/biz/ - Business & Finance

>>571135
I'm almost sorry to tell you thus but crypto currency mining is dead. The pool died with mt gox.

You were late for the ride.

>>571135
>what would it take to get at least 500£ profit from mining bitcoins

Well, firstly you'd need a time machine to go back in time to a time before massive organisations started buying out ASIC miners, and pushed the difficulty to infinity.

Then, you would need your mining rig.

So it would take:
- time machine
>relatively easy to obtain
-mining rig
>also relatively easy to obtain

I say go for it OP.

>>571136
I know i'm a bit late you don't know how much i regret not sailing on 2009
I'm not trying to get rich by that just some extra income

>>571138
You still don't get it, do you?
1. The pool is low
2. The difficulty is too high
3. The electricity bills will outweigh your earnings

>>571140
alright what about the websites that sells shares from their machines is it worth it?

>>571143
Nope.

Mining is dead, end of story.

>>571145
why the fuck are those sites still running then smartass?

>>571153
Because idiots buy shares of them. The mining itself is unprofitable.

>>571159
what about mining other currencies ?

>>571164
As far as I know, other currencies are mainly jokes and pump-and-dump scams.

so any thoughts on where to invest about 300£

>>571164
Litecoin was ok for a while, looks like it's crashed now though. Aurora-coin looked like it was going to be legit for a while with the whole Iceland thing, but alas it was a pump and dump, I think they're less than a cent now.

>>571173
thanks guess there's nothing one can do with 100£

How old are you op? You act like some dumb ass 16 year old

>>571192
yes

>>571164
Ignore the regurgitation of things people read on other comments but never researched.

I personally have faired pretty good with ltcgear.com . Every so often they have some good deals and discounts and that's when I buy some shares. Get paid every Friday like clockwork. They pay you in Litecoin which you can dump for btc or dollars if you wish. You can get return on investment in about 50 days.

Regarding bitcoin mining I would say now is the best time to get into it since the difficulty actually went down a bit so you can find some good prices in bitcoin cloud mining.

That said there are plenty of scam sites that offer absurd returns, those are usually ponzi sites and they actually pay well (until they start getting new business and suddenly crash and dissappear with your money).

ltcgear seemed fishy because of the high proffit but it's been around for a while and the guy running it basically makes miners himself so that's why you get such a good return rate.

>>571280
I accidentally miswrote something about ponzi sites.

They pay well until they have less new business and can't make the payments so they leave you holding the bag.

>>571280
>>571281
thanks bro any more tips
you suddenly gave me faith again :D

>>571522
No problem man, too bad you asked this week and not last week. ltcgear had a killer black friday event and I got paid 500 bucks for a contract thats usually worth about 850.

The lowest risk (but lower proffit) place I have found is genesis mining. They have actually made audits proving their hardware so you know they are selling you real hashing power. The return on investment over there is way longer though, about 150 days but they offer lifetime contracts while other places offer 5 or 1 year deals.

>>571697
I'm fucking retarded today, misswrote. I PAID 500 for something that was usually worth 800.

>>571697
dude here's my skype if you want add me i'll be glad if you can guide me in this
arcan_e

>>571522
I recommend just spending the money you would spend on mining on bitcoin itself.

>>571135

Any money you spend on mining would be better spent on the actual coins.

You will be kicking yourself in the ass when you earn 10% ROI after a year of mining after power and unit cost, and the currency is value increases by 1000%.

>>571280
>mining got easier

You don't know how mining works

It never gets easier. People have rented warehouses and are using specialized hardware to mine bitcoins now. You used to be able to do it on your PC at home. Now if you tried that you would spend more on the electricity than you would get in return, because mining bitcoins is difficult now. There is no going back, even if everyone stopped it would still be difficult to mine them.

>>572275
The difficulty adjusted down yesterday though.

Not that it matters, mining is dead to anyone without a whole leg in the door, or free electricity and a cold house.

>>572275

> even if everyone stopped it would still be difficult to mine them.

This is blatantly wrong but please explain how you came to this retarded conclusion. I could use a laugh.

>>572306
If everyone suddenly stopped today, a solo miner couldn't reliably find a block at the current difficulty level, it would take weeks, months, or even years for the difficulty to adjust down because the 2016 blocks needed wouldn't get mined by one guy for that long.

Step 1: buy doge for ~$0.23/1000doge
Step 2: Sell on eBay for 5 times the actual amount
???
Profit

>>571522
I have some beach front property in Sudan I want to sell. It's a bargain rate. PM me if interested.

>>572425
and lose all your money in transaction reversals.

>>572437
if a buyer has a perfect rating hes not going to sacrifice that to but 1000doge

>>572432
I would actually consider this, but both Sudans is landlocked.

The only way you'd make a little profit now is mining altcoins then exchanging them for bitcoins. Get a dirt cheap asic scrypt miner (<$50 with over 1mH) and mine doge or litecoins. You wouldn't be making anything near a whole bitcoin even with a year of mining, so just hold on to them in case they increase in value.

Legit profits from mining are long dead. You really can't make a lot of money anymore unless you have crazy expensive asic farms.

>>572993
that's the joke, son.

>>571153

>gets undesired answer
>gets angry

I think you should go for it, OP

>>571135

Don't know why you are fighting this so hard mate. I have heard from multiple people that it's not worth it anymore.

Best case scenario you pull in about $200 a month with a fucking balling mining computer, which would easily cost $1,000. Plus BTC looks like it's gonna fail completely within a year or two. It's not secure, and there is nothing backing it. so....

>>573088
Actually, I was counter trolling, the northern Sudan has coast.

OP I am a crypto enthusiast. I have personally bought miners and broke even with them.

I will never do that shit again.

Trading is cool, you can make money mining alts if you play your cards right (coinwarzcom/cryptocurrency), but mining bitcoins is for people with fuck-tons of money and suckers who buy vaporware rigs months in advance.

Don't be a sucker OP, because we all know you don't have fuck-tons of money.

>>574557
Shut the fuck up, you don't know jack about crypto. You done gone full retard.

Bitcoin may not be a sure bet, but you are full of shit anon. Talk about something you have actually researched instead.

I'm so tired of people being experts on something which they know nothing about. God damn, just because you once read an article on Wired about cryptocurrency doesn't mean you understand how it works.