Quote from: xavier77 on July 06, 2016, 04:25:42 PM

Quote from: drazah on July 06, 2016, 03:21:04 PM

Quote from: xavier77 on July 06, 2016, 02:32:33 PM

Quote from: cosmoskane on July 06, 2016, 12:47:41 PM

HI !
so lately ive been thinking into getting into mining . i am from india so does anyone have an idea how is mining in india a friend told me its not profitable these days . Also my electricity is free so can anyone please suggest me a machine which has a good ratio of turnout to my investment . Also is mining less or more profitable in different parts of the world assuming lower difficulty rating for india cause i cant imagine indians getting into this stuff ??

Why waste your time mining and getting back what you paid for the miner after 1 year or so? Your friend is absolutely correct. Please be a wise person and don't waste your money mining. Try making your own gambling website, or make a faucet with a lot of ads, make a youtube video, try freelancing. There are a lot of ways to earn money. Please forget about mining as it takes a lot of time. You will get impatient very soon. P.S: I am speaking from my personal experience

Calling mining a "waste" is relative, along with saying he will get impatient...

Mining is still profitable if you take time and realize what your getting into and realize how the mining game works. If you have a good scenario to mine and also believe that bitcoin will continue to grow then you can sometimes see a ROI in less than half a year (or FAR less this free electricity), then anything past that is pure profit PLUS you can always sell off your equipment after ROI for a bigger step in profit if thats what your aiming to do in the short term. Building a gambling site and/or making a youtube video would be tenfold more work and you have to HOPE you generate traffic to net any type of profit. Mining in essence is fairly straight forward and its not a huge time sink like building a site or a youtube page.

For people with free electricity, your ROI will heavily depend on the amount of money you spend on your gear. You can buy older, less efficient miners but at a far lower value and hit an ROI relatively quick BUT it may not be that much value to be worth it. Personally, Id rather invest in mining then invest money AND a lot more time into other things.

The gravy train may have left, but that doesnt mean there is still profit to be made in mining.

Can you back your words once BTC falls to 250$ again? And again, one with no steady income other than relying on mining is soon to be impatient. As I said, it is my opinion so no hard feelings.

Specifically why i said "If you have a good scenario to mine and also believe that bitcoin will continue to grow then you can sometimes see a ROI in less than half a year"

You obviously don't believe in it, hence why you probably failed with mining as would anyone. It takes a strong heart in bitcoin to be a successful miner, and he is talking about free electric to run a miner, Not sure where you got the idea of "no steady income other than relying on mining is soon to be impatient". Obviously i CANT back my words if it falls to $250, but I can also say "i told you so" if it rises to 1k+, but thats all speculation and really serves no purpose in even posting about.