Is it profitable buying and selling USB miners?

Salmon1989

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Quote from: notlist3d on July 06, 2014, 10:31:56 PM

If you read up I was suggesting not to do this adventure of buying and selling because of fees.

I was just warning if hes going to be thinking hes mining when waiting to sell hes going to need powered hubs if doing "quantity" . Again though I don't suggest this business plan

Yup, I got your point, and I agree with you (and the others) that OP's plan is not going to work.

Quote from: Lorenzo on July 05, 2014, 11:02:02 PM

Quote from: Mobius7 on July 04, 2014, 12:55:52 AM

2. For those BE, the electricity cost will be larger than the bitcoin you can mine with them.

Really? But these are ASIC chips inside these miners. And a USB slot uses very little power. If true, then I didn't know the situation was this bad. Sad

At current difficulty, 330 MH/s would bring you less than 1000 satoshi a day, and the number will keep going down as difficulty increases.

notlist3d

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Quote from: Salmon1989 on July 06, 2014, 08:29:30 PM

Quote from: InwardContour on July 06, 2014, 07:52:28 PM

Quote from: notlist3d on July 06, 2014, 02:42:54 AM

Quote from: Lorenzo on July 05, 2014, 11:02:02 PM

Quote from: Mobius7 on July 04, 2014, 12:55:52 AM

2. For those BE, the electricity cost will be larger than the bitcoin you can mine with them.

Really? But these are ASIC chips inside these miners. And a USB slot uses very little power. If true, then I didn't know the situation was this bad. Sad

Power on these are very little but you will have to have powered hubs. If you search there is a great thread on how many can go on certain models.

But i would really look into fee's. I think by the time you add up shipping, ebay, paypal. Profit will be very very small if any.

The USB miners are not very efficient in terms of Ghs/watt. The newer, higher hashpowered machines have much better efficiency.

Pretty much so.
It is true that the USB miners draw little power, but the hashrate is just too low compared with the difficulty.

If you read up I was suggesting not to do this adventure of buying and selling because of fees.

I was just warning if hes going to be thinking hes mining when waiting to sell hes going to need powered hubs if doing "quantity" . Again though I don't suggest this business plan

Salmon1989

hero member

Activity: 603

Merit: 500

Quote from: InwardContour on July 06, 2014, 07:52:28 PM

Quote from: notlist3d on July 06, 2014, 02:42:54 AM

Quote from: Lorenzo on July 05, 2014, 11:02:02 PM

Quote from: Mobius7 on July 04, 2014, 12:55:52 AM

2. For those BE, the electricity cost will be larger than the bitcoin you can mine with them.

Really? But these are ASIC chips inside these miners. And a USB slot uses very little power. If true, then I didn't know the situation was this bad. Sad

Power on these are very little but you will have to have powered hubs. If you search there is a great thread on how many can go on certain models.

But i would really look into fee's. I think by the time you add up shipping, ebay, paypal. Profit will be very very small if any.

The USB miners are not very efficient in terms of Ghs/watt. The newer, higher hashpowered machines have much better efficiency.

Pretty much so.
It is true that the USB miners draw little power, but the hashrate is just too low compared with the difficulty.

marcoslopez

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dont think so.

InwardContour

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Quote from: notlist3d on July 06, 2014, 02:42:54 AM

Quote from: Lorenzo on July 05, 2014, 11:02:02 PM

Quote from: bigasic on July 04, 2014, 12:40:17 AM

The only way to find out is to do a test. buy 20 of them and see how they sell..

Quote from: boymilk on July 05, 2014, 10:49:35 PM

What you might be better off doing is buying the miners in bulk lots of 10+ and reselling them individually for a small profit. This should save shipping costs and people are usually willing to buy more for an individual miner.

Yup, this is what I intend to do. Just buy a whole bunch of them for cheap and resell them individually. Saves on fees and shipping costs as well. Because people who are selling them in lots of 10+ tend to want to get rid of them as quickly as possible so they sell them for cheap (per unit). And people who want to just experiment with one or two don't want to buy 10+ so there is an opportunity to profit.

