People, bitcoin is too big to make easy money, easy money, that pulled me to this in 2011, and infact, it wasn't easy at all.
Still today I have to explain more and more friends of mine that it isn't that simple anymore and that theyr 8800GT is not suited for mining, or that theyr 3960X is als not eligable for Bitcoin mining.
If you didn't join in before Litecoin launched, you are pretty much dead in the water, it is so hard for newby's to even keep track of which coin they should mine.
Topic: Don't buy any miner (Read 2986 times)
Okay, so the various BTC mining calculators tell me that if I by a miner, even at a crazy difficulty like 270,000,000 I can still make money.
Do I not trust these calculators?
And what if I had "free to me" electricity. That is, if I plugged everything at work and let it all run 24/7, could that be profitable?
I work at a huge refinery with my own office, so my little electricity costs wouldn't even be a calculable percentage. Not when they freely give electricity away for people to plug their cars in all day long in the cold or leave the lights on in every single room in every building, even when they are empty.
Do I not trust these calculators?
And what if I had "free to me" electricity. That is, if I plugged everything at work and let it all run 24/7, could that be profitable?
I work at a huge refinery with my own office, so my little electricity costs wouldn't even be a calculable percentage. Not when they freely give electricity away for people to plug their cars in all day long in the cold or leave the lights on in every single room in every building, even when they are empty.
I agree - don't buy anything - you'll be competing with me. Also, don't do any research about mining. Also, trust people on forums at random.
Best regards,
ralree
Best regards,
ralree
Sooner or later people will understand that buying mining equipment is not the best investment out there.
Of course there will always be idiots buying ASICMINER usb in different colors but still isn't that a long term problem for bitcoin?
Of course there will always be idiots buying ASICMINER usb in different colors but still isn't that a long term problem for bitcoin?
Don't buy mining hardware, *at all*. You will never make any profit with it (but lose your money).
By ordering (i.e. PRE-ordering) something, you are just giving your money to the society that produces the hardware (and that will use it to earn money for itself). It will ship only when the miners are not really profitable anymore.
Buy only if you know when you will get what you are paying for! (which means don't buy at all now).
Best regards,
ilpirata79
By ordering (i.e. PRE-ordering) something, you are just giving your money to the society that produces the hardware (and that will use it to earn money for itself). It will ship only when the miners are not really profitable anymore.
Buy only if you know when you will get what you are paying for! (which means don't buy at all now).
Best regards,
ilpirata79
Decent advice! Common sense to most, venture capitalism works in magical ways ;P
...
and see this
https://blockchain.info/stats
Mining does not look profitable at all for newcomers. Miners who have been running and have paid-for equipment can possibly be operating in the black.
and see this
https://blockchain.info/stats
Mining does not look profitable at all for newcomers. Miners who have been running and have paid-for equipment can possibly be operating in the black.
* Electricity consumption is estimated based on power consumption of 650 Watts per gigahash and electricity price of 15 cent per kilowatt hour.
Errr ... isn't the current consumption something like 1-5W/GH?
I believe the estimate were based on GPU. They have not update with ASIC and FGPA.
...
and see this
https://blockchain.info/stats
Mining does not look profitable at all for newcomers. Miners who have been running and have paid-for equipment can possibly be operating in the black.
and see this
https://blockchain.info/stats
Mining does not look profitable at all for newcomers. Miners who have been running and have paid-for equipment can possibly be operating in the black.
* Electricity consumption is estimated based on power consumption of 650 Watts per gigahash and electricity price of 15 cent per kilowatt hour.
Errr ... isn't the current consumption something like 1-5W/GH?
Just to confirm that also my calculations agree with the OP.
At the moment the only wise thing is IMO to wait.
ASICs prices will drop fast in the next months, leaving to miners a chance to reach break even and maybe pass it (improbable at today's prices).
At the moment the only wise thing is IMO to wait.
ASICs prices will drop fast in the next months, leaving to miners a chance to reach break even and maybe pass it (improbable at today's prices).
This is sad, I was planning to buy one 
, anyway thanks for the info.
, anyway thanks for the info. 
If I can get a few million satoshis per month as a bonus to offset the cost of burning a few kilowatt hours of electricity to heat my home in the winter, why not?
If I can also contribute to the strength of the network, even better.
If I can also contribute to the strength of the network, even better.
If you thereby strengthen a bitcoin-based economy, no longer just based on speculation against fiat currencies, even better.
I got this chart from ...
https://blockchain.info/charts/miners-operating-profit-margin
and see this
https://blockchain.info/stats
Mining does not look profitable at all for newcomers. Miners who have been running and have paid-for equipment can possibly be operating in the black.
https://blockchain.info/charts/miners-operating-profit-margin
and see this
https://blockchain.info/stats
Mining does not look profitable at all for newcomers. Miners who have been running and have paid-for equipment can possibly be operating in the black.
If I can get a few million satoshis per month as a bonus to offset the cost of burning a few kilowatt hours of electricity to heat my home in the winter, why not?
If I can also contribute to the strength of the network, even better.
If I can also contribute to the strength of the network, even better.
My post refers to the attempt at making a profit by mining bitcoins. Heating your home in winter is another story.
