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Is Crypto Mining Really Profitable?

Discussion in 'CryptoCurrency' started by xIRaTeD, Feb 11, 2016.

  1. xIRaTeD

    xIRaTeD Regular Member

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    Hey everyone ,
    Iv tried mining before in the passed on a few laptops just to test and see what all the hype was about and obviously it wasnt profitable at all for me,
    but im just wondering has anyone actually gone the distance with crypto mining and if so how much would you make on a daily basis ?

    Another big question how much would you have to spend to create atleast a profitable mining farm?
    I dont know much about mining but for example mining litecoin which is script is harder than mining bitcoin on ASIC ? ( those bitcoin usb sticks )

    Lets say if you were to get 100 of those usbs and run them 24/7

    Iv always been interested in mining but find it a little confusing whether its too late to start or would it take alot of investing to atleast earn money :confused:

    Any advice? suggestions? :rolleyes:
     
  2. Galleta

    Galleta Regular Member

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    I think it is too late, but it depends in how much you can invest.

    For example, go to Aliexpress and search for "miner" "mining" or similitar.
    you will see great mining machines, to all of them the seller gives statistics about how much hashes / second or similiar.
    Then there are some websites where you can calculate, with that statistics from the seller, depending on your electricity costs, when you will have your investment back and generally how your RoI is.
    It depends greatly on where you live, in some countries it could still be worth it (if the electricity costs are really low, or you don't pay at all, like in some second and third world countries).

    The other problem is, that more than 90% of all newly mined bitcoins are mined by a handful of people, chinese. And they are the ones who control the whole market. Banks want to overtake the whole bitcoin system with their help.

    I do not find the link anymore, but there was a GREAT blog post from one of the first developers of bitcoins, explaining the whole system and why it will end in the future. The bitcoin system was basically made as a way to get "out of the system" (the capitalistic one world government system) by providing anonymous/free solution for payment and money storage, but now because of a few people basically owning it and faking a "democracy" it will be part of the exactly same system that it was made for going around...

    Regards
     
  3. 1morenoob

    1morenoob BANNED BANNED

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    bitcoins aren't profitable anymore, not sure about others. Not looked for a while but a couple of years ago it used to work like this..

    mining machine 1 can mine at x speed and at that moment in time mining 1 bitcoin may cost $50 in electric.

    New more efficient mining machine 2 gets designed before you've made your money back that mines at x*10 speed and at that moment in time 1 bitcoin may cost $50 in electric. Suddenly mining machine 1 is pretty much worthless because the electric now costs more than you get back in bitcoin because everyone has upgraded to mining machine 2.

    3rd world countries also have a advantage because they have cheaper electric
     
  4. MrNiceTea

    MrNiceTea Registered Member

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    Bitcoin mining itself is still profitable, but only for a few guys out there which have the experience, strategies etc.

    Personally I am investing in those guys and making 4 figures a Month with it.
    So I would suggest you to search those big whales and get in contact with them.

    So it's still possible to make money with Bitcoins itself. If you want, we can talk about that. Just hit me a PM with your Skype!
     
  5. Jack7777

    Jack7777 Newbie

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    I think mining Ethereum could be profitable now...
     
  6. kregz

    kregz Registered Member

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    If you want to get into mining you need a lot of money to turn a profit... unless you mine a random coin and it gets pumped
     
  7. Bucketbot

    Bucketbot Jr. VIP Jr. VIP

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    You must have access to the best hardware and the cheapest electricity.

    The layman has no chance unless they mine shitcoins as an attempt to speculate on future price rises. If you're going to speculate on a future price rise of whatever coin you have in mind, it becomes cheaper and much more feasible to buy the coins outright instead of mining.
     
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  8. BTCnet

    BTCnet Newbie

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    As previous posts stated you need very cheap electricity, like almost free. There are some countries like Venezuela where mining is booming since they have very cheap electricity and with a good modern ASIC miner you can get your investment back in about 6-8 Months.
     
  9. Homer Simpson72

    Homer Simpson72 Newbie

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    If you have a very powerful top-of-the line computer and free electricity, you should ask the people over at BitcoinTalk as to what coin you should mine. For the most part you're too late. Mining Bitcoin is now impossible.
     
  10. donduck

    donduck Junior Member

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    Look for some info on reddit.com/r/bitcoin -they believe that the big miners are losing money but miners are doing bitcoin mining to get around the government currency restrictions ($50K per year). It is believed that most Chinese miners pay less than $0.04 per kWh. Most big bitcoin mines are in remote areas of china next to power stations - so conclusion unless you have free electricity it is not profitable to mine bitcoin at current ~ $420 per bitcoin
     
    Last edited: Feb 24, 2016
  11. Anarcoin

    Anarcoin Newbie

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    I used to mine when a single GPU could mine a few bucks a day, back in 2011... Oh I miss those days!

    By late 2012 you had to have a room full of expensive hardware eating multiple dollars worth of electricity every day risking electrical fires just to break even... By mid 2013? Fugettaboutit. Only large server farms need apply. -And today it's a million times worse than that.
     
  12. Suzaiza

    Suzaiza Registered Member

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    what is the average use of electricity (kWh) for mining machine for the whole month?
    electricity at my country cost $0.08 kWh so is it worth it?