With Bitcoin at 1700, still no money to be made mining?
 

Any expert with Bitcoin mining? At $1700 I can't believe this can't be profitable?

I don't feel like buying hardware, I see genesis mining as been around for a while for cloud mining. If I buy their Diamond Plan at $1950+maintenance for bitcoin, how much money am I suppose to make? I see I'm suppose to find a bitcoin every 138 day?

http://cdn.static-economist.com/site...0_WBP001_0.jpg

your best bet is, buying bitcoin when its price is low.

difficulty is keeps on increasing .

The British invented ฿ritcoin?

https://media.giphy.com/media/3og0IM...YQXS/giphy.gif

That must make some good money right now!

I have free power here there and everywhere :2 cents:

Sold some at 1300$ :(

why would cloud mining companies let you mine instead of mining for themselves...selling money for money is kind of odd...

Shovel makers make more money than those who shovel.

Good luck to the winners ...

Bitcoin soars above $1,700 as market cap adds $1 billion in just 24 hours

u don't read bitcointalk? u are asking in wrong place most cloud mining take the coins and run .

If there's money to be made mining, you'll be told the opposite on GFY.

An apt comparison :2 cents:

just trying to avoid that perfidious usury :2 cents:

:1orglaugh:thumbsup

There are other similar currencies with a similar perspective.

you aren't going to make any $$ unless the price of bitcoins continues to rise, but then it would be 10x easier to just buy bitcoins instead fiddling with some mining...

just think about it... what idiot would lease a miner to you so you could make profit off it, instead of him?

A friend has 2 miners, is only profitable if you have cheap or free electricity.
He bought 2 miners, took 4 months to get the investment back. But on free electricity.

you would need to invest a lot of money to being worth it

You won't make anything by mining from home. But you can make good profit by playing the market (buy/sell).

I have bots constantly scalping the exchanges with python. I also post on bitcointalk.org/btc-e and I know how to clone coins. It's easy to fuck up and lose all your shit in bitcoin or any coin for that matter. The profit levels are astronomical however. I have been engaged to crypto for 8 years. Bitcoin/Litecoin in particular. Ask me stuff and see for yourself.

how many btc he mined ?

Only 1 so far :) He was curious about mining so he bought 2 miners.
Looked at the electricity prices in some cheap countries, still too expensive.

But now it is all profit, free electricity. He has a electicity meter that shows how much electricity is used for what cost.

Difficulty is too hard to mine BTC. Most the remaining BTC will be mined by giant Chinese mining farms. Just buy and hold. If you want to pay a mining company like Genisis or Hashflare, then buy a contract for Eth, Dash or Zcash. They are currently profitable. I have been mining Zcash myself just for shits and giggles. I am actually making money and paying my electrical bill because the price is so high. But that is more luck than smarts.

My old man mines various altcoins and makes a profit, nothing worth the time you'd spend doing it but it keeps him active and he hates paying gas bills so it heated his house for the winter ^_^

I seem to recall that some cloud mining companies were an outright ponzi scheme, with very few (or zero) physical assets, and 'rent' being used to pay out earnings.

If it's a genuine mining operation, the monthly cost should stay the same, but the payouts should be increasing substantially.

I've been using custom private pool software to mine several obscure altcoins with a very modest hashrate (which is deliberate). Each individual coin is generally worth very little, but the balance of each builds over time, and the recent sudden rise in BTC value means it's now worth spending a couple of hours to deposit and sell them off.

Spending $20 in electricity to make $300 in Bitcoins is nice, but it's a slow and laid back process, and it doesn't scale... it's really just for geeky fun, with the occasional windfall.

what's preventing it from scaling? not enough liquidity to sell these obscure coins?

That's part of the problem, but it's also a bit more work to add an obscure coin. It can be hard to find current source code, active nodes, and sometimes once you fully sync it turns out the state of the blockchain (eg mining rewards, difficulty) isn't what you expected. Some of the older coins with larger blockchains and 'stale' source can also end up being real resource hogs. Running 40+ coin daemons concurrently does present some challenges.

You wont get rich for month two or five be patient

Hmm dunno, as a miner I've been converting my play money to Australian dollars for 6 years now.......

Mtgox User rowan meet Mtgox User relic

http://i.imgur.com/MlZcJqb.jpg

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=:2 cents:

What is the safest way to buy, sell and hold BTC or any ALT coin? Don't know much about the process or who's a reputable service provider. I've heard of coinbase and changelly so far.

What is the safest way to buy, sell and hold BTC or any ALT coin? Don't know much about the process or who's a reputable service provider. I've heard of coinbase and changelly so far.