Bitcoin Mining 2016

[Thor]

Looking to make a quick buck.

Not at all.

 

[TheMightyQuinn]

Etherium mining is still possible on GPU/CPU's, rather mine that instead of BTC.

Yeah, but there is concerns with the fork that might happen.

What about Unobtainium ?

 

[rward]

I hope this is the right place.

Does anyone here mine bitcoins?

Is it profitable provided I have free/subsidized electricity.

How would one go about it.

What would the start up costs be to do it profitably.

As already mentioned, it was profitable about 6 years ago.
Now, if you don't have a warehouse full of Asics (like them Chinese do - 3 or 5 chinese syndicates control 75% to 80% of all the hash power on the network so good luck competing) then you're not going to really get anywhere.

After the drop from $1200/coin back down to $300/coin, GPU mining became unprofitable (friends and I were doing it at the time and stopped then). Plus the above advances in mining tech..

Rather go check out the exchanges and grab a 'trade bot'.

There used to be a time where if you bought at 9am and sold around 2:30pm then you'd make a couple of dollars per coin.
But it's risky. You can lose it all too.

Right now, making money off bitcoin is very much like gambling.

 

[Thor]

thanks for that. puts stuff into perspective

 

[rward]

thanks for that. puts stuff into perspective

Yeah, as mentioned, save your money our invest in something else.

In my opinion (currently) Bitcoin 'investing' is for spare cash you don't mind throwing into the wind.if you make something from it, good for you, but expect to lose all of it.

 

[SBSP]

Right now, making money off bitcoin is very much like gambling.

exactly, I bought bitcoin for 3K, It shot up to 7K and I quickly sold it, shortly after for a long time it was lingering around 5K recently something pushed bitcoin right up to around 12K this was a week ago, now its sitting at 9K , VERY volatile!

 

[rward]

If you *reeeeaaaallllllyyy* want to mess around in it then around July 10 is the date to do it.

Do not invest any money in Mining. Do .. not ..

July 10, the reward for a block halves again and this usually causes a bit of turmoil in the price.
Check back to when the last halving happend, look at what happened to the price around that time and buy and sell accordingly - history generally repeats itself.

BUT ALWAYS REMEMBER TO ONLY USE MONEY YOU WOULD BE HAPPY TO BURN IN A FIRE

Don't go morgage your house.

The bolded parts are the most important


There are plenty of horror stories of people cashing in their life savings and buying at $1100 a coin and then watching the price tumbled down to $210.
I've personally been watching one of the realtime bitcoin price graphs as this happened. Don't be one of those guys.

 

[rward]

Finally..
If you want to start trading then find a repulable exchange with volume (lots of active trades - kraken possibly) so you don't get goxed and apply now. Get your documentation in order (the exchange will tell you what you need, ID/Passport, etc) and submit it - it may take a couple of days until it's validated and then a couple more to tranfer money overseas to their bank account.

I've forgotten how SARS treats bitcoin/profit from bitcoin, so maybe look that up too.

I haven't looked at Bitx lately but I doubt the SA market has enough volume to be able to take advantage of daily spikes.
You may be able to make a buck or 2 by buying low on kraken, sending your coins to your bitx wallet and selling higher down here. But again, it all depends on the volume down here..

 

[rward]

With the BREXIT stuff going on, maybe buy some dollars or try currency trading..

 

[raees_cajee]

Etherium mining is still profitable , partly because ASIC'S cant be used .
im using 5x Radeon R9 380 GPU
running 24/7
making about R4000 a month
Electricity is the biggest cost for me .
I would advise buying bitcoin as a investment

 

[Progenix Oj101]

Do not buy an ASIC - ever. If (or rather when) the market crashes, an ASIC becomes a paperweight.

 

[semaphore]

I lol at the people that bought contracts with HashOcean.

 

[kripstoe]

I would advise buying bitcoin as a investment

Based on?