Are ASICs really worth the investment?

Kronos21

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Quote from: ThaBigNec on October 13, 2017, 08:40:25 AM

Quote from: Basmic on October 13, 2017, 06:33:12 AM

Quote from: NoxX on October 12, 2017, 02:06:15 AM

Quote from: Oakey22 on October 12, 2017, 12:09:41 AM

Keep thinking of buying ASICS but my worry is that they are a one trick pony compared to say a GPU that I can mine multiple coins and has resale value.

Are they profitable with average electricity costs?

ASICs also have resale value, but unlike GPUs timing matters a lot more.

Best case scenario: You buy a newly released ASIC straight from the manufacturer in China without insane markup from a reseller, mine a few months and resell it on eBay.

Worst case scenario: You buy an outdated ASIC from a reseller at 200+% markup. You mine longer than it's profitable and can't sell it afterwards because no one wants it anymore.

Of course, everyone wants to get the best case, so it is notoriously hard to get ASICs from the manufacturers right when they are released. Unless you have connections to China, or buy in large quantities, it might be impossible...

I do not buy new equipment. I buy it second hand from friends. They have lots of money to buy new powerful equipment. I buy asic that pays for itself in one month. Of course he earns not much, but enough for me and I do not risk big money. I like this strategy.

wow, can you please share with us which ASIC model you got that pays of in one month. I am looking for some reliable ASIC model/source. Thanks in advance.

Who do you call your sources. I bought a second hand RX 480 GPU Sapphire at $ 50. They very often fails resistors. I bought 8 PCs such the GPU and after the repair they have me working from 5 months to 14 months. When I repaired I replaced the thermal grease on them and there is not a single GPU that broke down repeatedly.

ahmedjamal1998

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Well if you take a look at DASH for example you might get upset. Difficulty went up like crazy.
It increased eight times in under a month. This means that before investing even one dollar into any mining equipment, do the maths.

One of the things that I keep telling people every now and then who want to get into mining (whatever it is, gpus or asic) is to never trust the online calculators. If you depend on them in the long run, you'll find out that they aren't accurate.

You have no idea what's gonna happen to the profitability in the next month. Just exactly as what happened with DASH.

Plus ASICs ,unlike gpus, make a lot of noise, heat and consume a lot of electricity (I'm not talking about efficiency. Just a single device of both.)
So finding a suitable place for them and calculating how much you'll pay in electricity is another factor.

Mining is fun but if you're looking for pure profits, simply investing in bitcoins would get you that.

Chan8

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Quote from: ThaBigNec on October 13, 2017, 08:40:25 AM

Quote from: Basmic on October 13, 2017, 06:33:12 AM

Quote from: NoxX on October 12, 2017, 02:06:15 AM

Quote from: Oakey22 on October 12, 2017, 12:09:41 AM

Keep thinking of buying ASICS but my worry is that they are a one trick pony compared to say a GPU that I can mine multiple coins and has resale value.

Are they profitable with average electricity costs?

ASICs also have resale value, but unlike GPUs timing matters a lot more.

Best case scenario: You buy a newly released ASIC straight from the manufacturer in China without insane markup from a reseller, mine a few months and resell it on eBay.

Worst case scenario: You buy an outdated ASIC from a reseller at 200+% markup. You mine longer than it's profitable and can't sell it afterwards because no one wants it anymore.

Of course, everyone wants to get the best case, so it is notoriously hard to get ASICs from the manufacturers right when they are released. Unless you have connections to China, or buy in large quantities, it might be impossible...

I do not buy new equipment. I buy it second hand from friends. They have lots of money to buy new powerful equipment. I buy asic that pays for itself in one month. Of course he earns not much, but enough for me and I do not risk big money. I like this strategy.

wow, can you please share with us which ASIC model you got that pays of in one month. I am looking for some reliable ASIC model/source. Thanks in advance.

