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Is Mining worth it?

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• thecalling418

  

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  Location: Fort Collins, Colorado

  I have never even considered mining until the other day, but recently (now that I have some BTC sitting around) I have considered cloud mining. If I were to start cloud mining, what kind of pay-outs could I expect? Who would be a good company to consider?

  Posted on August 14, 2014 at 5:33 PM
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• pooktwo

  

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  @thecalling418 do not do any BTC mining, u will not turn a profit, even cloud hashing. If ur gonna mine check out foldingcoin as it is ASIC proof. It's new so not valuable yet, but all altcoins are at the beginning http://www.foldingcoin.net

  Posted on August 14, 2014 at 5:42 PM
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• bobjohnson12321

  

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  You can turn a profit with BTC mining if you purchase low priced asics that perform well and have cheap cheap electricity. That's about it for BTC mining.

  Posted on August 14, 2014 at 6:58 PM
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• asdolino

  

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  With the recent drop in the bitcoin value, mining is becaming less and less profitable, hard times for miners.

  Posted on August 15, 2014 at 12:26 AM
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• petki4a

  

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  hey bro , u need very strong machine to do this , and you have to also watch for electricity bills, it will be very noisy, etc. . . its complicated as i heard before , if u have money to waste do it , but if u are not into these things better dont try ...

  -petki4a , thanks

  Posted on August 16, 2014 at 4:45 AM
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• pooktwo

  

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  @petki4a yes i was one of the BFL investors and i learned that you do nit get your money back at all mining BTC, even the cloud hashing that you can buy for cheap like PETA is 0.0016 per Ghash but u only get paid 0.00001 a day, and that gets worse every day, so that would take over 100 days just to get your money back (if it stayed at that 0.00001 a day). Thats why we decided to do foldingcoin because at least the electricity used is for developing medicines, so its not a complete waste. Its as if you are donating the electricity cost to Stanford Universoty

  Posted on August 16, 2014 at 8:07 AM
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• ProtoTech

  

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  I've been profiting off BTC since February. No one can tell me that an initial invest of $250 which has resulted in 3 AntMiner S3's is not profiting. If you reinvest wisely, you can come out on top.

  Posted on August 16, 2014 at 8:10 AM
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• pooktwo

  

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  @prototech how much did you invest total? And your roi cannot be that high (at least in my experience)

  Posted on August 16, 2014 at 8:14 AM
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• ProtoTech

  

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  @pooktwo @prototech how much did you invest total? And your roi cannot be that high (at least in my experience)

  $250. If you buy the right miner at the right price you can usually ROI in 40 days, in which you buy another miner and then buy a third miner before the second is ROI with the profits made from both. Reinvestment. I starting with mining cubes, then a BFL, and now I stick with AntMiners. They are the most profitable by far.

  Posted on August 16, 2014 at 8:19 AM
  Last Edited: August 16, 2014 at 8:20 AM
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• pooktwo

  

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  @prototech but eventually when you keep that up, the original antminers that you buy will produce less and less until they became obsolete, and i would think that money could be better used buying BTC directly since the sifficulty increases 10% usually ever 2 weeks. thats what happened when i purchased my BFL, obviously that was when ASICs were new so i DEF will not see ROI, it still hasnt produced a whole BTC and its been almost a year.

  Posted on August 16, 2014 at 8:27 AM
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