It is like outside world. Guys who have production tools are always at advantage.
And production tools' prices always goes up and up and up.
Topic: What is there to get into now that mining is for the rich? (Read 1842 times)
I wouldn't say mining is for the rich. I'd rather say it's for people who have quite a lot of money to begin with, that's for sure, but those people must also be willing to take risks, and accept a low return on investment for the foreseeable future. If BTC goes down again to say, $200, mining will be a terrible way to generate an income.
I define "the rich" as "people who have quite a lot of money to begin with."
How do you define them...?
Yes, that's right, but my point is that being rich is only one side of the equation. Mining belongs to risk-takers. And since you have to invest quite a lot of money to be a successful miner, it means taking a pretty large risk. There are many rick people, but very few get into mining.
Gosh, and here I thought trying to get rich fast was the smartest route XD
lol, but just look at many peoples advice on how they should 'get rich fast'.... by spending 80 hours a week to earn $15.. its like the blind leading the blind
seems alot of people are stuck in the rutt of sweatshop working for pennies an hour.
even when told they could get proper jobs, many people here continue to think bitcoin is only signature campaigns and USB mining devices to make pennies..
well i guess people dont want real work..
even when told they could get proper jobs, many people here continue to think bitcoin is only signature campaigns and USB mining devices to make pennies..
well i guess people dont want real work..
Gosh, and here I thought trying to get rich fast was the smartest route XD
seems alot of people are stuck in the rutt of sweatshop working for pennies an hour.
even when told they could get proper jobs, many people here continue to think bitcoin is only signature campaigns and USB mining devices to make pennies..
well i guess people dont want real work..
even when told they could get proper jobs, many people here continue to think bitcoin is only signature campaigns and USB mining devices to make pennies..
well i guess people dont want real work..
I'm not following the sig campaign and $20 or so dollars a week. Is life that bad? Where are you people from??.?
ehm it's not 20 a week i admit that now it is only 160 per months, which is 40 a week, so still higher than what you was thinking
but in the past it was double of that so 80 per week, and for me 80 per week is a decent profit for only 3 hours a day of posting
OP you can simply buy bitcoin if you want, which will help the market also...
I can see where you coming from.... The mining side of Bitcoin, also got me interested, when it was still profitable... those days are long gone and individuals in pools, make nearly
no money at all. You could dabble in the Alt coin scene, if you want to stay with mining, but the margins are quite thin there too. Cloud mining is out of the question and ROI is
non-existent. Signature campaigns is boring and the time, do not justify the returns. {It's a incentive and a free bonus, but not a effective way to become rich}
I would take on a second part-time job, take that money and buy Bitcoins, when the price is low.... sell when it's high.
no money at all. You could dabble in the Alt coin scene, if you want to stay with mining, but the margins are quite thin there too. Cloud mining is out of the question and ROI is
non-existent. Signature campaigns is boring and the time, do not justify the returns. {It's a incentive and a free bonus, but not a effective way to become rich}
I would take on a second part-time job, take that money and buy Bitcoins, when the price is low.... sell when it's high.
I think mining's more of a hobby now instead of an investment. So if you really like those awesome rigs you should go for it. If you're purely into mining for the profits I suggest you look into other investment opportunities.
I think people in China would beg to differ on your opinion of it being "just a hobby".Have you seen the mining farms they have? It is at an enormous scale and must shelling them a massive amount of coins per day or they would not be in it to begin with.
They have almost free electricity in some places and really cheap hardware(they are produced in China) and super devalued currency. With scale even the hardware is close to free.
Of course most of the world is not in the same situation
I think mining's more of a hobby now instead of an investment. So if you really like those awesome rigs you should go for it. If you're purely into mining for the profits I suggest you look into other investment opportunities.
I think people in China would beg to differ on your opinion of it being "just a hobby".Have you seen the mining farms they have? It is at an enormous scale and must shelling them a massive amount of coins per day or they would not be in it to begin with.
