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So, mining folks... Tell me of your profits and your future sustainability?

No problem in being a layman :p BTC is absolutely driven by innovative technology and thinking outside the box, no matter how risky, and is not intended for everybody in its current state.

BUT before you know it Bitcoin might creep into your daily lives. Just because its new and different does not mean the world will not push it forward.

How many people even knew about BTC before the big hike in November last year? compared to now? Point being Bitcoin is still very much being ironed out, and it is simply to soon to completely write it of. As long as BTC has $ value it will be here to stay.

When will BTC fail? When it hits 0$? Really trying to see why people are so against it? I mean sure don't believe everyone that say you must invest thousands of Rands into something you DO NOT FULLY UNDERSTAND.

Also when will BTC succeed? When it becomes the one Currency to rule them all? When it hits 1000$ again? When your local Mcdonalds charges 0.002BTC for your BigMac?

Different people have different expectations of BTC.


From Bitcoin.org

"Bitcoin is an innovative payment network and a new kind of money"

This is all that Bitcoin is, "People" claimed it to be the next big currency, "People" said its a good investment.
The perception of what Bitcoin is, has been completely changed by the views of what people want it to be. Get rich quick. Its not that and was never intended to be that.
 
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Necro bump..

13 months down the line, and Bitcoin is worth less than half of its value at the time of this post, trading long-term downward flat.

Thoughts?
 
BillyBob said:
Necro bump..

13 months down the line, and Bitcoin is worth less than half of its value at the time of this post, trading long-term downward flat.

Thoughts?
Click to expand...

I got in early, made some bucks, sold off the hardware I invested in. End of the day I made a decent profit. Would I do it again? Probably not, I'd rather just chuck it in a unit trust or something of the sort. Not because of the profit margin, but because of the time you need to invest in setup and maintenance. Doing that while still busy with a full time job and general real-life-things was a pain to say the least (for me anyway).

My total investment was close to 85k
Profit was just under 18k after hardware was sold and electricity paid.
So you could say 21% return in the 6 months I was involved. It would have been much bigger if I stopped adding new rigs 3 months in.


EDIT: More on topic, apparently BTC is still the go to currency for the deep web.
 
Started with 30 usb Asics, investment was about 7k. Made about 30k profit after all said and done. Gpu profits were dismal, made more with cpu mining at the time.

sent from my z3 using tapatalk
 
Mining profits are definitely in the toilet for home miners. I still have my miners running, making small profits. Mainly speculating on the coin value, but for the moment I'm more focused on trading futures and forex using bitcoin. So far not horrible, but definitely harder than mining XD

As for the value, after being involved in the trading scene, you just see how fickle the market really is towards price. One day the price might move 10c, and other days they move around $30. It's been above $200 for most of the year, and if it sticks to this ranging level between 200-280 level for a few months and "puts in a bottom" then it might just stabilise and settle in for the next rise up.

Regardless of its actual price, for remittance payments, Bitcoin is pure win. I help my mother send money back home from the UK and using a bank she'll maybe get 18.5K per 1000 pounds. Using currencyfair she might get 19K. Using bitcoin she gets around R20 000-21 000.

So yeah, using bitcoin for that has saved her/made her some cash.
 
With the difficulty stabilized at the moment I cant complain, making a profit of at least R5k per month, (mining, selling mining asics & trading)
 
Leetpro said:
With the difficulty stabilized at the moment I cant complain, making a profit of at least R5k per month, (mining, selling mining asics & trading)
Click to expand...

You must have some good electricity prices! Which pool do you mine at? What profit do you do achieve with your gh/watt?

Also, you sell mining gear right?
 
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Necro bump..

24 months down the line since last necro bump, and Bitcoin is worth more than 4 times its value at the time of the first post in this thread, trading long-term is to the moon.

Thoughts?
 
[MENTION=22181]roligov[/MENTION] last time i was mining, i think I followed one of your guides to get started.
 
roligov said:
Necro bump..

24 months down the line since last necro bump, and Bitcoin is worth more than 4 times its value at the time of the first post in this thread, trading long-term is to the moon.

Thoughts?
Click to expand...

Frankly, I'd never have seen it coming - its growing acceptance as an online currency is somewhat baffling, but seemingly unavoidable, like most trends.

I thought the Chinese government crash and the subsequent Silkroad debacle were a sure indication of a fickle and easily-manipulated market, on the way out.

I still maintain that it's inherently extremely volatile, based on nothing but sentiment - and that if any large government or online institution reneges on their Bitcoin acceptance policy, a lot of Bitcoin hoarders stand to lose A LOT of money.

That, in my books, is nothing other than a gamble.

