For a long reply, you can always read my blog post. But be warned, it's a long long reply.
http://www.megamine.com/cloudhashingdoomed.php
Although you'll be pleased to know we tick at least two of your check list ChuckBuck (and solar from Northern Lights isn't particularly effective alas).
Justin
CEO
www.megamine.com
Topic: Minning Profit. (Read 2578 times)
-snip-
This, exactly.
Without solar power from the Northern Lights, natural cooling from the North Pole, a handshake agreement with Bitfury to use a million of their ASICs for a cup of coffee, this is where we are at.
Mining <> Profit
No such thing as ROI as of today, 2015.
I have been reading a lot on the internet then find this forum.
I'm going straight with my questions :
How big has to be the invest and how long will take to start some profit out of it ? Millions of dollars (only mining farms literally producing their own ASIC's at this point have any real chance at profitability)
If that's not possible at the moment , there's people minning for fun ? There sure are. Most of your hobbyist miners (myself included) are making virtually nothing at this point relative to the investment they made in their hardware. (<--this will eventually plateu as we reach hardware limitations on ASIC tech)
Does people that mine lose $ ? Absolutely, these are the highly speculative types that are expecting bitcoin to reach and shatter it's previous all time high's of ~$1200/BTC
Anyhelp would be appreciated.
Will be looking foward.
Summary: Without free electricity it's highly likely that whatever you purchase through a manufacturer will even come close to ROI'ing at this point. With free electric and a bulk hardware purchase that results in some serious discounts there's a slim chance you'll get close (but doubtful) I'm going straight with my questions :
How big has to be the invest and how long will take to start some profit out of it ? Millions of dollars (only mining farms literally producing their own ASIC's at this point have any real chance at profitability)
If that's not possible at the moment , there's people minning for fun ? There sure are. Most of your hobbyist miners (myself included) are making virtually nothing at this point relative to the investment they made in their hardware. (<--this will eventually plateu as we reach hardware limitations on ASIC tech)
Does people that mine lose $ ? Absolutely, these are the highly speculative types that are expecting bitcoin to reach and shatter it's previous all time high's of ~$1200/BTC
Anyhelp would be appreciated.
Will be looking foward.
You must find some cheap sorce of electricity.
I have been reading a lot on the internet then find this forum.
I'm going straight with my questions :
How big has to be the invest and how long will take to start some profit out of it ?
If that's not possible at the moment , there's people minning for fun ?
Does people that mine lose $ ?
Anyhelp would be appreciated.
Will be looking foward.
I'm going straight with my questions :
How big has to be the invest and how long will take to start some profit out of it ?
If that's not possible at the moment , there's people minning for fun ?
Does people that mine lose $ ?
Anyhelp would be appreciated.
Will be looking foward.
The difficulty went down a little bit but is is relatively high and the price of btc is low so the maintenance cost is high in btc. Mining is rarely very profitable right now but if you find a trusted mining company that allows you to profit, you could go for it but do your calculations carefully.
Solar is the only way to get reliable profits in BTC mining. The problem is solar hardware costs are too expensive to get these reliable profits. So, there is a dilemma here.
I wanna try joining a mining pool ,what is a good miner to use?
YOu should really take in mind all "little things".
Let the Mining farms do the mining or if you want to lose some money you can go ahead.
I'll give you an example.
Say you have 3 TH/s and you're burning 2000 W per hour. That's 2 KWh, or 48 KW per day.
At $0.10 per KWH, that's 4.80 a day.
3 TH/s at current difficulty is $8.58 per day, according to bitcoinwisdom. At current price of $240ish. However, the price was not always that....
So, your profit is $3.79 per day, you would think. But you would be wrong.
Your miners cost something, be it BTC or fiat. So, at current difficulty, and with difficulty adjustments, how long will your miners be profitable??
Will you sell your BTC now, or later, and take a chance on prices going up??
Do you have bills to pay? car payment? eating? That electricity bill can be a little pricey, as can the miners.
All that comes out of that alleged profit. There are LOTS upon LOTS of considerations.
Say you have 3 TH/s and you're burning 2000 W per hour. That's 2 KWh, or 48 KW per day.
At $0.10 per KWH, that's 4.80 a day.
3 TH/s at current difficulty is $8.58 per day, according to bitcoinwisdom. At current price of $240ish. However, the price was not always that....
So, your profit is $3.79 per day, you would think. But you would be wrong.
