Buy new mining equipment, don't be penny wise pound foolish!

Daltonik

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Quote from: dansus021 on January 12, 2023, 09:01:55 PM

Yes, the reason new ASIC comes off it because of the hardware efficiency but I do believe the huge mining farm not gonna replace all of it when the new hardware is out. Instead they are gonna using it till not profitable again or only do a slight profit then they will sell it.

Back a couple years ago I buy some used ASIC but Im doing it for fun only Grin

. If you have cheaper electricity or even free electricity buying a used one is always be a better option.

Well, if the mining farm is really huge, then it does not change all the miners at the same time, all this happens in stages and as new equipment is released, there is a consistent replacement of outdated and failed miners. In addition, if you have a bunch of devices, then you have the opportunity to replace certain elements, the same Bitmain sells components.

dansus021

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Part of AOBT - English Translator to Indonesia

Yes, the reason new ASIC comes off it because of the hardware efficiency but I do believe the huge mining farm not gonna replace all of it when the new hardware is out. Instead they are gonna using it till not profitable again or only do a slight profit then they will sell it.

Back a couple years ago I buy some used ASIC but Im doing it for fun only Grin

. If you have cheaper electricity or even free electricity buying a used one is always be a better option.

tjtonmoy

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Quote from: FP91G on January 12, 2023, 06:33:27 AM

Quote from: tjtonmoy on January 07, 2023, 01:45:55 PM

Quote from: Queentoshi on December 20, 2022, 02:00:55 PM

I have heard the argument many times that some fairly use equipment are better options for purchase when compared to brand new. I can't understand how this can be argued when clearly the only reason to go for fairly used equipment should be insufficient money to afford a new one. My advice for anyone who wants to buy equipment to start mining is that if you can afford to get the new one, go for it and play the long game instead of trying to save some little money on fairly used that are more prone to developing a fault. Buy new equipment if possible.

In case if you buy used equipments at a cheap price, you can buy more with the same price that comes for brand-new ones. Another reason to consider used equipment is that it has likely already experienced some depreciation in value. This means that if you decide to sell it later on, you may not lose as much money as you would if you had purchased it new. While it is true that new equipment is generally less likely to break down or experience problems, this is not always the case. Some used equipment has been well-maintained and may be just as reliable as new equipment. Or you can also just repair them if you have good knowledge on repairing or know someone who does.
Also, you can earn back the money you have invested on those used one and sell them again and buy new used one with your profits.
So I don't think used equipments will be a bad choice at all if you are wise enough and know how to maintain them. And for those who are newbies could also buy used ones as a startup. You don't wanna ruin your brand-new ones without making the profit that you intended for.

If you want to sell the equipment, then the profit will be minimal and you will not be able to sell the equipment at a high price. A very interesting observation, but the price of mining equipment depends on its profit, and not on the market margin of the seller. And there is not much left before the halving. I would buy bitcoin.

You can't just wait for BTC halving. BTC will go towards the green side even without that. Just need a little bit of push. But as you are planning on buying BTC, that's a great choice if you are a long term investor. People are yet to understand the benefit of BTC, and they are waiting for the market to go up and only then they will buy. They want to minimize the risk as low as possible. But they are forgetting that when the market goes up, it also has the chances to go down again. Don't know why they think like the way they do. Bothers me.

FP91G

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Quote from: tjtonmoy on January 07, 2023, 01:45:55 PM

Quote from: Queentoshi on December 20, 2022, 02:00:55 PM

I have heard the argument many times that some fairly use equipment are better options for purchase when compared to brand new. I can't understand how this can be argued when clearly the only reason to go for fairly used equipment should be insufficient money to afford a new one. My advice for anyone who wants to buy equipment to start mining is that if you can afford to get the new one, go for it and play the long game instead of trying to save some little money on fairly used that are more prone to developing a fault. Buy new equipment if possible.

In case if you buy used equipments at a cheap price, you can buy more with the same price that comes for brand-new ones. Another reason to consider used equipment is that it has likely already experienced some depreciation in value. This means that if you decide to sell it later on, you may not lose as much money as you would if you had purchased it new. While it is true that new equipment is generally less likely to break down or experience problems, this is not always the case. Some used equipment has been well-maintained and may be just as reliable as new equipment. Or you can also just repair them if you have good knowledge on repairing or know someone who does.
Also, you can earn back the money you have invested on those used one and sell them again and buy new used one with your profits.
So I don't think used equipments will be a bad choice at all if you are wise enough and know how to maintain them. And for those who are newbies could also buy used ones as a startup. You don't wanna ruin your brand-new ones without making the profit that you intended for.

If you want to sell the equipment, then the profit will be minimal and you will not be able to sell the equipment at a high price. A very interesting observation, but the price of mining equipment depends on its profit, and not on the market margin of the seller. And there is not much left before the halving. I would buy bitcoin.

tjtonmoy

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Quote from: Queentoshi on December 20, 2022, 02:00:55 PM

I have heard the argument many times that some fairly use equipment are better options for purchase when compared to brand new. I can't understand how this can be argued when clearly the only reason to go for fairly used equipment should be insufficient money to afford a new one. My advice for anyone who wants to buy equipment to start mining is that if you can afford to get the new one, go for it and play the long game instead of trying to save some little money on fairly used that are more prone to developing a fault. Buy new equipment if possible.

