If you're thinking buying mining hardware, read this first

FloridaBear

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Quote from: Finksy on August 18, 2014, 08:22:10 PM

All I can think about is that early miners were pulling in 25+ BTC per week. If only hindsight was 20/20, that should be the slogan of this message board.

Yes, but you would have either had to guess right AND time it right, or spread your bets around with multiple vendors, maybe none of which would have panned out. Some got lucky but most got screwed.

Finksy

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All I can think about is that early miners were pulling in 25+ BTC per week. If only hindsight was 20/20, that should be the slogan of this message board.

DrG

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Quote from: FloridaBear on August 18, 2014, 07:59:40 PM

Quote from: Inaba on January 08, 2014, 11:52:01 AM

Of course, DrG is lying as usual. But don't let his lies dissuade you from believing in idiots like him if you like doing that sort of thing.

(ROFLCopters at BFL not having taped out. What an idiot.)

You're right. His May/June estimate was idiotic. September would have been a lot closer. And what a bargain for existing customers at $1.97/GH. Super ROI there.

Josh, sometimes your arrogance is truly breathtaking.

Wow I didn't see the reply lol. Yes Josh, I am the idiot. I am the idiot that fell for your lies and paid 209BTC and believed your company would ship an ASIC in October 2012 that end up being delivered in July 2013 - and died within 1 week of usage and took almost 14 days to RMA. Yes I am an idiot - only idiots get into medical school and finish medical residency you know - we can't all wear Big Boy Pants.

I love the accusation of lying as usual - I would like one link to where I lied on these forms. The court documents clearly showed where you lied.

How's that Monarch shipping going? Two weeks you say?

FloridaBear

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Quote from: Inaba on January 08, 2014, 11:52:01 AM

Of course, DrG is lying as usual. But don't let his lies dissuade you from believing in idiots like him if you like doing that sort of thing.

(ROFLCopters at BFL not having taped out. What an idiot.)

You're right. His May/June estimate was idiotic. September would have been a lot closer. And what a bargain for existing customers at $1.97/GH. Super ROI there.

Josh, sometimes your arrogance is truly breathtaking.

Inaba

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Yes, but not until the next generation of miners are deployed and active. Until then, it's a race to just keep up. Once the next generation is out there, we are up against a technology wall that will slow down the pace of new hardware being rolled out dramatically, giving the miners and the manufacturers time to breathe a bit.

dopeBroker

newbie

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I have to pose the question. Is mining profitable enough to even be able to scale up enough in a reasonable manner? I take it we can't expect to double profits at all, but let's say you expanded your ANTMINERS for the next 3 months by one unit starting at one, and then took the profits from those to flip into newer technology that will likely be announced, is there a point where your profits will eventually sustain the business of replacing current hardware and expanding to purchase additional hardware?

From my view with the calculators that do factor in difficulty increase, it doesn't seem very likely. Here I am about to try it anyway though...

Inaba

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Of course, DrG is lying as usual. But don't let his lies dissuade you from believing in idiots like him if you like doing that sort of thing.

(ROFLCopters at BFL not having taped out. What an idiot.)

DrG

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Quote from: casinocoin on January 04, 2014, 03:27:17 PM

Some advice..
BFL 300gh card is $1,200
If i order one and mine for lets say 6 months I could get anywhere from 2-X btc..
The ROI is not a problem and im not looking to re sell this card simply a way for myself to get some BTC for the long run without just purchasing 1.2k worth?
I will hold the coins until later with a hope of a spike and if Bitcoin dies out which i don't believe will happen.. Then whatever right?

You need to do more reading. If your computations made sense then everybody would buy the 300GH/s card for free money, then the difficulty would skyrocket and nobody would make money. And that's exactly what's happened, except not with BFL hardware. Considering BFL hasn't finished tapeout yet you're looking at a May/June release on those cards.

Jorge22f

newbie

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Quote from: casinocoin on January 04, 2014, 03:27:17 PM

Some advice..
BFL 300gh card is $1,200
If i order one and mine for lets say 6 months I could get anywhere from 2-X btc..
The ROI is not a problem and im not looking to re sell this card simply a way for myself to get some BTC for the long run without just purchasing 1.2k worth?
I will hold the coins until later with a hope of a spike and if Bitcoin dies out which i don't believe will happen.. Then whatever right?

The only deal I see from BFL close to that is 300GH for $1500, and that is a preorder for 3 or more months from now. This is what their description shows "Pre-Order Terms: This is a pre-order. 28nm ASIC bitcoin mining hardware products are shipped according to placement in the order queue, and delivery may take 3 months or more after order. All sales are final." So since difficulty pretty much doubles by the month, you will want to do your calculations after doubling current difficulty 3 times. If your plan is to mine and wait for the price to go up then it would be worth it as long as the price does go up.

casinocoin

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CasinoCoin

Some advice..
BFL 300gh card is $1,200
If i order one and mine for lets say 6 months I could get anywhere from 2-X btc..
The ROI is not a problem and im not looking to re sell this card simply a way for myself to get some BTC for the long run without just purchasing 1.2k worth?
I will hold the coins until later with a hope of a spike and if Bitcoin dies out which i don't believe will happen.. Then whatever right?

