be like me, please contact me, I'd need your personal info like social security, date of birth, bank account, etc...

ha ha funny
well i don't think bitcoin mining is a profitable business for new miner those need to buy new hardwares and then recover their investment and profit from those,its only profitable if you are a old miner and already cash out the money you invested in hardware

It might be only profitable, if you can do it large scale. Other than that, its hard for it to be profitable.

Even large scale is barely profitable right now. BTC price is way too low and difficulty is going to shoot up again.

cheekychap

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Quote from: Zawamiya on December 31, 2014, 04:33:18 PM

Quote from: stonerider on December 31, 2014, 11:54:40 AM

Yes, its very profitable, after mining for only a month, I was able to buy a bridge and a castle in New York!!! If you want to be like me, please contact me, I'd need your personal info like social security, date of birth, bank account, etc...

ha ha funny
well i don't think bitcoin mining is a profitable business for new miner those need to buy new hardwares and then recover their investment and profit from those,its only profitable if you are a old miner and already cash out the money you invested in hardware

It might be only profitable, if you can do it large scale. Other than that, its hard for it to be profitable.

cloverme

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Quote from: funtotry on December 31, 2014, 05:52:10 PM

Quote from: Minor Miner on December 30, 2014, 09:28:24 PM

I would think 12 months to get your money back is your BEST case scenario. With the cost of electricity, you will be using more than 2/3 of your mining proceeds just to pay electric.

A lot of people end up selling their miners before the end of their useful life to help deflect the cost of mining and to increase their (potential) ROI.

I think it will be interesting to see how fast difficulty increases (if at all) over the next year as people who are going to be buying new ASICs will potentially be still mining when the block subsidy halves again

Agreed, I used to sell my miners at the 3 month mark. It looks like difficulty is back on the rise again too...

funtotry

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Quote from: Minor Miner on December 30, 2014, 09:28:24 PM

I would think 12 months to get your money back is your BEST case scenario. With the cost of electricity, you will be using more than 2/3 of your mining proceeds just to pay electric.

A lot of people end up selling their miners before the end of their useful life to help deflect the cost of mining and to increase their (potential) ROI.

I think it will be interesting to see how fast difficulty increases (if at all) over the next year as people who are going to be buying new ASICs will potentially be still mining when the block subsidy halves again

Zawamiya

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Quote from: stonerider on December 31, 2014, 11:54:40 AM

Yes, its very profitable, after mining for only a month, I was able to buy a bridge and a castle in New York!!! If you want to be like me, please contact me, I'd need your personal info like social security, date of birth, bank account, etc...

ha ha funny
well i don't think bitcoin mining is a profitable business for new miner those need to buy new hardwares and then recover their investment and profit from those,its only profitable if you are a old miner and already cash out the money you invested in hardware

stonerider

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Yes, its very profitable, after mining for only a month, I was able to buy a bridge and a castle in New York!!! If you want to be like me, please contact me, I'd need your personal info like social security, date of birth, bank account, etc...

[/sarcasm]

aurel57

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Quote from: Minor Miner on December 30, 2014, 09:28:24 PM

I would think 12 months to get your money back is your BEST case scenario. With the cost of electricity, you will be using more than 2/3 of your mining proceeds just to pay electric.

He stated that he has very cheap electric, even though we don't know what that price is , electric may not be a problem for him.

Minor Miner

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Be A Digital Miner

I would think 12 months to get your money back is your BEST case scenario. With the cost of electricity, you will be using more than 2/3 of your mining proceeds just to pay electric.

MrTeal

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Quote from: xstr8guy on December 30, 2014, 08:11:45 PM

Um, you do know that there is no chance in hell that Spondoolies will ship to Iran, right?

