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Is Mining worth it?

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• eshriek

  

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  A year ago I decided to buy a miner. I got lucky with KNC delivering on time and hashing at 140% of the promised rate. Despite these advantages I have not come close to mining the amount of bitcoin that I would have acquired had I simply used the funds to directly purchase bitcoin.

  I was able to get a good return on the mining device. But, the return on buying bitcoin directly would have been a far better ROI.

  Do I think it was worth it? Yes, buying a machine kept me interested in bitcoin and the community. It was a fun experience. And I did see a ROI, just not as much as I could have.

  Posted on August 12, 2014 at 3:41 PM
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• pooktwo

  

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  Me and my team no longer made a profit mining either. So we created something pretty cool that everyone should look into. Please go to http://www.foldingcoin.net and see the forum posting http://letstalkbitcoin.com/forum/post/asic-proof-altcoin-on-counterparty

  Posted on August 12, 2014 at 4:08 PM
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• HODL

  

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  You could consider a different form of mining such as setting up a rig so that you can contribute lots of space to the Storj network and get rewarded in their token. Something like that would have less competition at launch than it would if it becomes popular in the future, just like Bitcoin.

  Posted on August 12, 2014 at 4:10 PM
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• pooktwo

  

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  @HODL this is intersting, does it just use your hard drive space or do you need to use your CPU power?

  Posted on August 12, 2014 at 4:13 PM
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• bitsol

  

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  I say you go with Genesis-Mining, for scrypt mining.

  Posted on August 12, 2014 at 5:01 PM
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• bobjohnson12321

  

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  Ya there are plenty of alternatives out there for mining. Simply scrypt mining will not make you money if you are using GPUs. Asics = money in scrypt (barely), but on x11 and other avenues you can at least break even if you stick with it long enough or manually trade

  Posted on August 13, 2014 at 3:15 PM
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• pooktwo

  

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  @bobjohnson12321 Thats why our team started FLDC - http://www.foldingcoin.net it uses your computational power to help develop medicines for humanity by folding proteins, then you are given a counterparty asset in return for your work

  Posted on August 13, 2014 at 5:20 PM
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• noel57

  

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  I would say dont put all your eggs in one basket simple, just tread carefully.

  Posted on August 14, 2014 at 2:24 AM
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• noobdan

  

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  Dont mine dogecoin at this time, Emerald is a better srypt than doge

  Posted on August 14, 2014 at 8:23 AM
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• sammir

  

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  i trading right now i think its not good idea mining anymore, obvesly if you can make a big invest maybe works, but maybe its better just buy bitcoins and hold on.

  Posted on August 14, 2014 at 8:26 AM
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