Mining can be bad for the people who don't pay what it is worth. If you find a good deal it is easy to make money off mining. Some people have no problem STILL paying 43 BTC for a Jupiter. Ridiculous. Never ROI. Others, get off with deals like $4000 for a Jupiter (Me). That turns out well.
Hope this helped.
Topic: I'm About to Quit Mining (Read 4643 times)
And invest some in alt-coins too to diversify your risk...
Diversification "no matter what" is clearly a bad idea: the asset you invest in must make sense in the first place anyway...I've decided that I simply can't continue to mine and make money.
Simply put, over the past year I've found my costs & risks (especially for hardware) constantly increasing, while my profits have been dwindling.
Originally with GPU I wasn't earning much, but I didn't have to invest, and it was really low-risk low-stress. Then, I bought my first ASICs, but it took forever to ship. Then when it shipped it hashed well for like 2 days (Believe it or not I "accidentally" solo-mined a block). But after that, even when I joined a pool, it wasn't working very well. I suspect I just got very lucky. Long story short I had to re-sell my miner and immediately bought a newer one. This time, I was on the first wave, but it was even worse. I only broke even because I re-sold my miner, today.
I'd rather not disclose the company who made my miners, because I hold no ill will toward them and don't wish to spread bad publicity, but I'm wondering if anybody could either agree with me that its probably best to just quit while I'm ahead, because I'm really lucky to even broke even on this last one and could have lost a ton, or if its best to go right ahead and buy a terraminer IV. If I did the latter, I'd be investing an amount more than equal to my total miner profits ever (given BTC price at time of mining) in a SINGLE machine. Now, its not quite as bad as that, as the majority of coins I got at really low prices, but I'm starting to think its best to just cut and run, or invest in BTC by just purchasing more, rather than buying increasingly expensive equipment.
Simply put, over the past year I've found my costs & risks (especially for hardware) constantly increasing, while my profits have been dwindling.
Originally with GPU I wasn't earning much, but I didn't have to invest, and it was really low-risk low-stress. Then, I bought my first ASICs, but it took forever to ship. Then when it shipped it hashed well for like 2 days (Believe it or not I "accidentally" solo-mined a block). But after that, even when I joined a pool, it wasn't working very well. I suspect I just got very lucky. Long story short I had to re-sell my miner and immediately bought a newer one. This time, I was on the first wave, but it was even worse. I only broke even because I re-sold my miner, today.
I'd rather not disclose the company who made my miners, because I hold no ill will toward them and don't wish to spread bad publicity, but I'm wondering if anybody could either agree with me that its probably best to just quit while I'm ahead, because I'm really lucky to even broke even on this last one and could have lost a ton, or if its best to go right ahead and buy a terraminer IV. If I did the latter, I'd be investing an amount more than equal to my total miner profits ever (given BTC price at time of mining) in a SINGLE machine. Now, its not quite as bad as that, as the majority of coins I got at really low prices, but I'm starting to think its best to just cut and run, or invest in BTC by just purchasing more, rather than buying increasingly expensive equipment.
Dont buy anything or any other miner difficulty is crazy. Invest your money into BTC when on low price and it is a sure profit
And invest some in alt-coins too to diversify your risk...
I've decided that I simply can't continue to mine and make money.
Simply put, over the past year I've found my costs & risks (especially for hardware) constantly increasing, while my profits have been dwindling.
Originally with GPU I wasn't earning much, but I didn't have to invest, and it was really low-risk low-stress. Then, I bought my first ASICs, but it took forever to ship. Then when it shipped it hashed well for like 2 days (Believe it or not I "accidentally" solo-mined a block). But after that, even when I joined a pool, it wasn't working very well. I suspect I just got very lucky. Long story short I had to re-sell my miner and immediately bought a newer one. This time, I was on the first wave, but it was even worse. I only broke even because I re-sold my miner, today.
I'd rather not disclose the company who made my miners, because I hold no ill will toward them and don't wish to spread bad publicity, but I'm wondering if anybody could either agree with me that its probably best to just quit while I'm ahead, because I'm really lucky to even broke even on this last one and could have lost a ton, or if its best to go right ahead and buy a terraminer IV. If I did the latter, I'd be investing an amount more than equal to my total miner profits ever (given BTC price at time of mining) in a SINGLE machine. Now, its not quite as bad as that, as the majority of coins I got at really low prices, but I'm starting to think its best to just cut and run, or invest in BTC by just purchasing more, rather than buying increasingly expensive equipment.
Simply put, over the past year I've found my costs & risks (especially for hardware) constantly increasing, while my profits have been dwindling.
