Topic: Is profit possible with mining if just starting out now? - page 2. (Read 1650 times)
It didn't occur to me that ButterflyLabs was also mining...arghh. It seems like the Antminser S1 has the best H/s/$. Still though it feels now as if these are just scraps. The curve seems to be almost created by the hardware makers because they can get their hardware so much more cheaply reaching ROI before anyone else. Unless you're a hardware maker you're going to be fighting the curve..
So, I'm new to bitcoin 
Was looking at getting a new ButterflyLabs Monarch 300GH/s card.
Was looking at getting a new ButterflyLabs Monarch 300GH/s card.Definitely a great idea. That way your money will be sitting in BFL's bank while you wait several months for your hardware. In the meantime, the rest of us miners will be mining away on hardware that is much cheaper and more profitable.
In other words, you'd have to be an idiot to order from BFL.
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Plus you don't need a second fan per se.
Yes, hot summer days will be no problem, if your OC'ed Antminer S1 is working in a climated or cold room.You can do the math, if and when your mining will be profitable: http://www.bitcoinx.com/profit/
(just make sure to use the most recent profitability decline per year: 0.0013)
So, I'm new to bitcoin Was looking at getting a new ButterflyLabs Monarch 300GH/s card. I started using some calculators at bitwisdom and others. Seems that with the historical increases in difficulty and the cost of new hardware that it's going to be nigh impossible to make any profit from mining. The rate of difficulty increasing seems to be averaging 20%. The newest rate increase was estimated at 15.2%. But still...According to the calculator I'm going to make nowhere near even covering the hardware costs of $1497. How can anyone make a profit unless they are already established with hardware? There can be some profit it seems if you buy the hardware when it immediately becomes available, but by itself with no other hardware, because of the increasing difficulty, you're just not going to reach profitability. Is everyone hoping that bitcoin is going to reach some astronomical high, like +$1500BTC/$? While not unthinkable it hasn't happened yet? What factors are people betting on that will increase the value of BTC/$?
Am I looking at this right? Barring all extreme scenarios, like it bitcoin were to shoot through the roof in value or the difficulty were to drop dramatically or some long-term DDoS attack were to happen to the incumbents, if I were to start mining today, would it be possible to mine enough bitcoin that it'd even be worth it? Am I looking at the numbers right?
Hash rate: 300GH/s
Hardware price: $1497
Watts: 175
Electricity price: $0.15/kWh
Current bitcoin value: $423.99/BTC
Difficulty increment: 20%
Pool fee: 2%
It seems that the time period that had the potential to do mining of any significance, like to buy hardware with your earnings and have a doubling effect, has passed.
Was looking at getting a new ButterflyLabs Monarch 300GH/s card. I started using some calculators at bitwisdom and others. Seems that with the historical increases in difficulty and the cost of new hardware that it's going to be nigh impossible to make any profit from mining. The rate of difficulty increasing seems to be averaging 20%. The newest rate increase was estimated at 15.2%. But still...According to the calculator I'm going to make nowhere near even covering the hardware costs of $1497. How can anyone make a profit unless they are already established with hardware? There can be some profit it seems if you buy the hardware when it immediately becomes available, but by itself with no other hardware, because of the increasing difficulty, you're just not going to reach profitability. Is everyone hoping that bitcoin is going to reach some astronomical high, like +$1500BTC/$? While not unthinkable it hasn't happened yet? What factors are people betting on that will increase the value of BTC/$?Am I looking at this right? Barring all extreme scenarios, like it bitcoin were to shoot through the roof in value or the difficulty were to drop dramatically or some long-term DDoS attack were to happen to the incumbents, if I were to start mining today, would it be possible to mine enough bitcoin that it'd even be worth it? Am I looking at the numbers right?
Hash rate: 300GH/s
Hardware price: $1497
Watts: 175
Electricity price: $0.15/kWh
Current bitcoin value: $423.99/BTC
Difficulty increment: 20%
Pool fee: 2%
It seems that the time period that had the potential to do mining of any significance, like to buy hardware with your earnings and have a doubling effect, has passed.