I truely believe this is not possible at all. To buy second miners that will pay itself off in a month time.
Unless your friends just really hooking you up. But who in their right minds will sell a miner that can produce the selling price within a month. That just crazy. I too will like to get your friends contact and be acquainted with them. Lol.
But if you honestly do get asics with great prices like that. Kudos to you. You are very lucky to have friends like that around you.

ThaBigNec

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Activity: 12

Merit: 0

Quote from: Basmic on October 13, 2017, 06:33:12 AM

Quote from: NoxX on October 12, 2017, 02:06:15 AM

Quote from: Oakey22 on October 12, 2017, 12:09:41 AM

Keep thinking of buying ASICS but my worry is that they are a one trick pony compared to say a GPU that I can mine multiple coins and has resale value.

Are they profitable with average electricity costs?

ASICs also have resale value, but unlike GPUs timing matters a lot more.

Best case scenario: You buy a newly released ASIC straight from the manufacturer in China without insane markup from a reseller, mine a few months and resell it on eBay.

Worst case scenario: You buy an outdated ASIC from a reseller at 200+% markup. You mine longer than it's profitable and can't sell it afterwards because no one wants it anymore.

Of course, everyone wants to get the best case, so it is notoriously hard to get ASICs from the manufacturers right when they are released. Unless you have connections to China, or buy in large quantities, it might be impossible...

I do not buy new equipment. I buy it second hand from friends. They have lots of money to buy new powerful equipment. I buy asic that pays for itself in one month. Of course he earns not much, but enough for me and I do not risk big money. I like this strategy.

wow, can you please share with us which ASIC model you got that pays of in one month. I am looking for some reliable ASIC model/source. Thanks in advance.

Basmic

sr. member

Activity: 406

Merit: 256

Quote from: NoxX on October 12, 2017, 02:06:15 AM

Quote from: Oakey22 on October 12, 2017, 12:09:41 AM

Keep thinking of buying ASICS but my worry is that they are a one trick pony compared to say a GPU that I can mine multiple coins and has resale value.

Are they profitable with average electricity costs?

ASICs also have resale value, but unlike GPUs timing matters a lot more.

Best case scenario: You buy a newly released ASIC straight from the manufacturer in China without insane markup from a reseller, mine a few months and resell it on eBay.

Worst case scenario: You buy an outdated ASIC from a reseller at 200+% markup. You mine longer than it's profitable and can't sell it afterwards because no one wants it anymore.

Of course, everyone wants to get the best case, so it is notoriously hard to get ASICs from the manufacturers right when they are released. Unless you have connections to China, or buy in large quantities, it might be impossible...

I do not buy new equipment. I buy it second hand from friends. They have lots of money to buy new powerful equipment. I buy asic that pays for itself in one month. Of course he earns not much, but enough for me and I do not risk big money. I like this strategy.

Basmic

sr. member

Activity: 406

Merit: 256

Quote from: NoxX on October 12, 2017, 02:06:15 AM

Quote from: Oakey22 on October 12, 2017, 12:09:41 AM

Keep thinking of buying ASICS but my worry is that they are a one trick pony compared to say a GPU that I can mine multiple coins and has resale value.

Are they profitable with average electricity costs?

ASICs also have resale value, but unlike GPUs timing matters a lot more.

Best case scenario: You buy a newly released ASIC straight from the manufacturer in China without insane markup from a reseller, mine a few months and resell it on eBay.

Worst case scenario: You buy an outdated ASIC from a reseller at 200+% markup. You mine longer than it's profitable and can't sell it afterwards because no one wants it anymore.

Of course, everyone wants to get the best case, so it is notoriously hard to get ASICs from the manufacturers right when they are released. Unless you have connections to China, or buy in large quantities, it might be impossible...

I do not buy new equipment. I buy it second hand from friends. They have lots of money to buy new powerful equipment. I buy asik that pays for itself in one month. Of course he earns not much, but enough for me and I do not risk big money. I like this strategy.

