Topic: mining is profitable ? (Read 185 times)
Can we also please remember simple finance concepts such as time value of money? A dollar today is worth more than a dollar tomorrow. So people investing $x now and saying oh but in y amount of time I will eventually turn profit are forgetting that there is cost of capital in connection with that.
First depends on what you are mining, and what you are mining.
If you have a mining rig then you should do your own research to find the most profitable coins to mine
as an example BtcZ, BCN, ITNS etc.
If you are mining on your lap top or PC with your CPU or GPU (but only with that) then you can still make profit if you find newly added coins to the market which difficulty is low and can be mined easy, also to consider seeing their algorithm and which algorithms are fastest to mine.
As an example, I am mining with my lap top all the time. I have i7 CPU and I mine with 5 sometimes to 6 cores on the lap top. I mostly mine CryptoNight algorithm coins because they are fastest to mine with CPU and also GPU.
For a starter I can recommend mining Bytecoin or IntenseCoin or BitcoinZ. I am mining up to 10 coins per day (ITNS or BCN) which is still not a small profit to make. They have good prices and over a week you can make couple of dollars.
Anyway... if you are solo miner from lap top or PC with CPU or single GPU I recommend to mine newly added coins to the market with low difficulty, or you can try mining Bytecoin or IntenseCoin which are still easy to mine.
Hope this helps
Cheers*
@cryptodude42
If you have a mining rig then you should do your own research to find the most profitable coins to mine
as an example BtcZ, BCN, ITNS etc.If you are mining on your lap top or PC with your CPU or GPU (but only with that) then you can still make profit if you find newly added coins to the market which difficulty is low and can be mined easy, also to consider seeing their algorithm and which algorithms are fastest to mine.
As an example, I am mining with my lap top all the time. I have i7 CPU and I mine with 5 sometimes to 6 cores on the lap top. I mostly mine CryptoNight algorithm coins because they are fastest to mine with CPU and also GPU.
For a starter I can recommend mining Bytecoin or IntenseCoin or BitcoinZ. I am mining up to 10 coins per day (ITNS or BCN) which is still not a small profit to make. They have good prices and over a week you can make couple of dollars.
Anyway... if you are solo miner from lap top or PC with CPU or single GPU I recommend to mine newly added coins to the market with low difficulty, or you can try mining Bytecoin or IntenseCoin which are still easy to mine.
Hope this helps
Cheers*
@cryptodude42
Thank you for taking the time to share all of great information with me...
I have been mining bitcore (btx) with a single graphics card (1080) and make a profit of about $3/day after power consumption.
First depends on what you are mining, and what you are mining.
If you have a mining rig then you should do your own research to find the most profitable coins to mine as an example BtcZ, BCN, ITNS etc.
If you are mining on your lap top or PC with your CPU or GPU (but only with that) then you can still make profit if you find newly added coins to the market which difficulty is low and can be mined easy, also to consider seeing their algorithm and which algorithms are fastest to mine.
As an example, I am mining with my lap top all the time. I have i7 CPU and I mine with 5 sometimes to 6 cores on the lap top. I mostly mine CryptoNight algorithm coins because they are fastest to mine with CPU and also GPU.
For a starter I can recommend mining Bytecoin or IntenseCoin or BitcoinZ. I am mining up to 10 coins per day (ITNS or BCN) which is still not a small profit to make. They have good prices and over a week you can make couple of dollars.
Anyway... if you are solo miner from lap top or PC with CPU or single GPU I recommend to mine newly added coins to the market with low difficulty, or you can try mining Bytecoin or IntenseCoin which are still easy to mine.
Hope this helps
Cheers*
@cryptodude42
If you have a mining rig then you should do your own research to find the most profitable coins to mine
as an example BtcZ, BCN, ITNS etc.If you are mining on your lap top or PC with your CPU or GPU (but only with that) then you can still make profit if you find newly added coins to the market which difficulty is low and can be mined easy, also to consider seeing their algorithm and which algorithms are fastest to mine.
As an example, I am mining with my lap top all the time. I have i7 CPU and I mine with 5 sometimes to 6 cores on the lap top. I mostly mine CryptoNight algorithm coins because they are fastest to mine with CPU and also GPU.
For a starter I can recommend mining Bytecoin or IntenseCoin or BitcoinZ. I am mining up to 10 coins per day (ITNS or BCN) which is still not a small profit to make. They have good prices and over a week you can make couple of dollars.
Anyway... if you are solo miner from lap top or PC with CPU or single GPU I recommend to mine newly added coins to the market with low difficulty, or you can try mining Bytecoin or IntenseCoin which are still easy to mine.
Hope this helps
Cheers*
@cryptodude42
As has been mentioned it will depend on your coin of choice. Some services can help you to identify profitability for 24 hour/longer periods of mining. Mining some of the top currencies will require a lot more input up front, this can be quite daunting. My opening rig came in at around $4000 and I've got a long journey until I achieve profit, but it will come.
Of course you have to keep in mind the necessity to release equity that you have vs the investment in the coins and deciding when to sell.
Of course you have to keep in mind the necessity to release equity that you have vs the investment in the coins and deciding when to sell.
It is, but to be really profitable, the question generally is: do you have access to cheap (or free) electricity?
If you don't it can still be profitable, but it's a different (and riskier) game.
If you don't it can still be profitable, but it's a different (and riskier) game.
this. electricity is too expensive in the US to be v profitable
It depends on which coins you are planning to mine. Basically mining of almost all coins is profitable but the question is - what amount of profit you need:)
To earn some signicant money on mining of popular cryptos you need to have huge resources or be a part of big mining pool.
To earn some signicant money on mining of popular cryptos you need to have huge resources or be a part of big mining pool.
Some companies are offering cloud mining. Has anyone ever done it?
There are a ridiculous amount of companies offering this, however 90% are scams and money grabs. You need to do alot of research and look at who you are giving your money to before sending it out. Right now there are just a handful of reputable mining sites.
No refferal links here, just educate yourself, genesis mining, hashflare, ccg, hashzone24
Good luck
Wee
As others have pointed out electricity costs are a big factor in daily profit but one also needs to figure in hardware costs, maintenance costs, transaction costs, price per coin, tax costs... and I'm probably still leaving things off the list. It's best to do your own research based off your own situation, tho I will say that from what I've looked into the best option I've came across is finding a newer solid sounding coin that your hardware can handle easily to mine then hold for a price adjustment depending on your local laws.
It is, but to be really profitable, the question generally is: do you have access to cheap (or free) electricity?
If you don't it can still be profitable, but it's a different (and riskier) game.
If you don't it can still be profitable, but it's a different (and riskier) game.
Is there any cryptocurrency where mining is profitable ?
One coin maybe profitable at one time, and non-profitable at different time. So I am sure that no one can answer the question.
Some companies are offering cloud mining. Has anyone ever done it?
Is there any cryptocurrency where mining is profitable ?
absolutely! Please refer to www.whattomine.com to simulate how profitable your mining would be with each different coin.
By right, all mineable cryptocurrency is profitable. This however depends on many factor such as how much does electricity cost in your area and what kind of machine are your using. For example if you are mining bitcoin using a used computer ($0 cost on hardware) and you somehow have access to free electricity then you can get profit though it may be as little as $0.01 a day.
Is there any cryptocurrency where mining is profitable ?
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