I just started learning about BitCoin a few days ago. Like many before me, I have experienced the emotional rollercoaster ride from Im going to be rich! to holy crap how is anyone doing this? and everything in between.
Ive run a ton of estimates and I have read tons of threads on this forum about power vs. hash rates etc. I believe I have the basic limiting factors understood. But all this has left me with one question. Almost every thread where someone starts talking about becoming a new miner they are talked out of it by people who are currently doing it. (I wont argue whether they are right or not. Im just saying that most people are convinced that there is no profit in it)
So my question is, with so many people convincing new miners its a hopeless cause, who is still mining? Ive been looking into different options and have seen floods of support for experienced miners buying new FPGA devices at an average price off $600 a pop. So what gives? Are experienced miners holding out for the BTC/$ price to go up and speculating on that? With increasing difficulty and decreasing BTC block value why are some people who claim to know better still investing in new mining tech?
This is in no way an attempt to defend one position over another. Im just wondering if someone can explain a scenario where mining has the potential to be profitable. Obviously someone out there thinks it is so Im asking you to give us some idea what you are basing your motivation on.
(Im posting this in the NEWB area since I am still new to all of this. If a moderator thinks it holds value in another area feel free to move it.