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-   -   Is Bitcoin still profitable to mine? March 2018 (https://www.aspkin.com/forums/cryptocurrency/116137-bitcoin-still-profitable-mine-march-2018-a.html)

empirestate 03-20-2018 04:04 PM

Is Bitcoin still profitable to mine? March 2018
 
Is Bitcoin still profitable to mine? If miners are not making money, what motivates them to keep mining? Is this the reason why Bitcoin cannot break 20k?
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dallis 03-20-2018 04:58 PM

Re: Is Bitcoin still profitable to mine? March 2018
 
To make money at BC now, you need the computational power of huge server farms. The processing power required to generate a new BC has doubled like 20X this year alone.

The progression of complexity is a logarythm... as in 2,4,8,16,32,64,128,512,2024 - take that progression out 20X - it needs around 60K the processing power to generate a BC today as it did only 12 months ago.

Plus the SEC is investigating over 20 virtual currencies, including BC, to see if they're Ponzi schemes.

So, I'm thinking no.

slokor 03-20-2018 05:20 PM

Re: Is Bitcoin still profitable to mine? March 2018
 
The SEC is investigating Bitcoin to see if its a Ponzi scheme?
This is news to me.
Can you actually back up what you say and point me to a link with some information on this?

rsot 03-20-2018 06:00 PM

Re: Is Bitcoin still profitable to mine? March 2018
 
1 btc is up around 8.9k as of this post - wonder if the facebook scandal will have any effect empirestate?

dallis 03-20-2018 08:28 PM

Re: Is Bitcoin still profitable to mine? March 2018
 
It's like people don't know how to use google: BTC is having trouble worldwide, here, in the UK and Japan, ( minor correction, being used IN/FOR Ponzi schemes, mostly phony valuations and IPO's, founder is being hit for all kinds of financial irregularities ):

Offsite links:

https://www.sec.gov/investor/alerts/...currencies.pdf

https://www.coindesk.com/sec-officia...tigating-icos/

https://www.investopedia.com/news/bi...investigation/

ebaystealth1974 03-20-2018 08:56 PM

Re: Is Bitcoin still profitable to mine? March 2018
 
I figured your guides would cover this...

slokor 03-20-2018 10:02 PM

Re: Is Bitcoin still profitable to mine? March 2018
 
Quote:

Originally Posted by dallis (Post 909023)
It's like people don't know how to use google: BTC is having trouble worldwide, here, in the UK and Japan, ( minor correction, being used IN/FOR Ponzi schemes, mostly phony valuations and IPO's, founder is being hit for all kinds of financial irregularities ):

Offsite links:

https://www.sec.gov/investor/alerts/...currencies.pdf

https://www.coindesk.com/sec-officia...tigating-icos/

https://www.investopedia.com/news/bi...investigation/

I knew theyre looking into various ICOs - which I myself consider as utter and complete junk for the most part.
Nowhere on there does it mention ANYTHING about them investigating Bitcoin itself in this way. Bitcoin's value is taking a bit of a hit because of this mess because it is being bundled (unjustifiably so) with the rest of the cryptocurrencies. Those ICOs are NOT cryptocurrency as far as Im concerned and the sooner theyre taken down the better for all involved - and certainly the better for Bitcoin itself.
Stop spreading FUD friend.

cryptoc 09-20-2018 07:13 AM

Re: Is Bitcoin still profitable to mine? March 2018
 
Yes, Bitcoin has a great future ahead being the largest cryptocurrency in the world.

dan_ebay 09-20-2018 10:05 AM

Re: Is Bitcoin still profitable to mine? March 2018
 
Still profitable in most places if you already have the machine, not profitable to go out and buy one though.

rsot 09-20-2018 11:21 PM

Re: Is Bitcoin still profitable to mine? March 2018
 
Quote:

Originally Posted by dan_ebay (Post 945010)
Still profitable in most places if you already have the machine, not profitable to go out and buy one though.

