I am out of the mining game :( - page 14.

X7

legendary

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Quote from: vm_mpn on August 28, 2014, 08:42:14 AM

Before making cloud mining purchasing decision please refer to https://bitcoinwisdom.com/bitcoin/difficulty and see how much you will be able to make with the hash power and time you are given.

Or just listen to people who mine... and don't do it... lol

ScryptAsic

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Quote from: vm_mpn on August 28, 2014, 08:42:14 AM

Before making cloud mining purchasing decision please refer to https://bitcoinwisdom.com/bitcoin/difficulty and see how much you will be able to make with the hash power and time you are given.

Nice, I always use bitcoinwisdom calculator too to determine how good asic or cloud mining are. But usually its negative ROI..

vm_mpn

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Before making cloud mining purchasing decision please refer to https://bitcoinwisdom.com/bitcoin/difficulty and see how much you will be able to make with the hash power and time you are given.

promojo

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Quote from: DrG on August 28, 2014, 01:34:27 AM

Quote from: Charleswill on August 28, 2014, 12:50:20 AM

I think I found a mining solution that is pain free at www.wazue.com. I had a good ROI after 1 week of mining.

I always trust external links from a newbie, how could they lead me to a bad place!?!

Seriously don't click random unknown links unless you trust the user.

As noted above it is observed to be a scam.

+2 for nuking that website and scam cloud mining

DrG

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Quote from: Charleswill on August 28, 2014, 12:50:20 AM

I think I found a mining solution that is pain free at www.wazue.com. I had a good ROI after 1 week of mining.

I always trust external links from a newbie, how could they lead me to a bad place!?!

Seriously don't click random unknown links unless you trust the user.

As noted above it is observed to be a scam.

LightningBlade

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Activity: 259

Merit: 250

Quote from: Charleswill on August 28, 2014, 12:50:20 AM

I think I found a mining solution that is pain free at www.wazue.com. I had a good ROI after 1 week of mining.

Scam, please don't invest into it.

promojo

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Activity: 420

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Quote from: Charleswill on August 28, 2014, 12:50:20 AM

I think I found a mining solution that is pain free at www.wazue.com. I had a good ROI after 1 week of mining.

For anyone that reads this... Do not put money in contracts or cloud based mining. It will not be profitable and unless you have full control over what pool you join you will not know your true payouts.

Charleswill

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I think I found a mining solution that is pain free at www.wazue.com. I had a good ROI after 1 week of mining.

MilesJohan

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Quote from: Skrillex on August 27, 2014, 07:19:42 AM

Mining is a big risk, but you can go legit millonaire in the future if it works out well..

Buying BTC directly seems to be a better way to be millionaire.

Skrillex

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Mining is a big risk, but you can go legit millonaire in the future if it works out well..

Katarina

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Quote from: Anna Chan on August 26, 2014, 06:24:17 AM

As the current BTC/LTC prices are too low, it's clearly that we should buy coins directly rather than mining. I worry about how long would such low prices sustain.

Agree that buy coins directly is a much better decision. Unless it is a new alt-coin then you need some hash.

Anna Chan

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As the current BTC/LTC prices are too low, it's clearly that we should buy coins directly rather than mining. I worry about how long would such low prices sustain.

DMeeks

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Quote from: e1ghtSpace on August 25, 2014, 06:48:25 PM

Quote from: orcanice on August 13, 2014, 02:25:29 PM

So im out of the mining game.

Getting asics importet from china is too expensive -.-
Electricity is too expensive in my country 0.14$/kwh -.-
and my block erupters isnt making me anything.

this game have only been a waste of money so far.

GL on your mining guys

dont make the same mistakes as i did.

My electricity is 0.32$/kWh Australian $. Which sucks. But I don't mine anyway.

0.32$ is really expensive, you pretty much hit break-even pretty soon... good to hear that you stop mining already

e1ghtSpace

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Crypto since 2014

Quote from: orcanice on August 13, 2014, 02:25:29 PM

So im out of the mining game.

Getting asics importet from china is too expensive -.-
Electricity is too expensive in my country 0.14$/kwh -.-
and my block erupters isnt making me anything.

this game have only been a waste of money so far.

GL on your mining guys

dont make the same mistakes as i did.

