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Topic: Mining Bitcoin - page 3. (Read 855 times)

copper member
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September 20, 2022, 02:52:14 PM
#29
Bitcoin mining is still profitable in 2022 but we should take a look about electricity bill and graphics card cost.
You must be in dreamland my brother... Graphics cards profitably mining bitcoin in 2022!!  Grin Grin Grin

If they are cheap then can you can try mining Bitcoin.
Even if you get them for free. You will be wasting time trying to mine Bitcoin. Time is money, remember that.
copper member
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September 20, 2022, 12:45:31 PM
#28
i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??

Rather than mining a Bitcoins, it would be great if you buy the whole Bitcoin.
I mean mining requires hardwork and more preparations, and if you buy the coin, then it’s easy af.
Also if you compare both thoroughly, then you will only get 19/20 difference. Moreover mining will consume more time, and will also take some space to set up the rig. Whereas in case of buying, you just buy the coin in minutes.
Nevertheless this is my personal opinion. People might have different opinions also. For my buying is better than mining.
sr. member
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September 20, 2022, 12:40:19 PM
#27
i heard a lot over the years about bitcoin mining and i never really considered diving into it,
If you had followed what you heard, you would have had some very reasonable amount of bitcoins by now.

do you think it's still worth trying on 2022 ??
Why not? Any method of getting bitcoin is welcome!  it is something you should try if you can handle all the cost related necessities to ensure a successful mining. Before you start, please understand that it can also be unprofitable if some factors are out of place for you, like cost of power etc. Analyze all the potential challenges you can face considering your location to know if they are something that you can overturn.
full member
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September 20, 2022, 12:17:12 PM
#26
so what do you guys think about it ?
According to what I know about Bitcoin Mining this is a very good thing to do, and there are several ways that I know about this there are those that use CPUs and arrange them like industrial factories, as well as CPUs there are also several platforms that provide Bitcoin Mining (but this depends on the Platform) because there are scams and there are also official ones (safe to use).

does anyone here have a successful mining story ??
Actually I've tried to do Bitcoin mining with a platform in the application, and the experience I got was not too bad in this mining, because when I tried to mine Bitcoin on the platform it gave me results even though it wasn't big, but after I considered the expenses not that big, and I had nothing to lose with the experiment.
But about mining that uses CPU I haven't tried it yet, but it's really nice to do.

and do you think it's still worth trying on 2022 ??
Worth and not worth depending on what method you want to try it with, but I prefer you to mine with CPU if you have the equipment or you are prepared to pay for the equipment.
But in 2022 it's still worth trying to mine Bitcoin, some of my partners are still doing this to this day.
legendary
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September 20, 2022, 12:06:02 PM
#25
i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??
Given that others have already broken down the technicalities, such as the gear you'd need and reasonable electricity cost for mining to be profitable, I'd also want to step in. Unless you're quite wealthy and can afford expensive operations, and you also want to spend time running a business, ensuring that miners don't overheat and everything is going well, why not just buy however much you can afford of BTC and wait for it to rise? This way you're very likely to profit in the long run, and you won't need to worry about at least getting back your initial investment into mining business.
sr. member
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September 20, 2022, 11:20:28 AM
#24
If a small miner like me, to compete with everyone around the world who uses bitcoin mining, at least I won't get a big enough bitcoin, because the competition in Bitcoin mining is full of struggle, even we also have to spend quite a lot of money in terms of maintenance for example , some mining machines also need to be properly maintained, that's why I stopped mine..
sr. member
Activity: 1274
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September 20, 2022, 09:45:35 AM
#23
many people think mining bitcoin can make a lot of money, but they don't think how much it costs and equipment needed to be able to mine bitcoin,
Bitcoin mining must have a lot of money first before you can mine and earn Bitcoin, is it worth the payoff?
if there is not a lot of money, it is better to buy bitcoins outright and hold them to sell at a high price,
full member
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September 20, 2022, 07:12:48 AM
#22
i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??

