Topic: My Thoughts. Is Bitcoin mining just another money pit? - page 2. (Read 1020 times)
Well if fees remain high for even smaller transactions, as it is now, bitcoin will remain being what it's partially now an investment asset and less of a currency.
This is the issue with a lot of new people I think. They want a quick profit. Chances are VERY slim that that is going to happen. But that's fine with me. I'm a patient man
Seems like the microwaves finally made their rounds into my brain and like many others I saw lots of $$$. With no available equipment and prices ratcheting up it feels like I have played this game before. There truly are no more options to get rich quick unless illegal.
There never were options to get rich quick in Bitcoin. The first adopters got involved in 2009, so their wait for that "get rich" moment has taken 7-8 years! You're new to this forum and it seems like you are new to Bitcoin, so you're just starting your journey to "get rich" that by all previous accounts will take at least 7-8 years!
You should be asking yourself what you can do to get involved today and be involved regularly, such that you can develop a base of ownership upon which to develop and generate value and wealth over the next decade.
And if you want that time frame to be shortened you have to be willing to invest more money today. The rules are simple, especially those that exist between risk and reward.
Good luck to you.
Seems like the microwaves finally made their rounds into my brain and like many others I saw lots of $$$. 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.
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.
OK, I'll take a shot at this one. No, IMO it is not worthwhile to try and mine BTC. Let the experts do it. You would need enormous capital and very cheap electricity (China lets their miners have very, very cheap electricity). You would need to get great deals on the mining equipment, that might be very hard...
If BTC prices were to go to $3000 or even $9000, so many more would get into mining that any profits would be "arbitraged away" by the pros.
Of course if your electricity is very cheap, you could mine as a hobby and join one of the mining pools. But, don't count on that BTC for your retirement planning...
I think the smart guys who were fortunate enough to have heard about bitcoin before 2016 will be selling their equipment towards the end of this year to get out at the highs. We wont see how right they were until mid-2018 when newbies (like me) are posting about the horrible investment they made in equipment and begin practically giving it away to recover costs. Those who think they are more dedicated will stick it out but finally give in when their electric bills are starting to eat into other savings accounts and coins amount to just bits again. Plus hosting companies will advise that pricing is doubling or tripling. You will see Antminer L3s on ebay for $100 because people will start to wonder about the significance of a Litecoin? Bitmain will be replaced as the equipment market leader after all of the games they have played during this cycle.
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.
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.
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