Certainly seems that way

Sunspot144 09-21-2018 12:04 AM

Re: Is Bitcoin still profitable to mine? March 2018
 
Altcoin mining has been rewarding so far. Just need prices to go up a bit and for fox news to hype it up next year then cash out.

If all fails it'll have been a good heat source for this coming winter.

@NasterXchange 09-21-2018 06:15 AM

Re: Is Bitcoin still profitable to mine? March 2018
 
Quote:

Originally Posted by empirestate (Post 908925)
Is Bitcoin still profitable to mine? If miners are not making money, what motivates them to keep mining? Is this the reason why Bitcoin cannot break 20k?
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bitcoin mining is still profitable, however nowadays seeing costs associated with it (hardwares, location and energy), you need to be a real "farmer" or at least associated to some, to make some good profit.

If you can't afford to invest so much money into this, mining Altcoins is a good alternative, especially Monero (from what I heard from my miner friends). It's good rewarding.

JamesNorth101 09-21-2018 09:25 AM

Re: Is Bitcoin still profitable to mine? March 2018
 
If prices increase a lot again then BTC will again become profitable to mine

The outlay is so much though and the price far too low at the moment for it to be a good investment V investing in other areas.

ashi 09-21-2018 11:18 AM

Re: Is Bitcoin still profitable to mine? March 2018
 
i dont use btc any more because it had most increase and never be happen again.

JamesNorth101 09-21-2018 11:52 AM

Re: Is Bitcoin still profitable to mine? March 2018
 
Impossible to know that with 100% certainty

Sunspot144 09-21-2018 01:29 PM

Re: Is Bitcoin still profitable to mine? March 2018
 
ETH is going to take a hit when they decrease the block reward from 3 ETH to 2 ETH in late Oct as quoted by the ETH dev team in their livestream. It's to hopefully curb inflation and still be appealing to larger ICOs in the long run. If you really want to invest in ETH flat out then that is the time to buy it as I imagine miners will get discouraged and start dumping ETH back in. It's gonna go way down in order to future proof itself, like +0.25/cents a day down with a high end Nvidia card. Even less if you pay more than 0.069 cents / kwh for electric like me. So none of this guarantees prices will skyrocket again, but you'll have to hope if you're invested in a GPU miner.

Alternatively Monero takes just about a year to break even for each vega 56/64 gpu investment, so you have to hope it will go back up like it was in late Dec early Jan to make a real profit. Back then you could pay off a gpu in as little as 4-6mo.

With the volatility (hard forks, algorithm changes) of the market I wouldn't go anywhere near an ASIC miner unless you want a really expensive doorstop. GPU's you can at least resell and make your investment back.

CryptoSalV2 11-22-2018 02:33 AM

Re: Is Bitcoin still profitable to mine? March 2018
 
I had a 112 gpu mining farm, I shut it down. It is no longer profitable electricity will be more cost more than your earnings(unless you have the equipment and DIRT CHEAP electricity). At one point I was pulling 10k a month, that went down to about -100+ a month....

GreenBean 11-22-2018 04:58 AM

Re: Is Bitcoin still profitable to mine? March 2018
 
Quote:

Originally Posted by @MasterNaster (Post 945221)
bitcoin mining is still profitable, however nowadays seeing costs associated with it (hardwares, location and energy), you need to be a real "farmer" or at least associated to some, to make some good profit.

If you can't afford to invest so much money into this, mining Altcoins is a good alternative, especially Monero (from what I heard from my miner friends). It's good rewarding.

See there is the issue for empirestate.

Nothing is real in his domain. He could not afford to buy jack squat.


:ballchain:

@NasterXchange 11-22-2018 07:02 AM

Re: Is Bitcoin still profitable to mine? March 2018
 
Quote:

Originally Posted by GreenBean (Post 959379)
See there is the issue for empirestate.

Nothing is real in his domain. He could not afford to buy jack squat.


:ballchain:

Hahahaa
You are funny guys


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