Yes you already ran the numbers and could see for yourself, the days of making ROI, much less profit, back in a month or two are over. Only get into mining when the miner is IN HAND when you part your money BEFORE everyone else get theirs, otherwise, you'll always be behind the curve
Oops forgot, I'm in US, I don't have to worry about VAT and import tax. Plus you don't need a second fan per se. Also, you can lease your rigs out and when not on contract mine a multipool.
For $1500, you can get 3 Antminer s'1s and the needed PSU's. That's 600 gh/s (assuming you OC each to 200 gh/s, normally at 180)
You've forgotten vat and import taxes. A good quality 500+W PSU will cost you at least 60$ (unless you want to burn your home). You'll also need a second fan to keep your oc'ed Antminer S1 below 50°C (around 15$).Quote
But I personally believe that mining is profitable
It may be profitable, if there will be a big rise in the price for bitcoins.But if it continues to drop like a rock, you'll most likely never ROI.
So, I'm new to bitcoin Was looking at getting a new ButterflyLabs Monarch 300GH/s card. I started using some calculators at bitwisdom and others. Seems that with the historical increases in difficulty and the cost of new hardware that it's going to be nigh impossible to make any profit from mining. The rate of difficulty increasing seems to be averaging 20%. The newest rate increase was estimated at 15.2%. But still...According to the calculator I'm going to make nowhere near even covering the hardware costs of $1497. How can anyone make a profit unless they are already established with hardware? There can be some profit it seems if you buy the hardware when it immediately becomes available, but by itself with no other hardware, because of the increasing difficulty, you're just not going to reach profitability. Is everyone hoping that bitcoin is going to reach some astronomical high, like +$1500BTC/$? While not unthinkable it hasn't happened yet? What factors are people betting on that will increase the value of BTC/$?
Am I looking at this right? Barring all extreme scenarios, like it bitcoin were to shoot through the roof in value or the difficulty were to drop dramatically or some long-term DDoS attack were to happen to the incumbents, if I were to start mining today, would it be possible to mine enough bitcoin that it'd even be worth it? Am I looking at the numbers right?
Hash rate: 300GH/s
Hardware price: $1497
Watts: 175
Electricity price: $0.15/kWh
Current bitcoin value: $423.99/BTC
Difficulty increment: 20%
Pool fee: 2%
It seems that the time period that had the potential to do mining of any significance, like to buy hardware with your earnings and have a doubling effect, has passed.
Was looking at getting a new ButterflyLabs Monarch 300GH/s card. I started using some calculators at bitwisdom and others. Seems that with the historical increases in difficulty and the cost of new hardware that it's going to be nigh impossible to make any profit from mining. The rate of difficulty increasing seems to be averaging 20%. The newest rate increase was estimated at 15.2%. But still...According to the calculator I'm going to make nowhere near even covering the hardware costs of $1497. How can anyone make a profit unless they are already established with hardware? There can be some profit it seems if you buy the hardware when it immediately becomes available, but by itself with no other hardware, because of the increasing difficulty, you're just not going to reach profitability. Is everyone hoping that bitcoin is going to reach some astronomical high, like +$1500BTC/$? While not unthinkable it hasn't happened yet? What factors are people betting on that will increase the value of BTC/$?Am I looking at this right? Barring all extreme scenarios, like it bitcoin were to shoot through the roof in value or the difficulty were to drop dramatically or some long-term DDoS attack were to happen to the incumbents, if I were to start mining today, would it be possible to mine enough bitcoin that it'd even be worth it? Am I looking at the numbers right?
Hash rate: 300GH/s
Hardware price: $1497
Watts: 175
Electricity price: $0.15/kWh
Current bitcoin value: $423.99/BTC
Difficulty increment: 20%
Pool fee: 2%
It seems that the time period that had the potential to do mining of any significance, like to buy hardware with your earnings and have a doubling effect, has passed.