They probably would. Mo$hen probably would just want to be behind a bunch of laminated Lexan when he opens the box.

xstr8guy

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Quote from: ChuckBuck on December 30, 2014, 03:59:52 PM

Quote from: Moh$en on December 17, 2014, 01:53:18 AM

Hi I'm Mohsen from Iran, I found mining quite interesting and profitable and I have some doubt about it then I join this forum and I want to ask some question before investing.
I did mining with my personal computer with several pools and I noticed that I can invest in antminer s4 and that is quite interesting when I calculated the profit here : https://alloscomp.com/bitcoin/calculator
So my research says if I invest any amount in mining devices, I can return my investment in just 4 months. Am I calculating right? Is it that accurate?
I'm Planning to invest on antminer s4, Is there any better option, because right now bitmaintech guys selling 16 units for $14K and I can get 32TH/s with those. also I'm in Iran andd the electricity price is so cheap here, I can register a production company to cut half my electricity price even. But I dont know if they ship units to Iran and the weight is so high its about 250KG.
So what do you think about my plan?

Thank you

Don't use that mining calculator, it's shit, use this one instead:

https://bitcoinwisdom.com/bitcoin/calculator

Best option for mining right now is the Antminer S5

https://www.bitmaintech.com/productDetail.htm?pid=00020141223145144203LHv1Ae820632

or the Spondoolies-Tech SP20

http://www.spondoolies-tech.com/products/holiday-special-sp20-jackson-shipping-from-stock

You can't go wrong with either. You won't necessarily ROI, but at least you're picking the right miners.

Um, you do know that there is no chance in hell that Spondoolies will ship to Iran, right?

ChuckBuck

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better everyday ♥

Quote from: Moh$en on December 17, 2014, 01:53:18 AM

Hi I'm Mohsen from Iran, I found mining quite interesting and profitable and I have some doubt about it then I join this forum and I want to ask some question before investing.
I did mining with my personal computer with several pools and I noticed that I can invest in antminer s4 and that is quite interesting when I calculated the profit here : https://alloscomp.com/bitcoin/calculator
So my research says if I invest any amount in mining devices, I can return my investment in just 4 months. Am I calculating right? Is it that accurate?
I'm Planning to invest on antminer s4, Is there any better option, because right now bitmaintech guys selling 16 units for $14K and I can get 32TH/s with those. also I'm in Iran andd the electricity price is so cheap here, I can register a production company to cut half my electricity price even. But I dont know if they ship units to Iran and the weight is so high its about 250KG.
So what do you think about my plan?

Thank you

Don't use that mining calculator, it's shit, use this one instead:

https://bitcoinwisdom.com/bitcoin/calculator

Best option for mining right now is the Antminer S5

https://www.bitmaintech.com/productDetail.htm?pid=00020141223145144203LHv1Ae820632

or the Spondoolies-Tech SP20

http://www.spondoolies-tech.com/products/holiday-special-sp20-jackson-shipping-from-stock

You can't go wrong with either. You won't necessarily ROI, but at least you're picking the right miners.

Amph

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no it isn't unless you are a big farm with a electricity contract, or you have already made roi, or any of those combinations

BTCish

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you better find someone who can get those miners past customs

sumantso

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I will expect the customs and related fees will kill you off.

I would've advised you to buy Bitcoins instead, but the same problem remains - getting your money out and into the exchanges. I guess you can try localbitcoins if such a thing indeed exists in Iran.

rammy2k2

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u might be killed with stones or something

aurel57

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Iran....Wondering if RPG's can be bought with BTC yet? Undecided

seriouscoin

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Yes its very profitable. In fact i'm picking up a Bentley Continental GT this coming Monday all from btc mining profit.

You should buy all the gears that you can, guarantee you next year you will be buying Maserati.

notlist3d

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When you say cheap how much is cheap? Electricity price is a huge factor.

With 16 units you will also need some cooling. That is a decent amount of heat. Make sure to factor electrician and his services and parts, and also cooling and a constant cooling bill.

arieq

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Activity: 364

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Quote from: ?? on ??

Mining might be profitable as of now. Not certain about an year later , when the difficulty increases.

Eventhough difficulty is decreasing, mining same btc just got extended by one full day. But the good news is: when mining becomes harder, no more bitcoins to dump, price of bitcoin will skyrocket

Topic: Is mining that profitable? (Read 3238 times)