for all you people new to bitcoin mining, it all evens out over time.
is mining for bitcoin still profitable? I stopped mining with my 1 th rig about 3 months ago because it was costing me more to run than i was making.
You were mining for the wrong reasons. It may cost you more to mine than you make
at the present moment, but if you have faith in the bitcoin
system then you'd know that in the long run you'll make more from your stashed away coins than you paid to mine them in the first place. That, ma friend, is the rub!
Have faith? Is this a cult now? There are no good reasons to believe BTC will rise much at all now. The "gold rush" days are long gone, I made mine with a farm of 10 gigahash Block Eruptor blades. Back when difficulty was less than the average jump this year. Since then any gear costs more than it makes before you pay for electricity, any money made in this years gold rush is by those selling you the shovels. Back to BTC, companies like Coinbase are doing a great job making it easier for merchants and consumers alike to use BTC. To a certain extent if more people use BTC as currency that will create downward pressure on its value. If there is a huge swing to using it as currency creating more demand than what is available, of course that will cause an increase in BTC value. It will also create demand for a "new and improved!" product and BTC will collapse. Like My Space did with Facebook. Yeah...keep up the faith.
It is easy to pick one word in a sentence, create your own context around that one word in complete disregard to its original context, and make some convoluted arguments around that, just like in religion (cue your comparison of BTC to MySpace)!
1. If you do not think (even believe) that BTC that is currently being mined at a loss (or in my case a small profit) will
NOT remain low, then do not mine.
2. The shovels that you refer to take the form of cloud and physical rigs, choose either or none at all. I choose the rigs.
3. So you made your million dollars back in the day, why stick around like a bad smell? I bet you are looking for your next million.