My Thoughts. Is Bitcoin mining just another money pit?

cd74reg

full member

Activity: 397

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Quote from: Yakamoto on June 30, 2017, 09:12:06 PM

Quote from: cd74reg on June 25, 2017, 03:39:17 PM

Seems like the microwaves finally made their rounds into my brain and like many others I saw lots of $$$. With no available equipment and prices ratcheting up it feels like I have played this game before. There truly are no more options to get rich quick unless illegal.

I think BTC hit the $3000 mark and now it rests for a year or two before the next climb to $9000. I see $1200 before $9000. In my opinion much better opportunities later for this market. Then it will not cost the price of a home in Miami to build a small profitable farm.

Sounds like this is some speculation subforum-tier guesswork right now. I'm also pretty lost when it comes to what exactly you're trying to say, since it seems like your just saying numbers that are rounded out of $3,000; something we haven't hit yet (at least not steadily) and we've been having a hard time with the market right now, which is being kept under $2,500. Since we've been having a hard time cracking 5/6ths of that, I would be more conservative with my estimates and assuming something like that will not be happening anytime soon.

I went back and read the post and you are correct, it is all over the place. I think we were both wrong on this one. So much has changed over just the past 2 months. I still don't see how this train keeps chugging.

audaciousbeing

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In my opinion, aside those that have given in early, the issue of getting rich through bitcoin at this time is a procedural one and not just hitting it big because if you should buy and hold you are looking at maybe 2-3 years to get a sizeable margin to make a difference (if the outcome is favourable though). If you decide to start offering service you gather little by little not just once either way the only source is to exercise patience learn then hope it will happen one day.

v0rtecxz

sr. member

Activity: 406

Merit: 251

If you've ever been or are in mining I think the problem is that electricity is used up quite a lot, not to mention the old equipment problem, it will only take time to wait from the mine where it becomes inefficient just to waste time on some bitcoin you collect but for Which has a large capital I think it can be profitable to buy equipment with large quantities, mine will be faster

aso118

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★Nitrogensports.eu★

Quote from: Scorpion on July 01, 2017, 01:16:34 AM

For those know how to optimize every aspect of mining - it's a gold mine. Other who aren't as dedicated and innovative they will lose out and eventually their efforts are rendered obsolete.

I think even if you try hard and optimize, the mining game as over. For individuals, it doesn't make sense to try and mine bitcoins these days. You would be better off trying to mine some altcoin and selling it on exchanges.

Scorpion

hero member

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Bitcoin OG

For those know how to optimize every aspect of mining - it's a gold mine. Other who aren't as dedicated and innovative they will lose out and eventually their efforts are rendered obsolete.

iluvpie60

hero member

Activity: 700

Merit: 500

Bitcoin mining is yet another money pit.

You will always have to buy more mining equipment to keep up. Your electricity costs will not be as cheap as it is in China so they can always afford to buy more miners. Every day they buy more. They will have all the hash power basically.

cpfreeplz

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You think that there were a lot of hobby miners that were profitable in 2016? I highly doubt that. Only if you had brand new equipment, which only comes from China. They mine for months before selling it to western/European people I'm sure.

Yakamoto

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Quote from: cd74reg on June 25, 2017, 03:39:17 PM

Seems like the microwaves finally made their rounds into my brain and like many others I saw lots of $$$. With no available equipment and prices ratcheting up it feels like I have played this game before. There truly are no more options to get rich quick unless illegal.

I think BTC hit the $3000 mark and now it rests for a year or two before the next climb to $9000. I see $1200 before $9000. In my opinion much better opportunities later for this market. Then it will not cost the price of a home in Miami to build a small profitable farm.

Sounds like this is some speculation subforum-tier guesswork right now. I'm also pretty lost when it comes to what exactly you're trying to say, since it seems like your just saying numbers that are rounded out of $3,000; something we haven't hit yet (at least not steadily) and we've been having a hard time with the market right now, which is being kept under $2,500. Since we've been having a hard time cracking 5/6ths of that, I would be more conservative with my estimates and assuming something like that will not be happening anytime soon.

LilibethSantos

sr. member

Activity: 259

Merit: 250

Quote from: cd74reg on June 30, 2017, 08:24:00 PM

Quote from: pooya87 on June 25, 2017, 11:24:39 PM

i really don't think you have ever mined bitcoin! and if you did you probably had some old equipment with very low hashrate and now are complaining about your electricity bill!
the bitcoin miners are making shitloads of money now and will continue doing for the foreseeable future. right now mining a block will give them roughly $35000 and in comparison their costs are nothing.

next time when you wanted to enter some new fields do some research, you could have made a lot of money with the same amount you invested for mining bitcoin.

My electricity is nearly 30 cents per KwH in Peru - so definitely complaining here. Still making more than I am losing but it seems that even if I was scaling it would have to remain a hobby. I was listening to the "outcasts" who were wasting their time back in 2011 but life got busy for me and I stopped trolling at those usual p2p sites. 6 years later I am thinking of all the stuff I just gave away or had access to for next to nothing that I could have been mining with. Just a couple of months work back then and you could have owned a warehouse of equipment.

At 30 cents per KWH, I wouldn't even bother with mining at those rates. Here in Panama, I currently have 18 cent per KWH electricity and that is enough to deter me from mining. It's a drag that Chinese miners have access to 4 cents per KWH electricity and cheap hardware.

cd74reg

full member

Activity: 397

Merit: 107

Quote from: pooya87 on June 25, 2017, 11:24:39 PM

i really don't think you have ever mined bitcoin! and if you did you probably had some old equipment with very low hashrate and now are complaining about your electricity bill!
the bitcoin miners are making shitloads of money now and will continue doing for the foreseeable future. right now mining a block will give them roughly $35000 and in comparison their costs are nothing.

next time when you wanted to enter some new fields do some research, you could have made a lot of money with the same amount you invested for mining bitcoin.

