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CryptoCurrency Discuss all CryptoCurrencies / coins and their use for personal or business purposes. Bitcoin (BTC) is possibly the best known but there are numerous crypto currencies, this is the forum to discuss them all.

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  #1  
Old 03-20-2018
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Default 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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Default 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.
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Old 03-20-2018
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Default 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?
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Old 03-20-2018
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Default 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?
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Old 03-20-2018
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Default 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/
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Old 03-20-2018
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Default Re: Is Bitcoin still profitable to mine? March 2018

I figured your guides would cover this...
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Old 03-20-2018
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Default Re: Is Bitcoin still profitable to mine? March 2018

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Originally Posted by dallis View Post
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.
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Old 09-20-2018
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Default Re: Is Bitcoin still profitable to mine? March 2018

Yes, Bitcoin has a great future ahead being the largest cryptocurrency in the world.
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Old 09-20-2018
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Default 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.
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Old 09-20-2018
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Default Re: Is Bitcoin still profitable to mine? March 2018

Quote:
Originally Posted by dan_ebay View Post
Still profitable in most places if you already have the machine, not profitable to go out and buy one though.
Certainly seems that way
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Old 09-21-2018
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Default 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.
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Old 09-21-2018
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Default Re: Is Bitcoin still profitable to mine? March 2018

Quote:
Originally Posted by empirestate View Post
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.
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Old 09-21-2018
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Default 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.
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Old 09-21-2018
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Default 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.
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Old 09-21-2018
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Default Re: Is Bitcoin still profitable to mine? March 2018

Impossible to know that with 100% certainty
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Old 09-21-2018
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Default 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.
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Old 11-22-2018
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Default 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....
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Old 11-22-2018
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Default Re: Is Bitcoin still profitable to mine? March 2018

Quote:
Originally Posted by @MasterNaster View Post
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.


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Old 11-22-2018
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Default Re: Is Bitcoin still profitable to mine? March 2018

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Originally Posted by GreenBean View Post
See there is the issue for empirestate.

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


Hahahaa
You are funny guys
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