Quote from: Mobius7 on July 04, 2014, 12:55:52 AM

2. For those BE, the electricity cost will be larger than the bitcoin you can mine with them.

Really? But these are ASIC chips inside these miners. And a USB slot uses very little power. If true, then I didn't know the situation was this bad. Sad

Power on these are very little but you will have to have powered hubs. If you search there is a great thread on how many can go on certain models.

But i would really look into fee's. I think by the time you add up shipping, ebay, paypal. Profit will be very very small if any.

The USB miners are not very efficient in terms of Ghs/watt. The newer, higher hashpowered machines have much better efficiency.

fractal02

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$Profile photo of fractal02$

If you can find some s*ckers ready to buy... (and BTC world is full of it Grin

)

KimNam

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Activity: 644

Merit: 500

USB miners era was gone for year, if you can but right now, you won't make ROI
and then maybe you can use it for keychain in your bag Tongue

buy ASIC instead usb miners

enhu

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Merit: 1018

I am actually willing to pay for usb asic miner when i heard its available in our country and when i check it its $27. but after reading few replies to the question whether it can profitably mine. I didn't buy it.

Bitcoin Magazine

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No. And they never will be. Just hold as Physical Proof of Bitcoin wealth. Just treat them as $20 bills. Nothing more, nothing less.

notlist3d

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Quote from: Lorenzo on July 05, 2014, 11:02:02 PM

Quote from: bigasic on July 04, 2014, 12:40:17 AM

The only way to find out is to do a test. buy 20 of them and see how they sell..

Quote from: boymilk on July 05, 2014, 10:49:35 PM

What you might be better off doing is buying the miners in bulk lots of 10+ and reselling them individually for a small profit. This should save shipping costs and people are usually willing to buy more for an individual miner.

Yup, this is what I intend to do. Just buy a whole bunch of them for cheap and resell them individually. Saves on fees and shipping costs as well. Because people who are selling them in lots of 10+ tend to want to get rid of them as quickly as possible so they sell them for cheap (per unit). And people who want to just experiment with one or two don't want to buy 10+ so there is an opportunity to profit.

Quote from: Mobius7 on July 04, 2014, 12:55:52 AM

2. For those BE, the electricity cost will be larger than the bitcoin you can mine with them.

Really? But these are ASIC chips inside these miners. And a USB slot uses very little power. If true, then I didn't know the situation was this bad. Sad

Power on these are very little but you will have to have powered hubs. If you search there is a great thread on how many can go on certain models.

But i would really look into fee's. I think by the time you add up shipping, ebay, paypal. Profit will be very very small if any.

arbitrage001

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Merit: 1000

Cheap way to try out ASIC mining.

This beat some miners buying from the pre-order big boy and losing even more by the time the miner is delivered.

Lorenzo

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Quote from: bigasic on July 04, 2014, 12:40:17 AM

The only way to find out is to do a test. buy 20 of them and see how they sell..

Quote from: boymilk on July 05, 2014, 10:49:35 PM

What you might be better off doing is buying the miners in bulk lots of 10+ and reselling them individually for a small profit. This should save shipping costs and people are usually willing to buy more for an individual miner.

Yup, this is what I intend to do. Just buy a whole bunch of them for cheap and resell them individually. Saves on fees and shipping costs as well. Because people who are selling them in lots of 10+ tend to want to get rid of them as quickly as possible so they sell them for cheap (per unit). And people who want to just experiment with one or two don't want to buy 10+ so there is an opportunity to profit.

Quote from: Mobius7 on July 04, 2014, 12:55:52 AM

2. For those BE, the electricity cost will be larger than the bitcoin you can mine with them.

Really? But these are ASIC chips inside these miners. And a USB slot uses very little power. If true, then I didn't know the situation was this bad. Sad

boymilk

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Quote from: Lorenzo on July 04, 2014, 12:26:55 AM

For example, on eBay.

