Is it worth me buying mining hardware right now?

kingcolex

sr. member

Activity: 254

Merit: 1258

Quote from: godidi on April 01, 2015, 11:34:55 AM

Quote from: icanscript on March 27, 2015, 09:51:48 PM

I have managed to get a little BTC saved up to initially buy some mining hardware.

I was wondering though is it worth it right now? should I wait for new tech before I purchase?

I think , buy mining hardware at the moment is not worth. No much profit even lose

It sure is fun though, especially an old S1 just put on a solo pool.

bigbitmine

full member

Activity: 196

Merit: 100

Big Bit Mine

Quote from: mrhelpful on April 01, 2015, 06:49:59 PM

I`m going with cloud mining at my own risk, but only since the provider accepts credit cards.

https://bitcointalksearch.org/topic/ann-spondoolies-tech-carrier-grade-data-center-ready-mining-rigs-521520

they also seem to be leading better performance then bitmain so I`m taking my shot, and if something does happen then the fall back would be the fraud dept with the credit card.

But op, it honestly comes down to do you have the facility to continue buying and upgrading hardware, and electricity cost all that.

Like why bother, so its why I`m doing cloud mining for now.

I'm renting hash at Nicehash. Making a lovely profit. Sink 0.5BTC in, get approx 25% extra back. Ching Ching!!!

mrhelpful

legendary

Activity: 1456

Merit: 1002

I`m going with cloud mining at my own risk, but only since the provider accepts credit cards.

https://bitcointalksearch.org/topic/ann-spondoolies-tech-carrier-grade-data-center-ready-mining-rigs-521520

they also seem to be leading better performance then bitmain so I`m taking my shot, and if something does happen then the fall back would be the fraud dept with the credit card.

But op, it honestly comes down to do you have the facility to continue buying and upgrading hardware, and electricity cost all that.

Like why bother, so its why I`m doing cloud mining for now.

bigbitmine

full member

Activity: 196

Merit: 100

Big Bit Mine

Quote from: kingcolex on April 01, 2015, 12:16:35 PM

Quote from: godidi on April 01, 2015, 11:34:55 AM

Quote from: icanscript on March 27, 2015, 09:51:48 PM

I have managed to get a little BTC saved up to initially buy some mining hardware.

I was wondering though is it worth it right now? should I wait for new tech before I purchase?

I think , buy mining hardware at the moment is not worth. No much profit even lose

It sure is fun though, especially an old S1 just put on a solo pool.

I've been trying to give my old S1's away but it appears I'm the only one in my part of the country mining.

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: kingcolex on April 01, 2015, 12:16:35 PM

Quote from: godidi on April 01, 2015, 11:34:55 AM

Quote from: icanscript on March 27, 2015, 09:51:48 PM

I have managed to get a little BTC saved up to initially buy some mining hardware.

I was wondering though is it worth it right now? should I wait for new tech before I purchase?

I think , buy mining hardware at the moment is not worth. No much profit even lose

It sure is fun though, especially an old S1 just put on a solo pool.

I enjoy doing it. It is a fun hobby to have. There are so many factors it is good for some right no and not for others.

I chances are will always have a miner or two for the fun of it running. If you mine you have to enjoy doing it. If you are doing it 100 percent for the money you will not have fun.

godidi

newbie

Activity: 14

Merit: 0

Quote from: icanscript on March 27, 2015, 09:51:48 PM

I have managed to get a little BTC saved up to initially buy some mining hardware.

I was wondering though is it worth it right now? should I wait for new tech before I purchase?

I think , buy mining hardware at the moment is not worth. No much profit even lose

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: notlist3d on April 01, 2015, 02:34:01 AM

Quote from: vankoovo on April 01, 2015, 02:21:17 AM

Quote from: Minerjoe on March 28, 2015, 04:52:30 AM

Definitely no. Only large farm can afford to mine these days. If I were you, I would go for some PoS coins.

Yes, i think so . Shouldn't mine these days. low prifit even you can lose.

I highly suggest everyone doing their own ROI. No you can no longer (on most) get the guaranteed 3 month ROI like it once ways.

If you have low electricity you do have a chance at mining. Especially if you get good at making the miners efficient and then sell them once your done with them.

Yes it is a risk some will ROI some will not.

even with free electricity it is more than 3 months ROI right now, (antiminer= 0.35 a day and cost 2 btc, this mean 6 months roi at the very least, fucking crazy, if you buy it used, it still above 3 months roi, around 4-5)

if bitcoin stay at current price and you accept 4-5 months ROI then at the end you will probably gain something, it's a bit like gambling at this point...

