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Topic: State of mining - page 3. (Read 3732 times)

hero member
Activity: 770
Merit: 500
✪ NEXCHANGE | BTC, LTC, ETH & DOGE ✪
November 08, 2015, 09:50:52 AM
#11
For me personally it would still be viable to buy my own mining equipment and make a profit, especially with the current prices of Bitcoin.
But this is mostly because everything in my house runs on solar and I wouldn't have to pay for electricity.

Plus I rented a miner a few days ago on Betarigs and made a small profit, so that in itself shows me that it can still be profitable for the little guy Smiley

What a good situation!

I have heard of some that put mining farms near waterfalls that generate the electricity.
legendary
Activity: 1456
Merit: 1004
November 08, 2015, 09:50:04 AM
#10
You cannot cover the expenses if you do that alone. You will not cover the mining equip. and the electricity bill.

Only the chinesses can do that because they can make tricks to get the electricity for free or near to that Smiley


legendary
Activity: 1904
Merit: 1073
November 08, 2015, 09:42:16 AM
#9
based on my observations, it seems that only somehow profitable way (over buying bitcoin directly) is to run some Chinese mining farm next to energy grid with direct contact to ASIC manufacturers.

home mining is definitely dead for majority of world because of electricity expenses. USB gadgets are fine to play with cgminer and linux, but they will not even ROI..
You're forgetting about people who have solor power, here in Belgium it's quite common for a middle class household to have solar panels due to huge tax benefits in the past.

and those solar panels in Belgium are available for free? Solar energy is not for free, it is stupid illusion. You have to pay for panels, mounting, cables, inventor..ahh and return of investment is about 20 years, even with European union support to clean energy and various grants to photovoltaic.

It might not be 100% free, but it's better than the alternative ...mining with electricity that are generated from fossil fuel or nuclear power.  Wink

You also have a bit of a edge over the people who has to pay for their electricity now, and the profits made from this, help to pay part of the utility bill and infrastructure you

invested in.  Grin
member
Activity: 72
Merit: 10
November 08, 2015, 09:28:23 AM
#8
The requirements for mining are always rising and will rise as long as the difficulty keeps climbing... So yeah, if you want to stay competitive you must have ASIC's and quite a few of them.

A Chinese mining farm would help, but you can profit with much less if you have cheap electricity Cheesy

If you want to home mine, you need very cheap electricity. That is the most important of all. You also need a efficient miner. The bitmain s7 is the most efficient one, but it is expensive.
full member
Activity: 196
Merit: 100
November 08, 2015, 09:21:58 AM
#7
Reading about someone who gets electricity for free or near to nothing. Can't remember which country he was in, think it was somewhere in South America. Argentina maybe. Can anyone verify this from practical experience.
legendary
Activity: 1036
Merit: 1000
/dev/null
November 08, 2015, 09:18:53 AM
#6
based on my observations, it seems that only somehow profitable way (over buying bitcoin directly) is to run some Chinese mining farm next to energy grid with direct contact to ASIC manufacturers.

home mining is definitely dead for majority of world because of electricity expenses. USB gadgets are fine to play with cgminer and linux, but they will not even ROI..
You're forgetting about people who have solor power, here in Belgium it's quite common for a middle class household to have solar panels due to huge tax benefits in the past.

and those solar panels in Belgium are available for free? Solar energy is not for free, it is stupid illusion. You have to pay for panels, mounting, cables, inventor..ahh and return of investment is about 20 years, even with European union support to clean energy and various grants to photovoltaic.
legendary
Activity: 1792
Merit: 1283
November 08, 2015, 08:58:10 AM
#5
based on my observations, it seems that only somehow profitable way (over buying bitcoin directly) is to run some Chinese mining farm next to energy grid with direct contact to ASIC manufacturers.

home mining is definitely dead for majority of world because of electricity expenses. USB gadgets are fine to play with cgminer and linux, but they will not even ROI..
You're forgetting about people who have solor power, here in Belgium it's quite common for a middle class household to have solar panels due to huge tax benefits in the past.
legendary
Activity: 1036
Merit: 1000
/dev/null
November 08, 2015, 08:54:15 AM
#4
based on my observations, it seems that only somehow profitable way (over buying bitcoin directly) is to run some Chinese mining farm next to energy grid with direct contact to ASIC manufacturers.

home mining is definitely dead for majority of world because of electricity expenses. USB gadgets are fine to play with cgminer and linux, but they will not even ROI..
legendary
Activity: 1792
Merit: 1283
November 08, 2015, 08:51:24 AM
#3
For me personally it would still be viable to buy my own mining equipment and make a profit, especially with the current prices of Bitcoin.
But this is mostly because everything in my house runs on solar and I wouldn't have to pay for electricity.

Plus I rented a miner a few days ago on Betarigs and made a small profit, so that in itself shows me that it can still be profitable for the little guy Smiley
legendary
Activity: 1512
Merit: 1009
November 08, 2015, 08:50:57 AM
#2
The requirements for mining are always rising and will rise as long as the difficulty keeps climbing... So yeah, if you want to stay competitive you must have ASIC's and quite a few of them.

A Chinese mining farm would help, but you can profit with much less if you have cheap electricity Cheesy
hero member
Activity: 980
Merit: 508
November 08, 2015, 08:48:07 AM
#1
I'm posting this here rather than in mining because its really a meta-mining question.

Just wondering what the state of mining is. I remember when anyone could do it and then I remember when you had to buy dedicated mining equipment (ASICS). I lost interest in the subject just as it was becoming non-viable for the common man, though people were still buying block eruptors and apparently doing ok with them.

Where are we now? In order to mine sucessfully do you have to be Rick from Rick and Morty with access to quantum defrackulators and or a Chinese mining farm?
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