My electricity is nearly 30 cents per KwH in Peru - so definitely complaining here. Still making more than I am losing but it seems that even if I was scaling it would have to remain a hobby. I was listening to the "outcasts" who were wasting their time back in 2011 but life got busy for me and I stopped trolling at those usual p2p sites. 6 years later I am thinking of all the stuff I just gave away or had access to for next to nothing that I could have been mining with. Just a couple of months work back then and you could have owned a warehouse of equipment.

AlexBessonov

newbie

Activity: 83

Merit: 0

Quote from: neon_colors01 on June 25, 2017, 11:09:41 PM

Bitcoin is not a quick rich scheme
Even the pioneers took 8 years just to get rich.
Well they didn't expect that they'd get rich back then.
I guess not?
But well they did.

Though it would be much harder to achieve nowadays.
Takes a lot more of dedication..

Not that it takes dedication, just have to HODL. It seemed to be much more volatile in the early days, but now it takes time to hit new highs and new lows. Definitely still possible for it to sky-rocket though (down or up

)

tippytoes

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Activity: 1988

Merit: 275

Quote from: freedomno1 on June 26, 2017, 12:15:30 AM

Bitcoin mining is ideally in a cold climate in the middle of winter to heat the house instead, ideally with a low electrical cost ^^.
Otherwise if the electricity cost is high and the temperature is hot you spend more keeping the system cool.

Quote from: pooya87 on June 25, 2017, 11:24:39 PM

i really don't think you have ever mined bitcoin! and if you did you probably had some old equipment with very low hashrate and now are complaining about your electricity bill!
the bitcoin miners are making shitloads of money now and will continue doing for the foreseeable future. right now mining a block will give them roughly $35000 and in comparison their costs are nothing.

next time when you wanted to enter some new fields do some research, you could have made a lot of money with the same amount you invested for mining bitcoin.

I agree with the above posts. And also, if you can afford to invest in some solar panels, you just have to shell out initially but it's a long-term investment. If your area is ok for the solar energy, it would be a great investment if you're into mining.
And Kakmakr is right, switch to other altcoins then just exchange it to btc.

Kakmakr

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Activity: 3542

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Leading Crypto Sports Betting & Casino Platform

You can still switch and mine other ShitCoins and then sell them to buy bitcoins. You do not have to mine bitcoin or Ethereum or LiteCoin. Last I checked there were over 700+ crypto currencies out there, so just switch over to some other coin.

https://www.lifewire.com/cryptocoin-mining-for-beginners-2483064

https://www.coinwarz.com/cryptocurrency

Good luck and forget about the Get rich quick schemes, they will just cost you a bunch of money. ^grrrrrrrr^

freedomno1

legendary

Activity: 1806

Merit: 1090

Learning the troll avoidance button :)

Bitcoin mining is ideally in a cold climate in the middle of winter to heat the house instead, ideally with a low electrical cost ^^.
Otherwise if the electricity cost is high and the temperature is hot you spend more keeping the system cool.

satoshforever

member

Activity: 84

Merit: 10

Mining sounds cool because it's supposedly creating money from thin air but actually only pros earn real money from mining

pooya87

legendary

Activity: 3472

Merit: 10611

i really don't think you have ever mined bitcoin! and if you did you probably had some old equipment with very low hashrate and now are complaining about your electricity bill!
the bitcoin miners are making shitloads of money now and will continue doing for the foreseeable future. right now mining a block will give them roughly $35000 and in comparison their costs are nothing.

next time when you wanted to enter some new fields do some research, you could have made a lot of money with the same amount you invested for mining bitcoin.

neon_colors01

newbie

Activity: 42

Merit: 0

Bitcoin is not a quick rich scheme
Even the pioneers took 8 years just to get rich.
Well they didn't expect that they'd get rich back then.
I guess not?
But well they did.

Though it would be much harder to achieve nowadays.
Takes a lot more of dedication..

DOGE12321

sr. member

Activity: 378

Merit: 250

Yeah, I think mining is a money pit. It is an extremely hard venture that requires a very high energy (electricity) input from your side. The actual chance of you attaining the block reward is also very slim. The large corporations like those in China are some of the few that actually earn any profit through mining. You will be dependent on transaction fees. At the moment, transaction fees seem to be rising. Bitcoin price is on an upward trend too. Maybe in the future, there will be a time where miners can actually attain profit through the transaction fees. But if you want a method to earn money fast and is not illegal, try trading altcoins.

BitcoinNewsMagazine

legendary

Activity: 1806

Merit: 1164

Just buy bitcoin and hold. There was a window where it was profitable to mine Ether at home using GPUs but that is closing.

ktabb

full member

Activity: 266

Merit: 103

Quote from: cd74reg on June 25, 2017, 03:39:17 PM

Seems like the microwaves finally made their rounds into my brain and like many others I saw lots of $$$. With no available equipment and prices ratcheting up it feels like I have played this game before. There truly are no more options to get rich quick unless illegal.

I think BTC hit the $3000 mark and now it rests for a year or two before the next climb to $9000. I see $1200 before $9000. In my opinion much better opportunities later for this market. Then it will not cost the price of a home in Miami to build a small profitable farm.

IMO you are better off making money by investing in bitcoin directly rather than investing in mining equipment. Mining gets harder and harder, bitcoin value seems to go higher and higher so far.

Topic: My Thoughts. Is Bitcoin mining just another money pit? (Read 1020 times)