I've seen auctions where a single Block Erupter was sold for $20. The AntMiner USB ones tend to be a bit more expensive per unit but cheaper per gigahash. I've also seen Block Erupters being sold as low as $9 each - usually when they're being sold as a group. Say, for example, if I could consistently buy Block Erupters (BE) for $10 each and resell them for $15 each, by the end of only 20 trades, I should have:

$0 (1 BE)
$15 (0 BE)
$5 (1 BE)
$20 (0 BE)
$0 (2 BE)
$30 (0 BE)
$0 (3 BE)
$45 (0 BE)
$5 (4 BE)
$65 (0 BE)

$5 (6 BE)
$95 (0 BE)
$5 (9 BE)
$140 (0 BE)
$0 (14 BE)
$210 (0 BE)
$0 (21 BE)
$315 (0 BE)
$5 (31 BE)
$470 (0 BE)

So that would be a profit of $470. Not only that, but these Block Erupters could also be used for mining when they're not being bought or sold, which should give me a couple of cents worth of BTC at first but possibly a couple of dollars after the first 15 or so trades.

What am I missing here?

Just out of interest, I tried using your formula for 20 further trades and this is what I got:

$0 (47 BE)
$705 (0 BE)
$5 (70 BE)
$1,055 (0 BE)
$5 (105 BE)
$1,580 (0 BE)
$0 (158 BE)
$2,370 (0 BE)
$0 (237 BE)
$3,555 (0 BE)

$5 (355 BE)
$5,330 (0 BE)
$0 (533 BE)
$7,995 (0 BE)
$5 (799 BE)
$11,990 (0 BE)
$0 (1,119 BE)
$17,985 (0 BE)
$5 (1,798 BE)
$26,975 (0 BE)

That's almost 2,000 miners. Definitely doesn't seem sustainable. What you might be better off doing is buying the miners in bulk lots of 10+ and reselling them individually for a small profit. This should save shipping costs and people are usually willing to buy more for an individual miner.

InwardContour

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Activity: 644

Merit: 260

Quote from: monbux on July 04, 2014, 12:05:32 PM

You forgot to calculate the shipping fees, and you'll have to find that many buyers first.

What you essentially need to do is to know the market well and know what the USB miners are worth. From there you simply need to watch the market closely and buy when you see an offer that is below the market price and sell when someone is offering a price above the market price.

BTCisthefuture

sr. member

Activity: 364

Merit: 250

after ebay, paypal, and shipping fees (if you offer shipping, which most do). It's a very small profit, but still a profit. The question to ask though is how fast can you sell them at $15 when others are offering $10 or less. It's also a product that's going down in value rapidly.

My personal opinion is that you wont be able to unload them fast enough to make money. Not trying to be negative or a downer, but I've sold a lot of things on Ebay over the years and I don't think this will be a profitable venture for too long.

Kprawn

legendary

Activity: 1904

Merit: 1074

Looks like, when the buyer receive the USB miner, it's already obsolete. Tech is growing phenomenally fast.

But there are still people buying it, so if there is a market for it, why not capitalize on it. Grin

Farmer17

hero member

Activity: 674

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Quote from: fatguyyyyy on July 04, 2014, 08:37:39 PM

Just hope for a sucker on ebay, and your fine lol.

That's true lol. I have seen a lot of ridiculous prices on ebay. Cheesy

fatguyyyyy

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Bitcoin Mixer: https://BitLaunder.com

Just hope for a sucker on ebay, and your fine lol.

ALToids

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You would be better off buying small physical crypto coins and reselling those as novelties. Novelties always command more than they're worth, you just need to release them slowly so as not to glut.

monbux

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You forgot to calculate the shipping fees, and you'll have to find that many buyers first.

Topic: Is it profitable buying and selling USB miners? (Read 1601 times)