For $1500, you can get 3 Antminer s'1s and the needed PSU's. That's 600 gh/s (assuming you OC each to 200 gh/s, normally at 180) But I personally believe that mining is profitable if these two conditions are satisfied:
1. You are willing to go big.
2. Can't stay still, must continually add hardware and replace older hardware. Difficulty wont stand still, and neither should you. (Made that up right now, what do you think xD)
Quote
Was looking at getting a new ButterflyLabs Monarch 300GH/s card.
BFL is mining with them and delaying shipments, as long as it's worthwhile. You're financing their mining hardware and once the party is over, you'll get some overpriced and used hardware. The difficulty increase rate will slow down, once the new asic miner generation is delivered, but it's very unlikely, that you'll ever reach ROI with it.In April 2015 you should be happy to mine 0,3% of the amount of bitcoins you mine today (with the same hardware).
Well perhaps this is not bad. But haven't you though about Gridseed?
So, I'm new to bitcoin Was looking at getting a new ButterflyLabs Monarch 300GH/s card. I started using some calculators at bitwisdom and others. Seems that with the historical increases in difficulty and the cost of new hardware that it's going to be nigh impossible to make any profit from mining. The rate of difficulty increasing seems to be averaging 20%. The newest rate increase was estimated at 15.2%. But still...According to the calculator I'm going to make nowhere near even covering the hardware costs of $1497. How can anyone make a profit unless they are already established with hardware? There can be some profit it seems if you buy the hardware when it immediately becomes available, but by itself with no other hardware, because of the increasing difficulty, you're just not going to reach profitability. Is everyone hoping that bitcoin is going to reach some astronomical high, like +$1500BTC/$? While not unthinkable it hasn't happened yet? What factors are people betting on that will increase the value of BTC/$?
Am I looking at this right? Barring all extreme scenarios, like it bitcoin were to shoot through the roof in value or the difficulty were to drop dramatically or some long-term DDoS attack were to happen to the incumbents, if I were to start mining today, would it be possible to mine enough bitcoin that it'd even be worth it? Am I looking at the numbers right?
Hash rate: 300GH/s
Hardware price: $1497
Watts: 175
Electricity price: $0.15/kWh
Current bitcoin value: $423.99/BTC
Difficulty increment: 20%
Pool fee: 2%
It seems that the time period that had the potential to do mining of any significance, like to buy hardware with your earnings and have a doubling effect, has passed.
Was looking at getting a new ButterflyLabs Monarch 300GH/s card. I started using some calculators at bitwisdom and others. Seems that with the historical increases in difficulty and the cost of new hardware that it's going to be nigh impossible to make any profit from mining. The rate of difficulty increasing seems to be averaging 20%. The newest rate increase was estimated at 15.2%. But still...According to the calculator I'm going to make nowhere near even covering the hardware costs of $1497. How can anyone make a profit unless they are already established with hardware? There can be some profit it seems if you buy the hardware when it immediately becomes available, but by itself with no other hardware, because of the increasing difficulty, you're just not going to reach profitability. Is everyone hoping that bitcoin is going to reach some astronomical high, like +$1500BTC/$? While not unthinkable it hasn't happened yet? What factors are people betting on that will increase the value of BTC/$?Am I looking at this right? Barring all extreme scenarios, like it bitcoin were to shoot through the roof in value or the difficulty were to drop dramatically or some long-term DDoS attack were to happen to the incumbents, if I were to start mining today, would it be possible to mine enough bitcoin that it'd even be worth it? Am I looking at the numbers right?
Hash rate: 300GH/s
Hardware price: $1497
Watts: 175
Electricity price: $0.15/kWh
Current bitcoin value: $423.99/BTC
Difficulty increment: 20%
Pool fee: 2%
It seems that the time period that had the potential to do mining of any significance, like to buy hardware with your earnings and have a doubling effect, has passed.
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