Bitcoin Profit possibility?

JaymanHD · Jul 8, 2016

Is Bitcoin starting to get profitable again? I see that it's worth over $600 so I'm not sure what is going on with it. When people were talking about it not being profitable it was based at $100-$200 but now it's up more. Any comments are appreciated.

dextermat · Jul 8, 2016

unless you already have bitcoins or you are a cybercrook (cryptowall), they are hard to get

Barty1884 · Jul 8, 2016

If you have either:
free hardware of sufficient quality
free electricity

Then possibly. For 99.99% of the world though, no, it's not a very likely possibility.

Quixit · Jul 8, 2016

Barty1884 :

You forgot, a boatload of money to buy top-end ASICs. That's an option too. But then a smarter bet would be investing in mutual funds.

Barty1884 · Jul 8, 2016

Quixit :

True, I forgot a 'boatload of money' :lol:. Even with the ability to buy top of the line ASICs....'profit' would likely still be elusive.

Kurz · Jul 8, 2016

dextermat :

https://www.coinbase.com/?locale=en

So hard to get...

turkey3_scratch · Jul 8, 2016

You pretty much need a farm these days.

why_wolf · Jul 8, 2016

you need a server farm with specialized and expensive custom equipment to make farming profitable. Plus dirt cheap electricity so unless you live near a hydro dam forget about it.

JaymanHD · Jul 8, 2016

why_wolf :

I live in southern Wisconsin so probably not a good idea then...

turkey3_scratch · Jul 8, 2016

Just work a normal job, much better.

Quixit · Jul 8, 2016

It's almost impossible to compete now unless you're somewhere like China with fairly cheap labor, access to cheap ASICs and low power prices. Actually, yeah it's pretty much only sensible to do it large-scale in China.

JaymanHD · Jul 8, 2016

Quixit :

Well I'm not going to China so I'm probably going to wait a little while Longer for the price to go up. Looks like its steadily doing so.

turkey3_scratch · Jul 8, 2016

JaymanHD :

I wouldn't even bother getting into it if the prices go up. Are you going to go to the hardware store and use bitcoins? No. It's a made-up currency that does not hold value at 99% of shops in this world. Half of its purpose is just for purchasing illegal goods since no exchange of actual money has to be done. You have to invest thousands of dollars into hardware, that's real money we are talking about, just to decipher some stuff and get you virtual money. In the end, you just realize how much more stuff you could buy if you just worked at McDonalds.

JaymanHD · Jul 8, 2016

turkey3_scratch :

JaymanHD :

I wouldn't even bother getting into it if the prices go up. Are you going to go to the hardware store and use bitcoins? No. It's a made-up currency that does not hold value at 99% of shops in this world. Half of its purpose is just for purchasing illegal goods since no exchange of actual money has to be done. You have to invest thousands of dollars into hardware, that's real money we are talking about, just to decipher some stuff and get you virtual money. In the end, you just realize how much more stuff you could buy if you just worked at McDonalds.

I was in it for the profit. I just want to make some more money per month then I already can get. Also can't you sell bitcoins for real cash?

why_wolf · Jul 8, 2016

should also point out you are absolutely required to be part of a mining pool now to have any chance of getting even a sliver of bitcoin. returns for time/energy spent are low, low, low. So the price would have to rise dramatically to make it worth it to anyone but an established player with a large farm in operation.

Also realize that the biggest farms actually build their own ASIC rigs and sell them on the side to others so an individual is behind the curve automatically when it comes to computing power.

A simpelish calculator to check out estimated profit of mining right now. http://www.bitcoinx.com/profit/

Outlander_04 · Jul 8, 2016

The only get rich scheme that works is ...........none

mjslakeridge · Jul 8, 2016

Outlander_04 :

I am hoping the U.S. Megamillions drawing tonight will get me about $500 million richer, but I only spent $1 for a single ticket. Return would be sweet if I hit! Odds I think they said are 1 in 250 million.

turkey3_scratch · Jul 8, 2016

mjslakeridge :

Those sound like pretty good odds TBH.

Outlander_04 · Jul 8, 2016

mjslakeridge :

turkey3_scratch :

Here in New Zealand the powerball only jackpots to $40 Million and then it must be won. That is happening tonight for the first time in about 18 months .
I have been planning all day on how Im going to spend the money

mjslakeridge · Jul 8, 2016

I will let you know how that goes for me. If I win it all, I may even switch from AMD to Intel!

Bitcoin Profit possibility?

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