Flep182

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Quote from: petaelite on October 13, 2017, 06:02:06 AM

Quote from: Steven3iii on October 12, 2017, 07:04:29 AM

Quote from: petaelite on October 12, 2017, 06:04:32 AM

What is best asic miner for x11 algo now able to buy?

X11 mining is getting very crowded out... you have to be clever and flexible to make any money. Lips sealed

On what algo for asic you will go now? And what miner is best to buy in that case?

Please refer to the quote from xxcsu Wink

That should give you all the answers Wink

petaelite

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Quote from: Steven3iii on October 12, 2017, 07:04:29 AM

Quote from: petaelite on October 12, 2017, 06:04:32 AM

What is best asic miner for x11 algo now able to buy?

X11 mining is getting very crowded out... you have to be clever and flexible to make any money. Lips sealed

On what algo for asic you will go now? And what miner is best to buy in that case?

Flep182

legendary

Activity: 938

Merit: 1007

Quote from: xxcsu on October 12, 2017, 08:27:00 AM

Quote from: Flep182 on October 12, 2017, 02:22:34 AM

Quote from: xxcsu on October 12, 2017, 02:05:02 AM

Quote from: Oakey22 on October 12, 2017, 12:09:41 AM

Keep thinking of buying ASICS but my worry is that they are a one trick pony compared to say a GPU that I can mine multiple coins and has resale value.

Are they profitable with average electricity costs?

Quote from: xxcsu on September 26, 2017, 11:36:37 AM

I DONT UNDERSTAND WHY NEWBIES KEEP ASKING THE SAME QUESTION " ITS TO LATE TO START MINING , IT IS STILL PROFITABLE ?"

No one can tell you !
Always going to be a 2 group of ppl who telling you it's ok go for it , or dont bc you just wasting ur money !
You have to make a decision for yourself !
Do your own research !
No one can tell you for sure what's going to happen with cryptocurrency !
No one can tell you it's going to be profitable for you or not !
No one can tell you how much profit you going to be able to make ! ( if you can make any at all )
No one can tell you the ROI ( return of investment) time !
None of those calculators you are seeing on the web can tell you what's coming tomorrow , months later or 6 months later !
Those calculators telling you about today , at that moment when you typing in your information !
It's little bit of gambling , you must to decide you want to play on the lottery or not Grin

YES some of us got lucky , made some money with mining
YES some of us got unlucky , lost some money , bc when price started to fall , sold the coins , miners

I'm going to save this quote, as it's a good answer to a lot of recurring questions. Probably you've also got it in a textfile lurking around, right? Wink

❗️ Yeah, i might have somewhere in a txt file , but most of times i'm just quoting myself , from my own topic ❗️ Grin

★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★
When I'm seeing the same questions again and again and again ...

Ah, you have on- and off-site backup of the quote. Adding to it, if I would want to start something, the last thing I'd do is ask random strangers about what they think I should do with my money. You know, unless I've clearly did my research and can start poking holes in BS stories

xxcsu

hero member

Activity: 1498

Merit: 597

Quote from: Flep182 on October 12, 2017, 02:22:34 AM

Quote from: xxcsu on October 12, 2017, 02:05:02 AM

Quote from: Oakey22 on October 12, 2017, 12:09:41 AM

Keep thinking of buying ASICS but my worry is that they are a one trick pony compared to say a GPU that I can mine multiple coins and has resale value.

Are they profitable with average electricity costs?

Quote from: xxcsu on September 26, 2017, 11:36:37 AM

I DONT UNDERSTAND WHY NEWBIES KEEP ASKING THE SAME QUESTION " ITS TO LATE TO START MINING , IT IS STILL PROFITABLE ?"

