Anyone here into Bitcoin mining and making a profit?

[Solidflash]

Hi!

I was wondering if there are BHW members mining Bitcoins and making a profit doing it?

I am not looking for members who use a few USB ASIC miners and their home PC, because there is no profit in that. I am looking for members who have set up a custom rig or bought one. What are you guys using or doing to make a profit?
I would like some advice if it would be worth buying the Butterflylabs "Monarch" mining card? http://www.butterflylabs.com/monarch/
Is it worth the investment or should I forget about mining myself altogether?

Any advice or help is welcome. It could also benefit other BHW members to not waste money on methods and/or products that do not work and make a profit!

Thanks!

 

[HerpDerpSlerp]

You are better off trading bitcoins this late in the game. Especially on how crazy the market is. if you day trade it you can make a killing. invest in other digital currency and hope they fly. Even if you only obtain 100 of each. Imagine if you had 100 bitcoins?

 

[WatchAnyShowCom]

I'm not a Bitcoin connoisseur or professional but I agree with HerpDerpSlap here, day trading is the way to go.

 

[Solidflash]

I know day trading is an option, but the initial investment to make a profit and the risk would be higher.

I used this page to calculate profitability for the "Monarch" mining card http://www.bitcoinx.com/profit/
Hash rate: 600 GH/s
Power consumption: 350 W
Price: 4,680 USD
Time frame: 3 months

Gives me 0.4266 BTC or 340,38 USD net profit per DAY at current trading prices!

am I missing something? Hidden costs? Risks? Is the calculation not accurate?

 

[th0m4s]

This late in either mine others or trade BC. Just my 2c's.

If it crashes between now and your ROI date then your out outta luck.

 

[Solidflash]

 

[Orbiter]

"missing something? Hidden costs? Risks? Is the calculation not accurate?"

You probably won't get the Monarch before March/April at best, which means higher difficulty, which means less $ per day. I have a 30 GH\s ASIC that was stuck in preorder for 8 months before I got it and the profits went from 200$ a day to 28$ a day when I actually got my ASIC. If BTC prices didn't rise it would have been more like 1$ a day.

 

[Solidflash]

Thank you ORBITER for this post! Good info!
You are right! I have to keep the increasing difficulty in mind.

Keep it comming BHW members You will also help other BHW members with this info.

 

[hzwill]

Forget about mining, also caculation. If the result is right, think about it, it already been crowed.

If it is 2010, then you can mining. Now? only the guys(companies) who supply mining machines make profit. I know some geek guys who were so good at compute hardware selling mining machines designed by themself. Guess who are their biggest customers? Most of their customers are those who just know this crazy things, and thought this is a big chance just purchase some machines, then money comes.

Mining in nowadays already been so impossible. Not only the GPU monster machines out there, but also the large consume and heavy maintenance. Yes it is not like our home office computer set and just leave alone. If you want to make some serials bitcoins, you need much much powerful GPU machines which just designed for mining, and not only one, you need more. Because there already much monsters out there, if you do not have big ones, you can only dig nothing. Then even if you have these big guys, you will find more trouble come after. I knew a guy who made many bitcoins last year, he had more than 30 GPU mining machines, the trouble is not just the electricity consume, you would deal with huge heat, really really big noisy. That guy was lucky because he had a factory with big room and no body live nearby. And yes it is just last year, this year the difficulty rised more.

So my opinion about mining is dont put you hands in it.

 

[thetraveller]

'The best time to plant a tree is ten years back, the next best time is now'
At least that's my opinion, but make it a profit.

 

[artificial_genius]

Here is how a lot of those bitcoin hardware companies operate:

1. Take pre-orders for hardware that can mine bitcoins and make a huge ROI.
2. Take that pre-order money to build hardware for themselves to mine bitcoins for themselves making themselves a huge ROI while they tell users there are delays.
3. Once the hashing is difficult enough that those machines aren't making them a good ROI anymore finally send them to the buyers who will never hope to recoup their investment.

