Topic: For Individuals looking to get into the Mining Game in 2014, please read this! - page 3. (Read 17203 times)

I have been mining with ASICs since beginning of November, and I cant complain. It is true that every second week, profitability takes a hit, however it still needs to take a lot of hits for profitability to become 0.

Right now a KNC Jupiter makes only 0.15 BTC per day. I am sure in a month, it will be half of that. Still, 0.15 BTC per day means that I will pocket in the coming 2 weeks US$ 1600. (electricity for 2 weeks is less than $50).

If the difficulty rise continues at these crazy rates of 20% every 2 weeks (difficulty increases every 2 weeks, then that is the only valid period for BTC calculations), that means that I will make the next 2 week periods: $ 1250, $1000, 800, 600, 480, 380, 290, 220, 170, 130, 90, 60, 40, 30, 16, 5, -4, -12, -17, ...

So I would still be able to get about $5000 assuming the difficulty increases exponentially forever.


Luckily, that will not be the case. Because for every time profitability goes to half, it means that hashing power needs to double. If right now there would be 50 000 ASIC computers, next month it will need to be 100 000. Next month 200 000, then 400 000, 800 000, 1 600 000, etc.

Any business putting lots of money, they can not do that unless they can recover the investment within a year, and get an acceptable income for the coming years. Very soon that business logic will break (profits low enough to scare the big money), then network hashing power will stabilize.

Notice that if I stop mining because it is not profitable, then 90% of the network hashing power will also be in the exactly same situation, and they will also stop mining. Then the theory that hashing power will keep increasing is flawed. Hashing power is increasing right now, but it is very short sighted to think that it will keep doing that forever.

Besides mining with Jupiters, I am also waiting for few Neptunes. And I do think that I will end this 2014 with more money than what I paid for the Neptunes.

So, just a different approach to analyze the bitcoin mining profitability for 2014-2017.

Mining Bitcoin would most likely not be profitable with these machines but other alts will be. The big dudes with mass TH/s will stick to Bitcoin and the little dudes 100Gh/s - 4Th/s will move to other alts.

I don't. My strategy is much different. I basically go to friends houses and download miners on their computers, set up CG file on desktop and say "can you double click this every once in a while and let it run for me?"

So far I have an asus 7790, asus 7970, and 4 r9 280xs, and a couple nickel dime cards all mining WDC. It also helps that im the one that built most of these rigs. Can get about 1 coin ever 20 mins with everything running. Its a much better strategy than spending 1000s of dollars on rigs for myself, and if I get rich so do they, winwin.

2014 and im still making money

Cheers!

Worldcoin is scrypt. You won't be able to use your 10gh/s miner on that.

Back when Bitfury and KNCMiner ship the first batch of units, many had reservations concerning possible return on investment.

The reality that btc would rise over its previous ATH had been discussed. However no one not even I predicted that BTC would be trading at over $1000 USD a few month's later.

Other ways to secure btc are available.

Mining is a high risk venture. It can be rewarding in many ways.

I have been providing a mining comparison spreadsheet to help new adopters become familiarized with the aspects of what network difficulty can do on projected returns.

Awareness of past hardware performance help people understand how speculative predicting future network speeds can be.

Here is a link. Create a copy and key in your own values if you wish.

https://docs.google.com/spreadsheet/ccc?key=0AmeuPljmUNHCdEpqX2RmMDFwemJyLURVUWFtZ3J3aGc&usp=docslist_api

I know what you mean, but I don't have the financial luxury to buy a mining rig as a hobby... that is why I'm concerned about at least breaking even, even if I don't profit.

I think people that like the idea of mining don't really care much about whats on the horizon they just jump in and start doing it.

I personally like all forms of mining and am thinking of getting back into CPU mining with one of the lesser known cryptos.

Well, I do like the idea of mining and I think I can learn a lot form it (about computers and the mining process). I don't want to get into ASIC mining because then I would just be mining bitcoin while competing with the big dogs, and not be able to mine LTC and the other scrypt-based alt coins (right?).

I'm afraid of investing in the mining gear for GPU mining because of ASIC developments for scrypt mining and the increasing difficulty.... I feel like I'm too late and if I start GPU mining now I'll be out of the game in 2 months.

I also saw this link on Reddit and if this is true it looks like ASIC USB miners for LTC that does 3.6 MH/s is in the horizon:
http://www.cybtc.com/thread-4792-1-1.html



Thoughts?

If you don't like the idea of mining then your probably not going to like it however the more miners there are the better it is for network.

If you want to give ASIC mining a try Antminer SI's are a good bet right now...they have a decent price, are well built, have a scalable setup and only sold on an "in hand" basis.

If you want to give GPU mining a try most motherboards have 3 x PSI-e slots of some kind...the Radeon R7 280X cards seem to be the most popular right now.  Be prepared to grapple with GPU cooling issues GPU mining however.  Actually, GPU's can be just as hard to get now as ASICs.

I mean... I haven't done it before, but I like the idea of "generating" money

Not sure...all depends if you like mining or not.

Hi guys ^____^


Soo... is it still worth getting mining gear to mine WDC? Or is GPU scrypt mining about to be dead? Pleas respond

Its wrong to try and convince people to stop mining in the mining forum...how about that.

So if I mine 1 Worldcoin every 20 minutes now and 2 years from now WCD is sitting at $50 man what a bunch of wasted time and money.

So if there are no more miners then who will support the network? What will happen to bitcoin. I got 10.7GH/s that will always be mining till the end.

From what I can tell, this calc is not much different than any other (but, I agree that it is a good one). I think people overemphasize the importance of these calculations. I understand that mining is highly competitive, and it seems to me like a lot of people try to discourage people from entering the mining game. I think that's healthy and good for people to show concern for others well being, but it does seem like people are pushing people away for a multitude of reasons. I believe greed is one of the driving factors for some, so it's good to be aware of this.

Also, in regard to those calculations: Why should it be that they are treated with so much importance? They're only a glimpse at what might transpire. There are many, many factors which can, and certainly will, change as things develop. The most important of these factors, in my opinion, is how the individual conducts their mining.

Let me give you an example:

Case A is a person who has invested borrowed money, and wishes to recover that "investment" (speculation, gamble) ASAP.
this person will more likely make emotional decisions which do not create an advantage. They'll likely sell their Bitcoin immediately, ensuring they won't take advantage of increasing value. In these cases, I believe it will be difficult for those people to get positive ROI.

Case B is a person who has speculated with their own money for which they have either no, or a very long, time frame for recovery. These people are able to balance risk better as well as HODL, or speculate, as value changes ensuring a better return.

Case C is a person who has no time frame for ROI. This is, I believe, the best situation to be in. They can sit on their bitcoin for 5 years if they want for when they're worth 50k USD, or more! Or less... but these individuals are in the mining game as a hobby, not an investment, but will actually have the best possibility to make some money.

Also, don't forget that, as long as SHA256 mining is alive, these ASIC rigs will retain or increase in value. Once profitability is too low, there is a healthy aftermarket for them.

These dumb calculators do no predict the future. Say goodbye to your money.

But remember, mining is good for the network even if you don't make any profit yourself so keep on mining.