You wrote like there is a chance for "no win"...
There's always a chance for a win but at the current price which has held for a few days now it will take 120 days to break even. now if the halving is happening in a month that means in a months time (hopefully you get a full month) you will make $625 minus to cost of power which is (at $.14 per kwh) $141 leaving you with $484 buts profit.
now take $2100 (this doesn't include shipping costs which are $60 per miner in most cases at least they are for me) and - the $484 from it and your left with -$1616
mining after the halving will take 282 MORE days to break even so your total investment wont pay off for almost 1 year. once everything halves the amount you mine per month after power costs will come out to about $171. this is also going based on the difficulty staying exactly the same as it is today which we all know wont happen. once bitmain starts installing these in their mining locations and have them running at full speed 24/7 the diff will go way up. not to mention all the people buying them to run themselves. this means they have a very high chance of not ever breaking even. i say EVER because the s5 and newer miners have a problem that i made a huge fuss about that can be dangerous. when internet drops the fans stop running at full speed but the power doesn't go down with it so they burn themselves up. they have yet to fix that issue and have seen it with my s7's multiple times with multiple different batches all with the latest firmware provided by bitmain. i mean they put out an update to limit the number of boards that can be used with an s7 controller....because that's super important right?? not the fact that your house can burn down or anything lol.
the price will need to more than double to make the $2100 investment worth it and even if the price doubles bitmain will just raise the cost of the miner to match the increase in btc value so future batches wont be worth it either. once the miner is old and less desirable they will lower the cost to where they should be at. until then i wont be swapping out my s7's.
i have free electricity and the numbers still don't work for me.
Yeah, I haven't been able to figure this one out either. From what I can tell the S9 will return around 2.5 BTC in 9-12 months. If, and this is a big if, we see a significant network drop after the half it may break even (~3.5 BTC) in a year.
So what is the incentive? Bitmain can plug these in themselves in their data center. If I buy one, I assume 100% of the risk involved with mining. Pool luck, internet outages, power outages, hardware failure, and early difficulty jumps (combined with either of the previous absolutely devastate ROI ability).
What is that risk worth? Apparently Bitmain thinks the risk is worth -1 BTC. That right, they are essentially charging you 1 BTC to assume all their risk. Whaaat?
Best case scenario, you just break even. In this case you haven't purchased risk, however, you have assumed all the risk for 0 compensation. Why wouldn't you just hold the coin?