Regarding the security of the network, it is probably good that different asic companies fight with each other to produce more efficient products. The only thing is that they should do that with their money, not ours.
Best regards,
ilpirata79
That "any" is rubbish if you don't take into account Mh/$.
If you mean to say that ALL miners for sale today are too expensive, so too low Mh/$ for the current and future difficulty, that's a different issue.
With "never pre-order" I agree 100% though.
If you mean to say that ALL miners for sale today are too expensive, so too low Mh/$ for the current and future difficulty, that's a different issue.
With "never pre-order" I agree 100% though.
I think we agree after all, because my post reflects today's situation, where there is no miner worth buying (pre-orders or too expensive miners).
I don't think something worth buying will appear in future by these asic companies.
The only maybe viable solution that I see would be to become owner of part of one, if the cost of shares is appropriate.
best regards,
ilpirata79
If I can get a few million satoshis per month as a bonus to offset the cost of burning a few kilowatt hours of electricity to heat my home in the winter, why not?
If I can also contribute to the strength of the network, even better.
If I can also contribute to the strength of the network, even better.
That "any" is rubbish if you don't take into account Mh/$.
If you mean to say that ALL miners for sale today are too expensive, so too low Mh/$ for the current and future difficulty, that's a different issue.
With "never pre-order" I agree 100% though.
If you mean to say that ALL miners for sale today are too expensive, so too low Mh/$ for the current and future difficulty, that's a different issue.
With "never pre-order" I agree 100% though.
Sad
Don't buy mining hardware, *at all*.
What is your alternative then?
There is no alternative. Don't buy those things. Stop.
HrHh
best regards,
ilpirata79
At least the guy who started a similar thread before you provided a common sense reason: ASICs hurts the planet because they use too much energy.
He was funny.
You aren't.
So what?
Did you read my first post? Did you understand it?
best regards,
ilpirata79
i couldnt disagree with you more , i just dont have the time to explain . stop with your nonsense please . and no i don't work for an asics company i just understand EXACTLY how this mining works.
Thankyou and good night
go to sleep please...
Don't buy mining hardware, *at all*.
What is your alternative then?
There is no alternative. Don't buy those things. Stop.
HrHh
best regards,
ilpirata79
At least the guy who started a similar thread before you provided a common sense reason: ASICs hurts the planet because they use too much energy.
He was funny.
You aren't.
So what?
Did you read my first post? Did you understand it?
best regards,
ilpirata79
i couldnt disagree with you more , i just dont have the time to explain . stop with your nonsense please . and no i don't work for an asics company i just understand EXACTLY how this mining works.
Thankyou and good night
Don't buy mining hardware, *at all*.
What is your alternative then?
There is no alternative. Don't buy those things. Stop.
HrHh
best regards,
ilpirata79
At least the guy who started a similar thread before you provided a common sense reason: ASICs hurts the planet because they use too much energy.
He was funny.
You aren't.
So what?
Did you read my first post? Did you understand it?
best regards,
ilpirata79
Don't buy mining hardware, *at all*.
What is your alternative then?
There is no alternative. Don't buy those things. Stop.
HrHh
best regards,
ilpirata79
At least the guy who started a similar thread before you provided a common sense reason: ASICs hurts the planet because they use too much energy.
He was funny.
You aren't.
Don't buy mining hardware, *at all*.
What is your alternative then?
Get a job.
Seriously, if you're into mining to make money, but mining coins is more expensive than just buying coins,
then buying mining-hardware makes little sense, don't you think?
Don't buy mining hardware, *at all*.
What is your alternative then?
There is no alternative. Don't buy those things. Stop.
best regards,
ilpirata79
Don't buy mining hardware, *at all*.
What is your alternative then?
That makes me sad that I didn't get on board 2 years ago.
Right.
Leave the network to "somebody else"™
Yea not everyone's out trying to make easy money. Leave the network to "somebody else"™
Yes, sure... do you work for an asics making company?
best regards,
ilpirata79
Right.
Leave the network to "somebody else"™
Yea not everyone's out trying to make easy money. Leave the network to "somebody else"™
Right.
Leave the network to "somebody else"™
Leave the network to "somebody else"™
Totally agree with this. Whoever can do a simple math - can find out mining hardware will NEVER pay for itself if bought for prices that are out there.
People who are aware of that are buying BTC directly hoping it will go up in price. Even smarter people are probably just watching.
People who are aware of that are buying BTC directly hoping it will go up in price. Even smarter people are probably just watching.
Don't buy mining hardware, *at all*. You will never make any profit with it (but lose your money).
By ordering (i.e. PRE-ordering) something, you are just giving your money to the society that produces the hardware (and that will use it to earn money for itself). It will ship only when the miners are not really profitable anymore.
Buy only if you know when you will get what you are paying for! (which means don't buy at all now).
Best regards,
ilpirata79
By ordering (i.e. PRE-ordering) something, you are just giving your money to the society that produces the hardware (and that will use it to earn money for itself). It will ship only when the miners are not really profitable anymore.
Buy only if you know when you will get what you are paying for! (which means don't buy at all now).
Best regards,
ilpirata79
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