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: vankoovo on April 01, 2015, 02:21:17 AM

Quote from: Minerjoe on March 28, 2015, 04:52:30 AM

Definitely no. Only large farm can afford to mine these days. If I were you, I would go for some PoS coins.

Yes, i think so . Shouldn't mine these days. low prifit even you can lose.

I highly suggest everyone doing their own ROI. No you can no longer (on most) get the guaranteed 3 month ROI like it once ways.

If you have low electricity you do have a chance at mining. Especially if you get good at making the miners efficient and then sell them once your done with them.

Yes it is a risk some will ROI some will not.

vankoovo

newbie

Activity: 51

Merit: 0

Quote from: Minerjoe on March 28, 2015, 04:52:30 AM

Definitely no. Only large farm can afford to mine these days. If I were you, I would go for some PoS coins.

Yes, i think so . Shouldn't mine these days. low prifit even you can lose.

factor280

sr. member

Activity: 326

Merit: 250

Quote from: MF Doom on March 31, 2015, 02:26:10 PM

Quote from: Minerjoe on March 28, 2015, 04:52:30 AM

Definitely no. Only large farm can afford to mine these days. If I were you, I would go for some PoS coins.

what about these cloud mining contracts? Are there ANY that are worth it??

Cloud mining contracts are typically not worth it because even though they seem profitable now, the ever increasing difficulty of bitcoin is going to reduce profit more and more until the contracts become obsolete. Worse case, you might actually be negative with them, depending on their fees.

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: ?? on ??

Quote from: philipma1957 on March 31, 2015, 09:07:54 PM

Quote from: bgibso01 on March 31, 2015, 08:32:00 PM

I know it depends upon power costs, but from a gross btc standpoint, I am less than 1.5btc away from covering my btc outlay for 5-SP20 and 2-S5 units from the end of December. This has been from mining almost exclusively on CKPool with failover to Eligius.

I haven't included power costs because I have generous boss, very few machines ROI when including electricity without selling them before they are useless.

I have bad power prices.

13 in the winter adjust to 10 with heat gain.
16 on the summer adjust to 17 with a little bit of cooling needed

I buy cutting edge most efficient gear and sell in 60 to 90 days. It works for the most part.

Well I have decent power but I have a very paranoid wife who makes me keep the miners off at night incase it catches fire and we die and when I am at work for the same reasons, so I only get a couple hours of mine time a day =/ of course this really effects the time I can mine.

That is going to make it hard on any miners. If you lose maybe 1/3 of mining time that is a lot over time. I would suggest looking at hosting options if its that bad.

2/3 of day mining is just a whole lot of downtime.

philipma1957

legendary

Activity: 4256

Merit: 8551

'The right to privacy matters'

Quote from: bgibso01 on March 31, 2015, 08:32:00 PM

I know it depends upon power costs, but from a gross btc standpoint, I am less than 1.5btc away from covering my btc outlay for 5-SP20 and 2-S5 units from the end of December. This has been from mining almost exclusively on CKPool with failover to Eligius.

I haven't included power costs because I have generous boss, very few machines ROI when including electricity without selling them before they are useless.

I have bad power prices.

13 in the winter adjust to 10 with heat gain.
16 on the summer adjust to 17 with a little bit of cooling needed

I buy cutting edge most efficient gear and sell in 60 to 90 days. It works for the most part.

bgibso01

legendary

Activity: 1218

Merit: 1001

I know it depends upon power costs, but from a gross btc standpoint, I am less than 1.5btc away from covering my btc outlay for 5-SP20 and 2-S5 units from the end of December. This has been from mining almost exclusively on CKPool with failover to Eligius.

I haven't included power costs because I have generous boss, very few machines ROI when including electricity without selling them before they are useless.

bigbitmine

full member

Activity: 196

Merit: 100

Big Bit Mine

Quote from: ?? on ??

Quote from: MF Doom on March 31, 2015, 02:26:10 PM

Quote from: Minerjoe on March 28, 2015, 04:52:30 AM

Definitely no. Only large farm can afford to mine these days. If I were you, I would go for some PoS coins.

what about these cloud mining contracts? Are there ANY that are worth it??

No not for just cloud mining, again it depends on your power price. I bought 4th/s of S4 on Hashnest (cloud miners)so when they're no longer profitable there I just pay shipping and have 2 S4 units sent to me, I have cheap power .06$ winter and .07$ summer. I can underclock the miners and continue profits, now if you have high electric it won't be worth it and you'll just lose money.

Profit can be made from renting. Depends how clued up you are.

philipma1957

legendary

Activity: 4256

Merit: 8551

'The right to privacy matters'

Quote from: icanscript on March 27, 2015, 09:51:48 PM

I have managed to get a little BTC saved up to initially buy some mining hardware.