Still, it's a gamble I wish I'd taken more seriously. Kudo's to those that have profited greatly from it.... Just remember us little people when your ship comes in.. ;)




As they say, the trick, is knowing when to pull out. :p
 
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In life everything is a gamble no such thing as a "guranteed calculated risk " its either you invest to see what the outcome is or not

The difference with mining and other investment ideas lets say for example a takeaway food joint sell 1 burger chips + coke total markup over 100 %

Reason : Food people need to eat its a necessary routine

Disadvantage : your end product was either good,excellent or superb you may ask why at this junction well simple if the person who bought once doesnt return no word of mouth shall follow your bussiness will never grow ...
 
SILTECH786 said:
In life everything is a gamble no such thing as a "guranteed calculated risk " its either you invest to see what the outcome is or not
Click to expand...

Well, obviously, as the term itself is an oxymoron.

In saying that, you're missing the point of what makes Bitcoin different to other investments and commodities.

Unlike hard currencies, it does not have a fundamental grounding in a nation, a resultant political climate, or a commodity wealth.
Unlike shares in a company, there is nothing tangible about it. It does not physically exist.

Bitcoin is an oddball, because it is influenced by a small number of fundamental variables, and technical analysis only goes so far... it is primarily based on sentiment and greed - IE, it's a very high risk investment.

It makes a small fundamental value jump when it gains acceptance on a new platform - the rest of the appreciation in value is all sentiment hopping on the bandwagon... Similarly, if one of those platforms decides to disallow Bitcoin, the value dips, followed by a panic sell of epic proportions.

SILTECH786 said:
The difference with mining and other investment ideas lets say for example a takeaway food joint sell 1 burger chips + coke total markup over 100 %

Reason : Food people need to eat its a necessary routine

Disadvantage : your end product was either good,excellent or superb you may ask why at this junction well simple if the person who bought once doesnt return no word of mouth shall follow your bussiness will never grow ...
Click to expand...

A nice lesson, but completely unrelated.
 
adamr said:
agree with [MENTION=334]BillyBob[/MENTION] on this ... Bitcoin value is purely driven on emotions
Click to expand...

So is all other currency basically, no currency is linked to gold anymore. Because people see value in it, that's why there is value.
 
DR4G0N_M45T3R said:
So is all other currency basically, no currency is linked to gold anymore. Because people see value in it, that's why there is value.
Click to expand...

Uhm, no sausage... actual hard currencies are rooted in countries, and take influence from factors such as circulation, exchange rates, trade agreements, GDP and political climates, to name but a few - IE, factual, tangible & measurable quantities.

Just because you heard somewhere that the US Dollar is no longer 1:1 backed by gold, doesn't make it inherently worthless, or you an economist.
 
DR4G0N_M45T3R said:
So is all other currency basically, no currency is linked to gold anymore. Because people see value in it, that's why there is value.
Click to expand...

Difference is I can go to point road with my r200 notes and get some

Can't do that with bitcoin (right now)

It's not like bitcoin has mass retail or commercial applications at present. So all of it based on theoretical what ifs and let's be honest ... The value proposition will also be straight forward point to point transactions

Still currencies are a reflection of a countries fiscal political stance which drive emotions of people to invest in or divest from ... And you right no intrinsic value in them as they not attached to any gold reserves etc ... But still the value can be somewhat justified ... Not with bitcoin

Having said that I do believe in crypto ... It's the future

Banks should be fearful and so to the regulators ... Power to the people !! Great to be in a world where people are being given the power and these massive stupid power hungry corporates will lose it all
 
Its strange there was once a crowd stating bitcoin will crash blah blah blah as it stands btc is almost at 70k marker ...
 
The way things are going, it looks like the whole world economy could change because of crypto's. I think Its only starting now.
 
BillyBob said:
Uhm, no sausage... actual hard currencies are rooted in countries, and take influence from factors such as circulation, exchange rates, trade agreements, GDP and political climates, to name but a few - IE, factual, tangible & measurable quantities.

Just because you heard somewhere that the US Dollar is no longer 1:1 backed by gold, doesn't make it inherently worthless, or you an economist.
Click to expand...

How many trillions did the US government print during their QE?
 
Oj0 said:
Two things on the graphics card front:

I'd rather have a PowerColor card than many other "big" brands, I've had more ASUS cards die on me than PowerColor. Just because they're cheap doesn't mean they're worse/crap.

Mining doesn't need to shorten the lifespan of a card. Overclocking the life out of it and letting it run hot, however, will. I've got a largish selection of GTX 580s that have been running at 100% load for a few years now and haven't failed/degraded. They're mildly undervolted and kept below 70 degrees. I can guarantee you that all six would've been dead years ago had I treated them the way I see many people treating their mining cards...
Click to expand...

Reading this thread 3 years later...my 280X and 7990 powercolor cards are still mining...

And I'm also up about 4000% on every R100 I spent on crypto in 2014.
 
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