Topic: Reasons Mining Will NEVER Be Profitable (Read 6971 times)
Altcoin mining is more profitable than bitcoin mining since the electricity cost for most people is higher than 5cents/Kwh.
We are talking about BITCOIN not alts LTC= no dev and mediterranean = unknown coin.
That being said, No wonder you have got the results you did. You need better research sources. I knew ltc was going to die. Mining BITCOIN is still inevitably profitalble if you mine and hold (even cloud mine). (By fiat standards).
Example= If I put in 20.00 usd worth of btc in cloud mining I will get 10 thousand sats per day (currently) 20 usd = 0.04btc (rounded)/10k sats= 400 days to break even 1 year 5 months. If you take usd into consideration 1 yr 5 mth 0.04 btc price could be 100 usd or 50 usd who knows.
My friend mining well over 800 bitcoin.
Some of them are "on hold"
His biggest loss was with cloud mining. Hashnest and antminer S5
Lost over 50 BTC
1. I've quite sure LTC will not die. But I sell my mined LTC every day. Over 600 LTC in month. Profit is greater as in BTC mining with S9 miners.
2. Cloudmining like Hashnest is never profitable in the long run. You can only make profit with a purchase and sales, not with a long time mining.
I understand you ltc argument
You can become profitable with cloud mining by selling the equal fiat amount you spent
Example i paid 20.00 usd for cloud mining (0.04 btc)
I sell at a later date when 20.00 usd is equal to 0.02 btc. I hope you get how im breaking even here. After I get my returned 20.00 usd I can let the cloud mining generate the rest which will be all profit.
in my opinion the mining is mot profitable because , its reaching newr the maximum amount of bitcoin to genrate . after second halving there is again very decrease of profit in mining because no more bitcoin will made .
We are talking about BITCOIN not alts LTC= no dev and mediterranean = unknown coin.
That being said, No wonder you have got the results you did. You need better research sources. I knew ltc was going to die. Mining BITCOIN is still inevitably profitalble if you mine and hold (even cloud mine). (By fiat standards).
Example= If I put in 20.00 usd worth of btc in cloud mining I will get 10 thousand sats per day (currently) 20 usd = 0.04btc (rounded)/10k sats= 400 days to break even 1 year 5 months. If you take usd into consideration 1 yr 5 mth 0.04 btc price could be 100 usd or 50 usd who knows.
My friend mining well over 800 bitcoin.
Some of them are "on hold"
His biggest loss was with cloud mining. Hashnest and antminer S5
Lost over 50 BTC
1. I've quite sure LTC will not die. But I sell my mined LTC every day. Over 600 LTC in month. Profit is greater as in BTC mining with S9 miners.
2. Cloudmining like Hashnest is never profitable in the long run. You can only make profit with a purchase and sales, not with a long time mining.
Just mine and hold and you will always be profitable, Imagine if you mine an held since 2011
Stupid idea. My friend mining and hold LTC. I mine too.
I sold 2014 mine when the price was over 30USD = 1 LTC and sold last 1 LTC = 22USD
His few thousand LTC is still on hold. How much is loss ?
We both mine MediterraneanCoin . http://www.mediterraneancoin.org/
Both about the 1.5 million coins .
I sold mine all the time. Total over 18 BTC. His 1,5 million is in wallet. With Todays price it is 7,35BTC
Today price is 0.00000490 BTC for 1 MED https://coinmarketcap.com/currencies/mediterraneancoin/
That being said, No wonder you have got the results you did. You need better research sources. I knew ltc was going to die. Mining BITCOIN is still inevitably profitalble if you mine and hold (even cloud mine). (By fiat standards).
Example= If I put in 20.00 usd worth of btc in cloud mining I will get 10 thousand sats per day (currently) 20 usd = 0.04btc (rounded)/10k sats= 400 days to break even 1 year 5 months. If you take usd into consideration 1 yr 5 mth 0.04 btc price could be 100 usd or 50 usd who knows.