Your miners cost something, be it BTC or fiat. So, at current difficulty, and with difficulty adjustments, how long will your miners be profitable??
Will you sell your BTC now, or later, and take a chance on prices going up??
Do you have bills to pay? car payment? eating? That electricity bill can be a little pricey, as can the miners.
All that comes out of that alleged profit. There are LOTS upon LOTS of considerations.
You dont earn anything. This is obvious. The time of mining is gone.
Totally false, it is just a bit more complicated than it used to be.If the price of Bitcoin remains at it's current $235, it requires extraordinary circumstances to earn a profit. This includes really cheap electricity, and/or a very cheap cost to acquire mining hardware. That's my long way of saying it's "just a bit more complicated".
No one has free electricity. Someone will eat those costs, and they will not like it one bit.
First question you have to ask, how much of the electrical is actually free. Like you have to ask your Landlord or your Papa, what's your max limitation, 2kW/h or 3kW/h?
Once you've determined the maximum power usage, then you can begin to select the appropriate miner to purchase.
ROI or mining for profit is a whole other discussion though.
First question you have to ask, how much of the electrical is actually free. Like you have to ask your Landlord or your Papa, what's your max limitation, 2kW/h or 3kW/h?
Once you've determined the maximum power usage, then you can begin to select the appropriate miner to purchase.
ROI or mining for profit is a whole other discussion though.
Thanks to everyone the replies are very helpfully and welcomed.
Lets say I dont have to pay a single $ regarding electricity.
How much must be my invest and what should I buy ?
Lets say I dont have to pay a single $ regarding electricity.
How much must be my invest and what should I buy ?
Sounds like you don't have to pay electricity but someone else has to. So it is not worth to invest in it. You don't want your father to pay 2k-3k electricity bills and you are not even gaining that amount.
Thanks to everyone the replies are very helpfully and welcomed.
Lets say I dont have to pay a single $ regarding electricity.
How much must be my invest and what should I buy ?
Lets say I dont have to pay a single $ regarding electricity.
How much must be my invest and what should I buy ?
The profit will be only if you are using a "free electricity" or not paying it. In all the other situation you will not make profit ( 90% of case).
Usually the profit is a percentage of how much you spend on miners. Your profit can be 20% in 6 months, but 20% of $100 is not much over 6 months.
You can profit mining at home, I do and my ROI is usually 60 days or less otherwise I do not buy the hardware.
You can profit mining at home, I do and my ROI is usually 60 days or less otherwise I do not buy the hardware.
Mine for profit means u get the machines for nothing & steal or get free solar for your electricity...
IMHO - If u don't roi on your miner in 12 months including electricity its been a bad investment, One u prob shouldn't have done.
I look to roi in 9 - 12 months max
IMHO - If u don't roi on your miner in 12 months including electricity its been a bad investment, One u prob shouldn't have done.
I look to roi in 9 - 12 months max
Chances are you will not make money from industries you can't spell correctly.
And minimum investment now? For mining and hosting? $500K? Maybe more?
And minimum investment now? For mining and hosting? $500K? Maybe more?
You dont earn anything. This is obvious. The time of mining is gone.
How big has to be the invest and how long will take to start some profit out of it ?
No one can really tell, it depends on many variables and some of them are unpredictable: obviously Bitcoin price cannot be predicted in the future, same goes for the evolution of difficulty, ASIC technology, etc.
My opinion is that you are more likely never to see any profits out of mining unless you are lucky enough to live in a place with the cheapest electricity on the planet, or willing to move, or at least travel there and setup a local maintenance team (who needs to be highly trusted obviously).
If that's not possible at the moment , there's people minning for fun ?
Does people that mine lose $ ?
Does people that mine lose $ ?
Some miners do (mine for fun and lose $), but I assume that institutional miners are just at the threshold of profitability: they need to keep mining to pay for their fixed expenses (datacenter rents, staff, etc.) and electricity, but they are no longer making any profits. Some institutional miners have already shut down their miners (e.g. CEX.io cloud mining), and others will probably follow suit, re-adjusting the difficulty lower, thereby allowing the remaining miners to stay above the profitability threshold.
It's a kind of equilibrium.
One thing is for sure: the "buy an ASIC and get rich quick" days are over, actually it only really worked for Avalon batch 1/2 pre-orders Q2/Q3 2013 + some KnC miners Q3/Q4 2013, mainly the Jupiter or Saturn.
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