 

[ProSEO Show]

Are you familiar with the phrase "too good to be true"? That's the definition of personally 'mining bitcoins for profit'. Think about how enticing the idea is to you, then consider how everyone else that's come across this concept feels about it - guess what....? They all were just as excited as you. Then they invested money in a rig, started mining, and didn't make shit. This isn't something a normal person does and profits from anymore. There's still money in mining, just not for you (or me).

 

[thetraveller]

Here is how a lot of those bitcoin hardware companies operate:

1. Take pre-orders for hardware that can mine bitcoins and make a huge ROI.
2. Take that pre-order money to build hardware for themselves to mine bitcoins for themselves making themselves a huge ROI while they tell users there are delays.
3. Once the hashing is difficult enough that those machines aren't making them a good ROI anymore finally send them to the buyers who will never hope to recoup their investment.

Thanks for this input. After all, why should anyone sell you a money making machine, if it can put it to work for himself?

 

[thisigor]

I'm not mining bitcoins right now! I'm doing something better: planting tulips!

- You can buy mining contracts on eBay. There are people selling 1 year worth of mining at 2 GH/s for $20. They all start in February because of the TerraMiner dispatch date. I have an idea lets borrow money from a bunch of guys on eBay to buy a $6000 miner and plant some Tulips. Bad idea.

- CEX (lots of tulips) and Pyramining (270 months break even!) and other cloudminers. Bad idea.

- Neobux! I know it has nothing to do with anything but I'm just going to say it anyway: Monkeys and Tulips. Bad idea.

- Buying miners. Difficulty is just going to kill you anyway. Bad idea.

All the GPUs and CPUs dedicated to SAH-256 mining are now worthless thanks to ASICs and the old timers FPGAs. The only use for them now is Script mining (LTC, FTC).

BTC is an extraordinary risky investment - all or nothing in my opinion.


FarmVille + Tulips + Aliens + Giorgio A. Tsoukalos = THE FUTURE

 

[SpookSEO]

For sure, you will find something in Mt. Gox. It is one of the best markets where bitcoins are traded. The business in this online market is peaking already. Invest on it while it is still hot. Also, so many traders are already involved on it. Make sure you get that sweet spot before all the prices go up.

 

[danceflybuffalo]

Yeah mining this late in the game is going to be incredibly tough. As people mentioned earlier it is highely unlikely you will ever receive your hardware until the difficulty is much higher than it already is, meaning your hardware is already outdated immensely by the time you receive it. By that time there will be an even better miner out that, like the one you linked, will already be outdated by the time you receive it...I'm seeing a pattern here.

If you were so inclined to mine I would suggest mining alt coins and then transferring them via an exchange into btc, you may make some profit that way.

 

[Hummingbird]

I know day trading is an option, but the initial investment to make a profit and the risk would be higher.

I used this page to calculate profitability for the "Monarch" mining card
Hash rate: 600 GH/s
Power consumption: 350 W
Price: 4,680 USD
Time frame: 3 months

Gives me 0.4266 BTC or 340,38 USD net profit per DAY at current trading prices!

am I missing something? Hidden costs? Risks? Is the calculation not accurate?

calculation probably isnt accurate
takes months to actually get the card and by then your card will be out dated
electricity bills
bitcoins get progressively harder to mine
by the time you get the card your BTC/day will be lower because of this (however $/day could still go up)

I don't know much but I know for sure you're probably better off asking this somewhere other than Black Hat.

If you're going to mine you better do a lot of research. Similar to growing weed it's not as easy as it seems and a lot could go wrong.

 

[bartosimpsonio]

A couple years back 2 friends of mine built a helluva server cluster to mine bitcoins. They invited me into the JV, I said I thought it was jackass idea.

After spending all their savings in light bills and hardware they couldn't get a single freeken coin out of the darned thing.

 

[tony_d]

In reply to your thread title: I'm not into bitcoin mining, but I am into making a profit...

Seriously, though - you can make plenty of cash mining bitcoin if you go setup in the Kingdom of Bhutan. Their electricity prices are somewhere near the lowest in the world - around 2 us cents per kwh.

 

[punna111]

so, bitcoins doesn't work for making money?
Can't we automate the system and earn bitcoins?