In case if you buy used equipments at a cheap price, you can buy more with the same price that comes for brand-new ones. Another reason to consider used equipment is that it has likely already experienced some depreciation in value. This means that if you decide to sell it later on, you may not lose as much money as you would if you had purchased it new. While it is true that new equipment is generally less likely to break down or experience problems, this is not always the case. Some used equipment has been well-maintained and may be just as reliable as new equipment. Or you can also just repair them if you have good knowledge on repairing or know someone who does.
Also, you can earn back the money you have invested on those used one and sell them again and buy new used one with your profits.
So I don't think used equipments will be a bad choice at all if you are wise enough and know how to maintain them. And for those who are newbies could also buy used ones as a startup. You don't wanna ruin your brand-new ones without making the profit that you intended for.

FP91G

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Quote from: fennic on December 24, 2022, 01:36:44 AM

Quote from: Queentoshi on December 20, 2022, 02:00:55 PM

I have heard the argument many times that some fairly use equipment are better options for purchase when compared to brand new. I can't understand how this can be argued when clearly the only reason to go for fairly used equipment should be insufficient money to afford a new one. My advice for anyone who wants to buy equipment to start mining is that if you can afford to get the new one, go for it and play the long game instead of trying to save some little money on fairly used that are more prone to developing a fault. Buy new equipment if possible.

I have nit such experience but I will say that buying old nit much older mining rigs my mean buy Mining rigs that are 1 to 2 years old than they will give much more profit cause they will go more to your ROI. Cause if you buy new mining rig that costs 5000 dollars than instead buy 3000 dollars mining rig that will be a good investment for you cause you will get your Money more quick.
By they way there is a saying that "Old is Gold"
So that's depends on you and it takes a lot of patience and also man stucks just want to do.

I sometimes check the markets for mining equipment, but I don't often see equipment that are 1 to 2 years old. As a rule, older equipment is tried, this is 3-5 years old, because miners buy more modern equipment. But if you are not an engineer or you don't have partners with good engineering skills to test and maintain the equipment, then you will gain experience, not profit.

fennic

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Quote from: Queentoshi on December 20, 2022, 02:00:55 PM

I have heard the argument many times that some fairly use equipment are better options for purchase when compared to brand new. I can't understand how this can be argued when clearly the only reason to go for fairly used equipment should be insufficient money to afford a new one. My advice for anyone who wants to buy equipment to start mining is that if you can afford to get the new one, go for it and play the long game instead of trying to save some little money on fairly used that are more prone to developing a fault. Buy new equipment if possible.

I have nit such experience but I will say that buying old nit much older mining rigs my mean buy Mining rigs that are 1 to 2 years old than they will give much more profit cause they will go more to your ROI. Cause if you buy new mining rig that costs 5000 dollars than instead buy 3000 dollars mining rig that will be a good investment for you cause you will get your Money more quick.
By they way there is a saying that "Old is Gold"
So that's depends on you and it takes a lot of patience and also man stucks just want to do.

stompix

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Quote from: Queentoshi on December 20, 2022, 02:00:55 PM

My advice for anyone who wants to buy equipment to start mining is that if you can afford to get the new one, go for it and play the long game instead of trying to save some little money on fairly used that are more prone to developing a fault.

And this is a point where you should probably share some real-world experiences to make a point.

New mining equipment that has just been released can be crap too, Bitmain has made a series of flops where it has released garbage miners that would break far faster than you would have expected even from a used miner, and it has done so even on already proven versions, releasing a new batch that was nothing like the previous. With used miners and trusted sellers you don't just have the price advantage but you know those were proven miners that ran for years and had no issue, so it's more like a lottery but with no real fixed odds.

Quote from: joniboini on December 21, 2022, 06:39:24 AM

Is there any research or data related to this? I'm always curious to see whether or not ASIC is prone to failure when people run it 24/7 just like GPUs. Some news report that some model has a high failure rate, such as this one[1], but I can't find any reliable info on this.

You can find enough stories confirming this on this board, the s17 was really bad, even for Bitmain.

FP91G

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The problem is that new equipment is very difficult to buy in the amount of 1-3 units. Now it may be easier to do this, but when mining is profitable, then the minimum lot for the purchase will be expensive for an ordinary miner. Buying from intermediaries is usually a big overpayment for equipment.

hymperion

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it really depends on the situation. For example, I would pay a lot of customs duties on new equipment, and in my area there are none asic repairers. I also bought used because it weighed on me to anticipate too much money.

at the moment of the purchase of the used one I calculated a maximum roi between 200 and 250 days. For new machinery it took twice as long.

