Topic: Is mining worth trying ? (Read 2273 times)

and even with 1 block a month solo mining, the breakeven point would be at least half a year even with free electricity, most likely a year with cheap electricity (realistically). But better miners are always being produced, and the difficulty will likely rise too, so the breakeven point might be even longer than 1 year.

cheap electricty wont help you solo mining, you need a pretty good damn equipments if you want to go with that route, we are now around 300p peta right?

without considering the diff, one should look at around 1 block per month at least, to begin with solo mining, this mean that at current diff you need around 80 tera or 70 antminers s5

70 antminers s5 are 70, cost 25k

from my point of view, solo mining is no profitable anymore, is only profitable if you have cheap electricity, but you can always join in a pool, maybe thats the best chooise for you.

btw you can always rent some hw and use it, sometimes is a good idea

if you already have a mining hardware and also have access to free electricity, you can mine and profit from it. but other than that if you do solo mining you only lose money rather than earning it.

if you are so interested in mining you can try mining altcoins or find a good cloudmining service and use it. always do your research before you invest

if you want mine for fun, just do it and start mine for now, you'll enjoy mining bitcoin and learn how it works

But if you want mine for profit, I think you should avoid mining bitcoin since it's not good anymore for home scale mining / personal mining at home

Difficulty increase so high and in other hand, bitcoin price drop so low are most notable factor for reducing mining profitability.

Many user sell their mining hardware to reduce their losses, meanwhile another miner still mining bitcoin as their hobby.
Do some research and determine which one do you choose

What is the Easiest (passive) way to earn BTC ?
Don't ever try cloud mining to hope earn passive money, most of them are scammer, or not profitable because high fees

I enjoy tinkering and playing with the hardware personally.  It's a very fun hobby.

ROI is based on many factors, electricity is one big one.  Those of us with decent electricity it can be done, but yes some would need to host elsewhere or cloud sadly as their electricity is to high.

This summer has actually been amazing with miners.  Some guessed a massive amount of change on the difficulty but jumps have been not to large in most cases.  And we have had a number of negative changes, including the last one.

So there is lot's of good going on in mining area in my view.

Look, not everything is a ponzi.  I just checked out there website: They guarantee a payout.  This is a bad sign right? What do they guarantee?  3%.  Ok, so I made that at hasnest in the first 10 days, and they give themselves 6 months for that return.  The expected profit is 6-10%.  Pretty good, that is 12-20% a year.  If you got that much in your 401k you would be filthy stinking rich by the time you retire.   But they don't guarantee that much.  This is only one of their plans.  Their referral rate is 5%.  Pretty big but not exactly impossible.

If you look at some of their other plans they start to guarantee 20% or even 30%.  This is starting to look a little suspicious.  However I can't say that it is a ponzi.  These numbers are possible for a well managed mine.  When I bought in at hasnest my time to break even was something like 250 days.  Lets just assume that the difficulty etc is static.  After 250 days I can sell back all my hash and I basically have a 100% profit.  I wont do the math for you but you can earn a crapload of money with a 100% yearly return.  Of course it isn't so simple but the point is that the numbers from cloudthink do not necessarily scream ponzi.  That does not mean they are legit, I have no idea.  I would need to research it further.  The point is that you shouldn't go around saying things like this about a potentially legit business.  If it is legit then lots of money and hard work have gone into making this company.  If it fails because of FUD it would be a shame for the employees and investors wouldn't it?

there is also no fun in consuming electrcity when with cloud you can avoid that completely, not to mention the dust and everythign related to the maintanace, i don't find that fun to be honest

the only fun part is when you see your earning rising

and anyway some of them are legit, their problem is the same as mining in general, reaching roi is too hard, nothing else

is cloudthink a cloudmining company?

Don't go for them because most of them are ponzies and because there is no fun in mining without your own hardware

Yeah, except in the rare occasion that a coin shoots up in value, almost nothing is profitable to mine with CPU/GPU.     Then that goes away with the inevitable diff increase associated with everyone trying to mine it.

There is a lot of pump/dump coins out there.  This makes alt coin mining hard (partially hard as it's been using the same gear for quite a while).   

I personally would suggest mining BTC and buy altcoins if you want to play with them.  At this point in mining that seems to be best to me personally.

if mining wrong altcoin you will not receive any thing
burn your money

need more research before mining altcoin

If you really want to mine for fun, try one of the altcoins - you can usually mine them with your CPU or GPU without investing in an ASIC.

No, don't lose your time mining bitcoin

you may try yo mine altcoins, but it is not much profitable any more

@shad_90 why you not try this ?
rent RIG to know how much you get

How can you "always recommend" cloudthink.io when they have only been going for five minutes?

It wouldn't have anything to do with you having just sold him something, probably an account?

Mine bitcoin is not profitable any more if you can find very very cheap power.

Not worth it mate would cost more for electric.

Its profitable only if you can get the hardware and have cheap electricity. Mining on a traditional PC is not profitable anymore, you need dedicated hardware. Mining is a race, so you need to buy lots of hardware. Once you have the hardware the expenses are electricity, rent and new hardware.

Easiest way to start mining Bitcoin is to buy cloudmining power. However, most cloudmining site is ponzi-based. So, choose wisely before you rent or buy hashrate from a cloudmining company.

I wont suggest you to mine Bitcoin.