Is NOW the right time to be buying mining hardware?

alh

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Quote from: Kemikal on May 31, 2016, 02:00:25 PM

That would work also but in that case, if you buy 1 btc, it will never multiply. When you buy 2 antminer's s7 for example, they could produce 12 btc's per year (1 per month). Using the electricity money to buy directly bitcoins will bring less bitcoins and the purchasing process cannot be continuous unless you have unlimited money. It's just my opinion but we can get into technical details if it's needed

Cheers!

You do understand that if you buy TWO S7's today, have zero electricity cost, and difficulty doesn't increase, you'll earn less than .75 BTC over the next month. After that your BTC income halves since the BTC reward is cut in half from 25BTC/block down to 12.5. If you actually pay for electricity like most folks, you may well go negative in September-October timeframe (i.e. pay more for electricity than you earn).

BitcoinNewsMagazine

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Bitmain just released S9 hoping to make profits before the halving. Be smart and wait until after the halving before considering buying any bitcoin mining hardware. Price on the S9 can only come down.

Kemikal

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That would work also but in that case, if you buy 1 btc, it will never multiply. When you buy 2 antminer's s7 for example, they could produce 12 btc's per year (1 per month). Using the electricity money to buy directly bitcoins will bring less bitcoins and the purchasing process cannot be continuous unless you have unlimited money. It's just my opinion but we can get into technical details if it's needed

Cheers!

alh

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Quote from: Kemikal on May 31, 2016, 01:13:51 PM

I would say that when thinking about mining, you should decide if you trust bitcoin enough. I see a lot of people are convinced that ROI depends on the electricity cost. That's not entirely true. Think about the leap that 1 BTC made since when it was $0.06 or even $1...
Basic math tells us that from the point when 1 BTC was $1, it grew 500 times (at the current price). If this happens again then 1 BTC could worth $200,000.

You'll say that this claim is ridiculous or outrageous but so did the people that bought 1 pizza for 10000 btcs a few years ago. I think that very soon bitcoin will become better than gold or cash because we can always find more gold or print more paper cash, but only a limited number of coins can exist (21,000,000). Therefore, the demand for bitcoin can potentially increase the price for 1 btc to $1,000,000 at some point. So to answer your question, now is the time for mining if you truly believe in bitcoin, and even if the electricity price will triple, you can still make a huge profit when the bitcoin price will rise through the roof.

Using this theory, couldn't you get most of the same benefit strictly by buying BTC and holding it until it appreciates in value? Is there a specific reason that you have to mine, as opposed to purchasing, Bitcoin?

Kemikal

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I would say that when thinking about mining, you should decide if you trust bitcoin enough. I see a lot of people are convinced that ROI depends on the electricity cost. That's not entirely true. Think about the leap that 1 BTC made since when it was $0.06 or even $1...
Basic math tells us that from the point when 1 BTC was $1, it grew 500 times (at the current price). If this happens again then 1 BTC could worth $200,000.

You'll say that this claim is ridiculous or outrageous but so did the people that bought 1 pizza for 10000 btcs a few years ago. I think that very soon bitcoin will become better than gold or cash because we can always find more gold or print more paper cash, but only a limited number of coins can exist (21,000,000). Therefore, the demand for bitcoin can potentially increase the price for 1 btc to $1,000,000 at some point. So to answer your question, now is the time for mining if you truly believe in bitcoin, and even if the electricity price will triple, you can still make a huge profit when the bitcoin price will rise through the roof.

lottery248

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beware of your keys.

because you will need to last your mining hardware for a long time, unless bitcoin price is soaring and it is enough to cover your loss, you should better not to make any choice of mining, though the bitcoin reward is almost the time to halve.

Slippin_Jimmy

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Wait for the halving to also half the price of mining hardware >

Cuidler

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Quote from: VirosaGITS on May 23, 2016, 06:41:32 PM

I would totally say otherwise if OP has Free electricity and i would totally say otherwise, doubly, if OP needed the heating.

Even with free electricity, waiting after halving might decrease the prices of all the older ASICs put on the market suddenly in higher numbers. With free electricity, your mostly interested in lowest price per Th/s while power effeciency doesnt matter, and price per Th/s might drop a lot after halving.

Amph

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i would buy only when new equipment is available and then i would cfhoose two way

trying to selling it quickly for a better price, some times the initial hype encourgae certain individual to buy at more than the market price

or i would mine for 3 months and sell it to cut the roi time

Subw

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Quote from: nukedrabbit on May 23, 2016, 04:08:37 PM

they may be selling their stuff off cheap. but difficulty will go down if they do that.

no logic here.
if they SELL hardware that means someone buying it is going to put them to work.
thus this hardware will continue to produces hashes and diff won't drop.

expected bitcoin diff drop is 20% max imho.

and then new gen hardware will increase diff further

Cyaren

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Quote from: nukedrabbit on May 23, 2016, 04:08:37 PM

I have read through many topics and it appears that some miners may be dropping off due to the block halving and they may be selling their stuff off cheap. but difficulty will go down if they do that.
would it be a good idea to have one set up ready to mine for when this happens? or if this happens?

or just wait to buy cheap?

I don't think any time around now is a good time to enter the mining market. Especially if you are just a small miner with only limited hardware and average to expensive electricity.

Also with the coming halving, I don't think there is a worse time yet in the history of bitcoin to enter mining. However, if you are just an enthusiast and love maintaining your rigs and listening to them whir all day, then sure. Go ahead. But don't view it as an investment.

QuintLeo

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Quote from: adaseb on May 23, 2016, 06:23:39 PM

90% of the time its a bad time to invest in mining hardware however people in the past always made money.

Its a gamble that you just gotta take.

SOME people in the past made money mining.

Some did NOT.

Now is one of the WORST times to consider getting into Bitcoin mining - unless you have FREE electric, then it doesn't really matter.

iram66680

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I would say buy ant miners if you can afford the electricity bill.
And GPU miners if you mine alt coins.
That is forsure a way to make maximum amount of profit.
Or just do both Wink

VirosaGITS

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Quote from: adaseb on May 23, 2016, 06:23:39 PM

90% of the time its a bad time to invest in mining hardware however people in the past always made money.

Its a gamble that you just gotta take.

Quote from: ?? on ??

Absolutely not. Right now is possibly the worst time ever to buy Bitcoin mining equipment.

You're better off just buying Bitcoins with dollars than investing in mining.

I would totally say otherwise if OP has Free electricity and i would totally say otherwise, doubly, if OP needed the heating.

adaseb

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90% of the time its a bad time to invest in mining hardware however people in the past always made money.

Its a gamble that you just gotta take.

longbob72

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No. Don't spend any cent on almost-outdated hardwares just weeks before the halving. It's the worst idea ever.

not.you

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no

Tupsu

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Quote from: nukedrabbit on May 23, 2016, 04:08:37 PM

I have read through many topics and it appears that some miners may be dropping off due to the block halving and they may be selling their stuff off cheap. but difficulty will go down if they do that.
would it be a good idea to have one set up ready to mine for when this happens? or if this happens?

or just wait to buy cheap?

No. It is not right time to buy any bitcoin miner. You will only lose money.

nukedrabbit

newbie

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I have read through many topics and it appears that some miners may be dropping off due to the block halving and they may be selling their stuff off cheap. but difficulty will go down if they do that.
would it be a good idea to have one set up ready to mine for when this happens? or if this happens?

or just wait to buy cheap?

Topic: Is NOW the right time to be buying mining hardware? (Read 1591 times)