I was wondering though is it worth it right now? should I wait for new tech before I purchase?

Not to be repetitive power cost pleaseee!

MF Doom

hero member

Activity: 560

Merit: 500

Quote from: Minerjoe on March 28, 2015, 04:52:30 AM

Definitely no. Only large farm can afford to mine these days. If I were you, I would go for some PoS coins.

what about these cloud mining contracts? Are there ANY that are worth it??

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: ?? on ??

Quote from: Amph on March 31, 2015, 11:34:22 AM

Quote from: ?? on ??

Quote from: Reynaldo on March 31, 2015, 11:22:26 AM

I would wait for the next gen asics or for some X11 Asics.

Where have you seen information on X11 asics?

here you go

https://bitcointalk.org/index.php?topic=826541.600

Oh I assumed this was a cloud ponzi with no real hardware, sure they have renders but any real proof?

they seems to be the usual "pre-order company", that wait money from investors(many it seems) otherwise they can't proceed with the production, sound like bfl all over again...

"We only received 2 pre-orders, both were refunded because it was no where near what was required for development, hence the accredited investor search"

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: ?? on ??

Quote from: Reynaldo on March 31, 2015, 11:22:26 AM

I would wait for the next gen asics or for some X11 Asics.

Where have you seen information on X11 asics?

here you go

https://bitcointalk.org/index.php?topic=826541.600

i don't know if they are legit or not...but it seems so

factor280

sr. member

Activity: 326

Merit: 250

I wouldn't invest in any current mining hardware available on the market right now. Maybe wait for newer technology to come out?

Reynaldo

legendary

Activity: 1143

Merit: 1000

I would wait for the next gen asics or for some X11 Asics.

MCHouston

hero member

Activity: 882

Merit: 500

Where am I?

Yup buy hardware. Do your ROI calculations and mine away for some profit.

D4C

newbie

Activity: 47

Merit: 0

Short answer: no.
Long answer: no no no.

Snipe85

sr. member

Activity: 756

Merit: 250

Infleum

Quote from: goosoodude on March 30, 2015, 08:33:19 PM

Quote from: icanscript on March 27, 2015, 09:51:48 PM

I have managed to get a little BTC saved up to initially buy some mining hardware.

I was wondering though is it worth it right now? should I wait for new tech before I purchase?

Definitely no, better to buy BitCoins instead. With mining you would be relying in increasing prices to make a profit. But then you would be making an even bigger profit if you had bought the BitCoins.

Not true. With mining you are able to profit if the price stays the same, while when buying coins you are relying on it to increase.
You can definitely profit from mining, but as Amph has already mentioned, you need to check your prices per kWh. What's the temperature outside? Do you have a location to put the miner, as it will generate a lot of heat and noise?

goosoodude

hero member

Activity: 584

Merit: 500

Quote from: icanscript on March 27, 2015, 09:51:48 PM

I have managed to get a little BTC saved up to initially buy some mining hardware.

I was wondering though is it worth it right now? should I wait for new tech before I purchase?

Definitely no, better to buy BitCoins instead. With mining you would be relying in increasing prices to make a profit. But then you would be making an even bigger profit if you had bought the BitCoins.

vrm86

hero member

Activity: 676

Merit: 500

Even if mining could be a bit profitable in some circumstances now (e.g. cheap energy, miners bought at low prices), there are some factors that can suddenly turn that business unprofitable - BTC price, difficulty, mining gear failure and so on. You have to be prepared for possible mining on loss for some time (not specified of course) - ask yourself if you are able to manage that.

bigbitmine

full member

Activity: 196

Merit: 100

Big Bit Mine

If you're planning on home mining steer clear of the rack mounted rigs. They're too noisy. I got a great deal on an SP10 and I've had to move it to the shed. Wife wants it moved to the DC but it's not fast enough for any rack space.

bluudz

full member

Activity: 215

Merit: 116

Why so serious?

I think it really depends on your electricity bill. If you can get cheap power than yes, otherwise I would do it only as fun/learning project. Do the mat to see if its worth it.

Minerjoe

sr. member

Activity: 406

Merit: 250

Definitely no. Only large farm can afford to mine these days. If I were you, I would go for some PoS coins.

Amph

legendary

Activity: 3248

Merit: 1070

we need to know your electricity bill, if it is very low maybe with a used miner(like antminer s1/s3/s5) you can earn something in the long-term(diff shouldn't rise too much in the upcoming months, seeing the price trend)

icanscript

hero member

Activity: 686

Merit: 502

I have managed to get a little BTC saved up to initially buy some mining hardware.

I was wondering though is it worth it right now? should I wait for new tech before I purchase?

Topic: Is it worth me buying mining hardware right now? (Read 2368 times)