Is it still worth mining bitcoin in December of 2013?

tampazeus

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Lick me like a lolipop

Quote from: dimka on December 09, 2013, 01:52:58 AM

Thanks for the replies guys! I think I am going to settle in for bitcoin mining with an ASICMiner Block erupter blade v2 at 10.7GHash/s. It will be using about 80 watts, for about 500-550 in how many months would it come out zero zero? I calculated 2.5 months, you?

Based on rising difficulty and small Bitoin price rise about one year

HarHarHar9965

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i'd say, unless you have a lot of money to put in and plan to hold as much as possible (highly speculative), then no

pynetx

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Yes it's worthy cuz if mining difficulty increased then bitcoin's value is also increased. Think about this factor.

j0b314

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Quote from: dimka on December 09, 2013, 01:52:58 AM

Thanks for the replies guys! I think I am going to settle in for bitcoin mining with an ASICMiner Block erupter blade v2 at 10.7GHash/s. It will be using about 80 watts, for about 500-550 in how many months would it come out zero zero? I calculated 2.5 months, you?

Congratulations! Start right away!

Same here just started based on the calculators, 70-90 days... Don't underestimate the difficulty though, that's a killer in the longer run (specially when TH miners come around). Good luck! Cheesy

dimka

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Thanks for the replies guys! I think I am going to settle in for bitcoin mining with an ASICMiner Block erupter blade v2 at 10.7GHash/s. It will be using about 80 watts, for about 500-550 in how many months would it come out zero zero? I calculated 2.5 months, you?

j0b314

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Quote from: dimka on December 08, 2013, 11:40:41 AM

Hello, newbie here

I have got hooked into bitcoin and it seems good and all. But there are still questions that I seek.
1. Is it worth to invest in mining?
2. If so, what should I buy to mine?(i am really inter steel in the butterfly labs Asia's and USB block erupters)

Sorry if this has been asked, but I get mixed answers and many are outdated. All personal opinions are welcome!

Thanks for helping a newbie

Same here! Welcome

For #1 I would say yes, though really depends WHEN you get in , i.e., if you can hash GHs now better. Risk I see with preorders is it will saturate the market and TH becomes the new norm.

#2 Yup it's hard to get miners nowadays given its overpriced on the resale market. Terraminers on the other hand would take a while. If you want to see how a x GHs would go today, I recommend contract mining as an alternative. After searching around (cloud, cex, etc.), I tried Bitmining: http://bit-mining.co/?ref=528. Put in just .05 btc to test the waters and seems .05BTC:1GH would break even maybe 70-90 days (hopefully before the new machine come in!) There are better rates, though for pre-orders on neptunes, cointerra, blackarrows, etc. But I wanted to *see* the action right away.

*ps: yep i put a referral link there. no obligations or shameless plugs intended. just helping the site.

aoco88

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you need very good hareware maybe.

insanehero

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A tough dogie

Of course! Bitcoin is still alive and healthy. Even though it has a crash here and there doesn't the entire currency is screwed.

antgrinder

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Its worth it if you have the hashing power

zeraTunerse

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Quote from: ScripterRon on December 08, 2013, 08:43:55 PM

And there is always the long-range question of what will happen when the block payment drops from 25 BTC to 12 BTC. The number of blocks per hour will remain steady but the income will be cut in half.

You dont need consider block halving now to calculate if miner is profitable. This block halving will happen in about 3 years

ScripterRon

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Quote from: terman45x on December 08, 2013, 08:37:31 PM

But what happens if the BTC price stays the same ? Because of increasing difficulty you cant profit, right?

Which is one reason not to pre-order hardware that won't be delivered for 6 months. Hopefully we will reach the limit on either hardware improvement or acceptable power consumption. And there is always the long-range question of what will happen when the block payment drops from 25 BTC to 12 BTC. The number of blocks per hour will remain steady but the income will be cut in half.

terman45x

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Quote from: YoyodyneSystems on December 08, 2013, 08:29:16 PM

Quote from: dimka on December 08, 2013, 07:25:55 PM

Would the ASIC block erupter that runs 10 GHashes/s for 500 pay off when mining for bitcoin? Let's say I don't pay for the electricity bill and it runs 24/7, how long would it be for the erupter to pay for itself?

Yes. If BTC price keeps rising after this crash. Which I think it will. The BE Blade you mention will make you a profit over a 3 month period. And maybe to 6 months if the price of BTC continues up.
Even with the difficulty rise. At the end of 6 months the Blade may still be worth 100-200 if BTC keeps going up. You see a pattern here?

But what happens if the BTC price stays the same ? Because of increasing difficulty you cant profit, right?

ScripterRon

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Quote from: dimka on December 08, 2013, 07:25:55 PM

Would the ASIC block erupter that runs 10 GHashes/s for 500 pay off when mining for bitcoin? Let's say I don't pay for the electricity bill and it runs 24/7, how long would it be for the erupter to pay for itself?

I have a 5 GH/s miner and I get around 0.0035 BTC per day (BTC Guild). So you would get around 0.0070 BTC per day. At $800 for 1 BTC, it would take around 90 days for you to earn $500. And, as others have noted, the difficulty will increase as better hardware comes online. Just since 11/25, BTC Guild has gone from 1,400 TH/s to over 1,900 TH/s and it is still increasing.

YoyodyneSystems

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Quote from: dimka on December 08, 2013, 07:25:55 PM

Would the ASIC block erupter that runs 10 GHashes/s for 500 pay off when mining for bitcoin? Let's say I don't pay for the electricity bill and it runs 24/7, how long would it be for the erupter to pay for itself?

Yes. If BTC price keeps rising after this crash. Which I think it will. The BE Blade you mention will make you a profit over a 3 month period. And maybe to 6 months if the price of BTC continues up.
Even with the difficulty rise. At the end of 6 months the Blade may still be worth 100-200 if BTC keeps going up. You see a pattern here?

terman45x

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Quote from: dimka on December 08, 2013, 04:20:42 PM

How does mining litecoin with an ASIC Miner block erupter blade look like?

It looks like submitting invalid shares only.

YoyodyneSystems

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Yes it's worth mining as long as the value goes up proportionally with the difficulty. There is going to be a tripling or more of difficulty in 3-4 months as the next gen gear
comes out (20nm chips). After that I think difficulty increase may slow but it depends on the price of BTC.

Andrewwattson

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It still seems profitable even though the price is falling. I plan to mine soon aswell though.

dimka

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Would the ASIC block erupter that runs 10 GHashes/s for 500 pay off when mining for bitcoin? Let's say I don't pay for the electricity bill and it runs 24/7, how long would it be for the erupter to pay for itself?

dimka

newbie

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How does mining litecoin with an ASIC Miner block erupter blade look like?

musicchimp

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I've been thinking about mining bitcoin. I'm unsure of the process. if i get more info i will let you know. i want to sell my recordings for bitcoin.

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