Just mine and hold and you will always be profitable, Imagine if you mine an held since 2011
Stupid idea. My friend mining and hold LTC. I mine too.
I sold 2014 mine when the price was over 30USD = 1 LTC and sold last 1 LTC = 22USD
His few thousand LTC is still on hold. How much is loss ?
We both mine MediterraneanCoin . http://www.mediterraneancoin.org/
Both about the 1.5 million coins .
I sold mine all the time. Total over 18 BTC. His 1,5 million is in wallet. With Todays price it is 7,35BTC
Today price is 0.00000490 BTC for 1 MED https://coinmarketcap.com/currencies/mediterraneancoin/
Just mine and hold and you will always be profitable, Imagine if you mine an held since 2011
I agree that it's the best way to get returns on investment and not have to wait for months/years 
For now, any profit appears anywhere, hundreds of people will point their miners at it and mine the profit out of it. You have to just hope the coins you mine will increase in value, if they are good coins, that means doing research on the coins you mine.
So basically people who mine now only do it to get the coins, not the value attached to them? Wouldn't it be more profitable to mine altcoins and sell those for bitcoins?
For now, any profit appears anywhere, hundreds of people will point their miners at it and mine the profit out of it. You have to just hope the coins you mine will increase in value, if they are good coins, that means doing research on the coins you mine.
Mining might not be profitable for new miners in the short term but perseverance yields result on the long run. Difficulty might reduce if developers successfully modify the bitcoin blockchain.
3 and 4 aren't about mining, that's investing.
Yup, from my perspective...mining IS investing...might as well play the whole game.
Selling/buying to turn a larger profit just raises your ROI.
The OP had no clue what they're talking about though, as there are quite a few miners that HAVE in fact made money via mining - NOT just the "big farms" but some of us HOME miners have made substantial overall net profits.
Your right, Im one of those with some profits. But you must do your math when it is best to resell the mining equipment. And the mining contain risks, as the future difficulty and resale value of the miner is not know, you just have to estimate and hope no catastrophic scenario happens. So its not for everyone, you must have some analytical skills if you dont have super cheap electricity, otherwise there is good chance you end up in the red numbers.
I feel like mining is extremely profitable on a conditional basis.
Here are a few conditions that push the bitcoin game into your favor:
1. low power cost
2. low miner cost
3. selling btc during price hikes
4. buying btc during price drops
5. proper upgrading and reselling of equipment
6. lots of legwork
7. motherf'ing intelligence
8. not being stupid
9. not being an idiot
10. not making bad decisions
I probably missed a few points, but who cares! ...right?
If you are extremely impulsive then you might have a hard time day trading. If you don't have patience then you shouldn't be making long term investments.
If you can't afford to take a loss then you probably can't afford to participate.
Stupidity is it's own reward.
Here are a few conditions that push the bitcoin game into your favor:
1. low power cost
2. low miner cost
3. selling btc during price hikes
4. buying btc during price drops
5. proper upgrading and reselling of equipment
6. lots of legwork
7. motherf'ing intelligence
8. not being stupid
9. not being an idiot
10. not making bad decisions
I probably missed a few points, but who cares! ...right?
If you are extremely impulsive then you might have a hard time day trading. If you don't have patience then you shouldn't be making long term investments.
If you can't afford to take a loss then you probably can't afford to participate.
Stupidity is it's own reward.
3 and 4 aren't about mining, that's investing.
It depends a lot in what country do you live, in my country mining is a pain in the “*”
I feel like mining is extremely profitable on a conditional basis.
Here are a few conditions that push the bitcoin game into your favor:
1. low power cost
2. low miner cost
3. selling btc during price hikes
4. buying btc during price drops
5. proper upgrading and reselling of equipment
6. lots of legwork
7. motherf'ing intelligence
8. not being stupid
9. not being an idiot
10. not making bad decisions
I probably missed a few points, but who cares! ...right?