Originally with GPU I wasn't earning much, but I didn't have to invest, and it was really low-risk low-stress. Then, I bought my first ASICs, but it took forever to ship. Then when it shipped it hashed well for like 2 days (Believe it or not I "accidentally" solo-mined a block). But after that, even when I joined a pool, it wasn't working very well. I suspect I just got very lucky. Long story short I had to re-sell my miner and immediately bought a newer one. This time, I was on the first wave, but it was even worse. I only broke even because I re-sold my miner, today.
I'd rather not disclose the company who made my miners, because I hold no ill will toward them and don't wish to spread bad publicity, but I'm wondering if anybody could either agree with me that its probably best to just quit while I'm ahead, because I'm really lucky to even broke even on this last one and could have lost a ton, or if its best to go right ahead and buy a terraminer IV. If I did the latter, I'd be investing an amount more than equal to my total miner profits ever (given BTC price at time of mining) in a SINGLE machine. Now, its not quite as bad as that, as the majority of coins I got at really low prices, but I'm starting to think its best to just cut and run, or invest in BTC by just purchasing more, rather than buying increasingly expensive equipment.
Dont buy anything or any other miner difficulty is crazy. Invest your money into BTC when on low price and it is a sure profit
Buying BTC is good advice if BTC doesn't tank to 5% of its value like it did over the course of 2011-2012.
Everyone here is really excited by the prospect of buying BTC because the price has gone up lately, and seem to be amnesic about when it spent forever tanking. But the same thing goes for any commodities market, the traders are often bipolar and impulsive.
I'll stop mining when mining stops being profitable -- but so far over the past 3 years of mining and saving half and spending the rest on more miners, I've been making a killing. The crazy thing about mining is that it's still profitable even when BTC/LTC is imploding.
The people who think that bitcoin's rise in price will continually destroy other equities and commodities markets month over month and year over year are probably the ones who will be in for the biggest shocks in the future.
Everyone here is really excited by the prospect of buying BTC because the price has gone up lately, and seem to be amnesic about when it spent forever tanking. But the same thing goes for any commodities market, the traders are often bipolar and impulsive.
I'll stop mining when mining stops being profitable -- but so far over the past 3 years of mining and saving half and spending the rest on more miners, I've been making a killing. The crazy thing about mining is that it's still profitable even when BTC/LTC is imploding.
The people who think that bitcoin's rise in price will continually destroy other equities and commodities markets month over month and year over year are probably the ones who will be in for the biggest shocks in the future.
Your best bet of making money mining is to get the first batch, mine for a week, and sell before next difficulty bump. That's one way and it's risky sure. The margins aren't that great either.
The next step is to buy reels and get boards built. But then you will be stuck with a bunch of gear. Hopefully you can sell that in tine too. There is a bigger reward with this but comes with more risk.
Honestly I say you gamble your money on BTC.
Your gains will be significantly higher than anyone in the hardware business. Assuming you have a nice capital pool.
Just think about it. If you had spent $50K on BTC instead of pre-ordering a bunch of miners, by the time you get those miners your money will have grown 10-20%.
I say you let the fools take the biggest risk and let them do the work of mining and getting the hardware together and all that. That to you means growth in BTC. And if you keep on collecting those coins, your value will just go up.
I'm actively converting 50% of my income into BTC. Every month. Has been working out great. Especially in October.
Don't waste your time on hardware.
The next step is to buy reels and get boards built. But then you will be stuck with a bunch of gear. Hopefully you can sell that in tine too. There is a bigger reward with this but comes with more risk.
Honestly I say you gamble your money on BTC.
Your gains will be significantly higher than anyone in the hardware business. Assuming you have a nice capital pool.
Just think about it. If you had spent $50K on BTC instead of pre-ordering a bunch of miners, by the time you get those miners your money will have grown 10-20%.
I say you let the fools take the biggest risk and let them do the work of mining and getting the hardware together and all that. That to you means growth in BTC. And if you keep on collecting those coins, your value will just go up.
I'm actively converting 50% of my income into BTC. Every month. Has been working out great. Especially in October.
Don't waste your time on hardware.
Originally with GPU I wasn't earning much,
!it was nice when 5830's paid for themselves in two days
Really? when was that?
from around the middle of may 2011 til the end of june (more like the middle of june, because difficulty started increasing a ton)
oh, you also got shogun with your 5830s!
Im jealous, I would buy like 1000000 GPU...
Originally with GPU I wasn't earning much,
!it was nice when 5830's paid for themselves in two days
Really? when was that?
from around the middle of may 2011 til the end of june (more like the middle of june, because difficulty started increasing a ton)
oh, you also got shogun with your 5830s!
I quit the mining game myself last Month. Was all just too expensive and sold all but one of my block erupters for nostalgia's sake. Plus they ain't worth poop anymore :-P
Nice to see the. Itcoin price has almost doubled since I last saw though!
