It has generally always been smarter to buy Bitcoins than try and mine yourself. I mined on and off since 2013, buying was always smarter.
You are viewing a single comment's thread from:
It has generally always been smarter to buy Bitcoins than try and mine yourself. I mined on and off since 2013, buying was always smarter.
How is it smarter to pay $17000 for one bitcoin when you can mine one in a year with a $4000 mining rig or with a $2100 cloud contract?
A 1 bitcoin investment in a contract a year and a half ago yielded 0.2 bitcoin in that year and a half. Difficulty is astronomical. Only high capacity miners in low power cost areas and the guys running the pools are profitable. Bitcoin is not for casual miners. Stick to memory hard GPU mining like Ethereum, Dash or BTG.
That's a LIE. Bitcoin didn't skyrocket in price until this year. Now things are different, i.e. MUCH more profitable. In 2016 bitcoin only TRIPLED in value, but this year it multiplied 20 TIMES in value.
In 2016 mining difficulty increased only 3 TIMES, while the price also increased 3 times. That means that a $2100 investment in a 14TH contract would give you about $25,000 profit per year. Of course back then mining rigs were much less efficient than they are now, so a 14TH contract probably cost a lot more than today.
It'll definitely cost a lot more later on in the future, the rich will get richer.
Is Dash easy to mine?
You're crazy. It's NEVER been as profitable to mine bitcoin as it is now. The new mining rigs produce 14TH/s and you can buy online 1Th for $150 a year. If you plug that into a bitcoin calculator you'll see that 14TH will cost you $2100 a year and earn/mine you almost ONE bitcoin a year. AT THE CURRENT mining difficulty.