redpill me on cryptocurrency /g/, is it profitable to mine cryptocurrency

>>59233256

No it's not, but if you have nothing better to do it can be.

You're a few years too late to mine Bitcoin.

>>59233277
i was thinking along the lines of Litecoin and Ethereum

safety bump

>>59233281
>i was thinking along the lines of Litecoin and Ethereum
Then don't fucking use a bitcoin thread starter

>>59233256
If you feel it's something that can be profitable for you, do it.

Don't hold yourself back, anything is possible OP!

>>59233281
In case you didn't know /biz/ loves talking about memecoins

That said, most memecoins are a bust, if you really want to mine an altcoin I'd suggest Gridcoin cause that way even if the money never pans out at least you helped the world

>>59233281
Yea not sure if you want to go with those two. Look at monero and dash. They have much more active development. It is also never late for bitcoin. Just dont expect to be a millionaire like all the 2013 old fags.

>>59233985
Does mining new memecoins even make sense without a dedicated mining rig? Even if you are the first to start mining a new currency will you be able to mine anything worthwhile with one GPU?

>>59233256
Run the numbers yourself. It totally depends on the Bitcoin price and the cost of electricity/ambient temperature where you live. Where I live it would be slightly cheaper to mine bitcoin than to buy kerosene and burn that to heat your house.

>>59234008
Basically no, you'd have to get really lucky which is why I think most memecoins are a bust.

>>59233256
>Is it profitable
Only if you steal electricity or otherwise find an almost free supply

>>59234035
How about buying new memecoins? Or do they crash as soon as they hit the exchange so only miners can make money with it?

>>59234052
Yeah I think usually if you missed out on profitable mining you missed out on profits, but again if you get really lucky it theoretically could be worth buying them

OP if you are serious about it. You gonna need at least $10k capital to get a small operation going. There's multiple shit to look at if you want to do this.

Getting electricity for cheap as fuck prices. Look for a cheap garage in industrial areas, they tend to have the cheapest kW/h. Also look at battery backups.

Have some sort of stable internet.

Have almost state of the art cooling, or else your place is going burn down.

And a shit lot of time on your hands.

Regardless, expect to get beaten out by the chink miners 99.99% of the time.

The only time it's profitable to mine is when a new currency is launched and the difficulty is very low. You'll get a couple of millions of coins, then you sell it AS SOON AS IT HITS A EXCHANGE. The value will just drop.

Coins are little but pyramid schemes, pretending to be a serious coin only so the founders can profit.

Bitcoin is currently crashing, so I'd be ready on the buy if I were you and just give up any of this mining bullshit.

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It's a meme, but people are retarded enough to still fall for it. If it's profitable depends on whether or not you can leech electricity from someone.

Mine Bipcoin, there usually about 2 cents apiece and still easy to mine.

>>59233256
mining? are u retarded? just sell drugs on tor, thats your bitcoin "mining"

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I don't have to pay jackshit for electricity. But I only have toasters and no real experience on the matter.

I need to find a niche like using Ram memory, SSD/HDD, CPU-only/Ryzen's neuronal network prediction. In order to mine the coins properly.

But at this point you have more chance just becoming good and trading the 2500+ something alternative coins in order to double and 10x your money.

Mining was a good idea back then because every single coin was worthless and they were very few, thus all of them could have raised in price and you didn't risk a thing. Now mining 300 coins worth like 1 satoshi each with your toaster is useless.

Now I need to guess from the 2500+ coins which one is going to raise in 6-18 months, when I could be trading crypto.

Still if anyone has in mind such a niche then please feel free to drop some hints.

Right now you'd make more profit buying hashrate from a mining company and immediately cashing out rather than spending 5-10k dollars on your own mini farm.

Unless you're some super nerd genius working at IBM, Microsoft, Intel, Nvidia and can sneakily get your team to manufacture your own tech without getting caught about what you're really using it for..
Imagine being the only person with a huge load of Antminers or Asicminers for Monero. Without letting the whole team realize what the hell they are. Going solo in making tech without any money, blueprints, etc. is kind of ...

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BUT CAN IT MINE CRYPTO AT NEVER BEFORE SEEN SPEEDS?

I don't pay for power because my landlord is derp, how do I get into this?

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>>59233256
It'll take me to the moon r-right /g/?

https://ethermine.org/miners/73AC34A158F7B229D76e4F6be80859edb7456155

>>59233256

Buy ethereum before it's too late.