Topic: Buying mining hardware will never pay off now. - page 2. (Read 4899 times)

That's what I have been trying to tell SwisherCutter, but he won't listen to logic.  I think he doesn't want to hear that he won't be making money on his decision.

This is very true, Bitcoin just got a huge surge of newcomers. People like me; right at the point where we are thinking about upgrading our gaming hardware. Looks like my next upgrade is gonna go to ATI this round. I probably will be mining at a loss just to accumulate some Bitcoins for a few months.

Anyone who decided to start mining now to make cash is going to be mining at a loss until the market balances.

You are exactly right.  If you already have a gaming machine, you can make some extra on the side.  But no one is going to even break even with a machine just to mine.

Exactly, which is the whole problem. Your mining rig halves it's output every 18 days.

I think the appeal right now, as has been alluded to, is to gamers. I myself was running this rig before I knew about bitcoins. I'm a Radeon fan and already had a 5850 installed, so when I saw I might be able to make a few e-dollars by using it, I gave it a shot. I just ordered a 5830 I'm going to use to mine. So I've only got a $100 investment in mining. If I make that back (which I will, easily) then everything else is pure profit.

I dont think it makes sense for an average joe to buy mining equipment now, but for gamers it's a win-win. We buy the hardware and push it to its limits anyway, so if theres a way to re-coup some of that cost, that's where the appeal is right now.

I haven't read the whole thread, however, 4% per day means it doubles every 18 days...

I agree I would have made far more investing so far than mining...but I doubt it will become unprofitable to do so anytime soon.

I am not discrediting bitcoin.  Only mining with GPUs.  And of course I am trying to influence people, because from what I can tell, they are going to lose money unless they wanted to buy a gaming machine in the first place anyway.

As I said before, there is no problem with Mt. Gox.  It is an incompatability with IE8.  You can go to your Mt. Gox account in IE 8 yourself and try to send bitcoins to your account.  You will have the same problem.

The bitcoin client loss is a real thing, I just re-installed it.

If you do the math with the network growth, you don't have to trust me, because the numbers will not lie.

When the price of the Bitcoin goes up, the number of miners mining goes up. When the price of the Bitcoin goes down the number of miners mining goes down. This all adds up to a situation where mining for bit coins is, overall, a 1 to 1 ratio.

The value going in is the value coming out.

It's in playing the market where you make your money.

Buy a 5830 instead (see my post re: 2 x 5830 on the cheap). It's currently at £72. OK, it's more power hungry than the 6670 but the hashrate / game performance should be better.

So in your estimates is BTC value going down, staying equal or going up...that is what really makes the difference...I am banking on it either staying the same or going up...$24 in the next coming weeks in my eyes is not unreasonable.  $30 was overinflated for the old difficulty.  

My main problem with your arguments is that none of your posts have done anything to help the bitcoin community...just discredit it.  There is a pattern that emerges with threads like yours.

1) They have never mined (or they have so recently purchased hardware they have yet to even try)
2) They typically have very few posts in the forum
3) They are usually new.
4) They all come with math and/or spreadsheets which are different from everyone elses.
5) There has been a sudden surge in these types of threads all over the internet...people seem real concerned about keeping people away.

You can call me paranoid all you want...I am not alone in thinking there is a massive smear campaign going on.  The facts stand that in the 3 weeks I have been posting I have had no problems with Mt.gox, my bitcoin client disappearing or with my estimated profits being unreasonable...you have managed to have all those problems in 5 days...in my eyes either you are in on it or you are too stupid to be attempting mining...either way I don't care about your opinions and they seem to only be here to sway others.

You read my posts most are either trying to out trolls or help others with their hardware...I got into this the same way I get into every investment...with the knowledge that there could be total failure.  Anyone looking to get into mining do the same...have a backup plan to your backup plan to back up your backup plan...there is no such thing as get rich quick (if there is I have never seen it and it is probably very risky).

As others have said, if you build a PC exclusively for mining, then yes, there will probably be a loss.

However, if you only mine as a hobby, i.e. leave it on when you're surfing the web, then there isn't a loss. I'm currently only running about 30MHash/second using both my GPU and CPU, but I'm planning on upgrading the graphics card to a Radeon HD 6670. According to the Hardware Comparison entry on the Bitcoin wiki, I'll get about 180MHash/sec. Now the card costs £100. Realistically, if I ran it for as often as I could do, say 300 days a year, that would be about 54 Bitcoins in total.

Which is equivelant to about £486 a year, so about £286 net profit. Which is pretty damn good for a hobby, IMO. Not to mention I'd be able to play better games on this computer as well.

No magic in my math.  It's just that the online calculators don't take the average computing power growth of the network into account.  This is a huge shame, in my opinion, because that is the killer.

Check out this graph of the growth of the bitcoin network:
http://bitcoin.sipa.be/

Keep in mind that the same number of bitcoins per day are produced no matter what.  You have to compete with more and more computer horsepower every day, so your proportion of the day's output decreases 4% a day.  That is the problem.

Fair enough.  So you will be willing to talk in a couple of months about your total return without hostility then?

guy 1: my math is better than yours.
guy 2: math is fun, on acid.
guy 3: whilst factoring in the trajectory of the sun's movement through the universe, I no longer require math.
guy 1: nuh uh!

I am currently hitting more btc per day than the calculators say I should, when that stops I might actually believe your spreadshit...til then keep trolling, just don't expect me to drink the Kool-aid.

There was no hostility til you told me your math was somehow more magical than everyone elses.

Because the truthfulness of math has nothing to do with the people producing it.  It either stands or falls on its own.  All I have to do is explain how the spreadshet works.  Then if you have any objections to the math itself, you can let it be known.

All you have to do is drop the hostility and have a rational discussion.

Unfortunately, all alternative power sources cost more per watt than conventional.  If alternative power was cheaper, that is all the utilities would buy.

If I don't trust your math why would I trust your spreadsheet.  More importantly...based on your comments I do not trust you...anyone with half a brain can decide for themselves.

Sorry, I had the ration backwards.  You can make $10 in bitcoins for every $1 in electricity, at $0.1/kwh