Well, mining will not be as simple as holding, it requires a lot of things, you have to have a large amount of capital to prepare for mining. In addition to preparing mining equipment, you need to prepare for other things like daily costs, energy, operation, maintenance...I think you need a huge amount of initial capital as market conditions will also greatly affect mining. When we are in a bear market like now, bitcoin price has dropped so deeply that mining will make you unprofitable and you will have to pay extra to keep mining, not to mention the current unstable energy costs will also leave you with an initial budget deficit for mining. There will be many factors to be able to start mining, in my opinion buying and holding is better than mining.
full member
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September 20, 2022, 06:29:56 AM
#21
so what do you guys think about it ?  
Depending on the mining,  because there are several ways to mine Bitcoin, one of them is by using the Platform provided by the Official and there is also one that makes it look like a big industry and uses a fairly large amount of electricity and so does the cost, but for this electricity fee depending on the individual country if in your country the cost is low you can learn more about this mining.
I think this is a good thing to do.

does anyone here have a successful mining story ??
There are several people I know and I met and discussed about mining, specifically mining in cryptocurrencies, they happen to be people who mine in Bitcoin and according to their experience until now they are still mining in Bitcoin, reportedly, there are only a few obstacles they say "To Currently they are feeling a little heavy about mining Bitcoin due to the declining value of Bitcoin " but this is not a serious problem, and they are still earning even though it is slightly lower than their previous income.

hero member
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September 20, 2022, 05:42:38 AM
#20
@OP, it is profitable for the mining farms out there that has huge hash for their farms and have been there early as we are. And that means, if you're a small fish/miner, you'll probably just make a little for a month or break even.

That's usually the case and those small miners that have made a lot, it's likely that they've been mining throughout the bear market, held and sustained their electricity bills through their other source of income and waited until the bull run came.

Sold at the peak and rinse and repeat.
member
Activity: 280
Merit: 30
September 20, 2022, 04:35:54 AM
#19
What I wanted was for you to show a blueprint design , and in that you have utterly failed.
What was the mining equipment cost, what was the energy cost and any other small costs that add up , and yes even the tax amount, so the OP could decide for himself if he could pull off this imaginary feat only you and your unicorn have accomplished.

As I said before if I give you the data you start saying it's not what you have asked, the numbers don't match, it's not real.

I still don't believe your PoW mining is profitable, if all true input costs are factored in.

Of course, because that's your purpose here, everything you have done on this forum from the very first post was anti-pow propaganda and nothing else other that a bit of shitcoin shilling.

By the way, one of your posts implied your parents covered some of your energy costs, if so that would have to be excluded for anyone not living when their parents.

Yeah, if you're completely illiterate and you don't understand two lines of text you might understand that, if you would spend two seconds actually trying to grasp what's written you would have understood that the energy is bought in bulk, there is no meter for the miners or individual bills for the grain mill or for the wood chipper, for the door bell or anything like that, I host them on that location and that's it, the 7c was the end price of the entire business.
Too hard for you?

Nope, you are mooching off the energy from the business.
Which I did list stealing energy as one way to be profitable, and while you are being allowed access to almost free energy.

You listed a VAT tax, I thought you were in the US?

As far as me shilling, I say the small guy can't make a profit with BTC PoW mining.
Trying to keep the OP from wasting his time and money on a guaranteed negative return.

I was giving you the chance to show the OP a blueprint, that would help him earn a positive return.
What you shown is the average person that paids all of his own bills, without a subsidy from an outside source can't make a profit from BTC PoW mining.

legendary
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September 20, 2022, 04:29:30 AM
#18
i heard a lot over the years about bitcoin mining and i never really considered diving into it, many people talked about it being profitable tho
so what do you guys think about it ? does anyone here have a successful mining story ?? and do you think it's still worth trying on 2022 ??
Specifically for Bitcoin mining, to be able to make a decent ROI and profit, you would need to compete with the hashpower delivered by the biggest pools in this world. For that you would need a comparable mining facility that includes not just ASICs but also electricity, cooling methods, maintainance and manpower. Not to mention an open plot to run all these.

So if you can afford all that you could go for mining. But most of us cannot and hence we prefer to buy Bitcoin when it is at the lower average prices to hold for long term.
legendary
Activity: 2912
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Blackjack.fun
September 20, 2022, 04:23:45 AM
#17
What I wanted was for you to show a blueprint design , and in that you have utterly failed.
What was the mining equipment cost, what was the energy cost and any other small costs that add up , and yes even the tax amount, so the OP could decide for himself if he could pull off this imaginary feat only you and your unicorn have accomplished.

As I said before if I give you the data you start saying it's not what you have asked, the numbers don't match, it's not real.