Francisdoge

newbie

Activity: 38

Merit: 0

Quote from: Jorge22f on January 02, 2014, 11:18:02 PM

Has mining BTC lost its profitability due to the high difficulty? Can people even break even with current hardware prices and difficulty level? I mean current hardware as in hardware that you can use today.

The bare minimum investment that has the potential to turn in a big profit so you can grow your mining operation exponentially bigger over time, tops at hundreds of thousands of dollars.

Even if you want to start low, your option is the pricey 10~15k miners, which won't give you enough profit to buy a new beefier miner when yours turns into the red zone of profit/powercost

Jorge22f

newbie

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Has mining BTC lost its profitability due to the high difficulty? Can people even break even with current hardware prices and difficulty level? I mean current hardware as in hardware that you can use today.

Anddos

sr. member

Activity: 378

Merit: 250

Once Hashfast hit the network this month,difficulty is going to skyrocket,jupiters are going to look like usb sticks i am afraid,there is 570 devices of the babyjet that are expected to hit the network anytime now,they also have upgrade modules and there is also Hashfast seriea's which i dont know how many they are shipping in batch 1

Jorge22f

newbie

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Merit: 0

I see a lot of the powerful ASICs that can get you a lot of Bitcoins are all for pre-order right now. Since they won't be available for a few months I'm not very interested in them. A lot of the ASICs available for purchase right now are not very powerful and I'm not sure if they'd be worth the investment. Does anyone know of a seller that is selling ASICs available right now for a great deal?

User705

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First 100% Liquid Stablecoin Backed by Gold

Quote from: Inaba on September 23, 2013, 01:21:26 PM

Quote from: Sitarow on September 23, 2013, 10:17:00 AM

Quote from: Inaba on September 23, 2013, 10:09:25 AM

Everyone should go back and re-read the OP. Mentally replace GPU with ASIC in that post... that's the same kind of "the sky is falling" stuff we are seeing now with ASICs. How'd that GPU mining turn out for those that invested in it back in 2011?

The equation is simple.

If you have fiat capital that you wish to exchange for Bitcoin, then history has shown that you get more Bitcoin buying it at market rate, rather then expected Bitcoin return from mining.

Remember that unlike GPU's the ASIC hardware being sold at premium rates have no other use.

Over what time frame are you referring to, though? Depending on the time frame, mining can return more than buying... I agree that if you take the entirety of Bitcoin history as a whole, you are correct. Will that statement hold true in the future? Who knows...

Coming from you that's hardly impartial now is it? Also with over 50% of total coins mined under which conditions do you believe mining will return more in the future?

Inaba

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Quote from: Sitarow on September 23, 2013, 10:17:00 AM

Quote from: Inaba on September 23, 2013, 10:09:25 AM

Everyone should go back and re-read the OP. Mentally replace GPU with ASIC in that post... that's the same kind of "the sky is falling" stuff we are seeing now with ASICs. How'd that GPU mining turn out for those that invested in it back in 2011?

The equation is simple.

If you have fiat capital that you wish to exchange for Bitcoin, then history has shown that you get more Bitcoin buying it at market rate, rather then expected Bitcoin return from mining.

Remember that unlike GPU's the ASIC hardware being sold at premium rates have no other use.

Over what time frame are you referring to, though? Depending on the time frame, mining can return more than buying... I agree that if you take the entirety of Bitcoin history as a whole, you are correct. Will that statement hold true in the future? Who knows...

Sitarow

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Quote from: Inaba on September 23, 2013, 10:09:25 AM

Everyone should go back and re-read the OP. Mentally replace GPU with ASIC in that post... that's the same kind of "the sky is falling" stuff we are seeing now with ASICs. How'd that GPU mining turn out for those that invested in it back in 2011?

The equation is simple.

If you have fiat capital that you wish to exchange for Bitcoin, then history has shown that you get more Bitcoin buying it at market rate, rather then expected Bitcoin return from mining.

Remember that unlike GPU's the ASIC hardware being sold at premium rates have no other use.

Inaba

legendary

Activity: 1260

Merit: 1000

Everyone should go back and re-read the OP. Mentally replace GPU with ASIC in that post... that's the same kind of "the sky is falling" stuff we are seeing now with ASICs. How'd that GPU mining turn out for those that invested in it back in 2011?

Sitarow

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marcotheminer

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┴puoʎǝq ʞool┴

Quote from: JJG on April 26, 2011, 11:20:42 AM

OCed 5870 running phoenix

How much does one of these cost now?

Topic: If you're thinking buying mining hardware, read this first (Read 92715 times)