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Is bitcoin mining still profitable?

Discussion in 'CryptoCurrency' started by speedhawk45, Mar 13, 2017.

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  1. speedhawk45

    speedhawk45 Regular Member

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    i know it's not as profitable as it used to be, but what if i buy a computer specifically for mining, and later sell the bitcoins in like 3 months( or more), would that be profitable?
     
  2. Greengolegend

    Greengolegend BANNED BANNED

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    I wouldn't recommend it
     
  3. uncutu

    uncutu Elite Member

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    buddy of mine still mines, i think he broke even on his hardware after 4 months, but his electricity is free. i think it's more profitable trading coins.
     
  4. Shree

    Shree Jr. VIP Jr. VIP

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    IMO, buying a computer specifically for mining is no longer a good idea. If I were to do mining, I would pick one of the other crypto currencies and try my luck with that. If it works, you could win big. Else, you would lose the money invested in the computer + electricity.

    That would be a "calculated" gamble ... but a gamble like that would still be a lot better than mining bitcoins with a single computer.
     
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  5. scnonah

    scnonah Jr. VIP Jr. VIP

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    From what I hear you make so little margin that you have to have a farm just to make real money. And by farm I mean hundreds, thousands or tens of thousands of machines mining. There are companies that do it now. Everyday it gets harder and harder.
     
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  6. The Data Scientist

    The Data Scientist Jr. VIP Jr. VIP

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    Issue with bitcoin mining is that there are many mining companies with highly efficient computing centers which destroyed low scale mining.
     
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  7. ThopHayt

    ThopHayt Jr. VIP Jr. VIP Premium Member

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    In short, I believe mining is for hobbyists who just like tinkering. Makes me sick to think that I passed up on mining back in 2010... I don't even like thinking about BitCoins because of that.

    -ThopHayt
     
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  8. speedhawk45

    speedhawk45 Regular Member

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    i feel you
     
  9. MR9

    MR9 Junior Member

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    Its not profitable anymore unless you have customized mining rig and very cheap electricity. Even with that, you wont be breaking even on the hardware anytime soon.
     
  10. Dia77777

    Dia77777 Registered Member

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    No, I don't think that would work. Don't risk it.
     
  11. Pwnageboy

    Pwnageboy Regular Member

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    Yep you still can, but not mining BTC directly.

    These days Monero is up-and-coming. I am mining it myself and it's pretty rewarding.
    Though i think the price of Monero will follow Bitcoin so i kind of hope to: Mine now sell later.

    A mining rig worth $1500 can mine you up to $275 a month with free electricity at the current rate. If you have to pay for electricity it's still worth mining imo but you have to trust the price will go up to $100+ or hopefully even $500+.

    So in other words mining Monero now will break even in about 5/6 months at the current rate. If the price goes up your going for the jackpot.

    If you have more trust in the bitcoin you could always mine Monero and exchange it to bitcoins. This way you can still use a PC to "mine btc"
     
  12. aMaZE1

    aMaZE1 Newbie

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    I think more profitable at the moment is to mine two different cryptocurrencies but not bitcoin. I suggest etherium+sia
     
  13. llcoolj89

    llcoolj89 Jr. VIP Jr. VIP

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    What I usually do: If everybody's crazy doing it, I'll stop.

    I'd go with something more stable.
     
  14. W9go

    W9go Elite Member

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    depending on the price for electricity you have to pay ......
     
  15. airtman

    airtman Junior Member

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    Give it a try it may work out for you...
     
  16. necro

    necro Regular Member

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    bitcoin mining? no.
    crypto mining? yes

    is every crypto like bitcoin? no.
    can you min all cryptos like bitcoin? no

    can you mine other cryptos with bitcoin miners? some...
    can they be profitable? yes...

    do i need to make some fundemental analysis and check my facts to see if the answer i'm getting on this board is real answer or the question might be asked wrong. maybe....

    bye padawan
     
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  17. Mr. Tokyo

    Mr. Tokyo Jr. VIP Jr. VIP

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    I think to make a considerable profit, you need to have a shitload of machines mining at once these days.
     
  18. HostHero

    HostHero Newbie

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    i think you can mine altcoins and get decent profit on those.
     
  19. necro

    necro Regular Member

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    Well that's the point of mining, it scales with the investment you take... most investments are built like that, the more you put into the more you get out of it.
     
  20. RootLayer_Sales

    RootLayer_Sales Jr. VIP Jr. VIP

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    First sell kidneys and the suicide.