If you are extremely impulsive then you might have a hard time day trading. If you don't have patience then you shouldn't be making long term investments.
If you can't afford to take a loss then you probably can't afford to participate.
Stupidity is it's own reward.
Here are a few conditions that push the bitcoin game into your favor:
1. low power cost
2. low miner cost
3. selling btc during price hikes
4. buying btc during price drops
5. proper upgrading and reselling of equipment
6. lots of legwork
7. motherf'ing intelligence
8. not being stupid
9. not being an idiot
10. not making bad decisions
I probably missed a few points, but who cares! ...right?
If you are extremely impulsive then you might have a hard time day trading. If you don't have patience then you shouldn't be making long term investments.
If you can't afford to take a loss then you probably can't afford to participate.
Stupidity is it's own reward.
I tried really hard to understand the post which is above mine but I couldn't.
Can anybody encrypt this cryptic writing?
What the hell did he say (or at least tried to)?
Can anybody encrypt this cryptic writing?
What the hell did he say (or at least tried to)?
[snip]
No man, I was not talking about your post.
I'm sorry I did not quote the post I was referring to! I was not referring to you.There was a post by some spammer which got deleted.
Cold isn't critical, low electric cost IS.
Cold can HELP though.
Best place to mine in the US is NOT a particularly cold area - but it's DRY around here making low-cost Evaporative cooling reasonable most of the time it DOES get hot.
Cold can HELP though.
Best place to mine in the US is NOT a particularly cold area - but it's DRY around here making low-cost Evaporative cooling reasonable most of the time it DOES get hot.
I can vouch on this sadly in the Midwest summers temp can very highly and a few really hot day's. What I did was use lot's of CFM's during summer on fan's so the pushing of hot air out becomes very important. I actually had to upgrade to a commercial duct exhust due to hot summer's a typical home one just did not keep up. Also it depends on weather some are lucky and can do evaporation cooling which is cheapest option as far as cooling.
But low electricity will always remain king. If you have that you can work most thing's, there are a few things such as electricity/internet not being reliable that can make even cheap electricity hard. So there are other factors some politically are hard ... so lots of other items but overall electricity is what most are decided by in my experience.
The 2nd part to the above is equipment cost...anything is possible if you get the equip cost low enough....that requires almost lottery level luck thou.
Even FREE equipment doesn't matter if your electric cost is too high.
Equipment cost affects TIME to ROI though, and if it's too high you'll never ROI even with VERY VERY CHEAP electric.
The OP had no clue what they're talking about though, as there are quite a few miners that HAVE in fact made money via mining - NOT just the "big farms" but some of us HOME miners have made substantial overall net profits.
Thats a bold statement.
Mining is still very profitable if you know how to work your gear or you have right pricing for power. For me it just sounds like you are pissed that you live in an area where power is too expensive or you didn't invest correctly in mining gear. For me mining is still very profitable and instead of using my hard earned BTC, I reinvest them in new better gear.
In the beginning I made 1 investment around 10k$ and mined the hell out of the gear for a year, then I replaced them with new gear, bought the tripple amount of hash for the mined BTC and moved my gear from home to a cheaper platform. Now i'm close to be a PH farm owner and still with extra BTC in hand than I use on new gear.
If you find the right power pricing mining is still a very nice investment, so your statement is BS.
Mining is still very profitable if you know how to work your gear or you have right pricing for power. For me it just sounds like you are pissed that you live in an area where power is too expensive or you didn't invest correctly in mining gear. For me mining is still very profitable and instead of using my hard earned BTC, I reinvest them in new better gear.
In the beginning I made 1 investment around 10k$ and mined the hell out of the gear for a year, then I replaced them with new gear, bought the tripple amount of hash for the mined BTC and moved my gear from home to a cheaper platform. Now i'm close to be a PH farm owner and still with extra BTC in hand than I use on new gear.
If you find the right power pricing mining is still a very nice investment, so your statement is BS.
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