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Topic: Is it possible to realistically break even mining anymore? (Read 12993 times)

member
Activity: 84
Merit: 10



The weird thing is I know that man. That's Rich Paul from Keene, NH and he's a freestater originally from MI. I knew him fairly well when I lived in NH a few years back, he used to sell silver among other things. He's now in jail for a year for marijuana civil disobedience among other things.

So they made the world a little bit safer again by putting him away. I mean he clearly looks like a hardened criminal who's just waiting to go on reefer madness killing and raping kids and women. Just see the violent look in his eyes, well done law enforcement  Roll Eyes
member
Activity: 109
Merit: 10
I've pretty much given up on buying any new ASIC equipment and breaking even.   My existing 2 rigs just mine LTC and even thats barely worth diddly.   I've resorted to buying btc between the exchanges as my primary source of all, if any, profit in this game.
sr. member
Activity: 265
Merit: 250
http://www.avalon-asics.com/

We may be getting our nams naysayers =D
legendary
Activity: 1568
Merit: 1001



The weird thing is I know that man. That's Rich Paul from Keene, NH and he's a freestater originally from MI. I knew him fairly well when I lived in NH a few years back, he used to sell silver among other things. He's now in jail for a year for marijuana civil disobedience among other things.
member
Activity: 84
Merit: 10

Except that none of those designs work because Avalon is a scam and never sent their 1/2 million chips to the designers or end users.


I think that most of the people building mining hardware will likely use it for their own mining purposes as long as it makes a huge profit.

On top of that you have to keep in mind that mining profitability will drop first for the people having higher electricity cost. So if you are in Europe you will likely not be among the people that profit from buying mining equipment.

hero member
Activity: 924
Merit: 501

Except that none of those designs work because Avalon is a scam and never sent their 1/2 million chips to the designers or end users.
sr. member
Activity: 265
Merit: 250
-ck
legendary
Activity: 4088
Merit: 1631
Ruu \o/


If we are going to be smoking weed and imagining things... "I have a litecoin miner that paid for itself in 144 hours".



lol if you pick the right altcoin you can make your rig costs back very quickly


You sir and GSnak, I salute thee for giving me one of the finest bitcointalk laughs ever.
legendary
Activity: 3206
Merit: 1069
full member
Activity: 182
Merit: 100
It is true if you had mined IFC for the first week the rig you used would have paid for its self if you sold it now

( a 4x7950 rig getting 2500kh would have got you well over 1,000,000,000 IFC in 7 days right now that would be over 750LTC / $2,250 so the rig would have paid for its self in under 7 days )

its true as I have done it there are plenty of other new coins that will do the same I have 1 rig on paycoin I can see that making a fair bit Smiley

One time bets that follow a specific hindsight path do not pay for a rig every few days. I "paid for my cpu" with XPM and QRK that doesn't mean I expect that to continue or ever happen again.

Right now 2500KH earns about $4.50 on a good day with the wind behind it's back.
newbie
Activity: 7
Merit: 0
With all the difficulty increase, is it possible to even break even when buying miners anymore?




 Break Even?   Don't hold your breath.


https://blockchain.info/charts/miners-operating-profit-margin
legendary
Activity: 868
Merit: 1000
ADT developer


If we are going to be smoking weed and imagining things... "I have a litecoin miner that paid for itself in 144 hours".



lol if you pick the right altcoin you can make your rig costs back very quickly



It is true if you had mined IFC for the first week the rig you used would have paid for its self if you sold it now

( a 4x7950 rig getting 2500kh would have got you well over 1,000,000,000 IFC in 7 days right now that would be over 750LTC / $2,250 so the rig would have paid for its self in under 7 days )

its true as I have done it there are plenty of other new coins that will do the same I have 1 rig on paycoin I can see that making a fair bit Smiley

sr. member
Activity: 322
Merit: 250


If we are going to be smoking weed and imagining things... "I have a litecoin miner that paid for itself in 144 hours".



lol if you pick the right altcoin you can make your rig costs back very quickly

legendary
Activity: 868
Merit: 1000
ADT developer


If we are going to be smoking weed and imagining things... "I have a litecoin miner that paid for itself in 144 hours".



lol if you pick the right altcoin you can make your rig costs back very quickly
hero member
Activity: 924
Merit: 501


If we are going to be smoking weed and imagining things... "I have a litecoin miner that paid for itself in 144 hours".
full member
Activity: 182
Merit: 100
70 / 0.35 = 200 - so no, that calculation assumes difficulty remains static.  In other news, "Hope is not a strategy."  If one assumes about 13 days per difficulty adjustment (target is 14, but we regularly are running well faster than difficulty and ramping up quickly), that's only another 15 difficulty adjustments away!  At... 20-30% per adjustment.

