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is crypto mining profitable?
Hello,
I have around 10 spare pcs and power costs around $.10 (10 cents) per unit.
so do you think crypto mining works or it will cause loss to me?
Thanks
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Depends on the CPUs. You'll get your $1 back, but not in Buttcoin. You'd do better doing GPU mining than CPU.
CPUs are dual core and i3.
i3 sucks shit for mining. You want an i5.
oh Thanks
Only with GPUs.
There is an exception to that rule. If you are a cryptocurrency developer you want people to use use ASIC Miners instead of GPUs because they will be holding the bag for your network.
Right now I would recommend buying as holding as the easiest route and a Genesis Mining Contract as a slightly less easy but potentially more profitable route. Then I wold recommend GPU mining Alt-coins.
Good CPU for mining, otherwise get GPU
A plugin to change all bitcoin on web pages to buttcoin
Here's the thing no one really ever seems to mention:
It can be massively profitable but it's just like any other investment. You have to bet on the right horse.
People always talk about how it's not profitable now because Bitcoin is far too expensive to mine and most of the other coins aren't worth the resources used to mine. But that's like saying it's not valuable to buy shares in a company at the top or bottom end of their stock value. Of course it's not profitable today, but that's when you say "damn I wish I had invested in that" and move on to your next bet (when it's too high) or "damn I hope I'm making the right bet" (when it appears too low).
So you ask yourself, which coin can I afford to mine that I'm convinced will grow significantly in value over time?
There was a day when Bitcoin wasn't worth the cost to mine it but the increased value from those that were mining it then, later on, far exceeded their original costs. They made a bet, calculated or a guess I couldn't say, and they won.
Right now you just need to know one thing: Monero. Move now before it's too late. It's rapidly approaching the point where it's pointless without GPU, but it's not quite there yet. Maybe you have some nice spare hardware to use for it. I'm convinced it'll pay off, that's where I'm betting today.
only if you work for a coal factory in a mysterious foreign country and siphon power out from under your boss' nose
I loved that thread.
Thanks for the nice post @jarland
definitely i will look into Monero, i have spare dul-core/i3 pcs and power costs $0.1 per unit and i am trying to invest some money on solar panels to get power for free.
@Arch_Liam like i said....in India power costs around $.1per unit so i want to take a small risk of trying for one month even if it leads to small amount of loss.
Go for crypto lending instead of mining. The ROI is way worth it than mining.
I've been investing in crypto lending for 3 months now. I've gotten $150 back from my initial $220. There's a holding period but heck, my ROI's enough to get it back. I decided to invest around $500 more about a week ago and I decided to invest $100 per month.
Here's my aff link in case you wanna.
https://bitconnect.co/?ref=jezznar
A lot of words of the internetsays it's a scam but I can share you screenshots of my account as proof that it's not through PM if you're interested.
Yes it's profitable if you have a time machine.
Ready to kick yourself for not cpu mining the next coin that takes off?
It will cause you a loss. You need a bitcoin miner to make even a small amount nowadays. If you want to have a go at mining buy a usb bitcoin miner for your pcs
Maybe, if you got cheap hardware and one of the early Teslas with free Supercharging!
https://electrek.co/2017/11/29/tesla-mining-bitcoin-model-s-supercharger-power/
You will be losing money in electricity cost if you mine using those CPUs. Currently, you will make the most profit (least loss) by mining electroneum. Try mining it for a day and calculate how much profit(loss) you made.
To know your electricity consumption, you can use tools like hwmonitor to get a rough Idea.
You can still, however, make a profit by using GPUs. finding ASICs in India is tough but you can buy GPUs and start mining. A 25k GPU will make you around 120rs/day (after electricity costs). So it will take about 7 months to pay for itself and then you will be earning around 3k/month per GPU.
Realistically, You will end up making much more (usually) if you chose the right coin to mine (coin's price increases) or lose money if that coin crashes. Also, you can always sell your hardware later to get some more money if you decide to cash out.
@jarland which alt coin do you believe is worth mining / investing in?
Thanks for the response @Maxsam4
after Jarland suggestion, i want to try out with Monero whose price is increasing very well.
i have around 10 space CPUs and another 25 working CPUs so can i use them for mining (with limiting CPU usage) while our team working on them? will that leads to performance decrease for our team? I am assuming power consumption will be same.
Also i can see ASICs available in ebay india.
It's not worth it on dual cores CPU, it won't make much on an i3 and start to be interesting on an i5. The more cache the better for Cryptonight. You can find cheap E5 2648L on ebay from HK from time to time.