My electricity is 0.32$/kWh Australian $. Which sucks. But I don't mine anyway.

X7

legendary

Activity: 1162

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Let he who is without sin cast the first stone

Quote from: E3R4 on August 24, 2014, 04:13:50 PM

I am out of the mining game too ..

how and way mining .

is it a good investissement ..?
thanks

Easy response in one click
http://thebitcoinmovement.com/project/3702/

E3R4

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www.10prof.com

I am out of the mining game too ..

how and way mining .

is it a good investissement ..?
thanks

X7

legendary

Activity: 1162

Merit: 1009

Let he who is without sin cast the first stone

Quote from: DrG on August 23, 2014, 11:46:31 PM

Quote from: learning on August 23, 2014, 08:25:50 PM

Quote from: alh on August 23, 2014, 12:15:28 PM

Quote from: learning on August 22, 2014, 07:36:41 PM

That's exactly my question, I'm new to bitcoins but I saw the video on MBP datacenter in Washington. Are they still making $USD8million a month profit? Is there a formula that shows how and when (at what investment level) that a profit can start to be made? Feel free to answer here or PM me, I'm looking to learn about this. So far it seems to me that only the manufacturers win because they mine for 6-12 months on their new equipment while "testing" it in pools of at least 100 servers, then when those servers get too slow for the formula they finally ship them to end customers. Do I have it right so far in my conclusions? So to make any profit at this you have to be the manufacturer of your own ASIC cards and get each server for about $500-$900 total cost.

It's quite unlikely that the Washington mining facility is making $8 Million per month today. Unless they have continued to upgrade/replace their hardware, at some serious cost, they will see a declining number of Bitcoins each and every month. The largest facilities are as exposed to difficulty increases, and the volatility of the Bitcoin price as even a puny 100 GH/s miner like myself.

Just think of yourself as the "CEO" of such a mining facility walking around and realizing that every 12-14 days, difficulty will adjust, and you will make fewer Bitcoins next month than you did this month. And you you still have to sell some of your Bitcoins to pay for the electric bill (in US $$$, not Bitcoins) at the end of the month. You just hope that Bitcoins didn't also go down by 5% in value during the month. And sometime, you will likely have to report back to your investors that you didn't make $8 million this month.

While the numbers are jaw dropping, the finances are every bit as precarious as they come.

You can take each month's profit and re-invest into new (and faster) servers. $USD3million buys 1000 5TH machines. So each month you can replace nearly your whole datacenter with faster servers. If you replaced every 4 months you are still making 4x profit over replacement costs. I just wonder what the facts are, not speculation, on what they invest and what they make. Even more I wonder what the lowest entry point is to make a worthwhile income. Companies like Mega Big Power and Cointerra and others who have big datacenters wouldn't do it if it wasn't making them money. So what are they doing right and what is their formula?

The trick is that they can sell to themselves without cheating themselves. If Cointerra sold a 2TH unit last year for $5000 and it cost them $1500 to develop the unit, then they can buy more units for themselves. They don't need to pay for any additional research, they don't need to pay for shipping, they're not penalized with a 2 week downtime with shipping. So if the miner costs 1/3 of their total end user selling price then they essentially have only 1/3rd the investment cost that an end user would have. Not to mention the benefit of mining earlier.

Now if they continue to sell the units for $5k and it costs them $1.5k, they can buy 3 units for every 1 unit they sell you.

This is why she is a hero member Cheesy

DrG

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Quote from: learning on August 23, 2014, 08:25:50 PM

Quote from: alh on August 23, 2014, 12:15:28 PM

Quote from: learning on August 22, 2014, 07:36:41 PM

That's exactly my question, I'm new to bitcoins but I saw the video on MBP datacenter in Washington. Are they still making $USD8million a month profit? Is there a formula that shows how and when (at what investment level) that a profit can start to be made? Feel free to answer here or PM me, I'm looking to learn about this. So far it seems to me that only the manufacturers win because they mine for 6-12 months on their new equipment while "testing" it in pools of at least 100 servers, then when those servers get too slow for the formula they finally ship them to end customers. Do I have it right so far in my conclusions? So to make any profit at this you have to be the manufacturer of your own ASIC cards and get each server for about $500-$900 total cost.

