Bitcoin mining?
 

So I want to get into Bitcoin mining, I only want to get a little piece of the cake and risk about $1000, maybe $2000.

Is Mining worth it? Or should I just buy 0.1-0.2 BTC and forget about mining?

Thanks :)

mining is not worth now, but mine now and hold on to it.
it will be worth in future when btc hits 50k.

if profitability calculator shows that you will be able to mine more thab 0.2btc then go for mining., i hear hashflare is good.

You should just buy from Coinbase and call it a day. Unless you are stealing electricity and have hardware to burn through, then it?s not worth it. Check out YouTube video from Vice about bitcoin miners in China. Then decide... your piece of the pie ran away 2 years ago.

I watch videos of guys labeling their videos how to make $1800 a day in Bitcoin and other crypto currencies. Well.... here?s what you have to consider.

If someone had the magic trick to make $1800 or more a day, they aren?t going to share it with YOU or anyone else unless they?re a giving person. But it?s the 21st century and no one cares about you like your parents or kids do.

You have to look at the person making video. Seriously. You have to look at the background of their living room or bedroom. If someone is making $1800 a day, they are going to cash out a little bit and buy stupid crap. Smart watches, cool electronics. Because it?s human nature to burn through your money. Most cases. Dumb stuff. Okay. $1800 a day... guy lives in mundane house, which is setup like an older white female lives there. Midwest style, tacky furniture, pictures, single mom style.... said you tuber lives with mom. If I were making $1800 a day, I?m sorry mom. Adios.... negating ?he?s taking care of mom.?

Little words of trickery are mentioned. Like.. having people mine for you. So a guy pays a certain amount of money to a mining pool. And it?ll start within a month or two, and take 180 days to see money back. Little words like that almost 7 months to get investment back? Ummmmmmm hmmmm. You?re trusting unknown entities with a buy-in at $700-$1500 dollars?

This is long winded....but bitcoin is blowing up and super popular. Just trying to help so you don?t waste your time.

Conservative:
Buy Bitcoin today and slowly sell off small amounts. If the current trend continues, after a month or two you'll make back your capital AND still have Bitcoin left over to hold for the longer term.

More risky:
Buy Bitcoin today and hold it all indefinitely. Just remember this rate of growth cannot happen forever, so either there's going to be a major correction as the bubble bursts, or it will stabilize at some higher value. Obviously the latter would be better. :)

Really risky:
Mining contract.

:2 cents::2 cents:

1000-2000$ won't get you any where for mining. you need more like 10K-20K And don't think about setting up a GPU rig to mine Bitcoins.

My wife is a district manager for a popular woman?s clothing line, she said they?re in the works for bitcoin related transactions. And this company will pinch pennies and do things oddly to save a buck, but oddly up to date with tech.

That is good news :thumbsup

So you have a free power?

Just buy!

Yeah it's worth it. The cost of a miner and electricity...you're looking at around $4,000, to mine 1 Bitcoin in the next year.

What's not worth it?

$4,000, could easily turn into $1mil in the next 2 years.

Hi hjnet,

I did some digging into this about a month ago. Here's what I learned.

If you want to mine bitcoin on a computer, you need one with a few ultra fast graphics cards. You can set it up and let it go on its own and expect to make about $1.50 per day per graphics card.

If you want to get serious, you can buy a dedicated bitcoin miner, but there's a catch. Only the fastest miners are worth the money. This is because as things move forward, bitcoins are harder and harder to mine, requiring more and more computer power. Second hand mining hardware isn't worth anything.

To do it properly, you would have to buy the fastest miner, use it for a few months, and then replace it with a newer, faster one, and sell your old one. Unfortunately your old one isn't really worth anything so the person who might buy it would have to be in the dark about it.

It's kind of fun as a hobby or to just play around with, but the only way to make money mining is to have alot of fast dedicated miners running 24/7 on ultra-cheap electricity (they use alot, generate alot of heat and alot of noise).

If you just want to make money in bitcoin, just buy some. Checkout https://coinsquare.io or coinbase, though, I don't like coinbase.

Good luck!

I thought we'd already been through this. You were not mining Bitcoin. You were mining some kind of altcoin via a multipool, which was then converted by the pool to Bitcoin. Mining Bitcoin with a GPU, even if electricity was free, is almost completely worthless.

Also, you may not be aware, but the pool you were using (Nicehash) has shut down due to a hack.

This is less of an issue now due to the rapid rise in Bitcoin's value. Mining hardware which was previously obsolete (cost more to run than value it mined) suddenly became viable again.

The risk now is that you spend money on mining hardware (nb. DON'T pay for it with Bitcoins!) but then the price crashes, so you're left with equipment that may not make back its purchase price.

Everything is a gamble right now unless you already own the hardware.

Thanks for the input, I've decided to simply buy some BTC and to jump on the train...

I've registered with CoinSquare & BitStamp, CoinBase is unfortunately down ATM. What do you think about BitStamp?

Do you spread your BTC out to multiple platforms?
I guess if things start to go down everybody would try to sell their stuff quickly, and then I don't want to be the one who needs to wait 5h cause the site is down for "maintenance"...

Coinbase is down A LOT these days. I've started to spread out, but that will make liquidation take longer.

Also sell orders can take a long time to process lately.

If you'd bought when I posted my message, around 30 hours ago, you'd already be around 25% on your way to fully covering your capital! :pimp