Mining. Is just a hobby to me as I know I will never profit from it

isimme

member

Activity: 78

Merit: 10

Quote from: drwho88888 on July 02, 2013, 03:15:53 AM

We're getting to the point now with difficulty over 21m where only ASIC machines are viable at current BTC rates.

No one knows where BTC rates are going. A lot of people hope they will rise to great heights but there's no real evidence that this will be the case and they could just as easily fall to zero. I'm hoping for the former like everyone else.

It would be nice to hear from some of those who were in the game a few years ago when difficulty was a few hundred and pools didn't exist. I'm sure there must be some great stories of fortunes being made.

I too would love to hear some more personal stories of people's mining experiences, good or even bad?

brioche

full member

Activity: 192

Merit: 100

I think contract mining is a good idea given the high cost of entering the mining sphere at the current difficulty, for bitcoin at least.
But you can always grab some alternate crypto-currencies and wait it out hoping for a rise in value.

drwho88888

member

Activity: 70

Merit: 10

We're getting to the point now with difficulty over 21m where only ASIC machines are viable at current BTC rates.

No one knows where BTC rates are going. A lot of people hope they will rise to great heights but there's no real evidence that this will be the case and they could just as easily fall to zero. I'm hoping for the former like everyone else.

It would be nice to hear from some of those who were in the game a few years ago when difficulty was a few hundred and pools didn't exist. I'm sure there must be some great stories of fortunes being made.

jhansen858

sr. member

Activity: 364

Merit: 250

watching paint dry is just a hobby. I know I'll never make money from it.

polarhei

sr. member

Activity: 462

Merit: 250

Firing it up

Quote from: cdog on July 01, 2013, 05:14:29 AM

What if 1 BTC were worth $1000 instead of $100? Or $10,000?

Dont write off your efforts. Think of all the people who mined hundreds or thousands of coins in the early days, and just wiped the drive containing their wallet or gave their old PC to charity or left it on the curb because they never thought BTC would be worth more than a penny or two each.

Mining is a grinders game, for long term bulls who want to mine and hold. Mining to sell immediately for fiat is silly, in my opinion.

Agreed, but not in early stage. There is a three-stage thing which may be useable to follow up. The first stage is currently still need to sell some for covering operation fee. The second atage is using the obtained to run your wish while you still mine. Third stage. You will no longer neeed to mine, you just do the retail parts for the output.

polarhei

sr. member

Activity: 462

Merit: 250

Firing it up

Quote from: franky1 on June 28, 2013, 12:28:20 PM

mining was never suppose to the the main profit maker of bitcoin.

and now we are at the evolutionary step that every economy gets to..... retail

back in the 1800's the "america's" were packed with a majority of new people thinking they can start a new life in america becoming rich mining gold. then came the point where hand tools would no longer make them rich. eventually people realised opening blacksmiths, saloons, barbar shops, bakery's would get them more income per day then mining.

so say you had £$100 spare per week or month.. 2 years ago people would spend that on GPU's

now.. some people are finding it better to buy 100 'fruit of the loom' T-shirts for £$1 each and selling them for the equivelent of £$3 but in bitcoin.

netting them over 3BTC.. maybe even selling 2BTC, keeping the third. and next week/month they can but 300 shirts netting them 9BTC. and holding a total of 10BTC for 2 weeks/months work.

retail is the way forward now.

That's true. The mining only provides the basic needs, the next will be on other business, then you will get more. Before this, you still need to get material first. The people know about the statement, it needs gold first, then use the sold to make a business to obtain more...

cdog

hero member

Activity: 1036

Merit: 500

What if 1 BTC were worth $1000 instead of $100? Or $10,000?

Dont write off your efforts. Think of all the people who mined hundreds or thousands of coins in the early days, and just wiped the drive containing their wallet or gave their old PC to charity or left it on the curb because they never thought BTC would be worth more than a penny or two each.

Mining is a grinders game, for long term bulls who want to mine and hold. Mining to sell immediately for fiat is silly, in my opinion.

polarhei

sr. member

Activity: 462

Merit: 250

Firing it up

At the early stage, it is just a test. Later on, more people have taken part in, then the fun begins.

I do it because of avenage of denial cases. Before serious steps, I have to test with sunk cost being and searching remote controls.