As @Maxsam4 said if you seriously want to get into mining you'd rather get some GPUs if you can afford those. If you buy them second hand you might be able to resale those for a similar price in the future.
Keep in mind that you might want to sell some of your "production" at current rate to pay for your electricity (considering you have another source of income to pay for food / rent).
I would suggest against using active computers for CPU mining. There will be performance degradation. Although, you can GPU mine on active computers without much issues.
Power consumption will go up as your CPU usage/load goes up so you will end up using more electricity too.
I checked on ebay.in and the cheapest ASIC there costs 190k INR which is around 30% more expensive than its market price which makes it a bad buy. You can go to china, buy 1 and come back and still save money.
Monero is a stable currency to mine but it has a higher difficulty and you will struggle to even reach minimum cashout amounts of major pools. Electroneum is based on monero but it is new so it's difficulty is quite low and profit is more specially for low end hardware right now. Have a look at whattomine to get an Idea.
People really never mention this because that is not a valid reason to mine a coin. If you are mining for investing, you are better off just buying the coin from an exchange and mining the one which is profitable at that time. Or you can mine the profitable coin and exchange it for the future growth coin at an exchange. Also, Monero mining with an i3 cpu will probably result in a loss.
An I3 will give you like 20H/s while eating around 30W (probably around 70 after adding other components). With those numbers, you will lose a few cents daily rather than making anything after considering the electricity cost of 0.1$/kWh.
All of that said, during the winter people turn on their heating and think nothing of the wasted power. Heat generated by mining at least (mostly) pays for itself, although with these new lower power processors you need far more boxes to keep the place warm.
it depends on crypto if it is profitable or not. And choice betwenn CPU and GPU depends on crypto
Get out of here! Do not fool people. Bitconnect is a SCAM! Their trading bot does not exist. Its just a pyramid scheme.
And yes I know you can post screenshots showing your profits. The pyramid is still UP, but all "servers" must have downtime... and when that happens, the bitconnect is official dead. It will not "reboot" anymore.
And of course you posted your aff link to try to collect some crypto newbies just to earn more money for yourself. I'm surprise you did not show photos of your lambo, your 10 bedroom house, and how bitconnect changed your life
It will go down when users stop entering the scheme. It can be today, tomorrow, 1 year from now.. but it will happen!
Just today Mike Novogratz posted on its own twitter that Bitconnect is a scam... so it's already out on the mainstream media... time is running out!
And of course the best is this guy on their recent official fake party in Thailand. If after you see this video you still want to invest in Bitconnect, please do!
Monero. I think it's on a really good trajectory, and I keep seeing far too many people going to unusually excessive lengths to mine it. It's not too late.
And so was bitcoin a few years ago. People have been calling it a scam and what now?
Also, Lambo? Bitconnect changed my life? I did say I only had $150 back from my initial $220 investment after just 3 months. How the heck am I supposed to buy a lambo? Are you kidding me?
I ain't forcing this into you, mate. Call it a scam. I don't mind. Don't use my aff link? It's okay.
I got results. I got evidence that I'm getting money back. If you're not into it, I dont mind as well and respect your opinion.
If your power costs are low you can add GPU's to those PC's and mine with GPU/CPU combination. That would be profitable, otherwise I really doubt.
It's a pyramid scheme, so it's a scam. If you get in on a pyramid early, of course you can profit. That's how it grows! It pays out until it no longer can, and then it collapses.
The growth in BTC is also very much like a pyramid scheme. And if you look at the number of tethers being issued, and the price of BTC, you'll see there's definitely a scam going on :-).
BTC itself is not a scam per se. But price is definitely a bubble, and being pumped up artificially by the exchanges using tether. So there is definitely some scam going on. But again.. if you can play the game, you can make money before it all pops.
It's a great scam actually because as long as the hype continues, the price of BTC and other crypto can actually grow organically after being artificially pumped, and this may actually allow for the scam to be successful without a big bust. It's bloody brilliant if you think about it.
With that logic, most of the stuff is a scam. The economy always reacts to demand and supply. Think of bitcoin as a precious metal like gold. bitcoin gold. The price of gold rises due to its high demand and low supply. The same applies to bitcoins. you can not magically generate tons of bitcoin just like you cant generate gold but you can mine it slowly upto a limit after which the resource exhausts completely so as long as demand is higher than the amount being mined, it will keep increasing. The difference between pyramid schemes and bitcoin is that bitcoin has a limited supply.
That being said, I personally think that bitcoin will crash in near future when some big hulks cash out. on that day, I will buy bitcoins again. For now, I think ethereum and monero are safer bet and a handful of smaller altcoins that have potential to explode.