Is it still worth getting a 5 GH/s Bitcoin Miner BFL? - page 2.

bcp19

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Quote from: k9quaint on August 30, 2013, 03:03:40 PM

Quote from: Ejay424 on August 29, 2013, 04:27:21 PM

Quote from: icey on August 29, 2013, 03:37:53 PM

It'll work forever, you just won't make back your investment that's all.

I don't understand that, it will keep making coins forever.. but I wont get my investment back?

Think of it just like a gold mine. First you want to make sure there is more gold in the mine than what you paid. If the price of gold is $1400 an ounce, and you paid $140,000 for the mine, it had better produce at least 100 ounces of gold. So you retain a geologist to estimate how many ounces of gold are in the mine. If it is less than 100 ounces then you should not buy the mine. Now you can keep digging, but after you mine out the rich veins (low difficulty) you will get less and less out of a days work. After a while, it will cost you more to dig than you get back from selling any gold you manage to find.

Some people might say "but gold will rise in price and you will make money that way!". If that were true, then you should just buy gold. That way you don't have to bother digging for it, you know exactly how much you will have, and you will pay a cheaper price for it than overpaying for a gold mine.

Many years back, the gold companies knew they could use leeching techniques to extract minute quantities of gold from huge piles of dirt. Back then it was abandoned as too expensive. Now that the value of gold has gone up, they are starting to use these techniques to get that gold. Through inflation, it now cost more to leech that gold than it would have when they refused to do it, yet the added value makes it worthwhile. The major mining concerns care about fiat, it's only certain individuals who care about holding the gold, mainly due to the amount needed to invest.

The gold will get mined sooner or later, it just depends on the cost vs the reward in Fiat. The same is true of BTC. Few people are able to buy and hold when compared to all of the people mining. The paying BTC to mine more BTC only works for certain individuals. To repeat what has been said to me... You can lead a horse to water.......

Keyser Soze

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Quote from: bcp19 on August 30, 2013, 01:24:00 PM

You have to understand their views on your investment. It's not currently possible, but let's say you spend the $274 to buy that miner today and can get it today. To the majority that post in here this means you just invested ~2.3 BTC in a product that will never earn ~2.3 BTC over it's lifetime. By this definition their suggestion is to simply buy BTC and not mess around with miners as you will have more money in the end whenever you sell that ~2.3BTC. If you insist on getting a miner though, be prepared to wait. While BFL has plans to complete all pre-orders by the end of September, it's not looking likely, then they have all of the orders placed since April 5th to go through. I doubt you would see an order placed today before Dec 1, but I could be wrong.

If, like most people, would are interested in how much money it can possibly generate, that is a complete unknown, as it is dependant on your share of the total netowrk, the ever-changing value of BTC and how badly you want to get the money from what you mined. If you can view this as a long term investment, then you can earn more than you spent in USD. You would be better off though buying BTC and holding it, if you have the patience.

Denominating all mining income and expenses when they occur in bitcoin allows you to determine the profit from mining activities. If you think of profit in fiat then you will also be factoring in the exchange rate. If you produce less bitcoins (in the life of the miner) then the miner cost (in bitcoins), then mining activities has created a loss (simplistic statement that does not factor in operating costs or discounting cash flow). You may have a profit in fiat, but that would only due to bitcoins appreciating vs. fiat.

k9quaint

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Quote from: Ejay424 on August 29, 2013, 04:27:21 PM

Quote from: icey on August 29, 2013, 03:37:53 PM

It'll work forever, you just won't make back your investment that's all.

I don't understand that, it will keep making coins forever.. but I wont get my investment back?

Think of it just like a gold mine. First you want to make sure there is more gold in the mine than what you paid. If the price of gold is $1400 an ounce, and you paid $140,000 for the mine, it had better produce at least 100 ounces of gold. So you retain a geologist to estimate how many ounces of gold are in the mine. If it is less than 100 ounces then you should not buy the mine. Now you can keep digging, but after you mine out the rich veins (low difficulty) you will get less and less out of a days work. After a while, it will cost you more to dig than you get back from selling any gold you manage to find.

Some people might say "but gold will rise in price and you will make money that way!". If that were true, then you should just buy gold. That way you don't have to bother digging for it, you know exactly how much you will have, and you will pay a cheaper price for it than overpaying for a gold mine.

bcp19

hero member

Activity: 532

Merit: 500

Quote from: Ejay424 on August 29, 2013, 04:27:21 PM

Quote from: icey on August 29, 2013, 03:37:53 PM

It'll work forever, you just won't make back your investment that's all.

I don't understand that, it will keep making coins forever.. but I wont get my investment back?

You have to understand their views on your investment. It's not currently possible, but let's say you spend the $274 to buy that miner today and can get it today. To the majority that post in here this means you just invested ~2.3 BTC in a product that will never earn ~2.3 BTC over it's lifetime. By this definition their suggestion is to simply buy BTC and not mess around with miners as you will have more money in the end whenever you sell that ~2.3BTC. If you insist on getting a miner though, be prepared to wait. While BFL has plans to complete all pre-orders by the end of September, it's not looking likely, then they have all of the orders placed since April 5th to go through. I doubt you would see an order placed today before Dec 1, but I could be wrong.

If, like most people, would are interested in how much money it can possibly generate, that is a complete unknown, as it is dependant on your share of the total netowrk, the ever-changing value of BTC and how badly you want to get the money from what you mined. If you can view this as a long term investment, then you can earn more than you spent in USD. You would be better off though buying BTC and holding it, if you have the patience.

batt01

sr. member

Activity: 279

Merit: 250

Quote from: ?? on ??