It's quite unlikely that the Washington mining facility is making $8 Million per month today. Unless they have continued to upgrade/replace their hardware, at some serious cost, they will see a declining number of Bitcoins each and every month. The largest facilities are as exposed to difficulty increases, and the volatility of the Bitcoin price as even a puny 100 GH/s miner like myself.

Just think of yourself as the "CEO" of such a mining facility walking around and realizing that every 12-14 days, difficulty will adjust, and you will make fewer Bitcoins next month than you did this month. And you you still have to sell some of your Bitcoins to pay for the electric bill (in US $$$, not Bitcoins) at the end of the month. You just hope that Bitcoins didn't also go down by 5% in value during the month. And sometime, you will likely have to report back to your investors that you didn't make $8 million this month.

While the numbers are jaw dropping, the finances are every bit as precarious as they come.

You can take each month's profit and re-invest into new (and faster) servers. $USD3million buys 1000 5TH machines. So each month you can replace nearly your whole datacenter with faster servers. If you replaced every 4 months you are still making 4x profit over replacement costs. I just wonder what the facts are, not speculation, on what they invest and what they make. Even more I wonder what the lowest entry point is to make a worthwhile income. Companies like Mega Big Power and Cointerra and others who have big datacenters wouldn't do it if it wasn't making them money. So what are they doing right and what is their formula?

The trick is that they can sell to themselves without cheating themselves. If Cointerra sold a 2TH unit last year for $5000 and it cost them $1500 to develop the unit, then they can buy more units for themselves. They don't need to pay for any additional research, they don't need to pay for shipping, they're not penalized with a 2 week downtime with shipping. So if the miner costs 1/3 of their total end user selling price then they essentially have only 1/3rd the investment cost that an end user would have. Not to mention the benefit of mining earlier.

Now if they continue to sell the units for $5k and it costs them $1.5k, they can buy 3 units for every 1 unit they sell you.

learning

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Activity: 5

Merit: 0

Quote from: alh on August 23, 2014, 12:15:28 PM

Quote from: learning on August 22, 2014, 07:36:41 PM

That's exactly my question, I'm new to bitcoins but I saw the video on MBP datacenter in Washington. Are they still making $USD8million a month profit? Is there a formula that shows how and when (at what investment level) that a profit can start to be made? Feel free to answer here or PM me, I'm looking to learn about this. So far it seems to me that only the manufacturers win because they mine for 6-12 months on their new equipment while "testing" it in pools of at least 100 servers, then when those servers get too slow for the formula they finally ship them to end customers. Do I have it right so far in my conclusions? So to make any profit at this you have to be the manufacturer of your own ASIC cards and get each server for about $500-$900 total cost.

It's quite unlikely that the Washington mining facility is making $8 Million per month today. Unless they have continued to upgrade/replace their hardware, at some serious cost, they will see a declining number of Bitcoins each and every month. The largest facilities are as exposed to difficulty increases, and the volatility of the Bitcoin price as even a puny 100 GH/s miner like myself.

Just think of yourself as the "CEO" of such a mining facility walking around and realizing that every 12-14 days, difficulty will adjust, and you will make fewer Bitcoins next month than you did this month. And you you still have to sell some of your Bitcoins to pay for the electric bill (in US $$$, not Bitcoins) at the end of the month. You just hope that Bitcoins didn't also go down by 5% in value during the month. And sometime, you will likely have to report back to your investors that you didn't make $8 million this month.

While the numbers are jaw dropping, the finances are every bit as precarious as they come.

You can take each month's profit and re-invest into new (and faster) servers. $USD3million buys 1000 5TH machines. So each month you can replace nearly your whole datacenter with faster servers. If you replaced every 4 months you are still making 4x profit over replacement costs. I just wonder what the facts are, not speculation, on what they invest and what they make. Even more I wonder what the lowest entry point is to make a worthwhile income. Companies like Mega Big Power and Cointerra and others who have big datacenters wouldn't do it if it wasn't making them money. So what are they doing right and what is their formula?

Ayers

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Quote from: Daniel007 on August 23, 2014, 01:59:28 AM

I think you tried for BTC mining. You should try for altcoin mining and your electricity bill is quite high.

altcoin scene seems dead now, maybe worse than bitcoin, if you look for mining i would just avoid the entire thing

Topic: I am out of the mining game :( - page 14. (Read 44414 times)