At a 20% jump per step, that's ~15x the current difficulty (1.2^15), so that 0.35/day is actually around 0.02/day.

Does that count as a "complication"?

Or should I just hope more?

On the bright side, you'll probably only be out about $35.


mining altcoins can make a rig pay for its self every 50 days easly  ( as long as you pick a good coin to mine )

hero member
Activity: 742
Merit: 500
It is still possible to break even. Take KNC Miner for instance, they offer high hashing power ASICs at good prices. Assuming they deliver by October/November, you can definitely still make a ROI. You can find more information about their ASICs and prices at https://www.kncminer.com/.

Good Luck.

Cute.  Spamming reseller links.

Also, "Assuming they deliver by October/November" is a big assumption.  So far, all the ASIC vendors have been delayed, some substantially.  If they're delayed a few months, those calculations shift significantly.

What I love about this post is "all the ASIC vendors have been delayed, some substantially".  Throughout the forums and on this thread, the concensus seems to be that difficulty will skyrocket to 500m come Dec because of the huge influx of ASICs to the network hashrate.  Guess what, if all the ASIC companies so far have been delayed is it really logical to assume we will see an order of 10x magnitude in 3-4 months?  I seriously doubt Cointerra, Avalon, Butterfly, KnC, Hashfast, Bitfury, ASICMiner and every other little guy will deliver ALL their ASICs on time.  At best I think you see 2-4 vendors deliver solid goods in the next 3-4 months.

Take into account that a 10x magnitude would be roughly a 10x increase in hash rate, putting the network something like 4,000 TH/s in the next 3-4 months.  So 3,600 TH/s get delivered in 3-4 months, sounds like ALOT more happy customers than the ASIC community has been seeing lately....

The fact of the matter is, the assumptions about ROI and difficulty leveling off are also correct.  Once the industry realizes adding machines isn't adding to productivity/returns then orders will start to fall off and the craze will definitely fade back.  Until then, it leaves alot of room for companies to deliver on their ASIC promises.


...unless someone just bypassed the customers and is now producing chips in mass for own consumption:

https://bitcointalksearch.org/topic/all-your-chip-are-belong-to-us-272548  

legendary
Activity: 868
Merit: 1000
ADT developer
mining altcoins can make a rig pay for its self every 50 days easly  ( as long as you pick a good coin to mine )
newbie
Activity: 38
Merit: 0
It is still possible to break even. Take KNC Miner for instance, they offer high hashing power ASICs at good prices. Assuming they deliver by October/November, you can definitely still make a ROI. You can find more information about their ASICs and prices at https://www.kncminer.com/.

Good Luck.

Cute.  Spamming reseller links.

Also, "Assuming they deliver by October/November" is a big assumption.  So far, all the ASIC vendors have been delayed, some substantially.  If they're delayed a few months, those calculations shift significantly.

What I love about this post is "all the ASIC vendors have been delayed, some substantially".  Throughout the forums and on this thread, the concensus seems to be that difficulty will skyrocket to 500m come Dec because of the huge influx of ASICs to the network hashrate.  Guess what, if all the ASIC companies so far have been delayed is it really logical to assume we will see an order of 10x magnitude in 3-4 months?  I seriously doubt Cointerra, Avalon, Butterfly, KnC, Hashfast, Bitfury, ASICMiner and every other little guy will deliver ALL their ASICs on time.  At best I think you see 2-4 vendors deliver solid goods in the next 3-4 months.

Take into account that a 10x magnitude would be roughly a 10x increase in hash rate, putting the network something like 4,000 TH/s in the next 3-4 months.  So 3,600 TH/s get delivered in 3-4 months, sounds like ALOT more happy customers than the ASIC community has been seeing lately....

The fact of the matter is, the assumptions about ROI and difficulty leveling off are also correct.  Once the industry realizes adding machines isn't adding to productivity/returns then orders will start to fall off and the craze will definitely fade back.  Until then, it leaves alot of room for companies to deliver on their ASIC promises.
sr. member
Activity: 420
Merit: 250
It is still possible to break even. Take KNC Miner for instance, they offer high hashing power ASICs at good prices. Assuming they deliver by October/November, you can definitely still make a ROI. You can find more information about their ASICs and prices at https://www.kncminer.com/

Good Luck.

Cute.  Spamming reseller links.

Also, "Assuming they deliver by October/November" is a big assumption.  So far, all the ASIC vendors have been delayed, some substantially.  If they're delayed a few months, those calculations shift significantly.
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