Nice to see the. Itcoin price has almost doubled since I last saw though!
Who is going to ever buy those random alt coins though?
+1altcoins are currently useless.
namecoin could have made sense but its design had fatal flaws, and ppcoin is only partly proof-of-stake so it doesn't really matter.
the others are crappy clones with exactly zero value.
+1
There is no alt coin that offers anything better that what bitcoin already offers.
Scrypt coins are only interesting for people who want to mine without investing in an asic. So they are only interesting to miners wanting to make a quick buck. If they actually became popular, someone would make an asic for them and they'd be the same as bitcoin.
You are right, people already making ASIC for scrypt coins already..
Who is going to ever buy those random alt coins though?
+1altcoins are currently useless.
namecoin could have made sense but its design had fatal flaws, and ppcoin is only partly proof-of-stake so it doesn't really matter.
the others are crappy clones with exactly zero value.
+1
There is no alt coin that offers anything better that what bitcoin already offers.
Scrypt coins are only interesting for people who want to mine without investing in an asic. So they are only interesting to miners wanting to make a quick buck. If they actually became popular, someone would make an asic for them and they'd be the same as bitcoin.
Not all altcoins are useless, scrypt altcoins might be good...
whyWho is going to ever buy those random alt coins though?
+1altcoins are currently useless.
namecoin could have made sense but its design had fatal flaws, and ppcoin is only partly proof-of-stake so it doesn't really matter.
the others are crappy clones with exactly zero value.
Not all altcoins are useless, scrypt altcoins might be good...
Who is going to ever buy those random alt coins though?
+1altcoins are currently useless.
namecoin could have made sense but its design had fatal flaws, and ppcoin is only partly proof-of-stake so it doesn't really matter.
the others are crappy clones with exactly zero value.
Switch over to mining Peercoin (PPC).
In 5 days, when the difficulty adjusts, it will probably be more profitable than mining Bitcoin.
PPC is the 3rd largest altcoin and is SHA-256 like BTC so you can mine it just like BTC.
In 5 days, when the difficulty adjusts, it will probably be more profitable than mining Bitcoin.
PPC is the 3rd largest altcoin and is SHA-256 like BTC so you can mine it just like BTC.
I' m considering sticking my miners in random altcoins (obviously only the ones with no premine), and just selling them when they hit a halfway decent price.
Who is going to ever buy those random alt coins though?
Better to Buy and hold Bitcoin for a year or more....
I would have made so much more money if I would have simply bought bitcoin with the money I spent on mining equipment.
so trueI would have made so much more money if I would have simply bought bitcoin with the money I spent on mining equipment.
This is true, but sad. I had/have fun doing this. It just does not pay anymore.
Switch over to mining Peercoin (PPC).
In 5 days, when the difficulty adjusts, it will probably be more profitable than mining Bitcoin.
PPC is the 3rd largest altcoin and is SHA-256 like BTC so you can mine it just like BTC.
In 5 days, when the difficulty adjusts, it will probably be more profitable than mining Bitcoin.
PPC is the 3rd largest altcoin and is SHA-256 like BTC so you can mine it just like BTC.
I' m considering sticking my miners in random altcoins (obviously only the ones with no premine), and just selling them when they hit a halfway decent price.
My jalapeno hit a 140M in 3 days of operation while the difficulty was 20M
then I sold the jalapeno for 2700$ because mining is a joke.
You could link the block you mined.then I sold the jalapeno for 2700$ because mining is a joke.
And, if you have already spent the coinbase, you could also reveal the private key, so that you could prove it was really your block.
He doesn't have to reveal the private key. He could just sign a message with it proving that it is him.
If I did the latter, I'd be investing an amount more than equal to my total miner profits ever (given BTC price at time of mining) in a SINGLE machine.
Keep your profits tight.Wild difficulty increases, so mining is not a sane option, and also problems with securities everywhere, so even investing is too risky.
Keep them for now, invest up to 1/3 of them when the market is safer.
Will difficulty ever stop increasing? In the near future?
Somebody recommended that I buy Difficulty Futures at ICBIT.se. Given that I have a lot of BTC to invest, and currently not doing much with any of it, do you think those would be viable?
It will, when the cost to manufacturer ASIC is higher then the selling price. Should be mid of next year maybe?
No, it will stop increasing when the profit returned by the most efficient miner no longer covers it's electricity cost. We could hit 30 billion+ before that happens though.
My jalapeno hit a 140M in 3 days of operation while the difficulty was 20M
then I sold the jalapeno for 2700$ because mining is a joke.
You could link the block you mined.then I sold the jalapeno for 2700$ because mining is a joke.
And, if you have already spent the coinbase, you could also reveal the private key, so that you could prove it was really your block.
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