Is it still worth mining bitcoins? - GoFuckYourself.com

lonerunner · 02-26-2014, 01:35 AM

Well i talked with my friend about bitcoins a few times for the last 2 weeks and he is really interested in mining while i am also interested i would like to invest in some mining rigs but im just not that sure is it still worth mining

We are looking at 36GH machine which could by the current rates mine about 110$ per month. Every stronger rig will cost more and mine more but it's all in the same price/mining range. For each rig it looks like it will take 6-9 months only to return the invested money.

So what's your opinion about mining is it still worth doing it ?

darksoul · 02-26-2014, 01:41 AM

bitcoin mining is no longer profitable
use mining.thegenesisblock.com to calculate roi which is never.
I would suggest you invest your money in scrypt mining rigs and convert whatever currencies you mine into btc.
You can use something like clevermining.com or wafflepool.com to do everything for you.

freecartoonporn · 02-26-2014, 05:01 AM

This train has left the station quite some time ago!

ruff · 02-26-2014, 05:04 AM

There are still a few coins like Doge you can mine profitably. You just have to do your homework that's all. Bitcoin is not one of them though I mine it just to participate for the fun of it.

NEW XTC · 02-26-2014, 06:30 AM

yes you can still mine btc successfully - don't listen to anyone who says you cant - they are full of shit

you have to pre-order machines that are due to ship months out - and those machines go obsolete in just a few months of lifespan (well they return much less) then you roll your earnings into the next pre-order etc...not recommended for anyone who doesnt have the TIME - far beyond the money to invest

lonerunner · 02-26-2014, 06:31 AM

Quote:

Originally Posted by darksoul

bitcoin mining is no longer profitable
use mining.thegenesisblock.com to calculate roi which is never.
I would suggest you invest your money in scrypt mining rigs and convert whatever currencies you mine into btc.
You can use something like clevermining.com or wafflepool.com to do everything for you.

thegenesisblock for me it's saying same as we calculated, about 100$ per month and rig will cost us only 350$ using 30w power consumption so it looks like it will pay it self in 4 months and all after that is earning. And considering that we live in country where average salary is 300$ that's not bad.

Im just curious did you have experience with clevermining.com to me this looks like it's not real. Looking at stats most of them have really bad hash rate 50mh/s and earning half bitcoin per day.

By this stats we can earn like 10 bitcoins per day since only with our graphic cards we are able to mine almost 1gh/s

ruff · 02-26-2014, 06:52 AM

Quote:

Originally Posted by NEW XTC

yes you can still mine btc successfully - don't listen to anyone who says you cant - they are full of shit

you have to pre-order machines that are due to ship months out - and those machines go obsolete in just a few months of lifespan (well they return much less) then you roll your earnings into the next pre-order etc...not recommended for anyone who doesnt have the TIME - far beyond the money to invest

Can you illustrate the ROI for equipment and time for mining Bitcoin? I'm given to understand that to mine Bitcoin profitably the cost of electricity and equipment is beyond the reach of most everyone that does not have tens of thousands of dollars to invest. I mine with 3 of Bitmain Antminer U1 USB Block Erupters just for shits and giggles. My ROI is not even chartable. So I guess you can mine for Bitcoin if you have the money, But do you make money? Does the average person make money mining Bitcoin? No.

PR_Glen · 02-26-2014, 06:54 AM

Quote:

Originally Posted by NEW XTC

yes you can still mine btc successfully - don't listen to anyone who says you cant - they are full of shit

you have to pre-order machines that are due to ship months out - and those machines go obsolete in just a few months of lifespan (well they return much less) then you roll your earnings into the next pre-order etc...not recommended for anyone who doesnt have the TIME - far beyond the money to invest

that doesn't resemble an investment in the least... sounds like make work to break even at best.

HomerSimpson · 02-26-2014, 09:45 AM

if you do it on a short run - it's not worth it...

if you do mining, keep coins and hope that they will rise again one day - that you might be profitable but the question is will that day ever come (again)?

and nobody has the answer to this question...

Wellness Cash · 02-26-2014, 10:16 AM

Drop a few thousand on ASICs and yes, you can still mine BTC however the block times, even on pools these days are getting close to 20+ hours.

Our longest block so far has been 18 hours and change but we've already made our investment in the ASIC devices back so we're going to keep mining them as long as feasibly possible until return is so little we'll just turn the machines off and Ebay them to some idiot who doesn't know any better.

lonerunner · 02-27-2014, 01:45 PM

Did anyone tried clevermining.com we are mining almost 24h now on their pool and nothing happen. No stats, no our address in the list nothing, like we are not connected, but it say to us that we are connected and sending packets.

Choopa Phil · 02-27-2014, 01:59 PM

Quote:

Originally Posted by PR_Glen

that doesn't resemble an investment in the least... sounds like make work to break even at best.

Yup! While the rig mining companies use your hard earned cash to buy/make equipment and "burn it in" before the difficulty increases. Then sell it to you when its worth practically nothing and cant mine worth a crap!

mineistaken · 02-27-2014, 02:17 PM

Quote:

Originally Posted by NEW XTC

yes you can still mine btc successfully - don't listen to anyone who says you cant - they are full of shit

you have to pre-order machines that are due to ship months out - and those machines go obsolete in just a few months of lifespan (well they return much less) then you roll your earnings into the next pre-order etc...not recommended for anyone who doesnt have the TIME - far beyond the money to invest

Difficulty was lower months back and even then it was not super duper profitable, just decent. Now difficulty is higher + price is lower. It is a surprise if it is still profitable.