Mr. Magkaisa

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- I still somewhat agree with what you say OP that it is still better to buy new mining equipment than second-hand mining rigs. Because in any case, it still has a risk, to be honest.

I recently said to myself, if I have extra money that can meet the cost of a new Bitcoin mining machine, I will do it if I buy it so that at least I have a good investment that can be said to be good and stable savings for the future.

DaveF

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Depends on where and how it was used. I bought 2 miners from someone on this forum who bought them at a pawn shop. Neither one worked well then I got them and neither really survived that long. But considering they did not know the history when they got them and the price was low enough it did not matter that much,

Years ago I bought a bunch of S9 units used, they are still running as space heaters today.
Same with the L3 I use.

Bought 4 R4 straight from Bitmain. None made it 4 years. The ones I bought used although rebuilt over the years with parts from others as hash-boards / controllers died I still have 1 that was working when I put it in storage.

Had a used A8 from somewhere ran it for 3 years after I got it and it was still hashing away fine when I sold it.

And the price is a consideration too. If you can get 3 miners for the price of 1, then even if 2 die you are still ahead. If you pay close to full price then it's a bad deal.

-Dave

Stedsm

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Not just limited to going for fairly used equipment, you also need to take care of whether the equipment is really worth it or if the person who is selling it is a reputed seller or not, as you may also receive a defected product and may never get it replaced or in some situations, seller doesn't even send anything and keeps the money and runs away. I have seen various mining equipment advertisements on Amazon and eBay, and they also have good reviews but you know, these things can be manipulated especially on such platforms.

joniboini

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Quote from: Outhue on December 21, 2022, 04:23:50 AM

Used mining equipments don't always get problems, most times it's 2% out of 100%

Is there any research or data related to this? I'm always curious to see whether or not ASIC is prone to failure when people run it 24/7 just like GPUs. Some news report that some model has a high failure rate, such as this one[1], but I can't find any reliable info on this.

Quote from: Queentoshi on December 20, 2022, 02:00:55 PM

y advice for anyone who wants to buy equipment to start mining is that if you can afford to get the new one, go for it and play the long game instead of trying to save some little money on fairly used that are more prone to developing a fault.

I think the value of "little money" differs from users, hence why small mining farms probably don't always buy the latest RIG. If they have access to very cheap electricity, I can see the incentive to buy more affordable RIG, since ROI is just a matter of time. Assuming nothing terrible happened of course.

[1] https://cointelegraph.com/news/samson-mow-bitmain-s17-t17-antminer-has-high-failure-rate

paid2

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Quote from: FP91G on December 21, 2022, 05:35:01 AM

Quote from: Queentoshi on December 20, 2022, 02:00:55 PM

I have heard the argument many times that some fairly use equipment are better options for purchase when compared to brand new. I can't understand how this can be argued when clearly the only reason to go for fairly used equipment should be insufficient money to afford a new one. My advice for anyone who wants to buy equipment to start mining is that if you can afford to get the new one, go for it and play the long game instead of trying to save some little money on fairly used that are more prone to developing a fault. Buy new equipment if possible.

The main mistake miners make is when they buy equipment, but they do not have partners to quickly repair these ASICs. If you can repair equipment, then you can buy used mining equipment. Cheap electricity will give the miner more benefits.

Absolutely! If you have the ability or the good contacts to repair boards, it can be very profitable to buy used equipment.

Personally I never had any problems with used Antminer (just some S9k)

FP91G

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Quote from: Queentoshi on December 20, 2022, 02:00:55 PM

I have heard the argument many times that some fairly use equipment are better options for purchase when compared to brand new. I can't understand how this can be argued when clearly the only reason to go for fairly used equipment should be insufficient money to afford a new one. My advice for anyone who wants to buy equipment to start mining is that if you can afford to get the new one, go for it and play the long game instead of trying to save some little money on fairly used that are more prone to developing a fault. Buy new equipment if possible.

The main mistake miners make is when they buy equipment, but they do not have partners to quickly repair these ASICs. If you can repair equipment, then you can buy used mining equipment. Cheap electricity will give the miner more benefits.

Outhue

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It doesn't matter, I've bought so many mining equipments before and I am talking from experience, both new or used can give up on you at any time and few times the used ones lasted longer than new ones..

Also buying cheaper equipment gets you closer to your ROI than brand new that's why some people prefer used mining equipment, I know someone who can afford any asic miner but he bought used only, he cares more about ROI than the fear of an asic getting a problem.

Used mining equipments don't always get problems, most times it's 2% out of 100%

Queentoshi

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I have heard the argument many times that some fairly use equipment are better options for purchase when compared to brand new. I can't understand how this can be argued when clearly the only reason to go for fairly used equipment should be insufficient money to afford a new one. My advice for anyone who wants to buy equipment to start mining is that if you can afford to get the new one, go for it and play the long game instead of trying to save some little money on fairly used that are more prone to developing a fault. Buy new equipment if possible.

Topic: Buy new mining equipment, don't be penny wise pound foolish! (Read 261 times)