They have almost free electricity in some places and really cheap hardware(they are produced in China) and super devalued currency. With scale even the hardware is close to free.
Of course most of the world is not in the same situation
There's nothing left for home miners unless you get special rebates for buying ASICs and can purchase them at a lower price or have a free electricity. Even so, the scale of the mining and the profits would not justify the time wasted on the maintenance. Try mining some altcoins.
As I've always maintained - you're not going to be getting better monetary rates than just having an actual job. If you have a job - even if it doesn't pay in BTC, you can convert fiat to BTC and "earn" BTC that way - and in all likelihood you'll come out ahead than if you try and find something else. And as a side note, mining requires a large amount of capital but by no means is it for the "rich" - people who are actually rich (ie. top 1%) have significantly more capital than those who mine.
I define "the rich" as "people who have quite a lot of money to begin with."
How do you define them...?
How do you define them...?
when you can pay 2 person per month.
When you can pay 2 person per month to do what?
I think mining's more of a hobby now instead of an investment. So if you really like those awesome rigs you should go for it. If you're purely into mining for the profits I suggest you look into other investment opportunities.
I think people in China would beg to differ on your opinion of it being "just a hobby".Have you seen the mining farms they have? It is at an enormous scale and must shelling them a massive amount of coins per day or they would not be in it to begin with.
He's referring to average Joe mining, and what you're talking about is industrial level mining, which is the very reason us "average Joe's" don't have a place in mining anymore.
It all went down when ASIC's came out, and imho it ruined the very thing bitcoin was created to have - decentralization in every form - mining included.
Even tho mining provides somewhat better security now, with larger hashrate, i still think that switching to another algo as soon as asic's came out would be far better solution.
Keeping it in average people's hands was the idea,available to everyone - was it not ?
But everyone knows that one big corporations(in this case a person who had money to start off small then grow it to something massive) see something they can profiteer from, they will jump on it and leave the little mom and pop shops in the dirt. That is big business for you.
I'd imagine there will be some nice opportunities with Open Bazaar (and competitors) once they open the doors (like a month or so?).
I think mining's more of a hobby now instead of an investment. So if you really like those awesome rigs you should go for it. If you're purely into mining for the profits I suggest you look into other investment opportunities.
I think people in China would beg to differ on your opinion of it being "just a hobby".Have you seen the mining farms they have? It is at an enormous scale and must shelling them a massive amount of coins per day or they would not be in it to begin with.
He's referring to average Joe mining, and what you're talking about is industrial level mining, which is the very reason us "average Joe's" don't have a place in mining anymore.
It all went down when ASIC's came out, and imho it ruined the very thing bitcoin was created to have - decentralization in every form - mining included.
Even tho mining provides somewhat better security now, with larger hashrate, i still think that switching to another algo as soon as asic's came out would be far better solution.
Keeping it in average people's hands was the idea,available to everyone - was it not ?
You can still try to mine some altcoin and then sell for Bitcoin. It tends to be more profitable.
I think mining's more of a hobby now instead of an investment. So if you really like those awesome rigs you should go for it. If you're purely into mining for the profits I suggest you look into other investment opportunities.
I think people in China would beg to differ on your opinion of it being "just a hobby".Have you seen the mining farms they have? It is at an enormous scale and must shelling them a massive amount of coins per day or they would not be in it to begin with.
I think mining's more of a hobby now instead of an investment. So if you really like those awesome rigs you should go for it. If you're purely into mining for the profits I suggest you look into other investment opportunities.
Well I use a signature campaign and I can make around 5 bucks a week while also learning a lot about Bitcoin. So you can get into a signature campaign or you could also do some gambling. Another thing that you could do would be to buy some ant miners and mine as you will be able to earn a decent amount of profit, keep in mind your electricity bill, this may not work for you.
I'm not following the sig campaign and $20 or so dollars a week. Is life that bad? Where are you people from??.?
i presume anyone happy to take home less than $300 a week, must be from third world currencies where the cost of living is much lower.
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