I still don't believe your PoW mining is profitable, if all true input costs are factored in.

Of course, because that's your purpose here, everything you have done on this forum from the very first post was anti-pow propaganda and nothing else other that a bit of shitcoin shilling.

By the way, one of your posts implied your parents covered some of your energy costs, if so that would have to be excluded for anyone not living when their parents.

Yeah, if you're completely illiterate and you don't understand two lines of text you might understand that, if you would spend two seconds actually trying to grasp what's written you would have understood that the energy is bought in bulk, there is no meter for the miners or individual bills for the grain mill or for the wood chipper, for the door bell or anything like that, I host them on that location and that's it, the 7c was the end price of the entire business.
Too hard for you?
member
Activity: 280
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September 20, 2022, 04:07:51 AM
#16
What I am saying , is I don't believe you.
ASICS don't earn a profit for long, you are leaving out all kinds of input costs, which would make your return negative,
trying to give you the benefit of the doubt, but your apparent decline of information points to your not making a real profit.

Yeah, you don't believe me unless I give you numbers when I will give numbers you will say those are fake, when I print you the bills and sign your addresses you will say those are photoshopped and that is not my address, even if I show you the privkeys you will say it's not my somebody lent it to me, right?
Unlike you, somebody who is clearly here with an agenda against something I have nothing, really nothing to gain with lying.

Price per kWh quoted here, 7 cents at max, day of the purchase of the first batch here a year and 5 months ago, since those are s19 you can obviously to the profitability math for yourself.

If you ever run a business,
you totaled up your input costs and compared against income earned.

I've done accounting for a business for 10 years, something way more complicated than inserting some cost and income, stop discussing what you think a person is doing and focus on reality, if you are again here just to troll you will simply start starving to death as everyone will put you on ignore.


No one wants your personal info, at least I don't.
What I wanted was for you to show a blueprint design , and in that you have utterly failed.
What was the mining equipment cost, what was the energy cost and any other small costs that add up , and yes even the tax amount, so the OP could decide for himself if he could pull off this imaginary feat only you and your unicorn have accomplished.
By the way, one of your posts implied your parents covered some of your energy costs, if so that would have to be excluded for anyone not living when their parents.
I still don't believe your PoW mining is profitable, if all true input costs are factored in.
I do believe it is possible you might be mooching off someone , but even with that , I doubt your PoW mining is worth the effort.
7 cents per KWH, yeah right.  Wink  
if True, Up front cost of solar panels would have to be in the input costs, even if Mummy and Daddy purchased it, others may not be as fortunate.

Maybe a more accurate description,
is You can make money mining BTC PoW, if your Mum and Dad cover the majority of your input costs.
However if you have to cover the normal inputs costs on your own to mine BTC PoW, you'll never earn a profit, once input costs are factored in.  Smiley
* Personally never seen an ASIC that was worth a shit after 8 months.*
legendary
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September 20, 2022, 03:12:45 AM
#15
In the past I've mined ethereum. During those days there is profit when the price was around $800, and later it dropped down to $200. By the time electricity costs me higher than what I got as reward through mining ethereum. For miners with large number of GPU they'll have minimum profit unlike the market. For small miners with very few number of mining machines the profit is much dependent over the market as well as the electricity charges.

During the bear market I experienced it is quite easy to buy one ethereum, but for the same through mining is truly difficult. Even with mining for users who have the ability to keep hold can profit out of mining.
legendary
Activity: 2912
Merit: 6403
Blackjack.fun
September 20, 2022, 02:50:53 AM
#14
What I am saying , is I don't believe you.
ASICS don't earn a profit for long, you are leaving out all kinds of input costs, which would make your return negative,
trying to give you the benefit of the doubt, but your apparent decline of information points to your not making a real profit.

Yeah, you don't believe me unless I give you numbers when I will give numbers you will say those are fake, when I print you the bills and sign your addresses you will say those are photoshopped and that is not my address, even if I show you the privkeys you will say it's not my somebody lent it to me, right?
Unlike you, somebody who is clearly here with an agenda against something I have nothing, really nothing to gain with lying.

Price per kWh quoted here, 7 cents at max, day of the purchase of the first batch here a year and 5 months ago, since those are s19 you can obviously to the profitability math for yourself.