Quote from: Bogart on August 30, 2013, 12:27:34 PM

I received my 2 Jalapeños today, one with the "2ghps upgrade". I ordered 03-Feb-2013.

I doubt they'll ever break-even BTC-wise.

http://imgur.com/a/yWMMw

Looks like I'm in for a lot more waiting before I'll see my Little Single.

+
Congrats, you are still in pretty good shape. You basically got the equivalent of a Asic Miner Blade for far less then the current selling price. You should ROI in about 3 months. Maybe my upgraded Jally will come soon. My order date is April 3rd.

Magazine

member

Activity: 112

Merit: 10

Quote from: Bogart on August 30, 2013, 12:27:34 PM

I received my 2 Jalapeños today, one with the "2ghps upgrade". I ordered 03-Feb-2013.

I doubt they'll ever break-even BTC-wise.

http://imgur.com/a/yWMMw

Looks like I'm in for a lot more waiting before I'll see my Little Single.

You're in a better position than other people, maybe you can ROI on them hopefully. Shame about the single.

Bogart

legendary

Activity: 966

Merit: 1000

I received my 2 Jalapeños today, one with the "2ghps upgrade". I ordered 03-Feb-2013.

I doubt they'll ever break-even BTC-wise.

http://imgur.com/a/yWMMw

Looks like I'm in for a lot more waiting before I'll see my Little Single.

Edit: I paid 15.0912 BTC for the initial order, and then 0.8198 BTC for the upgrade.

I'm directing all mining proceeds from them to 1Mkew9NDU9S4XS7QPDrHrgzjRDp4bHGXgw. You all can follow along and see when/if I break even.

madmax_ger

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Activity: 448

Merit: 250

Quote from: Ejay424 on August 29, 2013, 04:27:21 PM

Quote from: icey on August 29, 2013, 03:37:53 PM

It'll work forever, you just won't make back your investment that's all.

I don't understand that, it will keep making coins forever.. but I wont get my investment back?

you might want to check this one http://btcinvest.net/bitcoin-mining-profit-calculator.php?diff=65750060.149085&dcosts=300&diff_mincrease=30&blpbtc=25&dhsmhs=5000&diff_mincreasedecrease=3&btcusd=119.95&dpowcon=70&btcusd_mincrease=1&pcost=0.25&calcweeks=32&dleadtime=5&action=calc

Stinky_Pete

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Activity: 560

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Quote from: demonmaestro on August 29, 2013, 07:21:41 PM

Quote from: Stinky_Pete on August 29, 2013, 07:14:05 PM

Is it still worth getting a 5 GH/s Bitcoin Miner BFL?

Not if you are thinking you will make a profit. But it may be worth it for the fun of knowing you are part of the bitcoin experiment, and the hard lesson you will get about exponentially rising difficulty.

If you order now, don't expect to get the hardware until November.

They are on ebay also people. Cool

True, but overpriced, and with all the additional difficulties that come with eBay items.

demonmaestro

hero member

Activity: 574

Merit: 500

Mining for the hell of it.

Quote from: Stinky_Pete on August 29, 2013, 07:14:05 PM

Is it still worth getting a 5 GH/s Bitcoin Miner BFL?

Not if you are thinking you will make a profit. But it may be worth it for the fun of knowing you are part of the bitcoin experiment, and the hard lesson you will get about exponentially rising difficulty.

If you order now, don't expect to get the hardware until November.

They are on ebay also people. Cool

Stinky_Pete

hero member

Activity: 560

Merit: 500

Is it still worth getting a 5 GH/s Bitcoin Miner BFL?

Not if you are thinking you will make a profit. But it may be worth it for the fun of knowing you are part of the bitcoin experiment, and the hard lesson you will get about exponentially rising difficulty.

If you order now, don't expect to get the hardware until November.

LittleD

hero member

Activity: 560

Merit: 500

StayFocus and LIVE

How about a group buy Huh

but Do ur research and DONT get scammed !!( BTC Roll Eyes

hope it helps Huh

https://bitcointalksearch.org/topic/all-finished-277836

lajz99

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Activity: 756

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How many threads are you going to start asking the SAME question?

Try browsing or using search and your one question will be answered.

superduh

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you are better off buying bitcoins directly (localbitcoins) or if you can get one for $300 in the next week you'll make your money back

Magazine

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Merit: 10

Quote from: Ejay424 on August 29, 2013, 04:27:21 PM

Quote from: icey on August 29, 2013, 03:37:53 PM

It'll work forever, you just won't make back your investment that's all.

I don't understand that, it will keep making coins forever.. but I wont get my investment back?

It will mine coins, but you will get so little as the gets harder to mine that the thing will cost more to run that it generates and you would of earned more just keeping the BTC and waiting for the value to rise.

I guess you will only figure that out if you actually buy a unit and then notice that you will not ROI on the unit.

But considering your asking for donations to buy one, I doubt you will even be in that position.

tempestb

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The difficulty rises, so it will keep mining but it will take longer and longer and longer for you to get a coin.

However, it will use the same amount of electricity, so your electricity costs will be greater than the bitcoin earned.

Ejay424

newbie

Activity: 11

Merit: 0

Quote from: icey on August 29, 2013, 03:37:53 PM

It'll work forever, you just won't make back your investment that's all.

I don't understand that, it will keep making coins forever.. but I wont get my investment back?

batt01

sr. member

Activity: 279

Merit: 250

I have a April 3rd order for a Jally, and I am still waiting, I would not count on getting one soom from BFL.

Dalkore

legendary

Activity: 1330

Merit: 1026

Mining since 2010 & Hosting since 2012

Past ROI.

Magazine

member

Activity: 112

Merit: 10

In other words, it will no doubt be more profitable to just buy BTC and keep it instead of buying a BFL unit.

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