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Is Bitcoin mining still profitable? I'm thinking about getting

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Is Bitcoin mining still profitable? I'm thinking about getting 100 or so of the new Raspberry Pi Zero's and start mining! Is it even possible?
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>>51547516
no
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>>51547516
No, not even remotely. Don't waste your money and time.
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Didn't those run arch
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>you fell for every /g/ meme except Bitcoin
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>>51547547
>>51547551
just curious, why is it not profitable? the cost of electricity outweighs the amount of bitcoin mined?
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>>51547632
Close enough. You probably won't even get 1/10th of a cent a day.
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>>51547516
2008 called, it wants it's thread back
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>>51547516
>this fucking post

lmao fuck off shitcoin pleb
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>>51547632
because the more bitcoins that are mined, the more the difficulty increases. The more difficult, the less chance you have of getting any $$
And it is so difficult now that you're more likely winning the lottery than solving a hash with 100 raspi's
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>>51547644
so all those chinese mega bitcoin miners are actually losing money? or have they mined enough before the price went up so it's all wurff
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>>51547600
I honestly can't believe it took off like it did.
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>>51547650
*its
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>>51547632
bitcoin works on a finite scale because theyre mined via hashing some sort of encrypted something

like natural resources, they won't last forever. the thing with bitcoins though is that the more you mine them, the mining of the next one is a lot longer and difficult.

we've gotten to the point where we've mined so many bitcoins that mining new ones takes fucking forever because the new hashes to de-crypt are really goddamn difficult
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>>51547600
>A family friend advised me not to invest £30k into them @ £0.12 / btc because "you can't trust these new technologies"

I only listened because he was a successful bloke that is pretty wise.

I ended up with about 0.7 btc @ £90/btc and ended up losing my wallet creds when my hdd failed on me.

I want to die somedays.
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>>51547674
They have hardware that's specifically designed to perform the calculations needed to mine bitcoin super-efficiently. No consumer hardware can even remotely compete.
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>>51548735
This exactly. The large mining operations will be profitable - with a minimal paid staff and housed in specific locations. The days of a random home user firing up their PC and mining bitcoin died about 3+ years ago
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>>51548735
And they get their electricity super cheap.
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>>51548654
moral of the story, you won't have something to live for and go straight into depression like Notch did, when you can have everything you want with the money
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>100 single core 1ghz processors

You could literally just buy a single 64 core 4ghz processor and be way more efficient.
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Bitcoin mining is now the domain of botnets.
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>>51547516

Not unless you do it on an industrial scale. I had an interview at a datacenter recently that does literally nothing but mine, it had a farm of 25000 inhouse designed and built miners (each one represents about $9000 worth of hardware) and a full staff to tend the fucking thing 24/7. Even then I'm not sure how profitable it actually is.
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>>51548654
>lose ~$65
abloobloobloo m8
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>>51549221
Or, just buy a used 7950 and fucking stomp on any cpu.
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>>51547516
even if you get some Bitcoin (fractions of one coin or whatever) are you even able to trade it in for cash or spend it in any way?
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>>51549515
He could have potentially sold them for like $700
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>>51547516
nope
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Why hasn't someone come up with a new concurrency that works like bitcoin, but has a new algorithm that will produce a largy supply of currency than the one with bitcoin?
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>>51552170
So dogecoin
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>>51552170
There's actually plenty of other coins. probably 1000 of them. They function better than bitcoin but bitcoin is adopted by majority for now. Bitcoin might or might not succeed, another coin can take its place. who knows.
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>>51550180
abloobloo m8

i spend that much in about 2 weeks on happy ending massages
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>No network interface.
>No proper power interface. (Really? I have to power it through a dinky microUSB? Faggotry)
>No USB-A interface, only micro-OTG.

>BUT IT HAS AN HDMI PORT!

What the fuck were the priorities on this piece of shit?
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>>51552385
iI he had invested the £30k into bitcoin @ £0.12 then he would be set for a generation or 2.

Would be pretty hard for me to sleep at night for a while knowing I was this close.
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>>51552445
to be fair, his wise mate was correct, investing 30k into something so fucking memetastic is really retarded and extremely high risk.

It just so happened to work out, but I could point to a hundred times when it didn't.

But yeah it'd be annoying thats for sure.
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>>51547683

>brother is telling me to invest in bitcoins
>nah, this seems stupid how the hell is it gonna be worth anything

I feel like the producer who turned down the Beatles. What a kick in the fucking balls.
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I wanted a cheap miner my self as i just got solar
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Turned my old Antminer S1 into a space heater. Makes my other heat sources kick on a lot less frequently and it makes about $12 a month at current difficulty.
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>>51547516
>Raspberry Pi Zero
it's unheard news to me.. btc mining is kill but this thing is good for other stuff tbqh.
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I don't understand how having your computer on for a long time running some program makes you money? Do you have to print it out or what? Is it linked to your paypal? I'm no expert.
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>>51555879
>http://www.michaelnielsen.org/ddi/how-the-bitcoin-protocol-actually-works/
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So I've always wondered were people able to cash in their btc for $? I keep hearing stories about people owning hundreds of btc and they're worth a gazillion dollars but never any stories about people getting actually rich off it.
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>>51547674
Vice did an interesting documentary looking at one Chinese bitcoin farm. They've got rows and rows of hardware filling up a factory floor with huge extractor fans keeping the place cool and a bunch of staff living there so they can instantly look at anything that's gone down and fix it.
Unless you're willing to put that amount of time and effort in to bitcoin mining it's not really worth it.
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>>51549738
Ayy lmao
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Waste of time and money.

At least waste money on something useful, like buying 100 and using them for [email protected]
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>>51554171

Dogecoin saved me a bit on my gas bill, it was able to heat my room two winters ago (and I was the only one living at the house, so I could turn the heat off).
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>>51555974
Currency exchanges allow people looking to buy bitcoins to buy them from sellers, and vice versa.
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good idea bro
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>>51552445
If you were actually considering gambling with £30k, you could have just bought £100 and it would still could made a bit of money with much less risk.
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>>51547516
What the hell do people do with those Raspberry Pi clusters if mining bitcoin with them isn't profitable as people have said in this thread? I've asked this a few times and have yet to get a response, I'm beginning to think the reason for having one is just to say that you have one.
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>>51557755
they use them as smaller scale super computers
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>>51559553
Yeah, but what do they do with them?
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>>51559675
They use them for distributed computing. Each Pi is given an instruction set and they each break down a larger task and crunch numbers involved with that task.
>>>https://en.wikipedia.org/wiki/Supercomputer
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>>51559752
Yeah, I know what clusters are, I'm wondering what the hell people who own those pi clusters run on that hardware. Saying someone uses a computer for computing shit isn't very descriptive.
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>>51559811
It's because you can do a lot of different thing and I also have no specific ideas
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>>51555974
a guy in norway bought a pretty nice apartment in a nice part of Oslo with his bitcoin cash
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>>51547516
>Is Bitcoin mining still profitable?
That ship sailed a long time ago.
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>>51547516
if these boards made more money that they cost why would the producer even sell them to you?
Thread posts: 57
Thread images: 6


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