NEW XTC · 02-27-2014, 02:26 PM

Quote:

Originally Posted by ruff

Can you illustrate the ROI for equipment and time for mining Bitcoin? I'm given to understand that to mine Bitcoin profitably the cost of electricity and equipment is beyond the reach of most everyone that does not have tens of thousands of dollars to invest. I mine with 3 of Bitmain Antminer U1 USB Block Erupters just for shits and giggles. My ROI is not even chartable. So I guess you can mine for Bitcoin if you have the money, But do you make money? Does the average person make money mining Bitcoin? No.

I won't illustrate here but if you want to throw in 2k for a spot in our group, we have rigs on pre-order, data center rack space, cheap power, AC, 24/7 monitoring etc...

As for what you can do from home with limited funds I have no idea - but getting in early as each generation machine come out, then turn and burn those machines and be in on the first run of the next-gens, yes coinage to be made.

NEW XTC · 02-27-2014, 02:43 PM

Quote:

Originally Posted by Choopa Phil

Yup! While the rig mining companies use your hard earned cash to buy/make equipment and "burn it in" before the difficulty increases. Then sell it to you when its worth practically nothing and cant mine worth a crap!

Yes def an issue - you have to have some pull with the manufacturers to get the machines early - they also have the added vested interest of holding back machines so they don't go obsolete as fast. It's a crazy game and it's easy to lose big if you don't pool your resources with people who know what they are doing.

02-26-2014, 01:35 AM	#1
lonerunner Confirmed User Industry Role: Join Date: Nov 2010 Posts: 305	Is it still worth mining bitcoins? Well i talked with my friend about bitcoins a few times for the last 2 weeks and he is really interested in mining while i am also interested i would like to invest in some mining rigs but im just not that sure is it still worth mining We are looking at 36GH machine which could by the current rates mine about 110$ per month. Every stronger rig will cost more and mine more but it's all in the same price/mining range. For each rig it looks like it will take 6-9 months only to return the invested money. So what's your opinion about mining is it still worth doing it ? __________________ Premium wordpress themes VividThemes

02-26-2014, 01:41 AM	#2
darksoul Confirmed User Join Date: Apr 2002 Location: /root/ Posts: 4,997	bitcoin mining is no longer profitable use mining.thegenesisblock.com to calculate roi which is never. I would suggest you invest your money in scrypt mining rigs and convert whatever currencies you mine into btc. You can use something like clevermining.com or wafflepool.com to do everything for you. __________________ 1337 5y54\|)m1n: 157717888 BM-2cUBw4B2fgiYAfjkE7JvWaJMiUXD96n9tN Cambooth

02-26-2014, 05:01 AM	#3
freecartoonporn Confirmed User Industry Role: Join Date: Jan 2012 Location: NC Posts: 7,683	This train has left the station quite some time ago! __________________ SSD Cloud Server, VPS Server, Simple Cloud Hosting \| DigitalOcean

02-26-2014, 05:04 AM	#4
ruff I have a plan B Industry Role: Join Date: Aug 2004 Location: Seattle - Miami - St Kitts Posts: 5,501	There are still a few coins like Doge you can mine profitably. You just have to do your homework that's all. Bitcoin is not one of them though I mine it just to participate for the fun of it. __________________ CryptoFeeds

02-26-2014, 06:30 AM	#5
NEW XTC Confirmed User Join Date: Jun 2010 Posts: 738	yes you can still mine btc successfully - don't listen to anyone who says you cant - they are full of shit you have to pre-order machines that are due to ship months out - and those machines go obsolete in just a few months of lifespan (well they return much less) then you roll your earnings into the next pre-order etc...not recommended for anyone who doesnt have the TIME - far beyond the money to invest __________________ Those who can make you believe absurdities can make you commit atrocities. -Voltaire

02-26-2014, 09:45 AM	#9
HomerSimpson Too lazy to set a custom title Industry Role: Join Date: Sep 2005 Location: Springfield Posts: 13,826	if you do it on a short run - it's not worth it... if you do mining, keep coins and hope that they will rise again one day - that you might be profitable but the question is will that day ever come (again)? and nobody has the answer to this question... __________________ Make a bank with Chaturbate - the best selling webcam program Ads that can't be block with AdBlockers !!! /// Best paying popup program (Bitcoin payouts) !!! PHP, MySql, Smarty, CodeIgniter, Laravel, WordPress, NATS... fixing stuff, server migrations & optimizations... My ICQ: 27429884 \| Email:

02-26-2014, 10:16 AM	#10
Wellness Cash Confirmed User Industry Role: Join Date: Nov 2013 Location: Murica Posts: 343	Drop a few thousand on ASICs and yes, you can still mine BTC however the block times, even on pools these days are getting close to 20+ hours. Our longest block so far has been 18 hours and change but we've already made our investment in the ASIC devices back so we're going to keep mining them as long as feasibly possible until return is so little we'll just turn the machines off and Ebay them to some idiot who doesn't know any better. __________________ Wellness Cash - Launching 2014

02-27-2014, 01:45 PM	#11
lonerunner Confirmed User Industry Role: Join Date: Nov 2010 Posts: 305	Did anyone tried clevermining.com we are mining almost 24h now on their pool and nothing happen. No stats, no our address in the list nothing, like we are not connected, but it say to us that we are connected and sending packets. __________________ Premium wordpress themes VividThemes