Should i start mining bitcoins? | Bitcointalksearch.org

Salmon1989

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Quote from: Monkeytail on November 21, 2014, 04:51:52 AM

bitcoin difficulty is rising too fast so that most asic would go obsolete before making roi. the best way is to purchase btc.

Bitcoin difficulty did rise very fast in the past, but it is rising fairly slowly in the recent 2 months. Interestingly, difficulty is now estimated to drop slightly in the next change according to https://bitcoinwisdom.com/bitcoin/difficulty

yakuza699

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If you have some money to invest sure go with bitcoin mining you can buy an s4 coupon on bitmaintech for less than 50bucks send your miner to Umisoo and you will profit after 50 days but for that you need around 900bucks, if you don't have money to invest and have a decent GPU go with litecoin.

Monkeytail

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bitcoin difficulty is rising too fast so that most asic would go obsolete before making roi. the best way is to purchase btc.

ranochigo

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Mining for profit is no longer the case for small miners. Big companies have a whole warehouse or datacenter of ASICs with cheap electricity and good cooling equipment. Mining at home is not recommended since it is a fire hazard and will produce lots of heat. Unless you live in a colder region with cheap electricity, you shouldn't mine. If you want to buy ASICs, consider the risk. ASIC shipment takes some time. Once a huge quantity of ASICs get shipped, the difficulty would most likely increase much more than previous difficulty increase. Some ASIC companies delay the shipment time, by the time you recieve your equipment, ROI would be very difficult.

monbux

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Mine bitcoins as a hobby, or to support the bitcoin network. Don't go hardcore into mining with the thought of profit in mind... I would just buy bitcoin, that's the fastest way. Then gamble it away. Tongue

If you want to use an exchange, I personally use ANXBTC, or localbitcoins.

xcom

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coin mining was a good idea 2 Two years ago

now is much better just to buy and wait

jjacob

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Quote from: bajing on November 19, 2014, 01:39:48 AM

u can try mining altcoin and then trade to bitcoin, maybe thats better for take a profitable.

The problem is mining equipment for each coin is specialized these days (unless you are using GPUs).

rollingMyCar

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Quote from: bajing on November 19, 2014, 01:39:48 AM

u can try mining altcoin and then trade to bitcoin, maybe thats better for take a profitable.

i have the same approach...

mine for a few altcoin....
trade it
gain half or a few bitcoin...
start to trade bitcoin....

but you can do it if you already have trading experience or you risk to burn your coin so fast

Jybrael

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Quote from: lyth0s on November 19, 2014, 01:52:29 AM

Quote from: hopper28755 on November 15, 2014, 10:25:49 AM

Should i start mining bitcoins? Do you believe that they will go up to $1,000+ a coin? Or should i start mining litecoins? What would you recomend for the most profit?

Don't mine coins unless your electricity is dirt cheap ($0.06 per KWH or less).

Yes bitcoin will hit $1,000 again for sure.

Don't mine litecoins "for profit" --You'll get burnt fast.

Most profit is honestly buying some bitcoins now, keep the safe and wait.

I will agree with Lythos here, if you are going to go into mining bitcoin make sure that your electricity is cheap. Otherwise you might end up paying a lot and it might not be profitable for you at all.

lyth0s

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Quote from: hopper28755 on November 15, 2014, 10:25:49 AM

Should i start mining bitcoins? Do you believe that they will go up to $1,000+ a coin? Or should i start mining litecoins? What would you recomend for the most profit?

Don't mine coins unless your electricity is dirt cheap ($0.06 per KWH or less).

Yes bitcoin will hit $1,000 again for sure.

Don't mine litecoins "for profit" --You'll get burnt fast.

Most profit is honestly buying some bitcoins now, keep the safe and wait.

bajing

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u can try mining altcoin and then trade to bitcoin, maybe thats better for take a profitable.

happyJack07

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hello, I'm new here but I know that the best way to get bitcoin actually is buying it in a exchange. Now is too expensive buy hardare to mine. Embarrassed

fastBeast

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Quote from: yeponlyone on November 18, 2014, 04:48:33 PM

Quote from: Simon8x on November 18, 2014, 02:03:12 PM

It is not easy to achieve break-even in mining now. As others said, you should do your research and make ROI calculations.

Also, the bitcoin price doesn't really matter. What you should really compare is:
1) How many bitcoin you can mine by buying the miners or mining contract after fees, and
2) How many bitcoin you can buy directly with the money

ROI will always, I think, be achieved although it may take around a year for gains and they may be tiny by then.

Better off investing in btc directly and hodling for the future.

sure...
now investing in btc directly and hodling for the future it is the better choise!!!
i repeat...

try to use one of the million online btc profit calculator with difficulty parameter and you will see who get a nearest ROI it is impossible...

but if you want.. you can try

yeponlyone

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Quote from: Simon8x on November 18, 2014, 02:03:12 PM

It is not easy to achieve break-even in mining now. As others said, you should do your research and make ROI calculations.

Also, the bitcoin price doesn't really matter. What you should really compare is:
1) How many bitcoin you can mine by buying the miners or mining contract after fees, and
2) How many bitcoin you can buy directly with the money

ROI will always, I think, be achieved although it may take around a year for gains and they may be tiny by then.

Better off investing in btc directly and hodling for the future.

Simon8x

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It is not easy to achieve break-even in mining now. As others said, you should do your research and make ROI calculations.

Also, the bitcoin price doesn't really matter. What you should really compare is:
1) How many bitcoin you can mine by buying the miners or mining contract after fees, and
2) How many bitcoin you can buy directly with the money

zlatanBorec

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Quote from: hopper28755 on November 15, 2014, 10:25:49 AM

Should i start mining bitcoins? Do you believe that they will go up to $1,000+ a coin? Or should i start mining litecoins? What would you recomend for the most profit?

sure you can!!!
but be carefully with your hope about gains...

you can mine for passion to support network..

you can mine a little for playing

you can mine to understand well the bitcoin blockchain securing...

but you can not mine to have a gains... with BTC under 400$

bornil267645

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Ming btc individually is a lose project right now. But you can certainly join some pool.

galbros

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Mining is just a different way to buy bitcoins. If you want "clean" bitcoins then mining can make sense. Otherwise, unless you have free electricity you are probably better off just buying them if your goal is profit. However, there are real benefits to mining, including learning more about how bitcoin works.

Good Luck!

dothebeats

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Calculate if your hardware will see ROI. The difficulty of mining bitcoin isn‘t sustainable for low end miners nowadays, only those with good hardware will profit from mining. You will just waste your money paying for electricity than seeing a profit in mining.

Just buy during the dips. Sell during the peak.

dothebeats

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Calculate if your hardware will see ROI. The difficulty of mining bitcoin isn‘t sustainable for low end miners nowadays, only those with good hardware will profit from mining. You will just waste your money paying for electricity than seeing a profit in mining.

Just buy during the dips. Sell during the peak.

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