If you don't copy yourself, then it never get anything from it. It is not only bitcoin.

Aragami

member

Activity: 79

Merit: 10

Love it how kids can only see bitcoin in short term profit and cant appreciate the amount of $ they would make if they considered it a long term investment. Keep selling up your coins every week to make marginal profits kiddies =) <3

threeip

full member

Activity: 154

Merit: 100

Yo dawg i heard you like power cables?

suprabitz

full member

Activity: 148

Merit: 100

or move to india just tap into the neighborhood grid!

Moogle

full member

Activity: 238

Merit: 100

KUPO!

Break Into your next door neighbours house and use his electricity. All profit that way!

crazyates

legendary

Activity: 952

Merit: 1000

If you're not making a profit, you're doing it wrong.

threeip

full member

Activity: 154

Merit: 100

Quote from: franky1 on June 28, 2013, 12:28:20 PM

retail is the way forward now.

Agreed. Commerce and trade. Think of what Silk Road has done for this platform (and with ethical objections aside - 1 pound of cocaine is no 'worse' to me than 1 pound of plastic trinkets from China)

franky1

legendary

Activity: 4410

Merit: 4766

mining was never suppose to the the main profit maker of bitcoin.

and now we are at the evolutionary step that every economy gets to..... retail

back in the 1800's the "america's" were packed with a majority of new people thinking they can start a new life in america becoming rich mining gold. then came the point where hand tools would no longer make them rich. eventually people realised opening blacksmiths, saloons, barbar shops, bakery's would get them more income per day then mining.

so say you had £$100 spare per week or month.. 2 years ago people would spend that on GPU's

now.. some people are finding it better to buy 100 'fruit of the loom' T-shirts for £$1 each and selling them for the equivelent of £$3 but in bitcoin.

netting them over 3BTC.. maybe even selling 2BTC, keeping the third. and next week/month they can but 300 shirts netting them 9BTC. and holding a total of 10BTC for 2 weeks/months work.

retail is the way forward now.

legitnick

hero member

Activity: 532

Merit: 500

Quote from: adviceadam on June 28, 2013, 12:12:07 PM

Quote from: threeip on June 28, 2013, 12:07:30 PM

Well, give us some numbers then. It is still unprofitable if a bitcoin was 'worth', say, $1000?

If you paid for the mining equipment in Bitcoin, yeah probably. But if you buy it in fiat? Maybe. You're probably better off taking that money and just buying Bitcoin and investing it in ASICMINER or another company.

Your probably better off just investing straight into Bitcoin at the moment. The prices are low for the potential value. I advise against pre ordering ASIC miner, whenever you get it (if you ever do) the bitcoin difficulty will be to high to ever return initial investment.

threeip

full member

Activity: 154

Merit: 100

Quote from: adviceadam on June 28, 2013, 12:12:07 PM

Quote from: threeip on June 28, 2013, 12:07:30 PM

Well, give us some numbers then. It is still unprofitable if a bitcoin was 'worth', say, $1000?

If you paid for the mining equipment in Bitcoin, yeah probably. But if you buy it in fiat? Maybe. You're probably better off taking that money and just buying Bitcoin and investing it in ASICMINER or another company.

Well that's what I was asking him

Maybe someone gave him a box of 7970s and he gets free power?
Or maybe he bought a BFL product and lives in the Solomon Islands (84.8c/kWh Shocked

)

adviceadam

newbie

Activity: 7

Merit: 0

Quote from: threeip on June 28, 2013, 12:07:30 PM

Well, give us some numbers then. It is still unprofitable if a bitcoin was 'worth', say, $1000?

If you paid for the mining equipment in Bitcoin, yeah probably. But if you buy it in fiat? Maybe. You're probably better off taking that money and just buying Bitcoin and investing it in ASICMINER or another company.

legitnick

hero member

Activity: 532

Merit: 500

How come you will never profit from it? Make your hobby a full time job and upgrade to some better hardware!

threeip

full member

Activity: 154

Merit: 100

Well, give us some numbers then. It is still unprofitable if a bitcoin was 'worth', say, $1000?

Topic: Mining. Is just a hobby to me as I know I will never profit from it (Read 3452 times)