If you ever run a business,
you totaled up your input costs and compared against income earned.

I've done accounting for a business for 10 years, something way more complicated than inserting some cost and income, stop discussing what you think a person is doing and focus on reality, if you are again here just to troll you will simply start starving to death as everyone will put you on ignore.
member
Activity: 280
Merit: 30
September 20, 2022, 02:24:32 AM
#13
Since you are promoting your case,  Smiley

I am not promoting my case, I'm telling you I can mine and I can still make a profit without 3000 ASICs, and I'm not the only guy on this board not having that many and still mining. If I would be losing money on it I would definitely turn it off as it makes no sense continuing, but as you can obviously see from the hashrate, mining is still profitable, despite the price going down the hashrate is still up, so,what more do you want?

Show the specs along with your input costs.
do you run a full node, include cost of PC and energy used

Are you serious? No, not joking, are u serious?
Even for a complete anti-pow person like you, this is really searching for some more straws to grasp on.

If you did the math, would you not have been better off to just buy the coins?

Since I bought the gear it has always run on a profit,  starting at the same time, the value of my coins in $ terms has almost gone down by 2/3, and as you have probably realized, mining can be profitable even when holding is taking losses.

What I am saying , is I don't believe you.
ASICS don't earn a profit for long, you are leaving out all kinds of input costs, which would make your return negative,
trying to give you the benefit of the doubt, but your apparent decline of information points to your not making a real profit.

Again, feel free to show your specs , after all that is what the OP was asking for,
how to be profitable mining BTC PoW coin.
Otherwise, I shall consider you making a profit from BTC PoW mining , a fantasy.  Wink

If you ever run a business,
you totaled up your input costs and compared against income earned.
Are you saying you have never done this with your BTC PoW mining?
If you have not, you don't have an accurate calculation of a profit or a loss.
If you made so little , you never paid taxes, then you are just wasting money on a hobby.
Which their is nothing wrong with that , except you need to admit it is a hobby and not a business you can survive off of.
 
Usually the only way a small miner can make a profit,
1.  Steal the ASICS
2.  Steal the Electricity
3.  Don't Pay their Taxes.
*None of which is worth the jail time when caught.*

The Big Miners survive by getting dumb VC money to fund their operations.

legendary
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Blackjack.fun
September 20, 2022, 01:50:44 AM
#12
Since you are promoting your case,  Smiley

I am not promoting my case, I'm telling you I can mine and I can still make a profit without 3000 ASICs, and I'm not the only guy on this board not having that many and still mining. If I would be losing money on it I would definitely turn it off as it makes no sense continuing, but as you can obviously see from the hashrate, mining is still profitable, despite the price going down the hashrate is still up, so,what more do you want?

Show the specs along with your input costs.
do you run a full node, include cost of PC and energy used

Are you serious? No, not joking, are u serious?
Even for a complete anti-pow person like you, this is really searching for some more straws to grasp on.

If you did the math, would you not have been better off to just buy the coins?

Since I bought the gear it has always run on a profit,  starting at the same time, the value of my coins in $ terms has almost gone down by 2/3, and as you have probably realized, mining can be profitable even when holding is taking losses.

Maybe you haven't read the news, profitable coins have gone extinct since the asteroid merge hit.
Whoops, I was referring to the miner algorithm (i.e. ETC since it still uses PoW). Should have made it clearer.

It's still the same thing, I'm quoting online calculators here so it might be a bit of up or down but with a 3090 at 3cents/kwh you're making 44 cents a day with the most profitable coin, you're way better just dumping the damn GPU and buying BTC directly rather than getting one satoshi every hour with it.

Bitcoin mining is still profitable in 2022 but we should take a look about electricity bill and graphics card cost.  

And what have you found out looking at graphics card cost?  Grin


hero member
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September 20, 2022, 01:25:06 AM
#11
Maybe you haven't read the news, profitable coins have gone extinct since the asteroid merge hit.


Whoops, I was referring to the miner algorithm (i.e. ETC since it still uses PoW). Should have made it clearer.
member
Activity: 362
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September 20, 2022, 01:05:12 AM
#10
Bitcoin mining is still profitable in 2022 but we should take a look about electricity bill and graphics card cost. If they are cheap then can you can try mining Bitcoin otherwise it's better to leave Bitcoin mining and you can try other coins to mine.
 
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