No one can tell you !
Always going to be a 2 group of ppl who telling you it's ok go for it , or dont bc you just wasting ur money !
You have to make a decision for yourself !
Do your own research !
No one can tell you for sure what's going to happen with cryptocurrency !
No one can tell you it's going to be profitable for you or not !
No one can tell you how much profit you going to be able to make ! ( if you can make any at all )
No one can tell you the ROI ( return of investment) time !
None of those calculators you are seeing on the web can tell you what's coming tomorrow , months later or 6 months later !
Those calculators telling you about today , at that moment when you typing in your information !
It's little bit of gambling , you must to decide you want to play on the lottery or not Grin

YES some of us got lucky , made some money with mining
YES some of us got unlucky , lost some money , bc when price started to fall , sold the coins , miners

I'm going to save this quote, as it's a good answer to a lot of recurring questions. Probably you've also got it in a textfile lurking around, right? Wink

❗️ Yeah, i might have somewhere in a txt file , but most of times i'm just quoting myself , from my own topic ❗️ Grin

★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★★
When I'm seeing the same questions again and again and again ...

Steven3iii

full member

Activity: 238

Merit: 100

Quote from: petaelite on October 12, 2017, 06:04:32 AM

What is best asic miner for x11 algo now able to buy?

X11 mining is getting very crowded out... you have to be clever and flexible to make any money. Lips sealed

leowonderful

legendary

Activity: 1624

Merit: 1130

Bitcoin FTW!

I’ve honestly made more just putting my money into BTC and Altcoins and just holding them. Mining can be lucrative if you have low electrical costs but most of the time, investing is more effective if you do it right.

crairezx20

legendary

Activity: 1638

Merit: 1046

Well for me base in what i notice if you late in buying asic the price was honestly increase its value in the future.. look at the L3+ before its cheap but right now the price is really increased a lot. it is hard to buy this asic hardware to mine altcoin..
So like the other said buy new releases hardware because its really profitable .. and you can even increase its value in the future to sell in the marketplace..
Gpu mining are also worth it since you can mine multiple coins it will depend if what altcoin would be profitable..

shibob

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Activity: 672

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Blockchain Evangelist.

I think it's only worth for very first batch.

petaelite

newbie

Activity: 52

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What is best asic miner for x11 algo now able to buy?

Miracle_Man

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Activity: 201

Merit: 10

I would not buy ASICs now. Maybe when a new model leaves and if I can get it quickly. I do not think that the profit of ASIC market will be the same as before

cuteman

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Merit: 102

Quote from: Miner4ever on October 12, 2017, 02:21:17 AM

Asic also can mine lots of coins and algos.

not all ASICs can do this - for example D3 is tuned for only mining Dash.

cuteman

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Activity: 392

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Quote from: bathrobehero on October 12, 2017, 12:16:30 AM

Only if you get them very early.

Just look at the difficulty chart of Dash: https://bitinfocharts.com/comparison/dash-difficulty.html

People only just receiving their ASICs likely won't get ROI.

this is a terrible picture. I will have my D3 end of October. Cry

Flep182

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Quote from: TheQuin on October 12, 2017, 02:49:02 AM

Quote from: Flep182 on October 12, 2017, 02:36:25 AM

I've made a loss on the miners I bought, unless I correct for raising BTC rates. Which I shouldn't factor in, as buy and hold back them would've made me a LOT more by now

It's funny to looking back on it now. I was checking back through my wallet history recently to see I once bought 4 BTC probably for less than $400 total so I could get some 330MH/s Block Erupters. I think I doubled my fiat at the time and was very happy.... but oh to have kept the BTC.

I spent 8 BTC on Gridseeds (the 3 chip miners), gotten about 3 btc back. I could've gotten close to buying a share in the company making them by now with that amount of bitcoin

TheQuin

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Freebitco.in Support https://bit.ly/2I9BVS2

Quote from: Flep182 on October 12, 2017, 02:36:25 AM

I've made a loss on the miners I bought, unless I correct for raising BTC rates. Which I shouldn't factor in, as buy and hold back them would've made me a LOT more by now

It's funny looking back on it now. I was checking back through my wallet history recently to see I once bought 4 BTC probably for less than $400 total so I could get some 330MH/s Block Erupters. I think I doubled my fiat at the time and was very happy.... but oh to have kept the BTC.

Topic: Are ASICs really worth the investment? (Read 756 times)