Topic: Begin mining? (Read 1604 times)

Wisest decision you've ever made.  Just buy some coin and watch them rise in value like it's been doing.   

ok thanks to all for the answers. i give up with this mining! :-)

Only if you can't do math. Check the prices on Betarigs vs. expected profit on CoinWarz.

The dream of making profit through mining is understandably appealling because it would require so little effort, beyond buying the mining equipment.  You simply collect bitcoin earnings without needing to lift a finger or stick your neck out.  But the opportunity to accomplish that is ever dwindling, maybe had your started much earlier?  The most dependable way to make profit is still to communicate and advertise what kind of work you are able to do, and then set out to provide that service or product which people will pay you for in bitcoins.

I think there are a number of reasons you might want to rent hardware:

1. new coin releases and you want to mine it without having your own hardware/re-assigning your own hardware

2. temporary additional hashrate

3. mining a new/different algorithm for which you don't own hardware

4. just for fun

E.g. I have powered down my own Scrypt miners and occasionally rent just for fun

However, I agree it is clear that the person renting it out is likely to make more than the renter.

Hi there,

I have free electricity and was thinking about to buy 3 x AntMiner S2 ( $4500-6900 ) which would give me 3 TH/s.
I was suprised with the result after I calculated the eventual ROI & profitability, becacuse there is none

The reason is, that the amount of dollars you pay today for 1 GH/s will not cut any ROI at all, because there is absolute no ROI on BTC mining with current prices for units like AntMiner S2 1TH/s for $ 2300 Miner & similar.

Once more I calculated this with NO ELECTRICITY COST at all, because I have FREE Electrycity !
My ordering date was JUNE 15, 2014 and MINER DELIVERY/MINING START date was July 1, 2014.
Start Mining diff. July 1 will be  20493 - Monthly Difficulty Increase of 40%

Keeping that in mind :
I think that anyone paying for any kind of MINING HARDWARE more than $0.40 per GH/s is not normal !

Example:

A Bitcoin Asic Miner can't be priced ABOVE 400 USD for 1 TH/s !!
Because anything above $0.40 / per GH/s will not bring a ROI..

All calculated using : https://tradeblock.com/mining

So now for the FUN part, Could someone tell me what I am missing here ??

I do not see any ASIC Bitcoin Miners even close to a $0.40 per GH/s price ratio.. Huh
All I can find is priced above $2per GH/s which IMHO is absolutely ridiculous !

And if you expect bitcoin price to go above $1000 in a few months, you could get much better profit by buying bitcoin directly.

I do not understand the renting logic either.

Furthermore, unless you believe BTC will see 1000$ in several months, buying equipment and breaking even seems impossible as of now. I was calculating without the difficulty increase (silly me) and was reaching very sweet numbers.
But considering 30+% increase every month, you don't even break out with the 3000$-1400GhS device.

of course that's assuming you won't be reselling the equipment after 3-4 monthsç

and what about of these renting hardware services??

My first experience with cloud mining last October is what got me interested in mining.  A 1 week mining contract of 1 GH, which back then was able to generate roughly 1 payout of 0.01 BTC, or about $5.70 by today's price.  If I could have the hash power that I have today (310 GH) and use it back in October 2013, I would have made 3 bitcoins ($1700) in a week.  Whereas today it only earns about $60 per week (and less and less as time goes on).

I purchased six 24 GH Technobit HEX16A2 miners from ebay over a period of month.  Within that time the seller brought down the price by at least half, so the first two miners I bought cost me twice as much as the last two I bought.   I've earned a little over half a bitcoin with the Technobit miners, so I'm not even close breaking even, considering that the first two miners cost over $400.  They will soon reach the point of no longer generating enough to justify the electricity costs, and become paperweights.  I've reinvested most of it into PB Mining in order to double my hash rate through cloud mining.  A never ending battle to be sure.  The only clear winners are the people who sell the equipment.  What we tend to get is a fraction of what we were hoping for, and it is difficult to see the big picture when you are new to mining.

Bitmaintech.com

The S2 is what you should be paying.

The S1 is still VERY well priced.

What would be a realistic price for a 1 TH/s miner at the moment?

Here is my story.

I bought 1 S1 Ant miner ~March 21st for .98 BTC + 50 power stupply.

~March 31st I bought 3 more S1 ant miners for .88 BTC + 3*50 for PS.

I've earned 2.1 BTC, 240 PPC and 5000 Joulecoins(LOL).

I earn less about every 2 weeks but still doing well, ~.02 BTC a day and 2 ppc.

Furthermore when I upgrade my gear I will be able to sell my stuff increasing la profit.

i used that calculator and it seems impossible trying to earn something with mining.  after 4-5 months from now, revenue its ridicolous... everytime i know something new about this mining, i get more confused than before

i dont understand this hardware renting. there are 2 options:
1)i pay an amount and i get more than i spent>why someone would rent me hardware if they can get more money by themself
2) i pay an amount and i get less than i spent> why i have to lose my money??

Go to Betarigs. It is a better investment to rent hardware.

much luck:-)

Yes, buying Scrypt Asics will be more expensive in the beginning, since it was just introduced this year.  SHA-256 asics gradually going lower in price due to maturing tech and market saturation.

Cheaper, faster Scrypt ASICs are coming out: http://zeusminer.com/shop

It's really a never ending battle. Every time the difficulty increases your daily profits will drop. A faster, cheaper, lower power ASIC is always right around the corner. Try using a calculator that takes this into account, such as: https://tradeblock.com/mining/

it seems getting the same hash rate in scrypt, costs twice. or im wrong? what u all suggest its better?

1 TH/s SHA-256 equal to roughly 20 MH/s for Scrypt if you were to mine for the major coins of each, Bitcoin and Litecoin.